Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1864-11-11
si35,52T.4 |

$3.50 J0p OvU
whilst ila s5a 3f 1s1vriar 70 te net by ibs
people will be Sl2l,6e5 ic9 less tlsn iast
year.
"o1d respectfully ;icoEaaood tnst all Gov
ernment bonds and stocks, and loans oi evarJ
description TO the Government, be declared froo
1Iom taxation, except upon too income drIEed
shersfrom anI that the income tx bs al tie
same rate and subject to tie same conditions as
other income taxes. The policy Of This rnea71rs
IS obvious. Under existing laws. except In the
case OF the Eve hundred million loan and the
ceriiEcsiee Of indebtedness, tho income derived
from Government securities, IS ue8riy ci tai,en
back n the form Of taxation Ono effec. is to
drive the bonds sb-osd anG c.eete foreign debt
that will ps so1nd oppressive CT tie -ctarn of
psnco, and suother Is to rsiso u preferences for
other iarostnsnts over Government securities.
MEa7 investments yield larger income than
snple interest and are capable Of bsar;Dg the
taI; but ,he interest on Government losa3 beinS
limited. and not susceptible Of augmentation, the
tax of 6Ta per cont sb.orbs nearly tho entire in
como. In tho case Of lhs four per cont. bonds
| the hole would Ee taken, aud when it is 70
menbe1si that this ratio Of interest is low, and
tnet the loan Was in measure compulsory, this
clsss of public creditors seem particularly entitled
to the consideration or Congress Tender re.
gard for the just claims of those who, conGding
al lug nOuOi Hnu Euod isilu Va tue Cofet nuis!'
responded TO its calls for rcciiEisIy aid will be
attended BY no loss, since they who deal the
most honorably with tho cc5 'i'or invariably tcI-
TOW on the be5t and most eIJ. ;nicRl terms.
I would particularly csll ;ention to q clsss
OF creditors now lending II, ir money 10 thu
Treasury al four per cent. Ia )fess, on the hypo-
thscstion Of tho SIX per cen. S.tsIsbis bonds /.
is obviously the Interest Of iho Government to
exempt these 1osDs from te1 ,tion, IN like Dsr-
nor with the bonds they present,
The tax also upon the hankB do.erTss, IN 6
particular manner, the CT fIl consideration OF
Congress. I: would ps 0 conspicuous wrong to
cons,.sin these institutions 70 wind dp their sf-
fairs, snd serious less, bott t the public and ths
Government - deprive II, c,unlTy of the cup
port to be drawn from tEs concentrated cspitsl
thsJ possess. This. thiuk. rus. eventually be
the effect of the present s-z Il con:lEued, and
recommend f. lodifcstio; If tho isv, such, il
my opinion, ss will give d desired relief and
leave the revenue u1diminishai The assets OF
the banks represent the following interests: .
l. The capita! belonging t. tsle tt5ckhoidsrs.
2. The surplus ilnd si=o belonging - ice
stockholders.
3 The deposits oslcaz,5s 10 thsiI custom
sIs.
4. The oat,,sad:ps circulation coions:as sc
the bill holders
TIE following plaa of :azst:on is proposed.
J. Ths. The Cd -ro-:-: tax be Eid u2on TIC
cum Of the cspit " ID surplus profits, being the
total property .; ia s!eckhoideis expressed in
| currency.
9. The: deposits 90 free fIc1: ts1s!ior. 3, coE'
sis.ng cf treasury notes only 4 Tax upon which
reacts apon the Government.
5 That tsz Of twenty -6se pc. COZ: ss laid
upon :hs notes Of the bank, payable in specie
and treasury notes, the foruar IN tbs proportion
:ha: the specie held By the b1pk, bea.s TO the
| sum Of the outstanding no.es provided that FL
bill holders, presenting their lo,es at the bark
and making aE iav;s tha. the notes *ere, on ths
day OF the passage Of the sct. the property G.
loyal citizen. OF alien, In ami:y With the Con
federa.s Sts:es. shall be taxed Ave per cent culJ
and In the same proportions as to specie snt
treasury noses. And that it be made :he duty o
the bank 70 record tbs notes thus pIsssotsd
With tts names Of the persons heldiaz the same
end 10 coec: and psy the is1. sud 70 ,e1crt 70 ID
proper c&car fer representation, ss In tbs hands c
tho sneny, all notes cot presented Tor fecoId al
taxation under the provisions Of tbs sct
The circulation Of tSo banks on ist Of Jant
sry, 1859, wss ss follows, and there is 10 ,easo
10 saprcse that !: Is now any lese: