Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-05-09

Congress then Was, with suppcs,d constitutional
difficulties in the wsy Of leyyng tax large |
forced loan was ths only alternative which could
be offered The Alternative was reieoed and il wss
not until April 24h 1863. thae lax adequate 10 the
wants Of the country could be imposed, and this tar
wss 20 complex and intricate chat ia collection could
not be fairly set in action En toe following October.
The only tax laid before this ERs Of August
1861. Of onebaf of one per cent property; and,
small as this was all the SITE except three interviewed
and pad the amount Que BIZ their RESPECTIVE citizens by
the issue of their securities. Even under all ths
pressure the Government succeeded in efecing or-
eign loan Of 200, et time when tho Northern
Government wi h all it's resouFces aud with acom-
merce open 70 the whole world was uDsble to eject
one II the Treasury Department had been permitted
to apply this money to the support Of the currency its
excessive issue a1d consequent depreciation would have
bCen pcs p1ned, II rot prevented. But the pressing
demands Of the Government for munitions OF war, and
for expenditures abroad for tho army and navy con-
sumed the entire proceeds of the loan. An effort was
then made 10 combine the credit Of thendiydus States
with that OF the Government, with view 10 procure
farther means to call in the circulation. That effort
failed to receive the support Of Of the States and
before that sugpoc could b. proptated By further et
forts, military put end to all hope OF pres
ent relief from foreign loan5 Ia the meantime, many
of the States enter po the same FIELD of credit is
sued large amounts of bonds and Treasury notes, and
the result that expansion which has just been RENE
died. and which ought not to be permitted to recur
Inc measures autpbtu ble i4sb htb7lOu VI
Congress, have given the country new starting point
The currency Is more brought within bounds, and
it il most earnestly urged upon Congress- to fence
around these bounds that they cauno be passed. Tn
tny be done by careful revision of every sppro-
pratio1 and by admitting ong such as ara absolutely
necessary by steady refui a 70 insrease the volume
OF the currency, and by providing sufficient other
means 10 mnet the appropn stiOns which shall be made
This brings US TO tho consideration of the remain
ing means of supply which cave been sGJrdea by Con-
Ntrfa y 4,
the foundation o. ell oihe-s without H. they cannot
be sustained. Tao kinds Of have been provided
those in money aud those in kind Toe money taxes
70 be paid during the current year have been devoted
by Congress almost rely to the support of the cur
Tency The tax payers allowed 10 pay their taxes
with he four per Ger cent. bonds and certificates in
which the currency has been funded, l. is presumed
that every taxable par has supplied himself with
bonds to the estimate amounsof his TAX and If there be
of deficient provision, doub less they will be sup
piled from surplus AMOUNTS funded by Others, and
offered fer sale in tie market. l. is probable,
therefore, thaS material AID viii be derived
by the Treasury during the present year from
any xS bus those in kidd. l. seems to me
to be unfoTiuna s ture in tho Tex Act. Payment
into the Treasury Of Treasury notes is Eecesssry in
saumeat TO their proper ci.culIton. Without the aid
of such an instrument the currency Of tie notes de-
ponds entirely upon consent Tncy deprived of
OF the essential clements Of value namely, general 6e
m4nd. The new notes not bong qlired 20 pay taxes
until Ja-ulry, lose this valuaola ircideat during
all thai interval AID must obtain currency entirely from
the good will O. tie cmmpnity. Another equally seri.
Gus difficulty arises from the The planting
interest," wherever 1t Is beyond The reach Of the enemy
s prosperous and can contribute the public wants as
largely as any other. The tax law requires from it
in kind OF ten per cent. on s annual produce aud
of FIVE per ceut on capital bu IL alOE5 the tax on the
produce TO be of sgsns The tax in money, and it
ensures the extngaisameat OF the money tax by vslu
ing the produce at 10 present p;ee while the CAPT ell ia
valued at prices of 1861 IL follows that the planters
are relieved from any lectsi;y TO provide themselves
with treasury notes. aud may withhold from the market
their produce Gt rle'suc Il follows also that the
pro porous are favored WITH discoan while the unfor
unsta whose farms nave be3n deeolated required
to pay upon the value OF their cptal without any
lief from crops. l. wOuli more Just TO reverse
such rule, and TO require larger contribution from
those whose property hal been protected the expense
of The others
Proceediog on tho anne ge era grounds, the tax act
further exoneIaes from the income tax Of The present
year. oil properyupon which eip.ta shall b paid
out Il mases 10 tu,h dsorm nation in assessing the
capital is made IN layor Of agricultural properly.
All property aad income, no agricultural is assessed ut
present rates IN another cor motion will invite your
ject is to induce reconsideration of this portion
of the tax act
has already bsen Shown st as toe &C. nos stands,
no pecuniary ad is fl rd3i 10 no Treasury during the
present year. and that ullssa Sufficient supplies shall be
derived lIom sales o. bonds snd from cericltes of
debte5nsss there VIII b. nc. ing leis bu. rssort to
new is,uoj OF tfea.uTy notes l. IS therefore of the
utmost Importance G. call into rtqlsision every posi-
Die means OF preventing sue a cilsiny. The taxes
i5 the most appropriate and ecisnt and can DO
made TO contribute largely by simp repealag 50 much
of the tax allows incometsxe, whether kind or
IN money, to * lasra tom she TAX on cIpita The
Of ter per leni. on tho paate INCOME leaves him
an abundaot surplus for MS support and ii Justly con-
sidered Is greatly less thai III which other into
rests req lr, 70 pay capital. Let tie two be
compred, AMI this viii Is once manifest. As gen
eral rule The interest of money represents the usual in
come # capital g. OF tea per GEN., then on the
income OF ole hundred dollars would amount 60 cents
while tax CT FIVE per cent TIE capital would be $5
1t will be said however, That tbs tax 10 kind, beng
upon gross products mus be ted at more than the
net income interest other properly Let this be
admitted, aud assume that zoe gross income is
lubls the mount OF q tax let, aud ne will have
the inequality of five do lars against dollar and
twenty cents. Bu when ~ Oh Atty is added that
Produced by asses meht, 1t The two ra:es already
planned the meg lahty amounts injustice The proper
remedy for the whole is De ou ID in an equal tax
upon all capital aud upol al incom5 at the same basis
OF assessment Toe present system OF taxation i 30
cumbrous and intrcae, thai delay aud dis p1oatm6nt
will be inevitable Ielul s; ard whenever another tax
bill is framed, would renew ny former recommeu da-
ton, and urge that 1t be simple TAX upon property and
incomes Az present viii limit my Recommendation
to the repeal Of the following prOviaons OF the last
act:
l. That which allows the value Of the tax in kind to
be deducted from the tax Of five per cent agrcuI-
tural property.
2. Tha. which repeats he -cOme tax for The present
year incomes derived from property taxed as eapi.
tai
8 That which diaerimina,os to tho date to which
assessments to have reference
The taxes in kind levied by The last tax act appeared
to to embrace land VITA much propricty) another
subject matter, namely. gold and slv.r the form of
coin, gold dust or tullion. Some embarrassment in
reaching this conclusion expsue1csd from appar-
emily conflicting provisions o. ths tax aud assessment
acts The latter directed coin to be assessed az i 8
value in Confederate Treasury Iotes, unless otae:wite
provided in the law imposing u 7 former act
placed in one and the class CON- goli dust and
bullion, and imposed OF five per cent. on the
"amOunt" Toe word ''saguat" as TO coin, wac sgs--
ceptlble Of two meanings, Esmsiy toe sun stamps
thereon, and the actual qiantty OF metal The other