The Sun.
London, England, 1869-08-18 00:00:00

TRE UNITED STATES FINANCES.

The lion. Edward Atkinson, the able Boston
financier, has written another letter on the United
States Finances, which appeared in the Boston
Journal. The surplus revenue for the year ending
J uue 30 last was $50,000,000, but in reality it was
higher as 7 200,000 in
gold was paid for Alaska
, $ ,
and $18,500,000 in bounties. These are exceptional
charge=, having nothing really to do with the usual
United States expenditure, the one being a purchase
of real estate, the other the payment of a debt con-
tracted during the war. But for these items the
surplus would have been $75,000,000, which, under
ordinary circumstances, would represent the sur-
plus of the current year ; but the circumstances
have changed, and wholly for the better; the laws are
improved, G ranthas replaced Johnson ,ecpuomy is en-
forced, and. retrenchment carried to an extreme. The
value of this Mr. Atkinson estimates at $25,000,000,
' which would produce a surplusof $100,000,000. Nor
is this all; for the army estimate is twenty millions
of dollars less, and the civil and miscellaneous ex-
penses another score retrenched. B;sides, the coun-
try has 1,250,000 additional inhabitants, together

with an immense area of waste land occupied 813 a
railroads in operation. Mr. Atkinson considers it
no exaggerated expectation therefore to look for a
surplus of $130,000,000 ; and he regards this as
beyond the power of Congress to destroy, for it caw
not effectually set to work till next January, and
months would elapse in discussion before any
portant financial measure was passed. What might
have prejudiced it would be a failure in the harvest,
the abundance of which is now placed beyond risk'
One remarkable item he quotes showing the effect
of improved laws more honestly administered. Wile°
he whisky tax was $2 per gallon it yielded duliug
one year $13,000,000; now at half a dollar a gall°
it is yielding at the rate of $50,000,000. lie calculate!,
the effect on Europe of the steady purchase or
bonds with the enormous surplus coming in mon dil1;
" The result cau only be the speedy advance of °3,,
bonds to par in gold in the European markets, suu,
a corresponding advance in the currency Pric° °L
the bonds at home." When at par the day is 3'3',ltr,
on which the Five-Twenty Six per Cent. 13°13
can be converted into a Four-and-a-half per Ceo
Gold Bond, guaranteed on its face as free fionl
all
taxation. On the subject of import duties, Mr. AtkiLy
son appears to think that the public are under a dela;
sion. There is no danger of any material falling,:
from that source, as a reference to the returns mad
to the statistical bureau shows that the mass of the
goods imported are not, as generally believed,
ries, but necessaries, and articles of general titill°
which the people must and will have. lie recall;
mends the amendment of the tariff so that 90 P
cent. of the articles now taxed maybe struck froil
list and admitted free, asserting that on there 0131i/-0
ing 10 per cent. nearly all the revenue is raised, wh.,,
the 90 per cent. which yields so little is produutli
of much annoyance as well as injury to the
iu
trial power of the country. This admirable. to
sunze of the financial affairs points to a very brligto
financial future. But Mr. Atkinson is careflo
give the praise to whom alone praise is due. It ag
not been fostered by gool statesmanship, but li,
been achieved through the bountiful gifts of r 6)0so
deuce, in spite of an injurious tariff and a vic.icicii
currency. Mr. Atkinson's views have been wl
circulated throughout the country, where they ca`
is;
a weight second only to those of Special CO5ll/1
sioner Wells.—Anglo-Anzerican Times.

Another branch of this subject, also attracting acit;,
tention, is the Income Tax Law, which, as it st3,l'n,
is limited to 1870, the question being whether (I° jo
gress should renew it. The general feeling i3iir
favour of its abolition, mainly on account of its
quisitorial character, but partly because of it° itbe
equality. It is evident that this discussion led° tLe
telegraph despatch lately received, showing I'll - 00
coupons attached to the United States Bo3jeiii
being threatened with its imposition. The Sprin ea.
Republican thus summarises the history of the

sure :- ft
"The first income tax was levied from and s•-e
1, 1852, and collected in May and June, 1363. l's;:,:ad
it
rent laws were passe I in regarl to this tax of
was finally collected under the law of July 1, 1861' Aided
repealed a former Act of August 5, 1861, and pr aid be
that all incomes over $BOO aad over $lO,OOO sh'"stat'6
taxed three per cent., unless derived from Unitetisijia
Securities, or received by American citizens I° 05,11
abroad. The income fr)na Securities was taloa °f per"
per cent., while that of absentees and the elnalpoie 13,4
sons having more than SIO,COO income was taxed
cent. This distinction between large and small ine_ ill
was not found in the Act of 1861, nor was it retwu%eat
the Act of March 3, 1865, which is the basis of the pry ged,
law. In June, 1861, the nee of taxation was elfa pro'
while this distinction was mantained and made Iti°l„ tad.,
cise. All incomes over $6OO and under $5,000 Wet." foe'
5 per cent., those between $5,000 and $lO,OOO Well) fof 10
71 per cent., while those above $lO,OOO were Wlsotoo
per cent ; and in all cases the interest of the Unite .s ls`V
Tlll •
Bonds was to b.) reckoned like other income-
first applied to the incomes f 1861, awl by a Joi!' t ,t.lO
tion of July 4, 1864, an additional tax of five per that
t. I°` f
levied on all the incomes of 1863, so that the rate 10V °f
year became 8, 61, and 10 per cent. Under t" thst of
1862 the income tax of that year was collected; Ol
1863 was collected under the two laws of 1862 al°
that of 1864 was collected under the law of Juil,il i
those of 186,5 and 1866 under the act of March eonlro
fixing the uniform rate at five per cent., and thieice Oral
tion at $6OO ; while the taxes of 1867 and IS6Bllcolptlif,
under the law of March 3, 1867, by which the e-siS
was fixed at $l,OOO. There have been therefore bon e°,
ferent acts in the seven years that the tax bee beieriv. j:ct
looted, though the first one never took ease" ;ooliu;
pealed before any assessment was made. Tile sixth
was to remain in force only until 1866, and the
pires by limitation, as the third did, in 1870." nt aff°l.4
Ibis journal considers that the nation cann"entle';
at once to lose such a contribution to its r.eofht L
while believing that the measure Inloe
amended. Such is also the opinion of
del laid Ledger :- ot e:;;
"With proper retrenchment in the Gevern„coeol° 1;4
penscs., the more objectionable features of the idit„res% to
law might be dropped ; but with present esPe° id litt,rujet
burden, if removed from present shoulders, svell.big
bo placed on others, which would gall as seneild, ae"
the load. One thing is Certain, the law shelatV
doubt will be modified." f the
The New York Times thinks the repeal °_,,vatio,b,
" impracticable," but not its essential 131°'-s too b6irily
" A uniform tax of five per cent. (it tells us) les barver
It increases the temptation to fraud, and ePerefreo9' eat'
upon the possessors of small incomes derived if c
or trade. It should be reduced to two and a,r,t,conilbosa
on incomes below some fixed figure, or on a'y fool ,joro,
rived from industry or trade, as distinguislie`totice
deriVed from realised property. Whatever ilVaieregil,,eift
is in the tax as now levied consists in a taw_ eclti°,°tl36
the essential peculiarity of incomes which are,r upoP, the
upon the accidents of employment and health;
„,, „°
t the
vicissitudes of ever-varying competition. day, "l tip
professional man, whose income may cease o.'lolll'ooo
merchant, whose profits of this year may be the ra Ole
in the losses of the next, are required to pas' weer T-e
is paid by the retired capitalist or real estates
be
incomes are as certain as anything huntan,siete,,,!t
re
of
anomaly is so glaring, and the hardships it it Taia".„7llll'
cruel, that its continuance is indefensible. the ta%,, dirk
be fair to exempt one of these classes from „Lit snctiv.erbo"
retaining it on the shoulders of the other,
.wlievikeit
crimination is called for with the view of load 801,,,„
may be called contingent incomes fromto car"oe °
comes that are certain are abundantly able_ tbe
reduction of the tax to half the present rate n'•
the former should not be delayed." fof
40t of
Pills'C°P r"tV
ADVERTISEMENT...I-Holloway's avers °for •
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stood ty
[ADVERTISEMENT.]- Dyspepsia andiges.t°ots,
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ottl,,
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Du Barry's Food. Cure No. 68,413- itoratllY 'lit/01/00V
health of the Holy Father is excellent, esile.craself armies 0' of
ing all other remedies, he has confined constii 19e eller,'
ful 5 Fief
a r,i7t
'esviteeryvamieenatal.
effect on his health, and his Holiness J 411
rt
Art b
hasica Food, of hi
se 110 uhtrepprari sti 0411 s
food too highly.-From the " Gazette du in.,,Vt0t.00,"400,1
No. 40,270-Mr. James Roberts, timber ins 7d,,g I,olo,4ieposio,
Surrey, of thirty years' diseased lungs, /11)0.1+77 rial; 1400
derangement, and partial deafness. Cure
„.,, yea, (1,
de Decies, Lord Lieut. of Waterford, of Ir!'(;"7, fr,°?, 7ti0?4,0
No. 49,832-" Fifty years' indescribable itatutD., Ca,,otow„,
nervousness, asthma, cough, consupVwi',lnor or.
sickness, and vomiting.-Maria Joly. sop,rta 0.
1._,;
Beware of the many unsavotvy and me!? P 70
to which, without authority, Baron Lie Dig ° is, tlo'coP
ciously attached 51101 caps
2 lbs 40s.- Also Do BARRY'S BEvALE,4.,`,"cos a. 576 o.roe
In tins, at Is lid; 1 lb 2s 9d; 2lbs for,,;
Pownza is packed in tin canisters: for for
at 3s 6d, for 48 cups at 63, for 288 culls s,l,'„'s and
,s:looice,voo
free of carriage in England on romp
Began
'
-being about one penny per cup. The
tof rofiat To.
Y BARRY and Co, No. 77, Beg.,
all Grocers and Chemists

GERMAN—Ont, tl;°
BIRTHS. ot We'
0
wife of
G°RDON' - On the 17th inst., at 1, Hof
Cosmo Duff Goro n, Esq of a sem ,000
GIBSON -KNIGHT—G:IIft 1 SO
the •
wife of Captain German, a a son.
the 15th just., at Vino Court,
10i
arP' th °
at St. Gibs°f +l,°
Aheß/ii'7/AthGEiriSs.t ,
tersea, J I , ,
uan I hemas. thu ,4 lest son of Joniter o
Batter-
sea-parl; to "qlen ,eldest daui, 00
late '"'
Charles Knight, of Battersea. t flovciste 0
HANNEN W
- - OODISOUSE—On th© 10th June, 3 . op oe
Chi Lia, Nicholas han,liat, f 6
J.Hannen, Esq..of b ~, tor °
at-law, to Jessie AL Harriette, eldest datiJ
Woodhouse, Esq., of Henley-on-Thames.
old'
DEATHS. 4;0,02
111, •
~..).• FIELD—On the 16th inst., at 13, Pere,' fe,
ham-road, Wm. Mansfield Esq.aged 8.2. foe
IA USGRAVE '
3 1
—On the 14th inst., Thomas of
Esq., of 32, Itegents-pa.rk-road, aged 67: ca
s(1,
SPRAGUE—On the 14th just., Daniel Sprague'
Queen's-road, St. John's-ood, aged 77. .0
*IP° 4
AI A' -.o°
London: Printed and Published by WILLIA..,- 113, /4
of No. 112, Strand, Printer, at Tas SUN 011130 '-‘°:,,iiattlOß°
in the Precinct of the Savoy, in the County a ,
Wednesday, August 18, 180.