The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1865-12-15

averaging u ueccnnlal lncrcaSe Ol
l29 I per cent.
Now taking the increase Of wealth
in the loyal States in ten years from
1860 to 1870 at 125 per cent, we
have, as their capital in 1870, TWEEN
ty.tour thousand one hundred and
eleven millions; and if we put the
wealth of the other States at the same
figure as. in 1860, without allowing
anything tor increase, we have u cap
ital of twenty seven thousand five
hundred and seventy eight millions
This sum gives us product of the
year at six thousand eight hundred
and ninety-four and half millions,
upon which n payment of the debt of
two hundred millions is . % per cent
Ii we add but 20 per cent. to the
wealth of 1850 for the States lately
in insurrection as their probable val.
uation in 1870, the charge OF two
hundred millions upon the products
Of that year Will be PSI per cent.--
But allowing all that can I've claimed
IN this respect, and taking the lowest
estimate for 1870 rs the basis for
calculating the wealth and prod lcts
for 1880, l25 per cent. increase in
this period gives Il capital of sixty.
two thousand and fifty millions, and q
product of fifteen thousand five hun
dred and twelve millions, upon which
sum n charge of two hundred mil.
lions falls to | 20 per cent. In 1890
the wealth estimated at an increase
Of only 100 per cent. upon that Of
1880, gives the years products at
t!irty one thousand and twenty five
millions, upon which two hundred
millions amounts to only 0.64i per
cent, or less than two thirds of one
per cent, and in the year 1900, the
tax upon the products of the year
would fall to 0 322 per cent, or less
than one.third oil one per cent.
To this charge upon the resources
OF the country, there be added one
and forty millions in 1870
for all other expenditures, one hun
drcd and fly millions in 1850, one
and sixty millions in 1870,
and one hundred and seventy mil
lions in 1900, the estimated total eX.
pcnditurcs will be 93 per cent
OF the products Of capital and indus
try in 1870, 3.26 per cent. in 1880,
II per cent. in 1890, and barely
-tenths of one per cent in 1900.
Or, in general statement, the total
estimated charges OF the national
government for the payment of the
debt in thirty years, and all other or.
binary expenses, begin at less than
1--WE per cent. OF the resources of the
country, and end IN seven. tenths of
one per cent.
These tstimates and .he basis upon
which they rest, are sustained by the
result Of English experience under u
debt onc-tbird larger than ours, with
ordinary aud extraordinary expcn.
SOS, at least onc.hali larger than ours
are likely to reach. and borne through
a period of much less wealth produ
ing power. The Government charg
cs for all expenditures fifty years
ago took one pound in six of the pro.
duets of Great Britain, but these
charges have now fallen to one pound
in nine. We commence our national
burdens with resources that, in the
very first year, will be required to
Psftahoa aF1rSSS6a'S u SS6a Sy7I q less 81 Than five
DEBT TO ~ REDUCED TWO HUNDRED
MILLIONS FER ASSUM.
After careful reflection, the Sccrc
tary concludes that no act Of Con.
gress (eXccpt for raising the neccs.
sary rcrcnue) would be more accept.
able to the people, or better calcula-
ted to strengthen the national credit,
than one which would provide that
two hundred millions OF dollars. com
meucing with the next fiscal year,
shall be annually applied 20 the pay
mcnt of the interest and principal OF
the national debt. The estimates
for the next fiscal year indicate that
4 very large amount could be so ap.
piled without an increase OF taxes.
u 4
The Secretary recommends that
Congress shall declare the principal
as well as the interest Of the five
twcnties, payable in coin; opposes
strcnnopsly the taxation of Govern
ment securities by the States; then
examines the revenue system, and
refers in detail to the labors of the
Revenue Commissioners appointed
under authority of the act of March
3, 1868, and proceeds
TAXES IN TIE SOUTHERN STATES.
There are some subjects, however,
presented in the report OF the Com.
mission of the Internal Revenue
which require the attention of Con
grcss before the report of the Con
mission is received, and relation to
which there should be early action.
In putting into operation the sys.
ieh OF Internal revenue in the recent
~ rcbcllions States, it became neces.
sary for the Secretary to decide
whether or not an effort should be
made to collect the taxes which ac-
crucd prior to the establishment of
revenue offices therein, After giving
the subject due consideration, the
Secretary, in view of the facts that
there were no federal revenue officers
to whom payment OF taxes could he
made, that the people (lnany ofthcm
involun,arily) had been subjected to
heavy taxation by the Government
which was attempted to he establish
cd il opposition to that of the United