The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-05


Legal tenders. ........... 43,991,Z1l so,I2o,ooo
The gold market has been firm. The opening price
14S followed by decline Of u, and rise before the
close of business to l4si4. Seven per cent Is still pad
for having coin carried.
The reduction of the public debt during the month OF
November to the of 500 22l ,4a4-namcly from
$2740 1884, 1853 October 81 TO TIA 633 3l4 on No
vember 30is attributable mainly to the large receipts
OF tho Treasury from the sale Of government
property rendered useless by the termination
Of the war, well of revenue cur:
rent expenditures. Tho currency shows decrease OF
$74lo173 millions of which is in compound interest
no e. New compound notes have however, been
issued rapidly since the redemption Of the five per
cent commenced the 10th inst the Secretary
having authority to substitute the former for ether cur
rency withdrawn redeemed. These are however,
being dinused widely possible thecolntry for
certain reasons The effect WILL nevertheless be felt
the monetary centres, and practically II will go to
show that the necessities of the Treasury too
great and make contraction possible for
long time to come The specie payments must
however always be kept steadily In view, and IL We
achieve the desired result within ten years we shall have
good reason to congratulate ourselves.
Now that Congress is in session deputations repre-
sentng trades will be sent to Washington to urge
amendments the Internal Revenue act ALL OF course
in favor of reduction OF taxation and there will be
not few members Of both houses who will advocate
the abolition of some and the modification OF other
taxes according TO their respective views and the inter
ess their constituents But onerous as are some OF
the imposons and numerous though thoy be- the coun
try IL 40 heavily burdcned with debt and It's current
expenditures still heavy, that large revenue is
indispensable enable the Treasury TO meet It's maturing
obligations Where, therefore, notifications of the act
made, the object in view should be the in
crease rather reduction OF the by the
removal OF burdens restrictions upon trade 1t does
follow because tax is high that IL will be produc
tive, for II may be high TO be prohbitve; and
has become an axiom in modern financial science that
the taxes which are least burdcnsome and equally
and generally borne by community the most pro-
dyctiye
= The sinking fund will also clam attentions but thus
FAR the provisions Of the act of Congress on the subject
have been not only disregarded but violated at
frequent intervals by the Treasury sales Of gold.
That such fund will before long be neces
sity is certain; but the Treasury has been, sine
tho termination OF the war, in too neee-snous
condition 10 contribute to its formation "hc'her 'ne
tag OF eight or ten cents per pound on raw co'on 70
which VIC referred fow days ago payable IN tchio'y
bonds seven thirty notes. cehcatcs Oh Indebtedness OF
nv other kind OF government security, the same 70 De-
all cases taken at par and then cancelled, would be
host way OF enabling the government to gradually
ce i,s indebtedness Is open question: but In some
cots Il recommends itself public consideration.
he merit Of being o simple tax, easy Of collection,
Il. or evasion and not particularly onercus, while
ap,e remains above half It's present price. But
objections may be urged against II on the ground
it Is m exportable article an internal revenue tar
n amount upon IL would be virtually equivalent 70
N export tax which, II Is generally contsnded,
ion OF the constitution, which expressly fcrbdf
exports We know that eminent legias, like
Story and Kawio, have given their opinions
consttutionaiity Of the taxation Of exports;
onions, alike with the generally received
prove conclusively tat . tax on
eddy Congress- is unconstitutional; and the
Q examine into the history Of the consti-
document the -iore reasons do we nnd
idea sbou- not DO left unquestoned
constlt,-fon-'No tax or duty shall be
pori~a from any sate'-do not ncces.
congress g prohibited from eyying
contrary they may be accepted as
State, bu. not To the States collec
Congress. The fact OF our living
governing powcrs-Statc and ma.
argument both for and against
export tax because Il leaves
, split OF the clause referred 20
nttn or the words that we
meaning. Qury-Was The
prohibit individual States
export tax, 70 that
avoided, and one State
interfering with the export
protection the clause was
This Wow Of the case ;.
the clnuse as II now
uothcr offered by Ne
4 the words mo tax
cd from the States,
entire republic The
bitlon with local pro.