The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-05-09
FINANCIAL AND COMMERCIAL.
srxpAy Nav Isss


II Is estimated that - Tax bill which recently
passed tho United House Representatives and
now the for concurrence, will produce to
the government an annual revenue amounting TO TIRES
hundred and fty millions OF dollars but are inclined
belief that during the fiscal year commencing on
the FIRST day OF July next not more than two hundred
aud ty millions with safety he relied upon from
thai The grounds upon which We base this as
sumption that 1t will require at least twelve monthf
70 pus the complicated machinery 10 enforce
che mutaroas provisions OF the law into working order
and for the collectors TO become converssnt
with It's ramiacations. II this theory should prove
correct the revenue Of the conntry during that
year. after adding one hundred millions ms the re-
ceipss from customs v nch Is a very liberal estimate
would not be more than three hundred and hy millions
On the SOlh OF june 1904 the liabilities OF the
ment will be at 81 s62 600 oO0 SITS 900 00c
moro than Secretary OF the Treasury estimated they
would be his last annual report W Congress. the
war continues through that year. carry on pay
civil expenses the and discharge inter
est Indebtedness will require the expenditure Of a
thousand millions o. dollars more OF which six hundred
and fifty millions must be produced by loans and
the issue OF new Treasury notes. we add this last sum
TO the debt which will have accumulated by the
July next, we viii ind that the total liabilities OF the
country the soth OF June, 1865 will be 600
~
Treasury notes which have been issued VIII be upwards
hundred millions Of dollars annualy-a much
larger than required TO the ordinary civil expenses
OF the government BY that tine, are OF opinion,
the rebellion be not yet crushed will be found
TO again take the Tax bill and TO extend its
visions, Increase the rates. in order that five to
hundred millions annually will flow from It into the
national Treasury 1t will not do to follow the financial
policy Of the rebel government to the extent OF
wipng out entire nonnterest bearing debt, which
amounts to about FIVE hundred millions, and
TO make fresh issue Of Treasury notes. The PEG.
pie prefer enlarged system Of taxation, which
would reach all classes, to any OF that kind
But tho present Congress- before IT closes its existence
the 9TH Of March next, will find II our troubles
tinue, that the Tax BILL as it 10 now presented will not
produce sufficient revenue to carry along The nation
will not be able TO bear much heavier burthen Of debt
than Is likely TO be upon before the end OF the next
fiscal year. We are rapidly approaching the limit to our
credit, and for the honor and safety Of the country
would be well not get too the end because sud
den break-and, like the.straw to the,camels back
Will take but little to do it-would play sad havoc among
the produce the wealth Of the country
PROSTATE the nation low in the estimation OF foreign
governments that many years would elapse before
would DO enabled to resume proud and commanding
position The captous opposition to the new Tax bill
which has been displayed by Of the copperhead
members OF Congress has led take this prospective
Wow Of our financial affairs; and, have ever
advocated the policy Of placing at least half OF the
penses OF the the generation inaugurated it.
will hail the final passage Of the Tax bill
Of the Intentions Of the present Congress make proper
provisions for the future. II will DO. however, but
drop the bucket compared with the rapidly increasing
magnitude OF public debt But little as is IL will
70 strengthen the national credit and tend for
time 70 check the waning confidence OF the people
mo following quotations Of stocks the clss
a tho past Eve weeks