The New York herald., 1871-02-07
BONDS FOR THE NEW NATIONAL. LOAN.
Attempt to Galvanize the Chor-
pel,ning Swinule.
The New York and Washington
Air Lime Railway.
Germany Wants no American
Possessions.

course oil preparation.
Henry d. Cooke one Of the firm OF jay Cooke \
Co., had 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 will
diiltr much from the present issue. SIX registered
and four coupon bonds of each series will be Issued
all conforming to general plan but differing
In detail. The engravers have been preparing de-
signs since last july and quite number have
been completed, from which Secretary Boutwell,
WIN select and determine on what particular denom-
ination they shall be used. The vIgnettes Of WASH
mgton Lincoln, Jefferson, the elder and younger
Adlms, Benton, Buringame Farragut, Rawlins
Governor Andrew and others are already executed
Tae ornamental work upon the faces of the bonds is
an ingenious combination or scroll and geometrica
atae work, and Will be different upon each Genom
ination AMI series. The distinctive paper used by
ihe government IN printing legal tenders and frac
tona currency Will also be used for the new bonds
millions oil sheets of which already stored in the
vaults OF the Treasury Department. The Secretary
w probably select for the principal vignette finely
engraved Jdc SsnlUe OF the Capitol instead of the
Treasury Department. 1t Is the impression that
the subscription books will be distributed among
the Assistant United States Treasurers United States
repositories national banks generally and banking
houses OF well established reputation. Secretary
Boutwell, IS sanguue that the new bonds will be
readily taken. The first OF the Issue viii be ready
about March 1.
Opposition 10 ihe New York und WashiBgf on
Air Line Railway.
The democratic ,embars of the HouSe caenn 10
termDea 70 prevent any action this session upon
the Washington and New York AIR Line Railroad
bl. The bill has not been properly managed, and
those who have II In charge lack either earnest
ness or proper knowledge OF Parliamentary tac-
ties 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 hibustering element to day.
For one hour after the reading of the journal ne went
through with nearly I'LL the motions known to fiji
busters. Every bill and Joint resolution offered
for reference 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 have been de-
voted to the transaction OF the much delayed busi
ness OF national importance The Air Line bill
meets with opposition from three sources-first, the
democrats, who regard 1t an infringement OF
State rights; second, the Massachusetts members,
where the Philadelphia. Wilmington and Baltimore
Railroad is mostly owned. and third, the Pennsy
vania members, who apprehensive that
the road viii be run through the Fairmount
Park, Philadelphia. This opposition crys.
tallizes around the several railroad companies
between tins city and New York, every one of
which has Its special agenls anu attorneys
upon the floor OF the House. If some man IKE
General Logan would take hold OF the bill he might
manage to push it through, for the Western and
Southern members are strongly in favor of 1t.
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
tax. Dennis Mccarthy, OF New York, who has been
absent for some days, made his appearance SO that
there was fun committee. 1t was determined to
take vote IN committee tomorrow upon q PROPOSE
ton to report bill providing for the repeal of the
tax on incomes. 1t is believed thai. the committee
stand five To four III favor of such a measure.
s5ecrelary Boutweips Opposition To the Repeal
of The Income lax.
Secretary Bou.wel has addressed letter to the
Hon Samuel Hooper, Chairman of the Committee
Ways and Means, dated the Sd inst, in reply to
his communication enclosing resolution OF the
committee requesting the Secretary's Views in writ
ing upon several topics suggested by the prop ositon
TO repeal the income tax. He says
1t Is impossible to state with precision the cost
collecting the tax, but he is satisfied 1t VIII exceed
nan mlll0a dollars, and 1t seems to him the net
result Will not be less than ST. 100000 per annum
ior the two years covered by the existing laws. The
were made upon the basis OF the ayerage
prosperity OF the laborlng and business
estimate there will be surplus OF $40, 77s,tS0
applicable 10 the payment OF the principal OF the
public debt. Ia addition to ayments 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
wlll fall fellow the sum mentioned Assuming wnat
PROBABLE that the country be blessed with good
harvests, the Secretary reason to apprehend
check to lodustry or business; but, with this
view OF the future, it cannot be claimed that the
estimated surplus il greater than prudence die
question he cannot shrink from the duty
system OF taxation until the meeting OF Con-
gress in December next We are now, he says,
recent changes than we were when those changes
were made. The reduction OF taxes at the last
twenty per cent OF the total revenues VI the coun
try. or more than $50, 000000. Is 1t wise make
further reduction until the result Of the laws force
Is KNOWN After giving further reasons against the
repeal OF the income tax the Secretary says In 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 will
then be able TO declare the Income tax Is
no longer needed. and also simultaneously
TO make corresponding concessions to other classes
oil taxpayers 1t Is my earnest desire that this re-
suit may be obtained; but while The future Is uncer-
tain 40 not recognize either the justice or the ex
pedisncy 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 de0t the
pensions ana the current expenses Of The govern
ment to the producing, consuming and business
interests OF the country. Entertaining the opinion
tnat It Is not advisable 60 reduce taxation at
the present time TO the extent Of S2o,0Ou, ,Ooo
or in any other considerable sum, am not pre-
pared TO answer your further inquiry. 1t
Is probable that as early December next
the condition Of the country and OF the H.
hanccs VIII justify the reduction Indicated, and, If
SO, Il VIII be practicable for the Secretary OF the
CaJion OF the Tariff and Tax.la lii his opinion
VIII furnish the greatest relief to industry and busi-
m y u . .