The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-04-28
FINANCIAL AND COMMERCIAL.

ciucuiy bcLter OF the last three DAYS COLL
bat. The recent foreign news and the re-
ported return by the Africa, Just arrived,
Of considerable amount of 5.2Os, have
had some effect, no doubt. Exchange on
London was a little stiff and nominally lOs.
at which bankers were unwilling to draw.
NATIONAL RESOURCES.
An important letter appears from Mr..
David A. Wells, Chairman Of the United
States Revenue Commission, in reply to
one from Mr.. McCulloch, Secretary Of the
Treasury, on the subject Of the nat onal
resources. Mr.. McCulloch calls the at
tcntion of Mr.. Wells to n bill introduced
into Congress to cqualize soldiers bounties,
which, in his opinion, involves an expendi-
ture of t,co hundred anil fifty or three HIM
dred millions of dollars, increasing the pub
lie debt to that extent, ndmaking an adj
diton to the annual interest paid by the
Government of slS,000,0O0.
In reply, Mr.. Wells sets out with the
declaration that the present is a critical
period of the financial experience of the
Government and that the borrowing
period for the nation is passed; that the
national expenditures are to be met by
taxation; and that nothing less will satisfy
the holders of the public debt or sustain
the national credit. He states that the
existing public debt of the nation is the
largest, save that Of Great Britain, in the
world, and the interest upon it even cx-
cccds the interest on the British debt. The
interest upon our debt now is onc-fourth
of the entire annual expenditure for ten
years before the war.
Mr.. Wells states that the largest amount
of revenue ever drawn from the British
people in any one year was $780, 100000,
while during the first three quarters of
the present fiscal year, from all sources,
direct and indirect, the United States
Government has received $4,000, 900, or
at the rate of more than S5i0,000,000 per
annum. This, he says, against the settled
policy of nations, "hdS been taken from the
/ industry Of the country" And he assumes
| that these receipts cannot be taken as an
indication of the future, especially as they
are drawn from taxes on industry.
Mr.. Wells anticipates Il large falling off
in receipts by diminished importations,
changes in values, and the pcStilencc-and
/ this ought, he says, to prevent any Increase
| of the national debt and taxation.
Abiding to the searching system of
taxation Of capital and industry in every
! form, he says il involves duplication of
/ taxes, an enhancement OF. prices, diminu-
ton of production and consumption, and
consequently of wealth restriction OF
expectation, and an increase of the cX-
pcnscS of revenue collections.
II iSnot surprising that, with this view,
Mr.. Wells comes to the conclusion that
nations. like individuals, have limits to
their resources, and may have their "pa-
triotsm even taxed beyond endurance"
/ Therefore he declares that reduction and
equalization of taxation becomes impcra-
/ tive. lie says the principal part Of the
| taxes has been derived from industry, and
comparatively small part from SPIRITS,
TOBACCO, LIQUORS, LEGACIES, AND Success
sIoNs, &C., which may be taxed most
| heavily without in any way arrcsting
the progress of national development"
! Until, however, new laws can be tried on
these subjects, the present must ibc re-
tanned and endured.
Mr.. Weiss letter certainly presents no
announcement to this vast demand on the
/ Treasury for bounticS; and nothing to
| cheer the hope Of some reduction of the
! heavy burthcn of taxes under which the
nation groanS.
GOVERNMENT SECURITIES
were on Thursday active at further adj
vance of ID to 3 per cent. The 6's OF
81 reached l0Sl, with accrued interest !;
5.2O'S, 1854.
The New York Tribune says the indica-
tions are that five per cent. loan will he
offered in exchange for currency on the
short currency debt of the Treasury.
MONEY N NEW YORK
was still abundant at to 5pcr cent. on
railroad collatcrals, and 3 (, to 4 on Go
vcrnmcnt. Commercial paper was at 6,
61o, !, and s, according to standing.
In Cincinnati, tirst-claSs paper was III
| demand at s to 10 per cent.
To raise the interest on the proposed
bountics bill, he points out the necessity
of retaining the duties on the following
subjects, which last year produced
SIS 900, 900, the sum Of the interest on
$3.50, 1000, 900, viz: hats, caps, bonnets,
coats, vests, pants, ovcrcOats, shirts, col
lars, stockings, gloves, mittcns, boots,
shoes, moccasins, salt, cheap soap, starch,
paints of all kinds, paper of all deScrip-
tons, books, magazines, pamphlets, maps,
engravings, and all printed matter, plows,
harrows, cutivators, rakcS, winnowng
mills, hay and straw cutters, trunks, har-
ness, lime, ccmentS, building stores, brick,
stoves, pottcrywarc, and window glass.
Making some further remarks about the
impossiblity of diminishing the taxation
and meeting this new expenditure, he
concludes by declaring that nothing short
of "the salvation of the nation itself could
warrant any immediate increase of the
nations liabilities or of the peoples