Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1864-08-23

not less than $4,000 600 beyond the late esti-
mate of Messrs. Orton and Rollins concede
hat the bill will not produce so much the first
month or two after It goes into operalon as may
ultimately be reached but il will produce a very
large amount more the first year than MessH.
Otlon and Rollins have given US reason to expect
know how uncertain predictions relative to f
nanci4l affairs usually turn cut, but with anything
ike the prosperity witnessed for the, past two
years in the business of the country our revenues
from all sources will he amnle and entirely unex
amped in the history Of this or any other country.
Nearly two hundred millions Of additional taxa
on will be at once placed upon The country We
NAV expect from October l. 1864, to October l.
1865 from the
Tariff. S85 100000
lnernal revenue, 275,0U0,000
War income tax, 20,000,00O
Miscellaneous sources, 10000 QUO
Iotai $3000O0000
lnis is surely large enough to make our people
-conomloa TO check all reckless txtrauagance,
N give our seourlts substantial foundation OF
credit here or elsewhere. 1t may not be known,
out / earn the internal revenue for May or June
ast, forget which, was $4,000 900, ard iha
under be OLD law, or at arte Of SlS0000,O0O
per year, which was not expected to produce much
more than 100000 900 annually. There need
oe no Apprehension tuat the act OF this session
sill not bring forth all that its friends have claim
ed for Il.
In respect to the tax on incomes for 1868 il
vas fixed at three per cent. above 5000 and not
above 10000 and for all over ! 10 900 at five per
cent. This joint resolution proposes to impose
special tax upon incomes Of five per cent on all
sums exceeding 5000, payable out of the income
Of this year, and based on the list OF last year.
think as whole, and taking 1t alone, there is
NJ tax more equal than an income tax. Ger
tauy il will press more severely upon my part
of the country, upon New England, than any
other portion OF the country, with perhaps the
single exception Of the city Of New York, und 1t
is in all cases to be paid by those who are able to
pay, and who have most at stake in sustaining
the credit Of the country.
Mr.. BROOKS. Let me ask the gentleman from
Vermont hoS much revenue ne expects TO de
rive from this oint resolution.
mir. MORRILL,. Not less than $4,000 900.
The purpose is to meet the bounties which We
have Just authorized by the enrolment act, and il
will Just about do thai. II We shall enlist by
bountisl two hundred thousand men it will re
q.ire $20,OOO000 to pay bounties, and this will
do it.
Mr.. Chairman, this subject has been so thor
oughly discussed during the present session Of
Congress, that now, as we are approaching the
ia,t hours OF the session, no gentleman will desire
to make a speech upon the subject, and | will
therefore move that the committee rise for the
purpose Of closing debate.
MIR. DAVIS, of Mary land. l ask the gentle
man to Withdraw that motion to allow me to sub
nit an amendment aud say a single word IN ex.
PLANTATION OF II.
MIR. MORRILL,. | will withdraw the motion
tor that pur ose.
MIR. DAVIS, of Maryland. | submit the i1l.
loving amendment as an additional section:
/ .4ad b. il further resolved, That there shall be
levied and collected rom every bank, company
or association having notes in circulation as cur.
rency (other than national banks organized under
the laws Of Congress) ten per cent on the average
amount OF the notes Of such bank, company, or
association in circulation during the year ending
ihe 3ls. Of December, 1864, and for each and
every year thereafter.
/ My purpose in offering that amendment is this ;
we are proposing now to levy an extraordinary
and almost oppressive income tax, and il we are to
impose additional taxes, wish TO see The Govern
meat taking sep in the right direction toward
/ the care OF the great evil of its finances. When
the G1vernm nj now leyies two dollars, we only
get the value of one dollar. The reason Of that ID
there are now two or three different currencies,
oua or other Of which has reduced the value Of
the currency one half or one hundred per cent.
and more. The reason Of that is this: in 1860
the specie circulation and the circulate OF the
banks were about three hundred million dollars
Those two items now amount to S339 000, 600
In addition to that we have uf United States notes
in circulation $44S 100000. We have in add.
I on Treasury notes operating az circulation to the
extent OF Sl62 100000 II we add up the
IT, ms Of the existing circulation Of the country il
runs up 70 sos 100000, three times the actual
circulation OF 1860.
These figures explain the fact that gold is now
Two hundred or the hundred and fifty per cent.
These figures explain the fact that the enormous
revenue VT are raising will not pay the expenses
of the Goyernment. II you viii strike out oEe
halt OF the currency you will double the value OF
the revenue. II you will apply the remedy
have offered in my amendment am willing to @
tor the addition, inc me tax II we are TO incur
iw1 dollars tor one doir the tax cannot have my
vote. | wish to see the Government take step
in the right direction. Cure the curse OF Inflated
Currency and let US know if we levy tax we get
tue value OF the tax
That is all have to say. ! renew the motion
that The committee rise.