Washington telegraph., 1865-01-18
NO. H..

I I
pledge for tile redemption Of ihe cur
Toncy, no immunity from their. fall. rrc-
portion Of taxation IL intcnded to be
implied, III respects of other objects "
The tax il kind, o. any subj WV Of taxa
lion whatsoever. These arc oily assign
od 10 this particular Office or function bc-
caua. Of theiar pcculir sdapt3tion thereto.
TIC fulloEiUg il 20 estimate of TIE ~
sources 10 bc thus applied, viz T,Ehoat-
, twenty-five million bushels Indian cora,
tWo huldTcd million bushels, ard cotlya,
two million bales. q tex Of ten 7sr eeus.
would yield ~ follows
Wheat, two million fvc hundred
thousand bushels mt four dsllars, 95U,0GJ, 600.
Indian corn tHenty million bush
.e2s Ct two GolleTs, AOGg1. .GG0
Cotton, two hundred thousand
bales, at $500 per bale, 10000 200
go, ,0J0, 600
This amount applied annually vould
fTedeen tie notes outstanding in four or
five years.
IL goes into a statomont Of The proba
bic crops Of these staples, aad continues
There il "a element Of eur national
wealth, taken s.ngly, that exhibits, In a
striking view, tie amplitude Of our re-
sources 10 meet our wants I refer TO tie
great staple Of cotton. The nett pro-
coeds Of one bale exported and sold in
Eugland It the present priceis about two
.4uudred dollars il gold and at the raie
Of ten dollars in currency for one dollar
i'll elld, this II equal 70 two thousand
dollars and four billions dollars for the
two millions Of bales estimate6 to be still
ID the country; : sum more than FIVE
times as great AZ the funded debt. The
Iimpossibility of realizi0g the ful! benefit
OF this resosrce under existing circurn-
stances Is admitted but tie statement
exhibits tae abc1darce ef cur means and
every effort should bc made 70 appIy this
great element Of wealth and power Il Tic
purpose Cf arTcsting the progress " de-
precl-tion, cul rctardipg tie accumula
lion of d1bt.
propose al additional duty ef ave
cents per pound % the cxportzfio1 of
cottez AID tobacco and tic duplication Y
the duticl on imports; payments to be
mado 10 coupons Of .ha fve hundred nil
lion loan, sterling exchange and sDceic.
q nov proyid "a by law. The price q
cotton in Liverpool being about sixty
cents per pound, the deduction Ct Eve
ccnts for The tax would hariy haze an
Improbable eject upon its valuc 10 cur
reucy. The duty would fan clieav Or
the foreign consumer, or be taken from
the profits Of TIE exporter; end "a in,pcr-
tant financial sdvan:sgs would Be OBJ
tanned at moderate expense t. The coun-
try The increased daIy &c inBo.ts
would De small tax on lucrative trnds.
III paid BY the importer, il would be free
from wi objection ana if by tie consu-
E1er, his ability to bear it i abundantly
proven By the high price paid for goodS.
The measures would enhance The valuo
and enlarge the demand for the Eve huu-
dred million lean.
O0 The subject Of the tx bill Lo rec
iommcnd5
To raise the amount proposed by taxa
! zion, l recommend the rcpeal ~ ~ rueh
Of the net amending tie act Of I7th of
February, 1864, as will leave the proner
ty and income tax il faIl operation, With
out the abatenents nov allowed, viz
Section I, paragraph I, Of the amanda
tory uct Of l4.h Jane, 1864, which prs-
vidcs thal the val1c ot the tax II Kin
shall be deducted from the az r4lors-z
tan on agricultural property; and sciiou
\ NJ, paragraph ?, Of the same act. Ehieh
provides that che property tax Shall ts
deducted from The iHc5us tax. By this
change the desired amount of revcau,
viii be secured; and lhe prominent iDe
Qualities OF taxation, nov the sub;ecl of
complaint, viii b. rcdrc5scd.
! would respectfully recommend tLat
all Cove -nmclt bonds ana stocks. srd
loans OF every description ~ tile Govern
ncnt, be declared free from taxation, e.
oept upon the income derived thcref-om
ard tAat the income tax De ~ the ssno
rate and subject 10 tile szrno conditions
as other income taxes. Tie policy cf
this measure ID obvious. Under ezisting
laws, except IL tho case cf tie Eve hun
dred million loan anG the certificates, the
income derived from Governments securi-
tics, 10 nearly rl taken back IL tic fern
!of taEatiOn. One effect il To drive the
bonds abroad and create . foreign debt
that will be found oppressive VI the r.
LIAI VI ED@CC, bDN aTlDtlPT IS 10 raise 4
preference for other investments over Go.
vernment securities. Many investments
yield larger iacone than simple inter.
est, and are capable Of bearing the iax
but the Interest on GoFernsent lo.as w.
lug limited, and nos susceptible of aa.y-
nentaticn, the tax Of i've Der ceat. Wy
serbs nearly the eptire income. III tho
case OF the four per cent. boDds The Whole
would be taken, and when il u Yengri.
bered that this rate Of interest IL lev, and
that the loan was iR measure compuIso-
~, thls class OF public creditors seem par
tlculariy entitled 20 the oousilorzlion W
Congress. Tender regard r. ths ius,
ciai'nn OF those who, coriliug II the hon
or and good faith Of the Government. re-
spondsd % its calls for pecaDisry ala viii
ba attended by no lOss, since thcY who
deal the moFt honorably with tie creditor
invariably boron 0n Tie best sal r.ost
economical tcrRs.
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