The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-11-12
-. All, 600 ,so4 sss5 ,2oi .oosI Is, o44 2s2,s72

corn and 40 OF cotton The scheme recommended In
another place. for the purpose Of hmonzing the value
or the successive nstalments, IL the substitution OF
certificates bearing interest for the currency set apart
by the holders 10 OF the tax or to purchase
tho tithes. After the careful Investigation
satisfied that tho measure may be successfully reduced
to practice.
Of the currency may confidently be expected All will
discern the advantage to from the acquisition OF
Treasury At present prices, and evenaoregn CAPT.
tai may be expected absorb part for at the OF
ten dollars for dalar OF SPECIE the cost OF cotton
may expected for those who repuda.
ton and these who would regard the return TO specie
and assured In Increased value and security
to the treasury Eotes greater reliance In the value OF the
funded debt would be inspired for the expenditures
would be reduced, and the accumulation OF debt be
The currency debt being provided for. the
total remainder, to wit: the funded debt,
would be already stated $738, $40 600
And IL to this sum be added the amount OF
bonds TO be sold before the LIST January,
which may be estimated at about 10000, 900
The total sum Of interest bsaring debt on
the LIST Of january, 1861 win 6e...... $751; 900
The value Of the real and personal property
in the Confederate States, in $780, &C.
cording to tho United States census,
taken at specie value, was IS 2O2 1867 LOT
Notwithstanding the waste and desolaton Of the war,
and the amount OF property 10 the cnemys lines the
subjects OF taxation under the act Of 18th February
1884, according 70 the seturns INSIDE to the
BY tho assessors under the act Of 18th August 1891
Property employed in agriculture
Currency valued IS for 81. slAsos, 800
Other property
Specie vaue. ], 450sS79,31o
Currency valued at 81 forsl. lo,1S2 e55, $50
Specie value. .........$ ISL ,l3s, lso -,
There is an clement o; our national wealth taken sin
ely. that exhibits, In striking view the amplitude OF
staple Il cotton The net proceeds Of one bale expor,ed
and sold IN England az the prescott price about
hundred dollars god and At the rate Of dollars In
In HE IN fv~os
sand dollars and to four billions OF dollars the two
millions OF bales estimated to be stll 10 the countrya
sum more than five times as great tho funded debt
The ipossbiity Of realizing the full benefit OF
source under existing circumstances admitted but the
statement exhibits the abundance Of means, and
every effort should be made TO apply this great element
OF wealth add to the purpose OF aresng the pro-
debt
propose an additional duty Of Eve cents per pound on
Of the imports payment 70 be made coupons
Of Tho five hundred million oan sterling exchange
Liverpool being about SIXTY cents per pound the deduc
tiou Of Ave cents for the tax would hardly have
would fan cneny on the foreign consumer or be taken
from the profits OF the exporter and nan
wIa,a A.
small tax on this lucrative trade. paid BY the i'm.
would ~, b free =. b the
the high price paid for goods These would
tho value and enlarge tho demand for she Ave hun
Inc expenditures for tho six mouths, from
the lst Of January 70 the lisa OF July, 1855,
with % improved currency, may DO safely
estimated ~ . maximum Of $500 900 900
aod for tho twelve month. 5000 .ooo,o 900
To this amount must be added Tor the
dsmpt,oo Of notes. proposed 90, 600, 900
And Tor the estimated amount OF floating
debt. ........................... ia, 900 900
Total ACKNOWLEDGEMENTS. STA 900 900
. TO meet these demands upon the Treasury propose
the following scheme OF taxation and loans. viz
Taxation, including the tax In Kind $500 900
Sale OF bonds Of the 1--WE hundred million
loan audIcertincateg OF indobtodnceu
.. Import and export dues and miscellaneous
roceipss. ....-.s............. 100000
To raise the amount proposed BY taxation
the repeal Of much OF the act amending the act OF
l7th February. 1884 will leave the property and in
IN fun operation, without the statements now
allowed ivE: section paragraph i, Of the smendaory
act OF 1h June 1864 which provides hs value OF
tho 10 kind shah be the ad valorem lax
the which provides tina, the property tax shall
be Deducted from the income tax. BY this change
desired amount Of will be and the pro.
mipeut inequalities of TAXATION now The subject OF com.
plant, viii be redressed.
The tax IN kad ueing Ten per cent, and its value In
currency sis5 900 900, follows that the predictions
taxed amounted 10 value 70 81 450 COO and the assessed
are derived being $4,000 IT'S 20, ' sppareus
tina. tho gross income OF Sis50 900 900 equal to nifty
N estate Of the value Of sioo ooo sub iect 20
an AZ valoem tar OF $4,000, yielded gross income OF
svty "a. and a , md ~ psa inc pro
result the Consequence OF vslung the property for
taxaton In siece, and The product received
meet OF the tax 10 currency Had the property been
vsluea 10 the medium IN which the payable the
would have been 81 600 aud lbe TAX
t25 o00 had the articles received kind been valued
the property wn-in spece--the payment wou not
exceeded 81 900, md s. more Of tax would have
been received Ia currenoy.
rho inequality OF taxation that resulted n msds con-
spcuouc by comparison rith made In goA
eminent securities The same Of 500 600 In eight
cent bonus, yeIdng ~ 900 per ntores pAid
$4,000 tar, and left clear income Of only ss,o
Capital invested banking presents contrast
equally striking. Ono OF tho banks In Rich.
mvnd. which 10 isserred a. an example only. on /,
c,piti OF s2,336,00o paid sl24 400 ,axcs the
specie being eighteen times the value Of 1870
md amount distributed among tho stoos holdevs
iuoono SECS $40. On 100 Gee usnly thus To-
ye ted. the Sis oC0 ass the income al 500.
These iocquslses gave rise 10 grave com paints while
any amount % ar.tien equitabiy dstrieutsd wound
dsob,lcss be cbc.rfuy mot.
Tbs collection ~ large In Teras Ia essential 20
the reform Of the curency and the country 10 In
dition most favorable 10 boar the burthcn. me
OF money and bgh price OF every species 81
properly and supplies would render the payment easy
and rec from embarrassment The Treasury will do
rive little aid from this IN the present year Tue
tag the currency brought revenue operating oniv
40 reduction the circulation. The other with
PER csos bonds The taxes upon property and income
resvscvsy TO some extent nominal only, the sd
Ievsm tax property engaged IN agriculture bs,og dis
charged by the orcd Of the TAI In KIND aud tbs income
tax other property diminished by The WHO'S of
ths a vsovem tax. Thcsc attachments aud tho pay.
ent four per cent binds result In reducing tho
nue from taxation exclusive OF The soldiers tax) 10
about ~, 900 goo.
anfa NJ