The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-03-26
..FlkANcE~ANDIFRADEs
E<TTTTOIo
Financial. -

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INCOME TAx.-The recent act of March
,, 1861, ma terially ihodifes former laws
respecting the income. tax. Incomes for
the year ending 31st December, 1866,
should be prepared and returned forth
with. Income Blank Form "a has been
modified, and the department has been
distributing them IS fast as possible,
vet old blanks may be made available.
The amended law exempts Sl,o0O In
come. the amount paid for house rents,
repairs aud taxes, and the tax as reduced
to tbs;uuifofm rate Of Ave per cent. I 2.
The Controller of the Currency has
revised and much enlarged the quarter
" reports to be made under the Bank
ing law, and will now get all the facts
Necessary to estimate, not only their
5lvency, but the kind of business they
III banking. I'm view of the frauds
recently developed in various parts OF
the country, he has not been too thor
ough, nor can lie be too prompt in send
ing a special agent to any instltutioD
which shows any disposition to retain
in the smallest detail the facts called
for.
Tho lDau and discount 1items must
now be SO divided rs toshow how mncll
commercial paper the Banks have. how
much on call to spectators, aud how
much dead loss they are carrying un
der the head of loans. The cash items
must be given SO that it can be seen
how much cash is made up on tickets
representing loans by officers.
ApLAN FOR SPECIE RESUMPTION.
The editor of the Bank Note Reporter
proposes tn. following plan TO reotoro
the currency of this country to specie
basis. and to meet other difficulties ofthe
financial situation:
81. Contract just S4,0o0,0O0 per
month of the greenbacks. Raise this
amount by selling just gold enough
month after month, to procure 1t.
~. Push forward the funding OF the
Seven-thirties into Five-twentics, linn
Ting the funding to Notes first matur-
ing until there shall not be more than
$50, O0O, 900 of the first Issue ontstand-
ing. After that make no diserimlna-
ton. - Il --.'
80. Use the S50,O0O,0)0 of three per
cent. Certificates recently authorized in
exchange for COmpOund-interest Notes,
giving the holders of Notes maturing
this year preference, abiding by the
rule of .fiIst come first served"
~. Use all the surplus currency on
hand, from time to time, after keeping
fair working amount, in purchasing
or paying off Seyen-t hirties and Com
pounds.
5. If, by the management of Seven
thirties and Compounds, and payments
demanded, the Treasury gets short OF
money, then issue clearinghouse Ger
tificates, to the extent, if needed, OF $50,
DOC, 900, bearing 3per cent. interest; and
then, if more money should be wanted,
issue temporary debt obligation under
the act of March 3, 1863 that heing the
act under which the seven-thirties and
Compounds were both issued. In that
act is the power to issue new notes i'll
exchange for notes redeemed. We give
the wording of the act on this point:
"And in lien ofany amount of said
Treasury Notes redeemed or paid ut ma
turity, the Secretary may issue an equal
amount of other Treasury Notes.
.'Thc power is perfect in the hands of
the Secretary to issue both Clearing
house Certificates and interest-bearing
Treasury Notes. The only restriction
is, that they shall not run more than
three years nor bear more than ! $40
per cent. interest. They may be as much
shorter and dear as much lower rate OF
interest as the Secretary may decide
upon,
This would he our financial chart, as
the law now stands; and being con-
cractionist, we do not see how the law
can be improved. Were We to suggest
laws for a resumption, We should say
call OH the national banks to return five
per cent. Of their currency. This would
contract fifteen millions. and leave that
outstanding better secured. Give power
to the Secretary to issue temporary loan
certificates in exchange for Gold, princi-
land interest payablein Gold. Author
ize a. temporary loan III Europe, against
which. to draw in'case of need. Con-
tinue Greenbacks Il legal tender, and
pretend TO pay specie nowhere except
,at the counter Of the Sub-TrcasGry in
this city. This would give a specie
basis for the whole country, and still!
leave all the Gold where it ought to be;
and by saving 6a7 per cent. i'll Gold FOR
Gold. the chances are that the Govern
ment would have two hundred millions
of Gold in the Sub-Treasury in six
months after resnming. d