Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1864-11-10

If the Secretary of the Treasury has the time to read
all the gratutous advice that will be published for his
benefit between and the meeting of Congress,
he will have task In selecting the grain from
the large quantity of chaf that will be ottared him..
His first budget will be locked for with great deal of
interest and it very diff cult for who feels keeng
the Importance of the financial question to keep silent
on the subject.
Hs predecessor erred in going before Congress with
reports that put the best possible face on the public
debtedness Every liability was made to look as small
as possible, while prospective exaggerated
and the whole report conveyed the idea of defence or
excuse for very bad state of affairs, the worst of
which was concealed an extenuation of that which
could not be defended This is not what the country
wants. We are not afraid to look affairs il
the face Let Us know the worst; place the terrible
millions IN their most aggravated form On paper before
US, and demand of the country the means to redeem
them, and to pay the current EXPENSES Ask for no
sgstem of finance we have too many systems now a
revenue commensurate with the debt and expenses will
make any system sound that is honestly carried out
Our enemies have had more financial experience than
we. They have tried every scheme that their fertile
brains could devise let benefit by the testimony Of
the retiring Chase he voluntarily yielded his porto
iio. Any plan he sad) that does not embrace I'M
mediate revenue from taxation OF i've hundred million
must fail" Our present tax law pretends to levy hve
per cent on property but it values property in gold
and takes payment in currency, it is in effect but tax
of one half per cent and that has only been par
TALLY collected The real aim of the present law was
attempt to get hold of large apparent profit
by persons engaged in trade being demand
ed as tax. The manifest Injustice OF this law and the
facility with which it may be evaded render 1t OF little
service as source of revenue But the policy still
objectionable, it's obvious effect Is to prevent
the exchange of property and thereby destroy the are-
res Of trade, that would otherwise absorb so much cur
rencv and give life to the whole mass. But the failure
that has attended this law will attach to any system CT
revenue but that founded the principle that properly
bear the burden of taxation 1t is not yet too
| late to apply this system with success.
tax OF ten per cent. on all Values real ana person
AL to be paid in the currency IN which the Vaua-
tion is made; tax Of fifty per cent. payable ln
compsh all that is needed to reduce debt to per
ecy safe limits and pay all current expenses of anoh
four years Indeed such tax collected through
out the Conederacy, would sweep every issue of the
government into the treasury and give large surplus
but we can of only calculate on the ter.
| ritory within the lines OF army, and
| however unjust it may be, that we who are
| within those lines should bear all, the burden
| wehsve no help for it. The currency that we now
Carry depresses much than would the tax ne
cessary to absorb it ALL Trade licenses and incomes
may be fair subjects for State municipal taxation
but the general government should avoid such class
legislation" and look to property and to that alone tC
produce revenue. One cause OF the depreciation o
paper has been overlooked 1t is to be found in the
great variety of government securities that ahoa
The people induced to invest in four per cent
tifcates the promise that they would be good fol
taxes but between the neglect OF duty of the col
lectors and the hndrances of subsequent legislation
the country is flooded with them and they selling
ct sixty cents. 1nteresbearing notes are at seventy