The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-11-12


T.ros n reorrcd to Tor much valuable and Interesting
iuaornatfun this important subjecI .
.omputirg property the country al the present
estimated value ths following s inc sAsnns 'A'o ~
Value property ssrcsooy rated -
i've times the sluas9n o. 1860 IA
Total anoous Of taxes, Including The sax IN
kind soldiers TAX ISL, 900
win this estimate Of the resoaros Of tho oonfsderacy,
tbe proposed the ensusa year cannot DO deemed
Inc sum oos gov oon 200 n
this amount, applied 20 the values OF 1860 VIZ:
saaSl lssis7 At tho rate Of less than one han Of
currency, 500, 900 600, upon assessment Of
s24 $50, 44e,65I. would amount % one and "a
payment Of The taxes quarterly, measure which
strongly recommend. less than efourth OF the cur
rency will suffice the quirter's tax, sod the amount
collected any quarter vii be restored the cir
cualion before another becomes payable u 10 apparent
that the Of the country ara ample 10 eet the
Il may be objected that The several measures combined
VII unau'y reduce me c,Icua.oo, ana Expose inc
The reply 70 this objection s that The evils pred
Gated 70 some extent nsepYaoe from the reduction
OF the currency the Improvement OF ts value Any
measures successful in eecug the desired reform
must Of necessity be followed by the trials that attend
omd Jv such hdvs rexsved 70 recon-
mend restore tie csrrsny gradually, judteionsy, and ey
by some vfolemt and disa tyous comuulston
the developments attending the execution Of thu Cur
u,
gre I body Of the circulation 70 held moderate
by persons OF limited 10 all classes OF the poDu
ss 70 %
Individual depostors IN AZ parts OF he country The
,spor, Of the s funding the Old
generally Aaue bsn the heapea su6erers By tie tar On tic
currency u dsprse,atso In view OF the large stake
the poorer classes q society In the currency the 70
sponsibiiity q hxisg the value and establishing the
security Of the notes. assumes the gravity Of sacred
duty The soldier and all who arc forced 10 the mme
date Of their money, are without the chance q
rsdress for the loss they sustain by the Depreciation
whereas the capitalist has 1t 10 his power 70 indemnity
bonds.
Inequality and give 70 these who claim our sympathy
mortgage upon future supplies for bread at fair prices
and when the war is over the country wiz enjoy the
the proposed reform should be followed BY general
and large decline IN prices the result woud be hailed
with the lvsiest satisfaction, except by those whose
imprudeot investments have contributed to the dc.
rangement we desire to correct. No Improvement
by immediate decline OF prices. 1t WILL therefore, be
idle 70 say reform Of the currency is desired
and 10 shrink from that viii DO attended BY
results indicated 10 oppose the reform OF the cur
anspnares must Be- aaopd Measures should be- taken
delay 10 revive confidence In the treasury notes
and uphold he M IN Sa os
favorable light in which these notes can be regarded,
the purchasing quality does not exceed one to seven
or eight, as compared with specie; and the bonds
are even lower in value, being sold a. the
rate OF one hundred dollars in bonds Of six
dollars in specie 70 continue sack exchan0e IL indeed
for anu length of time IL ,vre possible Dould be rus
But my CONNECTION that IS impossible to perseUere and
anless prompt decided of dd ped
the progress of depreciation tou be accelerated and
bdrrdsnenis be- ONE isuyn, untdbt you'd ereforc
earnest urge upon Congress the necessity Of acting o,h
measures restore the rde of the ctrre,cy and auet the
calami v ,cith ,ohich are threatened
To OF our ability to bear with
convenience the increased taxation recommended 1t will
suffice 70 attention TO the amount OF taxes paid this
The total amount Of taxes is estimated at 1874,
But from this sum must be deducted the
credit given for the tai In kind and the
income tax, VIZ. IZS.7S7 ,Z45
Leaving az the amount Of taxes actually
70 this amount must DO added the tax on Treasury
per cent bonds have declined value $6666 per $780,
the tax, effect included the whole RI issues,
cept far the bonds were used at par in tho pay
Total issue ..................$7s7.7 100000
Less estimated amount OF four
per cent bonds receivable In
payment OF taxes. oS,UVV,OW
Total .............s7O s, 7s2 900
s7Os 1872 900 at thirty. three and third per
Sum Of taxation actually borne BY The people
or this sum there was rcc:vod in aid Of The Irsssury
Tar 10 kind, valued at... .sl45, 527 431
Tax paid Ia ourrency....... 20 900 600
.$lss, 6274s1
IL Ia now proposed to raise $3.50 600 600,
which will bring into the Treasury ex.
cess over last year or. TIA, 472 500
while the sum Of taxation 10 be met BY the people win
DO 1921 eos, 100 less than last year.
would respectfully recommend that all government
bonds and storss and loans II every description
government, e. declared free from taxation, except
upon the income derived therefrom and that the in.
come tax be ut The same rate and subject 70 the
conditions ~ other income axes The policy OF this
obvious Under existing except in the
49, hnnAp lnaA
Of indebtedness, the income derived from governent
securities, nearly az taken back in the
ton. Ono effect is drive the bonds abroad aud
foreign will be found oppressive the return
Of peace, another TO raise preference for other
Investments over government securities Many
ments yield larger simple interest," and are
capable OF bearing the tax, but the interest govern
aion the q Ave per ecu. hearty the
income 10 the OF the four per cent bonds tho whole
would be taken ana wnsnss re, remembered tina; this
sure compulsory this class Of public creditors par
icuarly entitled the consideration OF Congress- Ter.
der regard for the just claims OF those who, condng in
honor good faith Of the government responded
70 Ito call for pccuniary aid will be attended BY loss
since they who deal the most with the creditor
invariably borrow on the best and most economical
terms
would particularly cali attention 70 q class Of ered.
tors lending their money 70 the Treasury 1t four
cent interest," the hyposhecaon OF per cent
men, TO exempt these loans from taxaslop in ike
manner with tho bonds they represent.
The tax also upon the banks deserves IN particular
manner the careful consideration OF ngvess Il would
DO conspicuous wrong 70 constrain those institutions
wind thor affairs and serious loss both the pub
lie ana the government 70 deprive the country OF the
support be drawn from the concentrated capital they
possess This think must eventually be the eject OF
the present tax Continued and recommend modih-
cation Of the law SUCH 10 opinion, as will give the
desired relief and leave the undimnisned The
OF the banks represent the following INTERESTS
l. The capital belong ing 10 the stockholders.
The surplus fund also belonging TO the stockholders
g. The deposits belonging 70 their customers.
4. The outstanding circulation belonging to the bill
holders.
The following plan OF taxation h proposed
That the ad vaIorem be laid upon sum OF the
capital and surplus pros being property Of the
stock nlders expressed In currency.
That deposits DO free from taxation consisting OF
Treasury noses Cnly tax upon which reacts upon the
government.
g. That OF twenty i've per cent be laid upon tho
Of the bank, payable specie and Treasury notes.
the the proportr that the specie beld
bank bears 70 the sum OF the outstanding notes. pro-