Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1864-03-18

4 NA4 AOA Lh4Lk G4tn8lE1 EtlE0 bAg LLEHAH 0u
Is now, as il was then, the Investment Of puu
dent men left to their widows and orphans as
means of livelihood.
Is effect upon many cannot be characterised
in any ether way than IS monstrous. A man
happens to hold stock as trustee or agent fol
seversl females-We know instances where ons
of thess females, whose income is pfincipally
derived from stock, received las. yssr 1924 fol
her stock; this year the tax upon It is 1873
actually bringing her largely in debt In an.
other case, last years income wal $345, sad
the tax upon it this year $725 Ia yet another
the income was $I5l9, and the tax will be
$3.50. All these parties held their stock at tbs
beginning of the var, and their only crime wa
IN not specializing in It. We kaow another
nsn, Of large means, who has invested literally
in Confeaerate bonds, and whose tar on stocks
will exceed the income derived from than last
year by SIC, GOO.
Be it remembered, also, that banks (which
means the stockholders Of bAnks) and rail-
roads have invested in Confederate bonds more
largely than sny other persons, natural or arii-
fetal, and the discrimination appears yet mora
ungTGcl0uB.
At present valuation the tax on many stocks
grestly exceeds the entire income derived from
them-req airing actual sale Of part 70 pay the
excess of tar over dividends. When we con-
siier shst much Of tbs stock is held by females,
widows, Orphans, charities, uursprsseuted Dso-
pie, and helpless, without votes or the right to
sit ia legislative assemblies, and, therefore. the
peculiar offsets Of the care of every Just Safe,
we must express our smazemeut az this feature
Of the tax bill-wbeiher the result Of indifer-
enes to their rights or Ignorance of them.
|. The income from railroad snd bank stocks
has advanced ncmiBally, 90 an average, about
two fold to three fold, by mere virtue Of dsrrs-
cistion. Ths products Of agriculture sell, on
average, from six 10 ten-foId old prices.
f%The disparity between the support derived
rem them is yet greater. For TIA sgrieuliurist
gets the neeesssries Of life fro 4 his farm, bus
board has sdvsneed eight OF tsn-fold, and cloth
ing twenty-fold; while dividends have advanced
ons-toursh or one-eig.h as much, railroads espe-
eialiy are going 30 wreck rapidly.
One other feature of hardship is IN the pro-
vision fixing the valuation Of land, negroes,
cotton and tobacco, at the prices paid for them
"a hard case on very many purchasers.
Another is in the tax On profits.
The profits made Ia 1858 WsZe most nominal
-.he mere expression Of the depreciation Of the
currency. CsIton was worth Jsuusry Ist, 1868,
10 to 20 cents; December 3Ist, 1853, worth 75
or so cents. Other articles kept pace with it
in great measure. The purchaser who bought
in January at Is cents, and sold 10 December At
Sc, would have neminsliy gsized 100 per cent,
ard actually lost il deprecated currency about
2O0-or in actual values sbous one-hAlf bis IN
vestment.
These inequalities are by no means essential
to the scheme. They are blenishss and incum-
brsncas, which, if they were necessary, ought
to have defeated It. But the proper peiicy was,
if it was designed 10 put 3 heavier tax on Spec
ulstors, to reach them by some direct means,
and not by such g scatter sho. as injured 81
bystsndsrs, innocent aiks Of blame and Of good
luck.
It might be a matter Of some interest to spec.
ulate upon the relative value Of; !. The new
currency, as scaled two for three. 2. The new
4 per cent. bonds, untaxed ihis yesT, aud with
tax paying privilege. 3. Tbs usW 6 per cent
bonds-untsxsble, and receivable for import
and export taxes. I. The z 30 notes; and 3.
Tue cid 8 per cont. bonds. The last two sub
jet 10 the 8 per cent. tsx-as well as ordinary
notes, bonds, etc
For soma time scarcity Of money viii well
nigh lock up N Bat prices will more
rapidly adjust themselves to the change than in
the beginning Of the revolution. Probably the
tWe-shirds OF currency left will buy more than
the whole.
Inequality OF burdens in taxation is no neees-
ssry part of the congressional scheme 1. is 70
be hoped lhst the approaching Congress viii
promptly rectfy one or two features Of fsgrant
Injustice. Aside from these the tax bill has uu-
merous points Of merit. The country has been
clsmoring for taxation. L has it now. None
too high, however, were it only equal, Remove
the sharp aud fretting edges which wear against
certain interests unfairly. Make the scale uni
form-d0 not whip stockholders with scorpions
while shining At speeulstors-znd the country
will bsat with fogtisuds, Though not without
grosns, the burdens Of war tsxstion-eoaVineed
Of their necessity and willing to pay the price
of liberty.
The RIchznsnd RaId-FederAI Reports.
From the Richmond Whig.I
The accounts Of the late raid are very volum-
nous. and, as ususl, TEEN with exsggerstions.
The Now York TTmss' correspondent says tho
special object Of the raid WAS a failure, but in
every other respect il was q aeomplete success"
Millions Of dollars wsrth of property were de-
stroysd miles of railroad torn NJ; six or seven
gTist mills and sa~-mills burnt; six canal boats
sud several locks on james river canal d.
s1oyed. TIE failure Of the principal object Of
the expedition is attributed to tire trsaehery Of
the negro guide, who was Immediately hanged.
| 81 secretly and well planned was the expedition
thst the rebels had not the nest distant idea Of
its whereabouts until the command was almost
within sight Of Richmond, and q few hours
later vas "hurling lesden messengers Of death
from ; battery inside the defense5 of the city
NanAG rs g Il - AhO Aaa % IA MAl
saddle four days, during which time they were
supplied from rebel iRrders and the horses from
rsoel granSrieS. Nearly three hundred prison.
ers were captured, several handred horses, and
hundreds Of negroes.
SOME DETAIL OF THE MOVEMENT.
Tbs command, under Klpstrick. left Stevens
burg, Va, on the night of the 2Sth ult, and
crossing Ely's ford, on the RaPidan, thence to
Sootsylvsnia, Beaver dam, to the Notifications
around Redmond, crossing the Central railroad
and ChiekAhominy near the Meadows, the York
River road = little east Of Tunstalps, thence to
New Kent and Williamsburg where it arrived
on Thursdsy.
After crossing the Rapidan, Col. DAhlsren,
with HsjoT Cook and s party Of picked men,
took the advance with 8 special mission 70 per-
form; the main body took the road to Spatsyl-
ysuis Court House, and reached Beaver dam
Monday evening, small parties were sent up
and down the Central road, and thousands Of
cords of pine wood, q new brisk freight house,
telegraph office, passenger depot, several cars,
engine house, water tank, and several oulbuild-
inss set on fire. While this was going on, 9
train approached from Richmond with troops,
snd suo officers aud thirty rebels were captured
ia = charge. A dssaehmeat was sent to destroy
the bridge over the South Anna at Tsylorsville,
but found it strongly guarded by the Maryland
battalion. On the way to Richmond "Kilby
station" on The Fredericksburg road, was de-
stToysd, With the track and enlverts in the vi
entity. The track and telegraph at Gainea
station were destroyed.
APPROACH TO RICENOED.
Tuesday morning, at 100 o'cloeS, found the
command passing the works On rns DaOoke
Turnpike, 81 miles from Richmond. Several
men on picket we're captured without firing q
shot. Moving forward wit In the second line
of defencss, tee skirmishsrs encountered the irst
shots from battery No. 9. The rebels were driV-
en- within their works, spd : dssultory FIRE kept
up until 5 O'Clock p. N, when Col. DAhisreH no.
appearing, Gen. Fitzpatrick decided to fall back.
The Brook creek bridge having been burnt, the
command went down the Meadow Bridge road,
mond, and 2 miles from the Chickahominy.
Z" There was a slight fall ofrsin and slest, and