Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-14
Total ........-a............s229.5l9.Os8 ll.6ss.i


The nine Western States, including Mis-
souri,, containing population of nine and
half millions, have received bank cir
culation of sos, 6S3 900, of which the State
of Ohio has SIS, S75, $50, and Missouri only
S2,712,4 AGO. The fourteen Southern States,
including Delaware, West Virginia and
Kentucky, with population of ten ard a
half millions, have bank circulation of
only S9,6S2, 325, while the little State of
Rhode Island, with population less than
two hundred thousand, has managed to get
hold of circulation of S12,869,S5O.
Massachusetts,, with population only
few hundred larger than Tennessee, has
secured the enormous amount of S5S, 000,-
600 Of currency, being nearly fifty millions
more than has been assigned to the whole
South, and lacking only about five millions
of being as much as has been given the
South and West Jointly; and Connecticut,
with population of less than half a
million, has a circulation equal to that of
Illinois, Michigan, Wisconsin and Iowa all
combined Pennsylvania is entitled to
about what currency her banks have got.
New York has sixty-eight millions and is
entitled to not more than fifty millions, and
New England should have rather less than
half the sum she has gobbled. The
bounden duty of Congress is, TO equalize
and re-distribute the three hundred mil
lions of currency, but not expand it. Forty
millions, at the very least, should be taken
from the svaricious New England and New
York banks, and two-thirds of that sum
should be apportioned to the South, and
one-third to the West; and after this is
done the Eastern States will still possess
nearly two-thirds of the National Bank
currency, while they have but ons-third of
the population of the Union.
The Finance Committees of the Senate
and House of Representatives look fayora-
bly,, it is said, upon the views and recon-
mendations of tf& Secretary of the Treas
ury, as presented in his report on the state
of the finances. This is very probable
The same committees, says the National
Lnfeligenesr, gave the Secretary's views a
favorable consideration at the last session,
and, indeed, the House, early in the
session, pledged itself, by resolution, TO
adopt and maintain them. Bat counter
influences soon began to prevail, and Con-
gress did not by their legislation, carry ont
the policy of the Secretary. Therefore, no
sensible progress has been made towards
the resumption Of specie payments. The
volume of currency has been increased
rather than diminished, and the gold pre-
mium ranged, through the last month, as
high as in the corresponding month of the
year 1865. Progress was made, however,
in the payment of the national debt, in
consequence of the unexpected amount
of revenue from internal and external
taxes.
For the next year the revenue viii fall
of, and especially from internal taxes. The
income tax will grow much less, and some
who returned large incomes for 1864 will
have nothing to return for 1865 and 1866.
The production of manufactured goods will
be much less, and, at the same rate of taxes,
will yield a much diminished revenue. j
As to the tariff, if duties are increased
the revenue will suffer more reduction, for
imported dry goods do not more than pay
their cost at the present time. A large
increase Of revenue would enhance their
cost and diminish their consumption. A
reduction of the rate Of duties on imports
would probably increase the revenue from
that source by increasing cons umption. If
the revenue is to be adjusted to the wants
Of the government, as it probably will be,
the question arises, What will be the
necessary amount? How much revenue is
needed in excess of the sum required for
an economical administration Of the gov
eminent, including the payment of interest
on the public debt? This must be decided
in reference to the policy Of expediting the
payment of the national debt by straining
the resources Of the present generation
There are two parties to this question. The
Secretary proposes fifty or'siKty millions as
the amount for a sinking fund Many
think twenty mil ample for the pur-
pose. Some Of the political projects of
Congress might require the expenditure Of
any surplus revenue that may accrue. If
the excess should be sixty millions, is it
likely that the whole amount will be de-
voted to the purpose of a sinking fund.-
But, looking at the present condition Of
business affairs, one will hardly be led to
believe that there will be any great excess
Of revenue. The prospect is not 50 good
as to give much trouble on that score to
Congress or the country But it is the rate
Of taxation, as it falls upon individuals,
and not the gross amount Of the revenue,
that burdens industrial interests. II taxes
be retained at their present rate, though
the revenues may not be excessive, the
capital Of producers will be impaired BY
the continual drain upon it. The country
seems 10 call for such a system of revenue
nc zill furnish the covernrnent With neces-