Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1865-03-29

the currency bill, recommended by the sec,...
OF the Treasury and Endorsed by the Presidan,
bis Annual Message. 1t may be remarked that 30 Ia
failure to enact any fiscal measure, which h.s sae
sufficient vitality to- render it valuable and anar not
ole for the short period of four months, does
deserve much regret The currency bill was nos
mended to Congress, and based on the condi,a:
the finances presented by the President in his oa
sage, and by the Secretary of the Treasury in his
report. 1t was abandoned without regret, Iecanaa
at subsequent period of the session, it was ascss
tanned that the arrears of public debt CONSTITUTE
cash demands on the Treasury exceeded, bv n..Hs
ly four hundred millions, the amount originally :.
ported to Congress by the Secretary of the ~.
sury. The currency bill contemplated the redua
ton OF tire currency to one hundred and fiftv mi;
hons by q conversion of treasury notes into t,h.
certificates, payable after the war and by an sn
nual apPilcatioE OF portion OF the taxes in the
nature of sinking fund. The treasury notes ra'
ceived for 1.-THE certificates were to be cancelsd
The military reverses, which impaired the credit oe
the government to such extent as to destroy tha
saeabty OF any of its bonds, left little hone that
treasury notes would be exchanged for 1.-THE eer,i
ticates. As soon as the enormous increase in Tho
arrears of debt was discovered, as above mentio,S
Cd all ldes OF reducing the currency was abandon.
| ed as impracticabe. For these reasons The cow
mittee of conference having charge of the currencr
bill agreed to abandon it as useless pledge of n.
ture resources without corresponding present al.
vantage Indeed, if the bill had been passed n.
first day of the session it would have expired fo,,
inaDition on the 9th Of January, 1866, the dav m
which the Secretary of the Treasury reported to
Congress the deficit of four hundred millions and
recommended an increase Of taxation to meet i
The tax bill is regarded by the President as lin.
eral, though inadequate. No nation on earth evo-
conducted protracted war by resources derived
from taxation alone The message intimates a "a.
gret that the recommendation by the Secretary Of
the Treasury OF tax on agricultural income equal
to the augmented tax on other income, payable in
treasury notes, was rejected by Congress- This is
| evidently mistake, it assumes there has been
an increase of taxes other than agricultural in.
| comes. The present income taxes are those laid
by the act of April 1864, as amended and re enacted
on the 18th of February 1864. 10 .equire the az
riculturst to pay tax on the income derived from
his farm in addition to the One-tenth of his gross
production, and the property tax of nine per cent.
aa ualorem, would be manifesty unjust and oppres.
sve. After the delivery of his tithe to tax the In
come OF the agrculturst derived from the property
producing the 1.-THE, would leave little for family
subsistence for the purchase Of supplies necessary
for carrying on his agricultural operations and fol-
the payment of the ad ualoren tar on his property
Congress, therefore, did not concur in the recon-.
mendation of the Secretary of the Treasury, be.
| heving vt to be highly inexpedient.
The recommendations of the Secretary of the
Treasury lave, in the main, received the approbs.
ton Of Congress, and every disposition has been
manifested to cooperate with him. The tax bill
adopted very nearly approximate the rates desired
by him. He recommended ten per cent on prop.
| erty. Congress has imposed a tax of nine per Cent
"A new foreign loan was authorized in secret ses.
sion at his request without any Limitation on his
authority except as to the amount transfer Of
certain sterling funds abroad was, by joint resou.
tion directed to be made from the Navy to the
Treasury. Efforts were made to raise specie. A
bill was passed in the Senate, in secret session. to
accomplish object by the sale of certain licenses
1t is understood the bill was defeated in the House
OF Representatives by the acquiescence if not st the
lnstlgaticn, Of the Secretary of the Treasury. 1t
appears from the correspondence submitted to Con.
gress that the Secretary of War; early the 18th
of February, notified the President Of the en-
barrassed condition of his Department. and it is to
be regretted that the Executive deliberated on and
postponed for SO long period as nearly twenty
days, the communication of that information to
| Congress.
If loss of time be vice inherent in deliberative
assemblies, promptitude is great virtue in Execu
tive action. There is every disposition on the part
of Congress to comply with the recommendations o.
the President, and some means of raising the coin
desired will, no doubt be devised. 1t is unfortu
nate that the necessity for coin in the Commissary
Department was not made known until the message
under consideration was received. The use of coin
in one department of the government is calculated
to superinduce the necessity for its use in all other
departments; and hence the policy of the proposed
measure, in financial point of view, is very ques-
tionabe. The necessity for supplies, however,
overrides all other considerations. II practicable
it would DO wiser to employ the specie in the pur
chase of treasury notes, and then the notes ia
obtain supplies,
Nothing is more desirable than concord and cor
dial cooperation between all departments fgovern.
nent Hence your committee regret that the Ex
ecutlve deemed it necessary transmit to Congress
message SO well calculated to excite dscord and
dlssension. But for the fact that the success of the
great struggle in which the country is engaged de
ponds as much on the confidence of the people in
the Legislative as in the Executive Department 0
the government, the message world have been re-
| ceived without comment. Your committee woult
have preferred silence. 1t has been induced to Al
| opposite course, because they believe Congress
would be derect in its duty to permit its Legitimate
and constitutional influence to be destroyed by Ex
ecutive admonitions, such these contained in thu
message under consideration, without some publ
exposition of its conduct
Respectfully submitted,
JAMES L.: ORR, Chairman,
THOMAS j. SENMES,
w. A. GRAHAM,
| A. T. CAPERTON,
JOHN W. c. WATSON.