Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1865-12-12

7 6Ne~SAAEe-'A+~
revision of the system now becomes impor-' 4
tant TO accommodate it to the changed and
changing condition Of the country.
Every complicated system Of taxation
opens the way to mistakes, abuses and de-
ceptions. Temptations to dishonesty and
fraud are placed before the revenue officers
and the taxpayers and both are often there
by demora.izcd Honest men, who pay
their taxes in full are injured, il not ruined,
by the ingenuity OF those who successfully
eyade their share Of the public burdens.
The multiplicity o. objects at present sub
ject to taxation is one Of the most serious
objections 10 the present taxation. Many of
these yield Es.le revenue, while its coilec-
| ton is troublesome TO the collector and irr..-
tating and offensive to, the taxpayers. This
multiplicity also involves as many tempta-
tons to fraud, and as many difficult ques-
tons for decision, as the objects from which
large revenue is derived.
To impose taxes judic;ously, so as to OBJ
tain revenue without repressing industry. il
one Of the highest and most difficult duties
devolved upon Congress. Taxation which
in one year may be scarcely felt, may the
next year be oppressive; and that which
may not he burdensOme to those who are
well established in business, may be fatal TO
those just commencing. Every branch Of
| industry has its infancy, and ought TO be en-
| couraged by liberal legislation. Whatever
of industry or enterprise is destroyed, by in
| judiciOUs taxation or Otherwise, is damage
TO the national welfare.
Heavy taxation NAV drive capital from
our shores, or prevent its employment in the
manner most advantageous 10 the country,
| and thus prevent that demand for labor
which is the best security for its proper re-
ward.
The taxation which il now extremely
productive may in few years become un-
productive, or engeHder spirit OF opposi-
tion and discomfort which may endanger
the national credit
1t is important therefore, that our reve-
nue. system should be frequently and care
fully revised, in order that Il may be accom-
mOdated to the habits and character of the
people, To the industry OF the country, To
labor and capital, to wages at home and
wages abroad. 1t is also Of the highest inn
pOrtance that there should be n careful adj
justment of our internal TO our external rev.
enue system:
During the war the laws in regard 10
stamps have been, Of course, in the insurrec-
tionary States, entirely disregarded and, "a
a consequences, immense interests are there
by imperiled
In view, therefore, of the recent and pres
ent condition Of the Southern States the
Secretlry recommends:
First, That the collection of internal rev.
enue taxes which accrued before the estab-
hshment of revenue Offices in the States re-
Gently in rebellion be indefinitely postponed.
Second, That all sales OF properly in those
States, under the Direct Tax law, be sfs-
pended until the States shall have an Oppo--
tunity Of assuming (as was done l,y the loyal
States the payment of the tax assessed upon
them.
Third, That all transactions in such States.
which may be invalid by the non-use of
stamps, be legalized "a far as il il in the
power of Congress to legalize them.
THE SALE OF COIN.
The receipts of coin have been for some
months past so large that there have been
constantly accumulations beyond what have
been required for the payment of the inter-
terest on the public debt. The Secretary
has, therefore, deemed it to be his duty TO
sell, from time to time, portion of the sur
plus for the purpose of supplying the wants
Ol liipoTleTs anu tie means Ipr
meeting the demands upon the Treasury for
currency. The sales have been conducted
by the Assistant Treasurer in New York in
a manner entirely satisfactory to the Depart
ment, and, it is believed, to the public. The
sales up the 1st of November, amounted TO
S27, 7,993 2l6 ii, and the premium Sl22I0,-
459 76; thus placing in the Treasury, for
current use, the sum Of S4l ,303,G75 81, with
out which there would have been n necessity
for the further Issue of interest bearing notes.
SINKING FUND IMPRACuCABLE.
The necessities Of the Treasury have been
such that compliance with the require
ments Of the act of Feb. %, 1865, for the
creation of sinking fund, has been i'm
practicable. As long as it is necessary for
the government to borrow money and to put
its obligations upon the market for sale, tho
purchase of these obligations for the purpose
of creating sinking fund would hardly be
judiciOus. After the expiration Of the pres
ent year, the income Of the government will
exceed its expenses; and il will then be prac-
ticable to earring into effect the provisions
of the law. The Secretary il, however, Of
the opinion that the safe and simple way of
sinking the national debt is to apply directly
20 its payment the excess of receipts over
expenditures. He, therefore, respectfully
recommends that 50 much Of the act Of
Feb. %, 1862, "A requires the application Of
coin to the purchase or payment Of one per
cent of the entire debt Of the United
States, to be set apart as sinking fund, he
repealed.
DEPOSITS OF BULLION.
by virtue Of the authority conferred by
the fifth section Of the act Of March 8, 1858,
the Treasurer of the United States and the
Assistant Treasurer in New York have been
instructed to receive deposits Of coin and
bullion, and 10 issue certificates therefor in
denominations Of not less than $40.
Instructions were given for the issue Of
these certificates 10 promote the convenience
Of officers of customs and Of the Treasurer
and Assistant Treasurers, and for the accom-
modation Of the public. Other considera-
tions also prompted the Secretary TO avail
himself of the authority referred 10. II il
expected that the credit Of the government
will be strengthened by the coin which will
be thus brought into the Treasury, and that
the effect of the measure viii be 10 facilitate
to some extent a return 60 specie payments.
If the experiment should be satisfactory in
New York, il will be extended 10 other COM
mercial cities.
HUGH MCCULLOCH,
Secretary Of the Treasury.
> Hon. SCHUYLER COLFAx,
Speaker Of the House Of Representatives.