Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1864-08-16
S390.OOO,OOO

This is surely large enough TO make our people
economical to check a reckless extrauaganee,
ana give 0nr securities substantial foundation Of
credit here or elsewhere. II may not be known,
but learn the internal revenue for MAY or June
asst | forget which, was $4,000 600, ard tina
under the old law, or at a rate Of $3.50, 100000
per year, which WIS not expected to produce much
more than Sl00.0 900 900 annually There need
oe no apprehension tnat the act Of this session
will not bring forth all that ils friends have claim
ed for It.
ln respect TO the tax on incomes for 1868 il
WAS fixed AZ three per cent above 5000 and not
above $4,000, and for all over $4,000 Al five per
cent, fans JOINT resolution proposes 10 impose
special tax upon incomes Of five per cent on all
sums exec ding $500, payable out Of the income
oi this year. ana based on the list Of last year.
/ think as whole, and taking il alone there is
no tax more equal than an income tax. Ger
tajnly 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, and It
is in oil 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
I
rive from this Joint resolution.
Mr.. MoRRILL Not le@ than $4,000. 900
The purpose is 20 meet the bountes which We
bave ust authorized by the enrolment act, and it
will lost about do that. II we shall enlist BY
b0untrs two hundred thOuand men it will re-
q4.re $2O000,000 to pay bounties, and this will
do 1t.
Mr. Chlirman, this subject has been so thor
oughy discussed during the present session of
Congress, that now, ss we are approaching the
,ast hours OF the session. no gentlem n will desire
TO make speech upon tho subject, and | will
therefore move that the committee rise for the
purpose Of closing debate.
Mr. DAVIS, of MARY land. ask the gentle
man 90 Withdraw that motion to allow me to sub.
nit an amendment and say single word IN ex.
planation Of it.
Mr.. MORRILL,. will withdraw the motion
TOR that pur ose.
Mr.. DAVIS, of Maryland. submit the bl.
loving amendment as an additional section:
md b. Il further resolved, Thai thtre shall be
eyed aud collected rom every bAnk, company,
or association having notes in circulation as cur
rency (other than national banks organized under
the laws OF Congres.) Ten per cent on the average
amount Of the notes Of such bank, company, or
.ssocnion 10 circulation during The year ending
he 3lsi Of December, 1864, ard for each and
every year thereafter
/ Ny purpose in offering that amendment is this
we are proposing now to levy an extraordinary
and almost oppressive income tax, and If we are TO
impose additional taxes, wish To see The Govern
meut taxing sep in the right direction toward
The cure OF the great evil OF ts finances. When
the Goyernm nj now leyes two dollars, we only
get the value Of one dollar The reason of that is
there are now two or three dffere It currences
on or other OF which has re4uced the value oi
the currency one halt or one hundred per cent
and more. The reason of tnat is ths in 1860
the specie circulation and the circulate OF he
banks we're about ihree hundred million dollars
Those two items now amount to 1899 600 O00
In sd lion to that we have Of United States notes
in circulation S44s 100000. We have in addi-
on Treasury notes operating as circulation to the
extent Of Sl62 100000, If we add up the
it ms Of the ex sting circulation Of the country il
runs up to sos 100000, three times the actual
circulation OF 1860.
These figures explain the fact that gold is now
two hundred or the hundred and City per cent.
These figures explain the fact that the enormous
revenue We are raising will not pay the expenses
of the Goyernment If you will strike out one
half 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 go
for the additional income tax. Ii we are to incur
TWO dollars for one dollar the tax csnno, bave 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 a tax We get
the volue OF the tax.
That is all have to say. renew the motion
that the committee rise.