Year: 1864

life to little moro than half their present average.
If half the money to-day on deposit in Banks,
earning little or nothing to It's owners, were at
onca invested in tho new Loan where it would
earn henceforth for its owners five por cent
per annum in Gold equal to eight in currency,
and be ultimately paid in Coda dollar Tor
each Greenback dollar inyested-we should have
the premium on Gold below twenty per cent
forthwith. and Importatons brought to q
sudden stand. 1t is the money lent
TO tho Banks without interest, whilo the
Government is willing and eager to pay hborally
for its nae, that sustains the monstrous fabric Of
speculation and Initiation that now makes Food
dear and sells shares in possible Gold-mines III
the Rocky Mountains and Sierra Nevada at rates
which would hardly be justified if the operators
had (accordng to the Arizona hyperbole) to
"dig through four feet of solid silver to get a'
tho gold" You, reader! can help prick this
mischievous bubble by investing every dollar
you can spare in tho National Loan and persuad'
ing your frionds TO do likewise. Almost any
other investment may result in failure, but the
country is bound to live and pay its debts.


As to the new Tax-Bill, it seems to Us, in its
main provisions, discriminating and judieious.
Had it been passed thrco months ago, preceded
by War Tariff doubling the duty now imposed
ON every luxury or superHuity, it would have
boon worth many Millions to tho country. The
Tariff ought to have precedence, because it IL
through excessive imrortations that the coun-
try is being drained Of its lifc-blood. Gold Is
at least twenty-five per cent higher than it
would be if such an augmented Tariff as we
urge had gone into effect on the lst Of January
last. Wo cannot pay for the luxurics we are
now 30 largely importing otherwise than in evil
dencos Of our National Debt, which we hsve to
sell at sixty or seventy cents on tho dollar LII
other words: we are now in the way of import
ing Ore Hundred end Fifty Millions worth
more Of foreign products in 1864 than We can
send abroad Products other than Specie to pay
for; and wo arc likely TO balance tho account
by exporting Eighty Millions Of Gold and One
Hundred Millions of our National securities,
which we shall sell for Seventy Millions or less.
We prefer not TO sell such securities TO foreigners
OF such rates.


We believe such Tariff as we indicate would
give US One Hundred Millions of Gold as Duties
on largely reduced aggregate of lmportsi
while tho new Tay-bill Just reported by Mr..
Stevens will give Us Three Hundred Millions OF
Internal Revenue. But We cannot be sure oi
this till we see the provisions intended TO secure
the due assessment aud payment Of the taxes
hereby imposed. il is idle TO say that all In
comes above 5000 per annum shall pay five
per cent tax, unless sufficient measures are taken
to secure the payment thereof. We do not be-
heve one: fort, Of the amount called Tor by The
present Income Tax was actually assessod ahd
paid during the year 1868. Wo appeal TO toe
returns in the Treasury 10 bear Gs out in tho as
sertion that one hundred persons paid one-fourth
of al tho Income Tax collected during that
year; while these hundred persons do not own
one-tenth Of tie property nor receive 1.-THE Of
the income secured and enjoyed in the loyal
States. We appeal to Congress 10 look sharply
into this matter. Double or treble the



como tax who fails TO mako tho re-
turn thereof before tho lst day Of June next,
and give the Assessor, or some one else, five
per cont of all tho excess he thus brings into the
Treasury. That is to soy; one having $1,000
income, fails TO make return; the Assessor
hunts him out, nevertheless; and now lie has
10 pay 900 instead Of $50. Give the Assessor
S21, or even IS, for bis services in bringing the
skuller TO book, snd you will sec four times as
many returns Of persons liable TO Income Tax Us
we now have. And SO with other interests af-
fected. IL must fret DO made the interest Of
every man to return his Income promptly and
fully; next, it must be some ones interest 10
ferret out all who refuse or neglect 10 do So
We presume the bill makes provision for this;
though il is not mentioned in any synopsis
which has yet reached ID.


The country waits, expectantly but not i'm
patiently, for the Military movements that Gen.
Grant is doubtless preparing. II has full faith
that these will be well-timed 'and effective
And NOW If it could only find in tho action Of
its Government, especially in that of Congress,
evidences Of that heroic intensity and devoted.
ness which the momontous interests at stake are
calculated to inspire, it would ioyfully thank
God and tal;o courage. But there are to-day
mon sitting in either House OF 800 per day who
think II hard that they should be asked to sit
three nights per week till 10 or II P. NJ. in order
to expedite measures of pressing necessity;
though men who arc serving the country for $l3
mar nonth (eone of fbop, ,onged ont of ~ nf that