Year: 1862

faithless to their obligations 10 tho great intsr
ests OF the state The committee referrsi 70 wen 70
ful, the then made being lister ed 10 with
attention. Your commirtes still feel that gene
rous, mvt and largo appropriate Of money through
voluntary sub crptons Of underwriters merchants ana
the various crpc atoms directly indirectly 10 DO


benefited by the creation Of one iron clad yes
sels, at time whom the finances of tho government arc
exposed TO such strain, would have given to the wor


proof OF wisdom and forecast worthy OF an
community and they would iain hope that the
tons Of earnesness the part Of the state na CITY au


thorlties aboye will result carly and ample isions
for the protection haTbor and the countless NH


lons Oh property which should 90 securely sn''e'e1
within its limits against any and every ioe


OUR NEXT GOVERNMENT LOAN.


Mr.. GRANT offered tho following resolution IN relation
Resolved That in the opinion Of this Chamber, 1t


would be proper and just for the United States vern-
mont reg ating its next loan to receive IN part pay


men for its bonds the twelve months certificates lately


Mr. Torsxr opposed the above and it waz finally laid


Tho PRESIDENT read congraulatory letter from secre-


ary Wellos behalf OF the Navy Department in refs-
renee to the performance at the Academy Of Music Tor
the benefit OF the of the Congress and


Mr. WINSTON moved that the subject Of tho Assessmen


law before the State legislature embodied in bill 5oO
be referred to committee Of three. Carried, and
hsssrs Lane, Winston and Grant were appointed such
committee.


rE BOSTON BOARD or TRADE Rsposr.


Ihe report o tho Boston Board OF Trade OF which the
following Is abstract then submitted and placed
On ME, after which the Chamber adjourned


Inc aggregate value Of she domestic produce o. sns
to this we add the imports-say $3.50 900 0oowe have
81 $50 900 900 the total amount exchxngable COM
modties. Assuming that these are sold to average


the total annual amount Of sales would be $40 1876 900
The rate OF duty TO be imposed on saes would OF course
vary according to the amount required TO be raised from
this source. II, however, the rate first fixed upon
shoald trial produce too much too little revenue.
the amount can be raised or lowered at pleasure without
disturbing the machinery OF collection. Tho change
might be accomplished without the trouble and delay OF
additional legislation as the act might meet future ex
gences OF the Treasury BY providing for change IN the
sato TO be made known by the of the Pre-
sident Should duty sales DO adopted a leading
source OF revenue the forms OF taxation in the
most Likely TO embarrass production and 70 prove costly
and troublesome in their collection, ght DO dispensed
with and the whole system OF internal taxation greatly
smpded II the first OBJ oct, which is revenue can be
made certain, all should rooice TO be relieved from APP
prohensons which have bccn generally awakened by
tie more obnoxious provisions OF tho proposed act The
committee also recommend that oil internal dues shall
bo collected by tho sale Of government stamps to be dis
trbrtcd and obtained through the Post Office Depart
Ment. Two modes of applying the stamps have been
considerations, whereby stamp should DO affixed 10
each bill Of sale. such ax being necessary 10 perfect the
title of the buyer to his purchase; and tho other in
which the stamps should be affixed to periodical returns
OF the amount OF business done. AS resort to other
forms Of taxation than duty sales will necessary
TO produce the required amount OF revenue tbs lator
mode OF using tho stamps would doubtless be preferable
TO tho former as il may be applied TO the collection
Of all internal taxes however levied thus making tho
stem Of collection uniform. Under this II is
posed that every person company subject
and from under the shall make r.odical returns
the amount OF business subject to which has been
done by them and shall make payment Of said by
atxng to their returns stamps Of tho required value
This mode OF collecting internal revenue by stans will
require certain force Of excise officers but thu number
Of such officers needed this plan Will be much smaller
than the plan Of the House bill aud the expense OF CO.
lection, consequently viii be n,uch less II conemates,
as in tho House bill Comm ssioner OF Internal Revenue


division Of tho country into inspection districts, and
the appointment of inspectors for each district To
Insure compliance with the act evory person com
pany subject should be required to reglster
their names with tbs inspector, stating the charac
Of their business and its locality. In general terms
tho working OF the system would bs Is foIlows;-rhe
Commissioner OF Internal Revepue will provide tho Post
OKce Department with stamps OF the required dcnom
nations and these stamps will be sold By the posmastors
wherever they needed AT tho END OF every month
each business man. whether merchant manufacturer,
viii make TO the Inspector his Of sales subject
lax, with q government stamp Of the required value
affixed to said return. The Inspector will receipt for
this return aad will forward it, with the stamp canccoi
to the Commissioner OF Internal Revenue Similar return
will be made in regard 10 other interests subject to inter
nal taxation Under thus mode OF collecting internal
dues there would be money transactions in behalf OF
the government outside OF the rost Once Depatmsatan
arrangement which would tho appointment OF many
officials, with their attendant Office expenses and
diminish the cost of collection and
CHI meas OF fraud