, 1866-12-04

1hc crcd, Of ha.tng nssd II: 0hS hr., eia3ms only
Comptroller, to pnt Il Into successful o.etn:,on'
~ Hnt he Izs no he-itattou In prouonnengit i vast
.edcd. and one admirably aaspted TO our nles-
liar form OF Goye1EmenI. There arc substantial
%n:se,;io.s sq ~ banks oi .sus, and II none c1.
iseed IN ne United States, 1t might he very 1uys
iionshles It any should be ln4oduccd; bus havuc
'aaen thc placr OF ,he State Banks, and fEsnishn5
any 'bat il likely 10 bc provided, Inc Secretary
Is uf Nc opinion Al the National BAuks ahou,t
o. een,Tx n that ae saper eisea'ason
TEN 10 reiIc their no.es, hut by the withdrswai
OF It e United staire notes.
lht Secretary is NOT unmindfui Of the sav}n, al
Intel ct Which results to The Government IN tne
ute g IS own currency. nor Of The faso. with
which Ills currency ts tcparded by The peanie !.
ont III g: s1ere,ons ef shts natnte more tha
10 ihe Government By fainF 10 psJiSs ncts ac.
coIdn9 to their 4eno, bI 1he bst Influence of iii
voluntary e!tc1edlt upon ihe paiisc mofaie, I'd 4
NCai-tend:'r nofes involves, from past ptaers II
not feom tho ;sachipgx OF The Cons1ttuuou ltsclI
The Government cannot exercise poue~s not con
1g,,sa by ~ organic Law Or Necessary for IL own
Preservation, nor d!thonor i.s own engagcmen,s
Mnsn ale to meet them. without etther shocking
tbc 1.1, h.; 's ths ssne,t u the peoples and
eelstiop g m iuconse1'hlc but sill leca-cuder
cnncncy f 30 generally advocated, Indicates how
both m ansnce and ehes 7bo e'a ,leMs a. .es
pressed IN h!s former report that 1t Is not 1errs
hts opinions are unchanged, and that resseifn,,
ano observation during the paetJc have assuftd
hin Of .heir eorrecsness. Anxious a, he il 10
den., be does not hesitate 10 advise thaf tues
poaes he withdrawn from circulation, snd that the
iadnsaihS d1,,sd 2! e. "hat paper currency may lc
lANs and such amendments Of these laws a. eT.
psence may dictate. ios the better protecilon aud
advatecmeut OF the public Interest. How ranfiilv
tufS NAV he }kflred
Which contraction msy have upon business aud IN.
dnt'F1, and csn be setter determined ss The CIV woFE
erased from ionr millions pri r1s1 monIa' " m ss
seo9n'e1Dplsted es9s 7 by tne act or April i,
'hs pEs.su 20 le. se gea1 M!GDs sna pes m1S
moiih ,htreafer, wIhont preventing 'ons slsadT !sT
eonyersio1 Of The reet:feasIn1 notes inio
bonds, or in5usioaelr affecting legitimate basi.
Ee&s. no nttetnllttatc Ecule OF rcuuc,lou yonld
be advl:ae!e; The IoHty of contraellDg tie cir.
o ssoula b. definite
producing financial crizfs or seriously euiGar.
Tan Tas,1nS ie6ee branches Of industry and trade
Ii great ndnptability In the bueiness OF the Uni,
led states; and twin easily accommodate iisel{
Ih,: Tic policy indicate" is ihe true nnd-sate one.
tue Secretary Is thoroughly convinced Ii il shall
pot be speedily adopted and ,irdly bnl judlcious-
tsiofced' severe financial troubles stc IN store
The Secretary cordially approves what Is said
W 1he actSny comptroller Of the Currency. ii, hs
!hv peoelr Of The Soulh wii, tn bank.aole circu
la'on which their business may requi.c, mud
s5rees with him iii the oplnson wnleh be expresses
social, to BE-, etected by The oraanization of NJ.
tionat Banks in The Southern states, hut he can
cu!ation Of The conutry beyond tnrec hppased
millions ct dollars, and hopes that ,hr necessities
q those States may be 'uppltcd rather BY reduc-
ttOu Ut The amount awarded to Qlbtr States than
BY an tuc1cnle Of The volume Of cnrrcn:y.
REVISION OF THE TAnArF,
Ihc third reneuy suggested Is revision OF the
tatiF for the purgosc Of haInon1z'ng II with IT,
tGEnal taxes, reduction Of taxes upon raw mate
Ihe sixty sixth section Of The act entitled San
july H. piosdcs: iat III Tie s!s scetay II 6e
T'easuI,is hereby authorized to appoint ali oflce.
y Lis department, who shall be styled SPECIAL
ielrt.inn,e in four years ON The lhI,ie1h day % Of
june, eighteen hundred mad rixty-sh- 1t shall
hc DC duty Of The Specis1 Commissioner Of the
FcvehEc, MD tile best method u1 collecting The
r.. 1hc relation Of foreign trade 10 du,aesiIc
indHsny; the u'rtnai adjustment of tie systems
ot tnsnring The requisite revenue With the least
disturbance or Inconvenience to the progress OF
e nS hs s5 The q
der The direction OF the Secretary Of the frea-
tnsS, into tie manner in which officers
t:t,,s!..a,, caS,tgea Y VIII .he Administration and
collection oi the revenues perform their dulles.
And the said Special Commissioner Of tho Reve-
nue hall. from time to time, report Though the
Sccts .arf of The Treasury 10 Congress. either ii
the form OF bill or otherwise, such notifications
Of The iates OF taxa,ou Or OF tho methods of col
lect!nC The ieserNes. aud fuch other facts per.
ia:nne TO the trade, Industry. commerce. or ta1a-
tton o. the ronntry, as he may find by actual OBJ
eeryation ot The operation Of ihc law, 10 be con-
dpcive 10 The LubIfc interest,""
apponea S pauae a of %fs fhe
ltcvcnuc, Under the authority above rcclled, and
nc wss Instructed TO proceed at once TO perform
10 Inc iar1a, si1h lie View 81 ascertainins what
notifications are required to adjust 1t 10 lie sys-
TEN Of 1nterual taxa, stimulate Industry, Ind
The ahi'iiy, displayed hy Mr. Wells In the per-
iotmance OF mig duties as ono Of the commission
snd fSr ins e6 tnf r. laws
hlF Investigations give the best assnraAc that he
Will lfe1fuFm lilo work III manner creditable 10
himself aAI satisfactory 70 Congress 1nd the pso-
fourteenth day Of September, 1860. letter, from
which The following Is extracted: ain view Of the
met thaa Tue Iexsion Of the ta1la is certain TO en-
consider 1t espertaly deeIahle that The Treasury
pspas1ment should he prepared 10 furnish a.
be ob,a,ncd ana collected within shs limited .ime
available for the necessary Investigations. Yon
srs, therefore. he, b reqaestsd 10 give TIC sub
sIe~: viii be a snbsulute fos. ail acts Imposing
Sns.om aia!ies and Thich viii te1'dsr the nd
ten more simple, economical. aud elective.
In the discharge OF this du1y. yon viii con
taSs tS ,ae nsses. Of Psovins ~ asSs ecs
tIat the existing ari9 has proved most e3ectivc In
this direction. fou will, therefore, endcavoF,
n,ensutatc with liz necessities; and eccoally, to
propose sueh modification OF The tariu laws now
~ toFec as will better adjust a1.t e4ualIzc the
taxcs upon home productions. ii this last rrsnlt
cat he obtained without det iu,cnt 10 the revenue,
by Isdneins taxation upon raw mate. ials and thc
increattn: the rates Of imports, II would, iu ny
o!tiaioi, By dccn asins The cos Of production and
increasing thc purchasing powrr Q! wages. greatly
There is no subject which ha. in lines pastpro-
voked 60 much dlscnesion, and IN regard to which
opinions have differed 70 widely, a. the tarit. 1t
ittea tt1f for NJ afly half century, and the
liment Or the people IL regard 10 Il Is slil quite
as much divided as when The q Il com
i1cn, 1t te particularly 90 at the present tile.
Prior 70 The rebellion 4 had no relation 10 internal
taxes, for this form Of federal taxation wa, tnen
though thc banks had repeatedly suspended spe-
Gsta 81 1Isdp pefs e vsss Tss S ID ss % @ s
Now ,he snce,ion of the tasi1 Ia to be considered
in conncctioh With q permanent System Of IN.
,eTnnl taxes aud depteela.ea, bu! II l. heped
mat sea!e oI duitcs upon Imports which might
hhte bcn sufficient, iudiciou4 aud acnGdc tal when
there were no internal ftdernl taxcs and business
was conducted upon specie basis, may be lusnf-
acicnt. injudicious and injurious now. A large
revenue is at present Indispensable ior the par
msnt q The ordinary s.psnsses q the Govern.
gradual and regular Reduction Of tho principal.
Fee uade. a1thouch in accord with the prInci-
Pies ot ,he Government and the instincts Of the
C.. NJ TNTI II a1 ft1TT
The puolic DEBT exists i anything; like It's present
,nasni'mde. 1he 1onssaoped-for pe1iot when
mere sha!l pe 10 !egsi oostFuctions TO free e1-
csaDGe Of commodities between the United Sta'es
nad oll,er countries Is still lar in tho future. Du
ales nnon ttrporls arc not only necessary for
but also 1SB ri Ssa Of 1oie non
nsc 10 be assessed. The question now before
he esunffy Is therefore one or adaptation, rather
be raised under system OF internal and external
taAes without sustaining monopo!ies, without re-
pressing iudnslEy, without diseouragiug enter
how shall the revenue Is raised In manner The
,hc PROSPERITY and growth oi The country: Tie
IN Ibis report Tnis yin. Il Il ~ c1nec,ea, led BE- done
e!abosntels and thoIourilly in The report of the
Commissioner. lie desires, however, to call A.
branChee Of business In The United Sta:es, the
consideration OF Which mas tend 10 give proper
direction % The public MUD upon question so
No single i"telss. in thr United States, fostered
although 1t may lie By legislation, can longer
prosper al The expense Of other great interests.
Nor can any other important interests be cru he'd
" u@Mtte or unequal laws, without other inter-
ests being ihc,eby ps.judlced. For tilaesration:
the people Of tho United states are naturally A
ycnir'e- bold, enterpr,sins, persistent. Now, The
di-acseeahlc fact must be admitted, that with
uneqnalrd facilitict for obf aiming the materials
and with acknowledged ekill IN ship-buildlne-
With thousands Of miles Of sea-coast, Indicated
With The fncft haEhors In the wosld-wftn surplus
peedccts that require In their expectation large
and 11'c1 easing upnage-wc can neither probably
builn thirs nor successfully compete with Eng
lish uips in the transportation Of our own pro
auctions. Twenty years ago it WIS anticipated
MaEiIiuln nn,rrr in the ,rnrtd Cor trarx to o.Ir