The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-02-13

Tho very light legitimate demand for specie operates
powerfully and depresses the premium it, The con-
dton Of the national finances acts counterpose to
this By fostering dstrust and belief further deprcca
ton OF the currency in the future Congress is how
ever beginning TO show signs Of awaking Of its
responsibilities in this great question of money and tho
amendaory tax bill now before 1t WILL If adopted add
largely TO the receipts from internal revenue 1t is at
che Same time incomplete while the proposed tax on
Gales OF onehalf of one per cent IS too low 1t would be
found that one per cent would be willingly borne and
therefore easily collected the half of that sum
Tho tariff has not yet been revised by the Committee
on Ways and Means, but IL demands attention with
view TO the increase Of gold The
endation Of the Chamber Of Commerce relative the
taxation Of exports suggests some strong argum
against such measure, not merely OF its
oonstituonality but purely politico economic
grounds It is an open question, however, whether
small revenue might not be derived from such tax in
tho od Valorem FORM without material II any, damage TO
our export trade
The proposition Of Mr. Morrill, to tax bank circulation at
the rate Of onequarter Of one cent month after the
LIST Of July next and at the Of half per mt after
tho LIST OF January 1885, stands In need Of modification
1t and in indirect conflict with the bill
ing sales which exempts evidences of debt and securities
for money together with the coin and bullion But al
though would be unfair TO include bank circulation in
this exemption, tax Of one-fh would be ample. The
present tax is one-tweth Of per cent MONTH and
an additional duty Of one-sxth per month upon
tho average amount beyond ninety per cent
OF the capital stock, and further additional
one-sixth upon tho amount Of circulation be-
yond the average OF the six months preceding July
1854 The object Of Mr. Morrill, In making this amend
mont would appear the taxing OF the State bank cir
cuation out of existence but in all such measures re
gard must be had for the rights Of property and the inter-
ests OF the banking and commercial community. The
national banks entirely exempted from tho operation
OF that section Of tho Internal Revenue law to which the
amendment applies and there would be no equity In
Q prohibitory impost on tho light circulation or
tho state banks while the institutions under the new
law allowed swell their currency issues TO the ex
tent Of ninety per of their capital without sharing
the brrden.
chmcrical plan for paying of the national debt has
been broached In certain quarters which is entitled to
rank with tho hundred and one futile schemes which
have been successfully proposed for paying the national
dobt OF England II is TO get up subscription for the
amount One suggests ten thousand dollars EACH another
ten dollars only but both suggestions equally mpac
ticabie and unbusness like The government would be
simply going begging by asserting to an attempt to
carry any such and humilia,ing contrivance
into execution The government, like ordinary COM
mercial firm, must pay It's own way maintain Its own
credit and % solvent or insOlvcnt Dy us own hctS
Money has been easy during the week ~ seven per
cent on CALL but loans Cover nments and, in excep
tonal cases. other FIRST class securities, have been
made at six.
Foreign exchange has been weak and inactive, and at
the close bankers sterling at sixty days quoted at
i0Sx 10ok, and at three days at 1927 110Z
According 10 letter from Collector Draper, twenty
three vessels loaded with tho captured Savannah
were Hilton Head, sail under convoy for this port
on the 7th Inst This suggests the question Of the rights
of tho Of the cotton SEIZED and the policy Of the
government In dealing with It, There are probably
among those who claimed private ownership Of por
lions OF that taken at Savannah men who
arc anxious 10 see the and the Union restored
but IL ia hard matter TO tell unless in the Of per
sons who have served In the rebel army navy who
LOYAL and who are not The indscrimlnate seizure o
cotton without regard 10 the rights Of individuals In Ger
tain cases. would exercise unfavorable moral effect
The South and lead to the wholesale destruction OF COZ
ton and other produce whenever II stood In danger
immediate capture by our forces This IL would be we
10 avoid in the interest OF the Union rs well as com
merce.
The total value Of the imports other than dry good
and specie at the port Of New York during the wee
ending on the 9th inst s8Ss, 600. The imports {
the week compare as follows with former returns:-
Dry goods. sSa1, acs sas So 1SSs4e sa7. 80
Cen. mdss.. 81, 200 22i5e4s 1,s2p,42o eSs,o0
Tctai,.... S2624, $50 aee6.l7r 25seses L6la.le