New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-01-13

loan Of $3.50 OO0O eco allowed by that act.
We have row arrived nj point In onrfinnncla history
TO which all will revert with interest. A gloomy pnod
had been reached Our Treasury had been depeled ny
the constant demands made upon It, and with the d OF
laws thus far enacted little could be done toward
replenishing it. Some new measures must be adopted
hch would insure this result and through the agency
Of which funds necessary for the payment OF debts az
ready contracted and TO be contracted should DC pro-
yiied. 1t was solemn time for the country lhe
press teerned with projects our representatives ID
Congress were absorbed with this ell important sueca
and oppressed with tie weight of the responsibhly
resting on them. One Of the most able hnanciers Ia
the House Of Representatives. in speech on the sup
lect remarked that Eve were never ID greater pe'l
than at this moment. am oppIesseup y!
the magnitude Of the work before US"
We cannot delay longer at this point to describe iae
state Of the country at this solemn juncture VIII
therefore pass to synopsis OF tho provisions OF IL"
approved February 25 1902 than which none more I'M
por.ant Is 10 be found in Statutes. The ac' was
entitled "An Act TO authorize the issue OF Dnteu
States Notes and for the redemption thereof ana iof
funding the Floating Debt Of the United States"
1t will be remembered b. those who have followed rs
thus far, that up to the time Of which we are now
spoakiuc no paper money other than the $OOJOWo OF
''.lemand notes' had been ISSUED. Our paper moaey
era had not vet commenced The law, whose title Is
given above, was that which authorized our "Freen
back currency and made 1t legal tender for NIL deos
public and private except duties imports and interest
on the public debt.
II authorized the Secretary OF tho Treasury to Issue
$50 600 Of United States notes mot bearing inter
est payable 10 bearer OF denomnations not less than
S. II was in reality however only an authorization
Of sc0 900 inasmuch rs s5000o0OO were to be IN
lieu Of the demand notes already issued which were TO
he Withdrawn from circulation speedily rs possible
These notes were TO be illegal tender as already in
dicated This act also authorized the Unknown 20
bonds which have since found their way In greater or
less quantities in almost every town in tho North ana
have become ayoite investment with foreign peoples
When such sum Of paper money was 10 be hsred II
was necessary 10 provide some means OF nidrdHHS ~
II necessary. This funding system Of Investment II
the 500 bonds was therefore. devised 1t gave an al
aitional means Of support TO the Government The 90
bonds were authorized TO tho amount Of WHU0oV"
rcdeemablc at the pleasure Of the United States atei
five years and payable twenty years after date whence
their popular name The interest was liked nj Blk peF
cent per annum (Which has always been paid In god)
The bonds being exempted from taxation nnder State
authority gave them precedence over other securities
The ac under consideration also aeticEizcd The syE
TEN Of receiving deposits IN sums not less than soO at
the hTrcasurics the Government paying thereon an
intercs. o. five per cent. The aggregate Of such dc
posts was not 10 exceed at any time S250OoOo. and
the deposition was allowed to withdraw the amount Of
his deposit on ten days notice.
One OF the most important features Of this law was
the provision making duties imports payable Ia coin
or in the demand roes which. IL will be remembered
were made BY the law authorizing their issue rcoey'
able for ell public dues Tho object OF causing The pay
mcut Of duties IN coin declared 10 be twoold VIZ
for providing tho vhereEihal TO pay Interest On The
public debt and TO establish sinkng fund. The pro-
vision In this latter respect was ~ follows; Iha' TIC
coin received should DO applied ITO the purchase or
payment Of per centum OF Ito entire debt oi TIE
United States be made within each fiscal year after
TIE first day Of July ls6 which Is to be 80, apart a.
sinking fund.- and the interest ~ which shall Ia ke man
per bo applied 10 The purchase payment Of the public
debt as the Secretary Of the Treasury shal roia tine
TO time direct"
On march, 1872, was approved the act authorizing
the Secretary Of tho Treasury TO issEo Certificates ~
Indebtedness g. Public Creditors. These certificates
wore o. be payable n one year from date or earlier NJ
the cotton Of the Government and TO bcay ak per cont
interest.
On March II. ls6e The Secretary was authorized 70
purchase coin with any Of the United States bonds OF
notes a, such rates and s1ch terms ns De should deem
advantage iso 20 is,ue certificates Of Indebted
ness, ~ above 10 creditors DESTROYS Of receiving The
same In exchange for checks drasn by dhbursing
officers Demand notes were made legal tender and
tho Limitation IN respect % deposits with Assistant
Treasurers extended from s25ooocO to sj0OJo.ooo
The rate ~ interest 10 be pre,crbcd by The Sccre
tary o. tho Treasury not 70 eroeea five per cent
Thcinteniion when tie loan acts already reviewed
were passed to rase large SUN by aration. both
Of articles In ported from foreign countries and Of ar
c,es Manufactured aud occupations plrsned in the
United States This was q he accomplished by aga
revising the TaE.G. and by lnstutug a vigorous 'ys
ten Of taxation Accordingly mildly l. 1872. tho Pro-
idcnt approved tia Internal Revenue Law. We shall
not enter into tie details Of this most important meas
ure Our readers have already boon made familiar viii
them aud now in many ca,os TIE provisions Of the lnw
arc done away with ly those Of theaw pass"d q the s
session Of Congress- VIII Ne sufficient " remark
that the perfection Of this ~ occupied large portion
Of the feson md that was Of the most impoHan.
measures acted on BY tia system Of taxation, ext,r
fiyc go i,s details was iraurlratld. y large namlcr
Of officers we're provided for wLose duties would Boz
TO enforce the provisions OF The law in regard TO H.
asstssneut and collection Of tie taxes which were I'm
posed. The general principle was t. tax nanaflc'
lures occupations aud articles Of n,ury. Stamp du
ties we're also imposed. On July II. 1872 was approved
law which allowed the issuo. in addition 10 loans
already nuAori2ed Of siJOCyOOrO in United States
notes payable 20 bearer without interest. OF such de,
nominations as the Secretary should 1t to sale.
Under This law tie 81 aud g. notes were issued. III
av forbade any suo Of not o. fractional parts Of
dollar further Shan that already AUTHORIZED. The csc.
ntiou az notes q gf3 Denominations tina, s. micl