Year: 1864

The House OF Representatives on tht


10Th ult resolved itself into the Com


mittee OF the Whole on the state of tht


Union, and proceeded to the considera.


ton OF the bin TO provide internal reve.


nue. TO support the Government, TO pay


interest on the public debt and for other


purposes,


Mr. MORRILL,, of this State, addressed


the House as follows


Mr., Chairman all that propose to do


on the present occasion will be after


some brief preliminary remarks, to make


aplain exposition of the bill before us,


giving the reasons for some new matter
and for some changes of the provisions
OF the original bill, and an estimate of
the probable amount of revenue that
may be expected from it.


When the internal revenue bill of
1852 was passed, IL was intended, with
Jl1 tariff, TO cover an ordinary annual
expenditure of 100000 600 the interest
on a debt of about sl,000000, 600 and
leave something more as sinking
fund


The magnitude and length of the re-
bellion has so far exceeded our anticipa-
tionS that it is now necessary to revise
our estimates and make our system of
taxation large enough to cover all con-
tingencies. The demands upon the
Treasury are unprecedented, but we
have only to marshal our resources and
they are equal 10 all emergencies, and
to any campaign, good or bad. The
bill now presented, with the receipts
from the tariff will cover an assumed
ordinary annual expenditure of $780,
100000, much greater thgn any prior to
the rebellion, pay the interest on $1,000
600 900 of debt, If it should ever reach
so much, and leave a most respectable
sinking fund besides. If we, the Repre-
sentatives of the people, pass this act it
will show that the financial credit of
the Government is to be sustained at all
costs, and it will tend to cure the evils Of
foul speculation, which inevitably goes
hand in hand with an. initiation of the cur
rency, by throwing losses upon those
who embark in!such,


The system of internal taxation of two
years ago, which, as we had to impro-
wise it upon being plunged into war
OF almost uneXampled magnitude, can
not fairly be cited for the first year as a
test of the amount of revenue to be re-
allied from it, is now rapidly vindica-
ting the wisdom of the Thirty Seventh
Congress which so earnestly labored,
and nearly as unit, to give just proper
ton to its principles as well as SYM
metry to its details hope the present
fNnnurasC ba ralipI annal
fairness, patriotism, and courage. With
nothing added by this Congress, we are
receiving from forty to fifty per cent.
more internal revenue this year than
last and when all of the officers shall |
have been properly taught how to en- |
force the provisions of the law. it may
be expected to do better still. Even |
now the revenue derived from this |
source is, as was expected, more impor- |
tant to the Treasury than that from i'm
posts, and both together are now equal |
to any scale of ordinary expenditure in |
time of peace, and the payment of inter
est on debt OF much larger magnitude
than all we have yet piled up in the
huge sums required to maintain an Army /
and Navy whose vastness is only sur
passed by that of the theater over which
they are displayed. Thus far we have
proven to our own people, at least, that
the interest bearing securities of the
United States are solid beyond perad-
venture. They rest upon the stout
shoulders of the American people whose
ceaseless activity brings forth more
wealth in one year than any other peo-
pie in three, and whose decennial in
crease of population is six times greater
than that of any nation in Europe.


The annual increased value of the ma
tional wealth, as actually taxed for each
year, between the census of 1850 and
1860, was $S04, 49,, ,554, while our public
debt, according to the estimate of the
Secretary of the Treasury, will have
been increased, if the war lasts SO long,
for the year July l, 1864, to July /, 1865,
only S544, ,97S,5 ,559, and from this sum
there must be deducted the great aug
mentation Of the revenue proposed by
the present bill.


If we pass this measure, without cur
failing its dimensions-and | think it
will be the pleasure of the House rather
to increase than diminish them--we
shall furnish proof that we can not only
pay interest on our public debt, whatev-
ever it is likely to be, and the ordinary
expenses Of the Government in time of
peace, but that we shall contribute hand
somely toward keeping our current ex-
penses within moderate limits-such
limits as will convince the world at
large, as well as the most weasen-faced |
doubter among our own people who has
any lawful money horded, that the peo-
Pile of the United States not only have
the means but the wM to pay every bond
they now owe, or ever will owe princi-
pal ana interest in coin, unclipped and
undimmed by postponement for single
hour. The public faith will be main
tanned at all hazards At this moment
the Government is supplied with more
gold than is sufficient for these PURPOSES
and is absolutely begging its creditors to /
accept payment long in advance in order
mat 1t may be relieved of plethora of |
gold which, locked up is not only idle.
put, oy deranging values, detrimental
W the commerce Of the country. Let it
De known and understood that, should |
sne war be closed by 1865, our present
pioposeu scale of taxation will support