Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1864-03-24

instances where of these females, whose income is
principally derived from stock received last year 1924
i0r her stock this year the tax upon 1t 3 1915,
tuay bringing her largely in debt In another case,
last years inc was S348 aud the upon it this
GEAR 1925 In yet another the income was 81 5l2 and
The tax will be 50 80 ALI these parties held their
stock at the beginning OF the war and their only crime
was in not specializing in it. We know another man,
Of large meat g. who has invested literally in Contede
rae bonds and wh2se stocks will exceed the in
ccmy derived fsom hem last year by $4,000.
Be it ,meube red, as) that banks which means the
shareholders of bal ke and railroads have invested in
Confederate bonds more largely than any ether per-
gors uaturtl or artificial, and the discrimination ap
pears yet more upgrecious -,
At presert valuation the to- many ste cks greatly
exceeds The entire iLcome derived from them -requir
ing actual sale of part to pay the excess of fd1 over
fdtrdends When consider that much OF the stock
is held by females widows, orphans charities unrepre-
sened people, and helpless without votes or the right
to sit in legislative assemblies, and, Therefore, tie Pc
cuiar tiecs eff the of every just State, we must
express cur amazemen at this feature Of the tax bill
whether the result Of Indifference to their rights or g
noral &c of them
The income from raroad and bank stocks has ad
vanced nominally, on average, about twofoid to
three fold, by virtue OF depreciation. The pro
dues of ag,i~uIture SELL on average, from six to ten
fold old prices.
The disparity between the support derived from them
is yet greater. For the agricultural gets the necessa
RES of life from bis farm, but board has advanced eight
|
have advanced onefcur.h or oneeighth as much, rail
roads especially going to wreck rapidly.
Que other feature OF hardship is in the provision
fixing the valuation OF lard, negroes, cotton and to
acco at the prices paid for hem-a hard case on very
many purcha ers
Another is in the tax On profits
The pr f s made in 1868 mostly nomnal-the
expression of the depreciation of the currency
Cotton worth January LIST, 1868, 10 to 20 cents
December 3lst, 1863 worth IS or 80 cents. Other ar
| ta'as konfp The
chaser who bought in January at IL cents, and sold
December at 36, would have nominaliy gained 1O(
per CENT and actually lost 10 deprecated currenc!
about POOP in actual values about one-haf his in
vestment.
These in, qualities are by no means essential to th
scheme. They blemishes and membranes, which
if they necessary, ought to haze defeated it, Blu
the proper policy was, II 1t was designed to put
heavier tax on SPECTATORS to reach them by d
means, and not by such scatter shot as injure
all bystand,s, Innocent alike of hlame and Of goo
luck.
1t might be matter of some interest to speculat
upon the relative value Of 1st. The new currency
as scaled two for three. The new per cent bonds
untax d this year, and with tax paging privilege.
The new per cent bonds--untaxable, and receivabl
for import and export taxes 4. The 30 notes &C.
), The old per cent bonds. The last two subject +
the per cent. ia vel! ordinary rotes bonds
&c.
For some time scarcity of money will we'll nigh loci
up commerce. But prices will more rapidly adjus
themselves to the change hun in the beginning OF thu
revolution Probably the t.o-thrds of currency left
will buy more than the whole.
Inequality of burdens in taxation is necessar,
part OF the congressional scheme. 1t is to be hope
that the approaching Congress will promptly rectif
two features OF fragrant injustice. Aside fror
these the tax bill has nGmero< points of merit Th
country has been clamoring Tor taxation. 1t has
now. None tt high, he wever, it only equal
Remove the sharp and fretting edges which wea
against certa interests unfairly Make the scale un
iorm--do not whip stockholders with scorpions Will
aiming spCcuators-auu the country will bear wit
iortitude, though not without groans, the burdens
war taxation-convioced of their necessity and wi
ling to pay the price of liberty.