South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1834-12-20

I two sums has not been caused, howev%
err, by overrating the amount of Reeve
nue. expected. The reverse Of this il
the fact. In almost every case the a.
mount of the Revenue has actually ex-
ceeded the estimate made Of il by this
| Committee, and in the few instances
where this amount is less, the aggregate
of deficiencies is much more than e.
qualed by the aggregate ofexcesses.--
Hence the reduced amount OF receipts
into the Treasury, cannot be ascribed
to any deficiency Of the Revenue, but
the cause of the difference must be
sought for in something else.
The mode in which the estimate of
federal receipts has usually been made,.
is to consider the supposed amount of
the revenue OF any year, as sum which
will be paid into the Treasury during
that year. Inpoint Of fact, however,
portion Of this revenue has been ac-
tually received into the Treasury, and
constitutes part of the balance found
there, at the end of the first fiscal year.
Thus a sum no longer due, is computed
as one still payable. This, although
an obvious error Of calculation, will
not produce any material difference Of
result generally because, while the
same system of taxation continues, it
may be estimated very properly, that
whatever portion Of the revenue Of
current year may have been received
into the Treasury during the fiscal year
preceding, like amount Oft the revenue
Of the succeeding year, will come into
the Treasury during the current fiscal
year. So that whether these equal sums
be both included or excluded, the result
will remain the same.
This result will vary materially only
when change takes place in the sys-
TEN of taxation, or in the circumstances
that influence the collection ofthe same
| taxes. The latter was the case during
the past fiscal year. The distress of the
country. caused by the arrangement Of
| its circulation consequent upon the mea-
cures of the Federal Government, neces-
sarily occasioned the payment of the tax
es to be made less promptly, and the coll
lection more difficult. than has usually
happened Hence much, less amount
ofthe revenue of the present year, has
| been received into the Treasury during
| the last fiscal year, than that of the last
year, which was received during the pre-
| ceding. Thus it has happened, that al
| though the sources of supply are actual
| ly multiplied and augmented beyond what
was expected, they have not produced,
as yet, an amount equal to what was an
| ticIpated.
This effect, however alarming in it's
| first appearance, is of little consequence
at present, when the cause of il is ascer-
tanned. The funds in the Treasury, all
| though diminished, have been found am
pie to satisfy promptly every charge to
which they were subject and the UNI
! paid expected balance, will swell the re-
ceipts of the current fiscal year. AL
though this is the case now, however, no
calculation, to be relied upon, can be
made as to the future, should the existing
state ofthngs continue. The diminution
like the accumulation of capital, acts
with force by no means proportional to,
the mere difference. The reduction in
the amount of revenue paid into the
Treasury annually hereafter, must great,
ly exceed the reduction ofthe ability Of
| Taxpayers to satisfy the demands upon
| them, if the same cause which has occa-
stoned their diminished ability continues
| to act in the same way. And as over
| this cause the Government of this Com
monwealth has no control, its effects can
| neither be foreseen or countervailed by it.
At present, it must be source Of
great qualification to know, that although
| the receipts into the Treasury during the
| last fiscal year has diminished, the amount
| of revenue itself has increased. As this
| increase of the revenue has not been
caused by any augmentation Of taxes, it
| can only be ascribed in the increase in
the number or value of the same subjects
of taxation that is to say, to the aug.
mented population and wealth ofthe Com
monwealta. But as no accidental Or
temporary cause can be assigned, as that
to which this augmentation may be at
trlbuted, it may be estimated very safely
| that al the same rates of taxation now
existing, the amount of the revenue of
! the current year, will fully equal that Of
the year las; past. Therefore, unless
some charge. now existing, shall be i'm.
posed upon the Treasury this year. there
will be no necessity for Offering the pre-
sent scheme oftaxatlon, in any waywhat-
ever.
| Although the disbursements of the
Treasury during the fiscal year. ending
with the 30th of September last, have ex-
ceeded the estimate of expenses for
that year made by the Committee OFF,
nance of the last Assembly, the obvious
cause of the difference, is the under rs-
| 4ir,.. h.. haA Cornrritfaa in. heir eafit.a