The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-08
FINANCIAL AND COMMERCIAL.

r FINANCIAL AND CONNER GAL.
THURSDAY, Dec 7, 1865.
In the House OF Representatives yesterday Mr. Bling
ham offered joint resolution submitting to the Ingsa
lures Of the States amendment the Constitution de-
caring that the article prohibiting duty ON exports
nom the United States repealed This involves the
assumption tina, such prohibition actually exists in the
constitution but the question arises does IT, and Is
such amendment necessary The words or the article
'No tax or duty shall lie laid articles exported from
any Stater,fy DO interpreted applicable 70 single
State only, and not 10 the States collectively rep
resented in Congress. and In this view is
by no means clear that Congress has not tho
power TO impose tax exports without
the amendment and there those who contend that
go long tho letter OF the constitution Is violated
spirit should be interpreted as we understand IT, and
may accord with existing circumstances and
terests it being for regard the constitution not
fecr but the protecting bulwark and palladium Of
liberties
Tho history Of the constitution COOS 70 show that tho
Southern States favor Of clause prohibve Of
export all the States and TO that eject was
introduced into plan OF constitution presented at tho
opening of the Convention, in May 1887 by Mr. Pinck
ney South Carolina but the words "from the States"
in his PLAN were changed "rom any State" as they
the draft Of the committee instructed 70 re-
port consttutionywhich, has been reasoned, showed
that Mr. Pnckney prohibition or export axes had
been rejected and that the clause II stands was adopt
ed by the Convention to prevent Congress from taxing
exports from any State and from the remaining
States and also TO prevent the Legislature OF any State
from taxing its exports Tho general understanding
Of the Convention however hata tax on all exports
prohibited by clause which last strongly op
posed by such Gouverneur Morris Madison Cymer
and John Dickinson in the debates And would seem 70
be from tho debates than the constitution itself
that Story and Kent formed their opinions against the
consttCtionaty Of tax exporta Tho people, on Tho
other hand 1t has been argued by writer In the NorA
Amecaa Recev bad before them tho constitution and
not the debates when they adopted IT, and neither tho
debates contemporary Interpretation authority,
however useful thoy may be 'to illustrate and confirm
the text explain doubtful phrase 70 expound an
obscure clause" the constitution itself being alone
authority.
Whether II tho amendment proposed by Mr.. Bingham
Ia adopted clause should not be substituted prohibiting
any inequality the taxation Of exports by Congress-
also their taxation by individual States, 10
question entitled 70 consideration; for the prohibory
clause Is clear enough far Oh It afects individual
States, and in this sense II should be retained II an
amendment Is really considered Necessary TO give Con-
gress the power to exports from the United States
probably nothing better than simple explanation Of
what may be considered the meaning Of the verbs mo
or duty shall be laid on articles exported from any
state'' could be adopted Thus No sar dSty shall b
laid articles exported from any Stats thai = MT
laid su1o~ articles exported every other STATE. and
Cnares only shall haze ne posur to lay taz 0rtcis
erpoytcd
Mr. McCuoch in his report, Is candid enough TO state
that finding the customs duties exceeded the amount
required FOR the payment Of e coin interest the pub
lie debt no deemed to be his duty TO sell from time 70
time portion of tho surplus for the purpose Of supplying
the wants OF importers and furnishing the for
meeting demands upon the Treasury for currency
the latter being doubtless the prime motive The sales
of gold up the end Of October aggregated $27 as
the premium which was el2, 310,4 ss; 20 that the
Treasury derived from this $40 3o3 676 without
which we arc told there would have been necessity
for the further issue Of interest bearing noses
As measure Of cxpcdiency may therefore have been
justified but Il clearly violation Of the OF Con-
gress which provides orthe application Of such surplus
20 the establishment Of sinking fund Mr.. McOulloch
says that compliance with the requirements Of the act
was by necessities OF the Treasury rendered mprac
tcabc; but no thinks that after the expiration Of the
present tnsca year the Of the government VIII
exceed It's cxpcnses and II will then Be practicable
to carry into effect the provisions Of tho
law. He 10, however,, Of opinion that the
safe and simple way Of sinking the national
debt apply directly 70 Us payment the Of
ccpts over expcnduros but he docs mot describe tho
way which he would pay It, what class Of securities
hc would first select for reduction He therefore re-
commends the repeal OF much or The act Of February
u.s. 1892 referred 70, requires the application Of coin
the purchase payment Of per cent Of the entire
public dobt Tho advsabiy OF this a. however,
questionable and the necessities Of the Treasury
have thus fAr prevented the Treasury from complying
with The requirements Of the act there ia good
| Why, according oMr Mcculloch's showing, tho
sh~
l same
With respect 70 the receipt or gold depoet BY The
Treasurer Of the United States and the Assistant sasu
rer in this city, ana Of certificates therefor
under the authority Of the OF March 1862 Mr. No
Cuoch says that instructions were given p this e.
feet promote the convenience Of officers Of custons
and OF tho Treasurer and Assistant Treasure and for
the accommodation Of the public. He mentions that
other considerations not have enumerated themf
l also prompted him to avail himself OF The
authority conferred by tho act He expects
that the credit OF the government win be strengthened
by the coin which will be thus brought into the Treasury
and that the will tend 70 facilitate 70 some
extent return TO specie payments THIS last s how.
ever, by obvious There is nothing Justify
the government in embarkine tho banking busDess
to which It's gold deposits and certificates properly
belong, and the views which Mr. McCulloch expresses
upon this point somewhat In antagonsm with those
with which no regards the issue Of paper money by tho
government in an earlier portion Of his report
One failacy stands out prominently in tho midst Of
the general good Of the Sccrctarys report and
that In that he public debt OF the United siates repre-
scns portion Of tho accumulated wealth OF tho conn
try" On this principle II our national debt were
hundred thousand millions, should DO m ma
ton very wealthy and prosperous, after the man
nor Of tho cnterprising individual who Indicated
| the extent Of his prosperity by saying-"Fivo
| years ago wasn't worth cent, and now owe
a hundred thousasJ dollars" How doce no reconcile
this view Of the with what no correctly says OF
Overwhelmingly, at is an encumbrancc upon tho
national estate Neither ts advantage nor s burdens
are or can be equally by the people l Influences
r rornhliran IL must distAsteful 70 the nNono