The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-11-22

ble the assessment would have been at least SoOU,
600, and the tax $4,000; or had the articles re
ceived in kind been valued, as the property was
in specie, the payment would not have exceeded
50 900, and SO 900 more of tax would have beer
received in currency.
The inequality of taxation that resulted is made
CONSPICUOUS by comparison with Investment
made in Government securities. The same sun
Of S1OC 900 in eight per cent bonds, yielding 80,
900 per annum interest, paid SIS, 900 tax, and lief
clear income of only $4,000 Capital invested
10 banking presents contrast equally striking
One of the banks in Richmond, which is referred
to as an example only, on capital OF s2,335, O0O
paid S424 400 taxes, the specie being assessed at
eighteen times the value of 1860; and the amount
distributed among stockholders income was
s268, 64O On 900 consequently, thus inves
ted, the tax was SIS 900, and the income sll 500
These inequalities give rise to grave complaints
whilst any amount of taxation equltably dlstrbu
ted would doubtless be cheerfully met.
The collection Of large sum in taxes is essen
tal to the reform of the currency, and the country
is in condition the most favorable to bear the
burden. The abundance of money and high price
of every species of property and supplies would
render the payment easy and free from embarrass-
mcnt. The Treasury will derive little aid from
this source in the present year. The tax on the
currency brought no revenue, operating only as a
reduction OF the circulation The other taxes,
with comparatively little exception, will be receiv-
ed in four per cent bonds The taxes upon prop
erty and income respectively, are, to some extent,
nominal only; the ad ralorena tax on property en-
gagged in agriculture being discharged by the cred
it of the tax in kind, and the income tax on prop
erty diminished by the whole sum of the ad volo-
tax. These attachments, and the payments in
four per cent. bonds, result in reducing the 1eve
nue. from taxation Exclusive of the soldiers tax
to about $40, 100000.
Computing the property of the country at the
present estimated value, the following is the ex-
ising rate of taxation, viz Value Of real and per
sonal prrperty in currency, rated at five to seven
times the valuation of 1860, s24, 656, 449 ISL;
total amount of taxes, including the tax in kind
and the soldiers tax, S287 100000. Which is at
the rate OF one and one sixth per cent.
With this estimate Of the resources of the Con-
federacy, the taxes proposed for the ensuing year
cannot be deemed excessive. The sum of $780,
$1,000 reduced into specie at twenty dollars for
one dollar, is only Sl8,O00,00O; and this amount,
applied to the values Of 1862 viz: 81 35l 1873 l57,
is at the rate of less than onehalf Of per cent.
And if the calculation is made in currency, viz:
$500 100000, upon an assessment of $24 $685.
419 ,55l, 1t would amount to one and half per
cent. And when it is remembered that with the
payment of the taxes quarterly, measure which [
strongly recommend, less than ne-fourth Of the
currency will suffice for he quarters tax, and the
amount collected in any quarter will be restored
to the circulation before another becomes payable,
it is apparent that the of the country are
ample to meet the proposed increase Of taxes.
1t may be objected that the several measures
combined will unduly reduce the circulation, and
expose the country to the evils of declining and
insufficient currency. The reply to this obj ection
is, that the evils predicated arc to some extent in
scparable from the reduction Of the currency and
the improvement Gifts value. Any measures that
are successful in eifectDg the desired reform must,
of necessity, be followed by the trials that attend
upon such transition. II Congress does not in
terpose and by some such measures as have VEN
tured to recommend, restore the currency, gradu-
ally, judciously, and by of voluntary action,
it will assuredy recify itself by some violent and
disastrous CONFUSION.