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The Daily Dispatch: August 3, 1861., [Electronic resource], Not killed. (search)
s upon the lands of the farmers. Mr. Chase committed the indiscretion of recommending the imposition of a direct tax on land alone, and would have exempted the urban populations of the North from the extra burden. His plan does not please the rural classes of the North, and the following significant debate took place in the House on the 26th ult., Mr. Spalding, who is the immediate representative of Mr. Seward, leading off: The House then went into committee on the direct tax bill, Mr. Colfax in the chair. Mr. Spalding, of New York, obtained the floor, and in an elaborate speech urged the passage of the act as a matter of pressing necessity to the Government. Already Government loans bearing interest at six per cent, were found unsaleable, or could be disposed of only at 82 or 85 cents on the dollar; and it had become absolutely necessary to induce the capitalists to take loans, by the liberality of the rate of interest and by the ample guarantees of their ultimate repaym