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hardly have an appreciable effect upon its value in currency. The duty would fall chiefly on the foreign consumer, or be taken from the profits of the exporter; and an important financial advantage would be obtained at a moderate expense to the country. The increased duty on imports would be a small tax on this lucrative trade. If paid by the importer, it would be free from all objection; and if by the consumer, his ability to bear it is abundantly proven by the high price paid for goods. These measures would enhance the value and enlarge the demand for the five hundred million loan.

The expenditures for the six months, from the 1st January to the 1st of
July, 1865, with an improved currency, may be safely estimated at a
maximum of $300,000,000; and for the twelve months at... . . . .
To this amount must be added for the redemption of notes, as proposed,
the sum of.....

And for the estimated amount of floating debt.

44

Total......

$600,000,000

60,000,000 114,000,000

$774,000,000

To meet these demands upon the Treasury, I propose the following scheme of taxation and loans, viz. :

1. Taxation, including the tax in kind....

2. Sale of bonds of the five hundred million loan and certificates of indebtedness

3. Import and export dues and miscellaneous receipts..

Total......

$360,000,000

409,000,000 5,000,000 $774,000,000

"To raise the amount proposed by taxation I recommend the repeal of so much of the act amending the act of 17th February, 1864, as will leave the property and income tax in tull operation, without the abatements now allowed, viz. section 1, paragraph 1, of the amendatory act of 14th June, 1864, which provides that the value of the tax in kind shall be deducted from the ad valorem tax on agricultural property, and section 8, paragraph 2, of the same act, which provides that the property tax shall be deducted from the income tax. By this change the desired amount of revenue will be secured and the prominent inequlities of taxation, now the subject of complaint, will be redressed."

This statement is not an encouraging one, nor is it very clear. How the Treasurer proposes to raise his $360,000,000 by taxation certainly needs some further explanation. To us it appears a hopeless prospect.

There are, however, financially two resources left the South, both of which she has already used and may use, so long as her people will submit-these are the cotton loan and the tax in kind. A revenue may be derived from these sources, which, together with the little that can be obtained from other taxation, will enable the government to exist (that is, keep its army in the fields,) but nothing To talk of redeeming the currency is idle in the extreme.

more.

Judging from President DAVIS message, and Mr. TRENHOLM's report, we should suppose that the tax in kind, passed by last Congress, had been pretty thoroughly collected this year, for it seems that of the appropriations in money made for the support of the government by last Congress not over one half were used, and the president says that no new appropriations will be needed. If, then, we may suppose that it has been and will be collected, the supplies for the army are secured, just so long as the people can and will pay the tax. To be sure it is an expensive and oppressive mode of taxation, but yet it is clearly the best the circumstances will permit. How far a cotton loan may be used to supply the

necessary munitions of war, machinery, &c., we cannot undertake to say. Certainly this resource would be very limited.

The public debt on the 1st of October, 1864, was as follows:

FUNDED DEBT.

Total issue of bonds and stocks...

Total issue of call certificates..

Total issue of certificates of indebtedness..

Total issue of produce certificates, act April 21, 1862..

Amount of 7-30 interest notes, which have assumed the character of

permanent bonds....

$368,416,150

197,578,370

19,010,000

3,500,000

99,954,900

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BANK OF ENGLAND.-RATE OF DISCOUNT FROM 1844 TO 1564.

THE following table shows the several changes in the Bank rate of discount of the Bank of England from the beginning of the year 1844 to the present time. It will be seen that in the earlier years of the series the changes were very few; there was, for instance, but one in the year 1846, one in 1849, one in 1850, none in 1851. Since 1854 the fluctuations have been much more frequent. The rate of discount was altered seven times in 1855, eight times in 1856, nine times in 1857, six times in 1858, five times in 1859, eleven times in 1860, eleven times in 1861, five times in 1862, twelve times in 1863, and eleven times in about nine months of 1864. The highest rate in the list was 10 per cent, which prevailed in 1857, from November 9th to the day before Christmas. The lowest rate was 2 per cent, which prevailed during the greater part of the year 1852, and for three months of the summer and autumn of 1862. During the year 1864 the average rate has been higher than ever before. In no other year except 1857 has the rate reached 9 per cent.

We also give in the table the date of the successive changes, and the number of days each minimum rate was in operation :

RATE OF DISCOUNT CHARGED BY THE BANK OF ENGLAND FROM 1ST JANUARY, 1844, TO THE

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* Six per cent for short, and seven per cent for long dated bills.

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We have prepared from the official tables the following statement showing, in detail, the total coinage of the United Kingdom the past two years:

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There have been coined in the last ten years 47,929,914 sovereigns, 12,058,970 half-sovereigns, also 13,069,370 florins, 20,198,393 shillings, 16,787,520 sixpences, 1,837,694 groats, 41,580 fourpenny pieces, 18,495,796 threepences, 47,520 twopences, 79,200 pence, 479,670 three-halfpenny pieces, together in value £3,002,287, or $15,011,435; and the cost of the silver metal was £2,257,900 or $11,289,000; also, 136,725,120 copper pence, 164,502,685 halfpence, 43,041,152 farthings, 1,591,296 half-farthings, the value of the copper coin being £959,065 or $4,790,325, and the purchase value of the metal £496,543 or $2,482,715.

THE FLORIDA.-ITS CAPTURE IN BRAZILIAN WATERS.

THE announcement of the capture of the Florida at Bahia, has given rise to serious discussion, and if the facts prove to be as stated in the Journal da Bahia, we are certainly in the wrong.

Bahia is a maritime city of Brazil, on All Saints' Bay, about eight hundred miles north-northeast of Rio Janeiro. The harbor is one of the best in Ameriea, accessible to vessels of the greatest draught, and is protected by seven forts. It has been a favorite resort of the privateers, for coal and supplies.

The Florida came in on the 5th from Santa Cruz de Teneriffe, in order to repair her engine and take in water, &c. The United States Consul asked the President of the province not to let the vessel into port, and to impose some penalty for her not respecting Brazilian waters in burning an American vessel near the Island of Fernando de Noronha. The President replied that he had granted her two days to make the repairs that her engine needed,

There was also in port the United States steamer Wachusett. Fearing some fight, since a challenge had been given, the President of the province obtained from the Consul his word of honor (so says the Journal da Bahia) that peace would be kept, and that no action would take place in the port, or within the line of neutrality.

The Florida, for better security, was placed under the batteries of the flagship. On the 6th, its crew being in need of some recreation, half of it was put on liberty, went on shore, and thirty of the crew and some of the officers slept on shore on the nights of the 6th and 7th.

Captain Collins, of the Wachusett, having held a consultation with his officers, determined to sink the Florida in port. Accordingly, at about three o'clock, the cables were slipped, and the Wachusett steered for the Florida, hitting her on the quarter, without doing her great injury.

The following statement of the subsequent facts we take from the Journal da Bahia:

Hardly had the Wachusett struck the Florda, when she fired a shot from a bow gun. At once a mast of the Florida fell over, and she lost some men; but the crew returned a feeble fire.

It is asserted that there was great loss of life at all points in the struggle that took place with revolvers and cold steel, and that it did not last long, for the complement of the Florida was reduced by nearly fifty men. Among the dead is said to be the officer of the deck, who received a ball in the breast; and it is said that an officer named Stone was also killed from a shot in the mouth. Another officer, leaping on board of the Wachusett, struck about him, and fell dead under the many blows dealt at him.

Four sailors of the fifteen who leaped into the sea escaped, and these were picked up by vessels lying near. The other eleven were shot in the water by

the enemy.

After this brief contest there came an interval of silence which was broken by prolonged cheers from the Wachusett.

The chief of division, Gervasio Mancabo, sent a barge under the command of Lieutenant Varella, on board of the Wachusett, to tell its captain to anchor at

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