, 1865-12-06

- be required 10 pay inc national debt III funded at
I hunare1 Mi mons % Of des. nm. .nnu. t
on the interest and p1taepal and also Of The d,ml
: p1oductons may not be without interest to Con-
d gryss md to Tx payers.
Treasury Was. on the 3st Of October, 1865 2A1M
n e3s,s5Q. Without attempting nice calculation Of
.ha Se Has9 m oas a 20 est,
mate IT. on the 1ss OF July. 1e6H at snree thousand
d millions Of dollaEs The ssacs aZnonnt Of existing
that may accrue In the internal. are not now csps-
s o s1as n 6 and h. Ct he
but # VII be safe to assume that The debt Wilt not
Be- ons hanl1ed and a. ' millions: ie % ba Tana na
ed at i've per ecutn would be one hundred md
II Now, II two hundred millions per annum should
4 ri 80 in REDUCTION Il he principal nnded At
. esa i ' p: es ssss Ssa ;ts b.
All per cent per anntin i would BE- extingnised
IL As osss asass4'a L s ' oesF ssPfs as5s
It, higher rate; the sum applied In the ars.
i reduction Of the principal OK the debt woud
hlrt,,rN ond year, when the interest would be d.
hundredi, md niuetEone millions Of ihe uniform
annual IN ntns would 60 TO the reduction Of tho
On me a 'umptssn s IN. The deb: may be funded
At five perrs ent, any millions would be appncab1e
10 lhe,reaa NOD OF me principal In the dist year
se aisr ss. I'm 81 Rs1see
nsy,nent En.1 i GO 10 The principal
sA he1s enteq Spoo p,p a e9bpas 1; 9p1a al
cnlatlon oftBs lnSuIe aaa9e wealth Of ms com.
n2a,ss IL ssas sl Fs5s, Tsa ns snd bssnaeras % ~ luz
Ttyye TO FAT OFF TIE DKBr.
After cs,erp,,-A Fiction. the Secretary concludes
that no att Of ca sress te1eept for rnfatny the
cesss1y reseanv15 7ould be more acceptable to the
zsss &c
two nendred miHia = Of dollars, commencing with
@ :. Ssa'rfsy IL sns,ts . ss
the nexi HsealfYestt sdieate that much la,Eer
amount cpuit. b. :e13 lied without IN increase Of
Before copcIpdiur..4 ssemarks upon the national
debt, lie ses:etazyt W Id suegett that ,ha credit
Of The ye-ty .11tY bdra tssnfd under The acts OF
FehTusry - 1861 andJ une 50, 1861, wonid be i'm
SAlue sdyanced 1t heme: tCongress should declare
thni the pincirai AZ ,qej AZ the Interest," Of these
@ IL IL :1ss'e ss dcbt Is uell an a
derstood IN he Iniied s,a e. bnt the abaencs ofa
provision ID thcsa asts il the principal Of the
o4nds tssned under fhema vatn .! q pa1a ID coin,
while such provision Is ca hained N the act un
der which TEE cu.:o7tfes wss lstned. has created
eone apprehension In EurefA maj tne aye-twentY |
bonde might to ca11sf IN aen e e-pi,atfon Of fyo
years, and paid IN Lnited 81 e notes, Although
out OF the United States desirable that they
should be OF good 1stttau. lo,s Ign markets on ae
count Of The lnGuene7, whloh il ese n1arkels exert
upon our own. H.. IL. i therefore,, impoe-
should be removed IL an e1::A 1t deeIarasion u
Congress that these bcNds oze tc<1a paid IN cotn.
8rAIE TAXATION CT. eorKRHEa Mt BONDS.
In view Of The fact that the exe1Ia :on Of Govern
ment securities tom Stale tnlati rt By nanny per-
Gont, considered an uunttacdi3tItsK1 1ou In their
legisate upon the tubIecstnf thrfr "a satioo. Or
nlcipal taxation Of bonds "a euri1 : now ont
standing will be tcsupulousIy .segaraea. That e1-
empoon Y part OF the cc1cEacl q; HnE Ehleh the
lQe 2eEDftt1es have betE k.Euet, 1u3 lie L
loaned thereon to the Gove-1uaa:nt. EsI i ouid
1 Of s naon ta n
g tae jacgment Of the Secrs,ar-, ts naM 1se fox
hey vii not poasess ~ rui nnsa efms y s9 maea
Congressional en.ctmzat, Of Imposing: Local sE Is
heies.er ssrea. " sa se 9aa.sa a ~, u mS1 nag
rs,M! n s<rsous net fafas en* z.ds1nza: 6
s1e s;ta 'nssaa aa. g : % s'S @so 81.
FL 1,e ~, dneir 59l topo5oa Or so he pad
Pays1 PERSONALLY n1s1estsd T. In as % he pns
asps paSGd WSit 9s bone apa at noE rate op
ss !sasssn nd IN TaIs. as:rn: az s5npss Il ss s. r
Iamo state, and are everywhere ish ttat no vi
lea s protested agaiass then the hD InoWhish E
ne present deot nast be funded cannp< b. dsr1hu IN
ie. pn'sss tesy Ieaf rats of inte1ss 20 h.h ~
p1osrets 81 1. .ezasy szt.s4 e 5ss
- a6m losai .ation The sebt can II Is
I
of The debt which nils due within he acxt 5u1 -
H. sa!.fs .s 4
A9uld obiatn irnm government lz1ation> iha 1e
:nI 81 !ow sae OF interest the nEoua secuaE Of
local taxes 10 which they would BE- .ubiec1cI tn
S9nnt o. The exemption Of government securiuez. spt
telest 70 seeue sae e When aaSect &C. a.
!oea! ta1es few II any Of theu- word snas fcma n u;
be r.pdly Transferred to other co1nrss tuo he ~ 81,
hsns Of fo1eien capitalists and thus 1t st The b.
III upon as psops of ths ua1e 11 1n1eFst ona be
pensation Or alleviaiion. A' "A4.f'' e''a@ tEe
SYSTEM OF INTERNAL Hs7xsus W.
The present system Of intecpal rcvenra s.orc mr.
be results or The war. Il vas ffa@ed unJer ep tos
Gf r. nseess1 aor ag little g5e
'he souiees of 1sseaue Is sae
ost the of ~ aah
Cd 70 he patriotism Or The people. who re so
hserially Submitted 10 It's burdens e' n
n t. L; oaea s ss
be system now becomes important to acrotnmo. md
ate II 70 the changed aud changing c,udaon Of 5ga1
e EvsEr s9mRisatea system ot tza,Ion opens the
sren 5 and naut afe placed beote the mos
e sse nea s sSs sa az,
Of those VIC s1esessnl hd! ID Dy 2ba1 ne
bare ~ Of he public burdens. >3'A sa so x x
~ i. -. - uoleets ~ ptt4enI subject to a.
be present system Many Of these yed Little nv mat
o1ieccnr un nd ~ Se.1on IS Eou9!esou,e to the X
.rsss hia a%a II md offensive to the tax Gust
ays,s. 4nls mooPneaiy also tnycayes many Of II
ton for necIsjon M h I nhs eo2py atGcnn 9ne Tess
eyenuo II derived. NS'~~o ''N-A"A'ea A'se regu
To Impose tues iuaiclousfy, 80 "a 10 obtatn rev.
nue Without ryu1tsafur indr;sfr il ~" - ,h Of u
ghest and fsust dItcnt Tntirs dcvojses -, @ ts disp
:oDgtsss Taxatou which II or year may Se ta7e tsm
bat which my not be burdensoos to ,hn.s ~ A. and
re xe e=ta5lieheu in businessa ~ 5.t 70 of Il
hose t1st conrnencipr FrrvT h~aohS " .a.1t " Of
a. H. infanrV .T5 n1ob1 uiapcn or uonst1 iug
pen ,eais1asnn ah4 sascr TO- p encouraged BY ssn
.Ise is de5rnTe by tn;nTiona Erot of entef- Ius
Use is d1mage to the national Welfare | rose
Heavy taxation ula7 drive FINN mr. .horo. Lime
reyent iis emnjoS in hc naom & oi
~ itsrenns ~ TX s9dt s ~ aunet ulcet ~. scs
u,nd ia labor whjrh Il thn he.t rs;s III Of 4
,spcr re nnri - o"oS sesal't5 LUZ its moa1
The ta1atiou which Ia uov ssxt.emelv ~ o7,.- stIr,
:enaer snirii Of onnosf1" s5 aeua, e En-
nav enrender lhe h1fnnsi r-cjIt e'eoeA "n1:n be
Ii Ii Important thPrrfo1p fh,t o,r ,,-.. scrip
en- shand be frnnentiy nns ro.ou III sys- othE
rider that It may &c accommo<a,e3 - ,h Sst ,s "a
nd character OK the necn,e to tsa aa naotss KY
n,4ntrT ~ Iahn- - tAe lnouA!fy OF the he y ~
yueas shrad r. ~ aisr ~ ~ hE. = aonsa ana "a
hat lhere .houli he es,ena % d;as importance swe
er1ii and e5terusi fnTcnnn sratcno - 'A III cias3
Tnat s1eHs soes bar x1r1iiar to these t,r, e.e,
y ~ 3 stss1 ssses 'he
ec1eiasY OF the Treasury MAS anihorjy ~ ...n draw
oint commission co1.tsttnr Of thrrf neruoI. wate
inquire and report at lbe e,rifcst nr,crc"hio 20
ioment upon the subject OF raIsntt tT taYafnn hi
ueh te.en1e q. may Be necessary IN ORDER to SUP fhe
nd including the scn-s rum which snrh rrcnns ionn
hoEd be drawn, and the best nnd mnst cfeIent stsl