Year: 1862




This matter presents very interesting finan-
ciel question, and one which will not fail 10 be
largely discussed In Congress, and among the
people.


Under the legislation of the extra session Of
Congress, all commerce with States declared to
be in condition of insurrecion is made nm.
lawful, except under license from the President
through the Treasury Department This puts
the whole commerce with such States st the
discretion Of the Executive, and beyond all
question gives the Executive the pososr to draw
revenue from II for the use Of The public ex-
chequsr. In much Of the contemporaneoss dis
cusdon, that was treated - the intent Of the
law. The principle Of that construction, indeed,
is srecoguized In the recent Treasury regulations,
which impose tax, although very small, Of
only one half Of one per centum, upon all goods
allowed to be sent into the seeded Stxses


If, however, 1t is considered stfained con.
struction Of existing law to make this licensed
trade source Of revenue, Congress Is in session
to enact such additional law as may commend
itself to their wisdom and patriotism.


The elements Of large revenue are patent
on the face of this commerce. Here Is cotton,
purctaseable anywhere in the blockaded South
for SIX cents per pound In specie fund.- and
worth twenty as soon ss brought into the loyal
States. What better subject Of taxation can
there possibly be than that, impeding no bur
den upon the producer Of the article, leaving
him better price even than he gets now, and
merely transferring to tho public treasury q
part Of the enhancement Of price which the
article will gain by being allowed access to
our marketi


Let it be recollected that this is prohibited
trade now, 80 far as law goes, and that it is
only to be enjoyed upon terms to be prescribed
by the Executive. It is not free trade at all
and 1t is only question Of tbs terms upon
which the discretion of the Executive shall be
exercised.


The recent Treasury regulations confne the
privileges Of this trade to persons selected by
the Secretary Of the Treasury. We have no
doubt Gov. Chase will select good men for the
purpose, and that he will 90 frame his licenses
as TO prevent the introduction into the South
Of articles contrsbsnd of war. So far, 90 good,
but independently of the fact that he cannot
give such licenses without subjecting himself
10 unjust aud injurious charges of favoritism
this system fails to yield rs any revenue, while
it enriches rebels by giving them the benefit o
prices enhanced by their own acts. II cotton
is worth twenty or twenty-five cents per pound
In our markets, 1t is q burden thrown upon con
sumers by the rebellion, and the men who hav,
instgated or supported 1t should reap NJ
part Of the profit The extra price, paid reall,
by loyal men, should 60 into the public treas
sury, In the form Of tax upon admission int
our markets.


We have no sympathy with politicians VII
seek to throw the whole burden Of this wa
upon those who are not responsible for il
guilt Let rebeldon pay part Of 1t. No op
portunity should be omitted to shift the burde
in that direction a. far forth as practIcabl,
Where there Is win there Is way, and wit
only half the ingenuity spent in devsing way
and means Of taxing loyal citizens, the pror
erty and resources Of rebels could be reache
TO large amounts.