New-York daily tribune., 1866-01-03


discriminate against United States securities But a
different doctrine has been established by the SUPREME
Court and is insisted upon by Congress. II will not bs
wise however, TO carty 1t 50 far a Of
injustice among the people, There probably not less
than a thousand millions Of dolsxs of United State,
securities held in the City and State Of New York II
this,yas amount s to be wholly exempt while the poorer
holders Of other property are compelled to pay the
heavy debt which tho State has incurred 10 carry
the war the question Will be very likely TO be made
open one and be reargued and resetted. But ii th
general Government will assume these obligations in
Cured for its benefit will relieve the state and
probably save the discussions whlch VIII otherwise.
ensle.
The objection that the addition Of so large an amount
to the National debt might affect the market would be
Oyiated by issuing special stock 10 tie states to hs
held by them and not to be transferred un after Ger
tain number of years The interest cold b. used by
the States pay the interest upon their own war deo
and thus relieve them without embarrassing the Oeneat
Government.
The Legislature will OF course give attention 70 tho
mode of leyying and collecting taxes. Upon this sub
ject opinions differ widely. Many propositions have
been made to amend the assessment laws 1t is tae
pre- valent custom when law Is mperfecy executed u
pass another instead Of taking measures to insure the
proper execution of that when we have. II we are 10
continue levy taxes upon the assessed yaUatiob &"
real and personal property the present assessmentn",
if faithfully executed will probably be as satisfactory
in their results as any code likely 10 be adopted
| The only material change which would recommend
would be 10 treat personal property a. "e do rea estate
taxing it wherever 1t IL found and making no dedctos
for indebtedness lean see no reason ior tse dlstle
ton made by the law now stands. Indeed personal
property undoubtedly requires more OF ne care end
projection of the law the Government and It's ccrfs
than real estate Why then should 1t not pay al elia
share of the expenset II this distinction should be re
moved is probably safe tc say that TIE assessed vaa
| tion OF the properly in the State would be nearly
doubled and the rate OF taxation correspondent! r.
duced.
But it is also worthy Of consideration whether al In
come tax u tax sales like tie present auction
duty, would not be preferable 10 any mode Of assess
ment upon valuations II is clearly wrong to collect
taxes upon property which Is wholly uDproduotye
Ihl, done a great extent under resent sYSef
There would perhaps be no airer mode OF paying tine
public expenses than by tax upon al incomes. The
rate required would be very small II Io exceptions
were made.
The income now derived by the State from the triain
duty upon small class Of auction sales, shows Low
easily all the expenses OF the State Government could
be paid by spreading that duty over all sales Of every
description. The tax would scarcely be felt AID II
could b. collected easily income or any othsf
tax These suggestions are made for such consde.s
ton as the Legislature may choose to give TO them.
| The CURRENCY.
In the present condition of public affairs, report
upon the finances o the State could hardly be cOmpeie
without reference 10 those Of the nation. Tie
currency of the country especially Is subj ect Of para
mount importance 10 every citizen however humble
who is obliged TO buy food and clothing And yet tts
need be said Of here the State has been sbOrn a.
ali power. and consequently relieved Of all responsible
iy in regard TO 1t. Her banking system The safest ard
best that the country has known has been swept
away to make for the National banks and ali goT
ernmenal authority in relation to the currency has
| been transferred ~ Washington.
In NY former reports have uniformly referred 10 q
redundant ind irredeem8De PAPER currency "A one O
geae evils of the and the most oppressive
tax upon the people. No Intelligent pubic ecohoml'
has regaraed in any Other hight attempted to et
other plea than that of lneIoaole neees
sy Whether any such necessity existed Il Is useless
now TO inquire; the evil is upon US. AID we must en
conbter il Let no one hope that II will he easily
come. II has already gone very far beyond Vnat iis
authors considered wise or safe. Mr.. Cnase IN ms re
port Secretary OF the Treasury in December. 1902
considered the means Of providing for deficiency o.
s236 9l2 5l7 I'd. said that the easiest mode would he
by the issue OF treasury notes but that would be ss
Injurious AS II wouid be easy and that " the addition
Of so vast volume % the existing circulation
would convert currency OF which the benefits have
thus far greatly outweiged the nc0ny into
positive calamity It's consequences would le Imitation
of prces increase Of expenditure augmentation o.
debt and ultimately disastrous defeat OF the very pur
poses sought be obtained by it," And yet since that
date more than double the amount OF which be
speaking has been added to the paper circulation and
the consequences predicted By him have been fully
z'd. There has been enormous initiation Of price,
increase Of Expenditures. and augmentation Of debt
There has been more than this namely lo1senlugo'
the OF moral obligation. unbrided specnati1as
unbounded indulgence IN luxurious living. eItraya
gance in expenditures both public and private. with
strong tendency 10 general decentralization. Persons
dependent upon The moderate and Fixed incomes which
sufficient tor them before the imitation have been
reduced TO poverty and want. The circulation which
was estimated before the az 500 OO0OO u at the
present time about s00ooo0oO And on the waves o.
hs uncertain sea. the business Of the country D0S
rides. 1t will require little wisdom. courage and
earnest effort 10 save 1t from shipwreck.
In nv report the Legislature, IN January le6j Il
Was seit:
preciou. metal, the representative, Of value snd
constitute the Sa' Of sound circulating metivm hroqst9as
the whole commercial word depart from it st5nusfi "
may law, Of trade0re potent than all ,ia,lte'
will ul.imsey dive Us back 70 ana the igitLet we De
part FROM the viii be the sinerns thioush
which W. shs, he compel ed to reform
All thar has since occurred has confirmed The opinion
then expressed.
The present Sccretsrv of the Treasury in biz recen
very able aud truthful report. says
There is no fact more manifest than hs the plethora
not only undermining the moral. peop,
by encouraging waste snd cIiTivagncs but striking
root OF our eial prosperity by diminishing labor Tue
not at pessut beyond the control Of our legislation bst
daily increasing aud if s9 speedily checked will d..
tani day IN wide spread disaster The remedy ans
tie ouy remedy within the control Of Congress t. in
opinion o size Secretary, 10 be found in the reduction u
The President himself taking the same view of the
financial affairs Of the nation IN his Message 20 Con
grcss. says;
1T oar first dsty prepare In for our recovery
rom the eyeiucfrasug evils Of rrclref- abr currency
without sudden and yet without procrsstnsoa
For that end We must each in respective positions.
pare the hold the dg.y the Executive to n..a
Poh n & &c sia aaa PsFFaa sseSHS
t.ei iesi naheaa resource of 'he bank. to which 81,
;sd saei we may require ne sesie-' modefaon ad
,nd enterpsns counyen 20 be constantly their gu,.d
ductng busne.. nearly possible system of cash ps,
short credits to hold themselves prepared reufs
10 the s'and,fd of gold aud silver
These are the honest and truthful words Of an On.
lightcned statesman and patriot. We shall act wisely
If we follow his council have no inclination 10 dweh
npon the consequences OF disreg1rdng H. but will sim
ply suggest 10 those VINO are calling for more paper
tla extreme usually follows another and that il t6sy
succeed IN carrying this extraordinary imitation much
further they may find themselves suddenly driven to the
opposite extreme Of an exclusive specie currency Orl
hope Tor happy delyercnce from the naacsltroubles
which lie before ,must be in the wisdom and rmne.,
81 the National Government In the good sense pltence
and courage Of the people and above all in the kind
Providence whose hand has led us in SAFETY through al
the terrible trials of the last fong years. ResIectfu,
submitted LUCIUS ROBINSON Controller