The New York herald., 1871-02-07
F--Iss
BONDS FOR THE new MATiONA! Loan.
Attempt to Galvar,ize the Chor-
penning Swintlle.
The New York and Washington
Air Lime Railway.
Germany Wants no American
Possessions.

Henry d. Cooke one OF the firm Of Jay Cooke h
Co., had a long interview with Secretary Boutwell,
to-day as to the best manner OF obtaining subscrip
tons to the new national loan, but nothing
definite was determined upon by the Secre-
tary. He has however, resolved that the IN
terest shall be made payable quarterly, and
the superintendent OF the Bureau of Engraving
and Printing has been notified to prepare the plates
for the new bonds accordingly. In design they viii
differ much from the present ISSUE SIX registered
and four coupon bonds of each series win be Issued
all conforming to q general plan but differing
IN detail. The engravers have been preparing de-
signs since last July, and quite number have
Dsen completed, from Which Secretary Boutwell,
VIII select and determine on what particular denom-
ination they shall be used. The vlgnettes Of Wash.
ington Lincoln, Jefferson, the elder and younger
Adlms, Benton, Buringame, Farragut, Rawlins
Governor Andrew and others are already executed
Tne ornamental work upon the faces of the bonds Is
an ingenious combination OF scroll and geometrica
lathe work, aud VIII be different upon each Genom-
ination ani series. The distinctive paper used by
The government IN printing legal tenders and frac-
tona currency VIII also be used for the new bonds
millions OF sheets of which already stored in the
vaults OF the Treasury Department. The Secretary
WAL probably select for the principal yignette finely
engraved Jac stnaue OF the Capitol instead OF the
treasury Department. 1t Is the impression that
the SUBSCRIPTION books will be distributed among
'e Assistant United States Ireasurers United States
repositories, national banks generally and banking
houses OF wen established reputation. Secretary
Boutwell, IS sanguue that the new bonds will be
readily taken. The firsc OF the issue viii be ready
about March /.
Opposition 10 The New York nnd Washington
Air Line Railway.
The democratic n.embers OF the House seem de.
ternned 10 prevent any action at this session upon
the Washington and New York AR Line Railroad
b. The bin has not been properly managed, and
those who have II In charge now lack either earnest
ness or proper knowledge OF Parliamentary tao.
Tics to get 1t before the House. The democrats un
derstand this, and they have nothing 10 do but 10
worry over the morning hour each Monday by da.
tory motions so as to prevent the bill from coming
up IN its regular order OF business. James BROOKS
was the leader OF the fibustering element to day.
For one hour after the reading OF the journal ne went
through with nearly all the motions known to fill
busters. Every bin and Joint resolution offered
for reference was required be read in full; then
the yeas and nays were called on it; then motion
10 reconsider was entered and the yeas and nays
demanded on that. All were intended to consume
the time Of the House. which should nave been de-
voted to the transaction OF the much delayed busi-
ness OF national importance The AIR Line bill
democrats, who regard 1t as an infringement OF
State rights; second, the Massachusetts members
where the Philadelphia. Wilmington ana Baltimore
Railroad is mostly owned. and third the Pennsyl-
vania members, who apprehensive that
the road viii be run through the Fairmount
Park, near Philadelphia. This opposition crys.
tallizes around the several railroad companies
between tins city and New York, every one OF
which has Its special agenls ana attorneys
upon the floor OF the House. If some man ike
General Logan would take hold OF the bill he might
manage to push 1t through, for The Western and
Southern members are strongly In favor OF it.
Under Its present management 1t is not likely to
come to anything.
The Income Tax Repeal Bill.
The Ways and Means Committee had a session to-
day for the discussion Of the repeal of the income
lax. Dennis Mccarthy, OF New York, who has been
absent for some days, made his appearance so that
there was a fun committee. 1t was determined TO
take vote IN committee tomorrow upon PROPOSE
ton to report blt providing for the repeal OF the
tax on incomes. It IS believed that the committee
stand i've to four III favor of such a measure.
Secretary Bouiyvelps Opposition 10 the Repeal
of ihe Income Tax.
Secretary Bou.well has addressed letter to the
Hon. Samuel Hooper, Chairman OF the Committee
on Ways and Means, dated the 80 inst, in reply to
committee requesting the Secretary's views in writ
lng upon several topics suggested by the ropositon
TO repeal tie income tax. lie says
1t Is impossible state with precision the cost of
collecting the taX but lie is satisfied 1t Will exceed
nan a milon dollars, and 1t seems to him the net
result Will not pe less than Sl2 100000 per annum
Tor the two years covered by the existing laws. The
estimates for the fiscal year ending June 80, 1872
prosperity OF the laboring and business
classes of The country. Accordlng TO that
applicable TO the payment OF the principal OF the
public debt. IN addition to pay ments through the
sinking Fund. II was also stated that If the appro-
prlatlcn should be reduced below the estimates the
surplus applicable TO the payment OF the public
debt would be increased II, on The other hand, the
appropriations snail exceed the estimates the surplus
VIII fall below the sum mentioned Assuming wnat
Is proDabe that the country 10 be blessed with good
harvests, the Secretary sees no to apprenend
check to dustry or business; but, even with this
view OF the future, 1t cannot be claimed that the
estimated surplus Is greauer than prudence die
tates. Iu the view taken by him OF the
question he cannot shrink from the duty
OF advising the continuance OF the present
system OF taxation until the meeting OF Con-
gfess in December neXL We are now, he says,
hardly better qualified to Judge of the effect Of the
recent changes than we were when those changes
were made. The reduction OF taxes at the last
session of Congress was estimated to be equal to
twenty per cent OF the total revenues Of the coun-
try. or more than $50, 100000. Is 1t wise TO make
further reduction until the result Of the IN force
repeal or the income tax the Secretary SAYS i'm one
year more the effect Of the reductions already made
VIII be fully understood and legislation can then
proceed upon the basis OF experience 1t Is not an
unreasonable expectation that Congress win
then be able to declare the Income tax is
no longer needed, and also simultaneously
to make corresponding concessions to otner classes
oil taxpayers 1t Is my earnest desire that this re-
suit may be obtained; but while The future uncer-
tain 40 not recognize either the justice or the eX-
pedfsncy OF relieving at once and completely those
VINO are liable to pay an income tax and by the
same act transferring the chief burden OF payment
Of the principal and interest of the public de6 the
pensions and the current expenses OF the govern
i'm md
interests oil the country. Entertaining the opinion
that 1t Is not advisable 20 reduce taxation at
the present time TO the extent Of s2o,0Oo,o0o,
pared to answer your further inquiry. 1t
Is probable that as early as DECEMBER next
the condition OF the country and OF the H.
nances Will justify the reduction Indicated and, II
so, 1t Will be practicable for the secretary or the
Treasury to make such suggestions as TO the modl-
cation OF the Tarlif ana Tax,laws as lii his opinion
VIII furnish the greatest relief to industry and busi-
ness. But the country cannot AFFORD 10 run any risk
In It's nuaucal nQiilY. Ile larue reyenLics al H..