The Sun.
London, England, 1867-01-25 00:00:00

COLONIAL.

TEA.—Tho public sales have proceeded with consider-
able spirit, and full rates have been obtained for superior
descriptions.
SLTGAR.—Business has been inactive, and but a smal
quantity of West India has been sold in the:private market
at about previous prices. Other descriptions have remained
without any material change in values. In the refined
market common lumps and titlers are quoted 43s Gd
per cwt. _

COPPEE.—There has been a fair inquiry for superior
descriptions of Plantation Ceylon, which have sold readily
at fully previous values.
TALLOW.—There has been very littlo animation, and
operations on the part of the trade and on speculative ac-
count have beon restricted. P.Y.C. on the spot is now
quoted 455. 3d. per cwt.
lircE.—The market has remained very dull, and no
sales of importance have been recorded.

LIVERPOOL corroN MARKET.

(This Day.)

Market opens quiet, Sales probably 8,000
bales.

THE NEW TARIFF RILL

REPORT OF COMMISSIONER DAVID A. WELLS.--MATE-
RIAL REDUCTION OF TAXATION PROPOSED.
_

The report of David A. Wells, Special Commis-
sioner of the Revenue, which was presented to
Congress, makes a pamphlet of 128 pages. It re-
cognises at the outset the demand for a change of
tariff. This cannot be sought for on revenue
grounds, because the tariff is already highly produc-
tive, and its revenue has reached a point much larger
than was ever anticipated. The reason for a change
must be the industrial condition of the country.
There are three causes which, through their resultant
high prices, have produced disturbing effects upon
ourindustry :—First, scarcity of labour, especially
of skilled labour. Second the cause to which the
present inflation of price's is to be attributed is
the adoption, on the part of the Government as
the measure of value, a medium of exchange
as legal tender, of an irredeemable paper cur-
rency. The third of the causes, and perhaps the
most influential, is the extent of the burden of na-
tional taxation, involving extensive and unequal
legislation. Extensive duplication of taxes in turn
entails and maintains undue enhancement of prices;
decrease both of production and consumption, and
consequently of wealth ; restriction of exportation
and of foreign commerce, and a large increase in
the machinery and expenses of collection.
The remedies for this state of things are next
discussed. It is not clear that legislation can be
made available to
relieve the scarcity of labour,
and the evil growing out of this cause must in
course of time cure itself. The remedy for the
second cause is to be found in a return to specie
payments. The third remedy lies wholly within
the control of the Legislative Department of the
Government. Commissioner Wells states in
taxes can now be made, compatible with
what manner and to what extent a reduction of
existing
the requirement of the Treasury for administra-
tion expenditures, interest, and a desirable and
certain reduction in the principal of the national
debt. Mr. Wells recommends—First, a reduction
of the present general tax of 5 per cent. on pro-
ducts and sales of manufacturing industry to 3 per
cent., and a corresponding reduction in the specific
taxes levied on analogous branches of industry.
Second, the entire zemoval of all direct internal
taxes now levied upon the production of bar, plate,
and sheet iron, and of such additional taxes as are
levied upon manufactures of steel. Third, the re-
duction of the tax of 24 per cent, on the gross re-
ceipts of sugar refiners to 1f or 1 per cent. Fourth,
the entire removal of theinternal revenue duty on
the entire removal of the in-
ternal revenue of tax upon the manufacture of salt.
stuulrpehoufriec emery. Fifth,
andFif
tzon the mng and manufac-
ture
The total amount of the reduction of the revenue
may be estimated at
consequent upon the adoption. of these recommenda-
tions, taking the receipts of the last fiscal year as
about
eout
basisth thirty-five toyf-five million dollars, leaving a surplus
available for other purposes of about $20,000,000.
Commissioner Wells recommends as the basis of
present and future legislation the principle of abat-
ingthe calculation,.
the duty on raw materials to the lowest point
consistent with the requirements. of the revenue,
and placing upon the free-list such raw materials,
the product mainly of tropical countries, as form
essential elements in the great leading branches of
manufaeturing industry, and do not come into
competition with our domestic products. On the
principles here laid down, Mr. Wells prepared the
bill which accompanied his report.
Secretary 1114Calloch, in submitting Mr. Wells's
bill and report to Congress, says :—" Whatever
differences of sentiment may exist in regard to the
opinions and conclusions of the commissioner, no
one can examine carefully his report and bill and
fail to perceive that he has performed a very large
amount of labour, and endeavoured faithfully to
discharge the duty devolved upon him. It may not
be improper for me to remark that his opinions and
conclusions, with very slight exceptions, have my
hearty approval. I recommend the report and bill to
the careful consideration of Congress."

MURDEROUS ATTACK ON A WARDER AT PORT-
LAND.—WhiIst a gang of convicts wore working in the
Government quarries at Portland on Monday, under the
care of Warder Kitson, one of them suddenly made a mur-
derous attack upon him with a shovel which ho was using,
striking at the warder right and left. Tho warder drew
his sword and defended himself, calling for help to his
brother warders, Several immediately ran to his assist-
ance, and oven then the convict would not desist from his
murderous intention, until Warder Curtis struck him down
with his sword, inflicting a severe scalp wound. lie was
carried to the infirmary for medical treatment.