Iowa capitol reporter. [volume] (Iowa City, Iowa) 1841-1855, 1849-04-11
Tea, reduced from Is. Id. to
Is. per ID z, COG, 900 |;

Total reduction of duties Hat ,00C
This proposed reduction is equal IL
double the whole annual expenditure Of
the United States; and its direct object is
to encourage the consumption Of U. s. but
ter and cheese, and provisions in general
as well as breadstrffs and cotton. That
is by removing from the poor Of England
this tax of $55, goo 900 per ann,in, they
will get more food for their earnings, and
be enabled to buy more manufactured ar
,icles. The reduction in the duty on tea
is TO encourage the consumption Of this
article in England, in order that China
may have more means of paying for the
goods she buys Of England.
The plan of Mr.. Macgregor proposes
similar reductions, with the exception Of
the malt duty; and he proposes a tax Of
frs per cent, upon the rents or profits Of
all realized property, and estimate such a
tax to yield Ell ,O0o,O per annum in
stead of f5,6o0,oO0, the product OF The
present income tax. Mr.. Golden right,
supposes that removing the burdens upon
the articles Of consumption will improve
all business, and therefore enhance the
yield Of the income tax at its present rate
Now, these enlightened and practical
statesmen are following the principle
Swallowed forth in the great report of Mr..
Walker. The Secretary, starting from
the point that fuur-ffths ofthe people ofthe
United States are sellers Of farm produce
and buyers Of goods, clearly showed tha,
the more lucrative were their sales the
graeter would be their purchases of manu-
factures, and consequently the prosperity
Of the manufacturers. In England the
converse is the truth. Mr.. Golden and
the great majority Of the people are
makers and consumers Of goods, and buy
ers Of produce. The great manufacturing
interests early recognized the fact, that il
the earnings Of the people were all paid
Tor taxes and food, they could buy nc
goods. They therefore insist that taxes
shall be abolished, and such restrictions
removed as will enable the people to buy
iood at low rates. By saving $50, OOO, OOC
in taxes and $e5O,0OO, 900 to spend ir
goods; consequently SO much greater de.
mand for England's industry. The PEG.
PIE OF China will buy almost any quantity
Of goods; but they have nothing but Tea
10 give. Mr.. Golden says, reduce the
tax IN tc::, Sc that more viii be consumed
instead Of beer, and YOU sell more goods
mus: then, it is the interest OF the United
sta:es to sell cotton, food, and provisions
at high prices, and of England to buy them
al lower rates than those at which The
overtaxed soil Of England can produce
Them; and the equalization of prices, by
mutual interchange, benifits beth nations
Doth the new plans proposed to retain the
tobacco duties, which yield $4,000, OO(
per annum. 1t is obvious that SO large :
revenue on an article Of luxury cannot b.
aoahdoned--more particularly that The
balance of trade, it is called, between the
Two countries, is now largely in favor o
IN. u. United States, and rapidly Increasing
mat is to say, the value Of cotton ant
1901, 10 which England buys of the United
States is much larger than the amount O
goods purchased from England by III,
United States; and this difference, annu.
aily paid by England in cash and drafts, j:
yearly swelling in magnitude. II the tw,
countries were situated like England ant
onlna, the tobacco duty would be abolish
Gu In order 10 encourage its import il
exchange for goods; but the difficulty il
not that the United States send thithe1
700 little produce, but that they buy to,
.ew goods. The idea Of attempting, il
ne present age ofthe world, still fnrthe
- exclude those goods by legal restfic
'ons, would be ridiculous, If such q.