The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-31
WASHING ON.
Secretary BOutweil's Plan for Fund
ing the Public Debt.
Decay Of British Power ON tho
Western Continent.
British Columbia Petitioning for
Annexation

I WASHINGTON Dee 30 1869.
| Secretary Boufweil's Plan for Funding the
| Public Dobt-Greas Reduction 81 Taxes
| Anticipnted-The Income Tax TO be Re-
tanned.
II has already been stated IN the newspapers that
Secretary Boutwell, intends to urge upon Congress
plan which no has matured for the funding Of about
600 or the national debt at four per cent
lower. In addition to the facts heretofore stated in
regard 10 Mr. Boutwes plan II may be mentioned
shat 1t contempates taking up the nve-twenties
due and ia their stead issuing the new bonds IL Is
expected that this will be violently opposed
by the bank interest and bondholders generally The
Secretary, however, has made up his mind and win
not be swerved from his purpose AS far as the
banks are concerned, II they oppose g. he VIII take
steps TO encourage the establishment Of institu.
lions, on the free principle. The proposition
OF Mr. Boutwell, II put into operation will warrant
an almost immediate release OF the great bulk of the
articles Of internal taxation from the burdens
resting upon them ct present. Over $50 O00 900 are
now required to pay interest alone. BY the reduc.
ton contemplated &c Is thought that With safety tax
alton can be removed from all the necessaries leav-
ing spirits. malt liquors, tobacco and incomes to
provide the balance required in OF tho GUS
toms. The funding Is also considered an actual
mand in order to produce favorable competition
between the employment OF capital In bonds and In
industrial enterprise rs Investment. The present
high rate OF interest it IL admitted cripples the
dnsry Of the country United States securities not
only provide safe and convenient investment but
also pay high rate Of interest. In regard to the
tax on incomes there Ii q disposition on the
part OF the Secretary to favor increasing
the amount exempt to $1,000 or $4,000,
and 10 tax all incomes over that amount.
He takes the ground that the present arrangement
4 a
| rith an income Of $780, and probably large
rnX 10 support pays forty dollars income tax per
tnn.a an amount he can hardly spare, whereas
| g.. sye incomes can pay theirs without stint
| ,ncoro. ,ax = or thor families. He considers the
wealth. of the nas 1t In N tax upon the surplus
IT. snare of the mali aud Al anything should bear
lt ia considered the burdens Of the government
nearly the flrst. It's hsooome - certainly very
scheme when put In force. Tpsaesea that TINS new
OF the army OF Internal reve afS'a'' o' reduction
system will permit maecrial sf'n.ees' ana tue
| saving OF expense. 1sa''"h sha
Trensurer Spinacr nesssdias the
Observation-Disclosures of Railroad Moaapdpoh"i
Legislation. ON
Within few days Treasurer Spinner has receive
letter from prominent Eastern capitalist com
planning that the national banks have become such
insolent monopolies that they will eventually con.
troll the government, and that experience has shown
the National Banking act 10 be failure This gen.
t,emsn contends that unless action taken by
Congress to check the banks they win presently
overpower that body. spinner replies at length. de-
Tending the National Banking law, and arguing thai
the national banks are not IA great monopolies a.
were the Old State banks. lie says the monopolie:
| s ,.s,s ~ ns feared ,srs tha railroads, which
and already manage state legislation to suit item
selves All that Is necessary, Spinner tninks tc
keep the national banks up the strict letter of the
act OF Congress which created them, and this |.
within the power OF the Secretary of the Treasury
Spinner Is opposed TO any further issue OF paper
money. He thinks there Is enough Tor all the legi
Innate demands OF business, and that an additional
issue would only stimulate speculation.
British Colunabia Forthcoming to he Annexed
TO the United states-Opposition TO Confed.
Grafton with Canndu--No Hope of Pros
pcrity Under British Rule.
| Vincent Coiyer, OF New York, yesterday handed "a
President Grant memorial signed by number OF
the property holders and business men OF Victoria
| TO be followed Dy another which viii contain the
names or all the British merchants and
others at Victoria, Nanimo ana other places,
! IN favor of the transfer OF British Colum
bia TO the United states. Tue President TO-DAY
returned TO Mr.. Colyer verbal reply taat he mad
read the memorial with great interest and sent il
90 the Secretary Of State. Mr.. C0iyer also showed
the mamoria to Senator Sumner, Chairman OF the
Committee on Foreign Relations, who, after reading
1t, said the movement was important aud could
have but one termination. Meantime our govern
ment waits for the movement OF England, which Is
fast seeing the useessness and impractlcaDlty oil
European empire on this hemisphere. Both tue
President and Senator sumner desired their replies
to DO made known TO The memoralists. The follow.
Ing IL the memorial
To HIS ExcELLENcY TIE PRESIDENT or mR
L
Your memoriaIists beg leave, most respectfully, TO
represent that we are residents OF tie colony OF
British Columbia many OF US British Subjects and
all OF us deeply Interested In the welfare and pro-
q o su sp with a the
found feelings Of loyalty and devotion 10 her Majesty
and her government and that all entertain for her
feelings OF che greatest attachment and 10 the
try; that while we thus indulge such feelings we are
| constrained by the duty we owe TO ourselves and
the political ties which unite this colony to the
mother country TO seek for such political and COM
| mercial affinity and connection ~ VIII insure the
| immediate and continued prosperity and welIbeing
| Of this our adopted home; that tnn colony Is now
scarcity OF population and other causes too numsr-
| GUS 10 mention; that we view with feelings Of
ment to confederate this colony with the Dominion
| OF Canada, as we believe such measure can only
tend TO still further depression and ultimate injury
for the following reasons VIZ. THAT confederation
cannot give Us protection against internal enemies
foreign foes, owing TO the distance OF this colony
from ottawa that 1t cannot open TO us marlSr for
the produce OF our lands our forests, our mines or
our waters; that 1t cannot bring as population tour
| greatest needt as the Dominion Itself Is suffering
from lack OF IT, that our connection with the DoDin-
ION eau satisfy no sentiment OF Loyalty or devotion;
| that her commercial and Industrial interests are
| opposed TO ours; that The tariff OF the Dominion VIII
be the ruin Of our farmers and tue commerce Of cur
| chief cities; that we are instRated by every senti
ment of loyalty TO her Majesty, by our attachment TO
the laws and Institutions OF Great Britain aud our
deep interest In the prosperity OF our adopted couu
try, 80 express our opposition 70 a severance nom
England aud a confederation with Canada.
We admit that the Domuion may he aggran-
1 izeI Inv
either present or future which can accrue TO us
therelrom, that We desire market for our coal
and lumber and fish, aud thls the Dominion
seeks for the produce OF her soil; she