Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1861-08-15


that will be when we shall have peace in
the land But pray God let it be a perma
nent peace, established on principle-never
let it be at the sacrifice of a article of prin-
ciple. (Cheers.)
At the conclusion of the address the
thanks of the Chamber were voted to the
speaker, and the members avaied them
selves of an opportunity for introduction.
FIR IN the Chicago Tribune.
Explanation of the New Revenue Meas
There are some misunderstanlincs con-
corning the Revenue bill passed by Con-
gress. The confusion has grown out of
the publication of the original House bill
by the New York Herald in its issue of the
9Th inst. The bill agreed pom by the
Committee OF Conference and subsequent
y adopted by both branches Of Congress,
Is very different in many particulars. =
The amended Tariff bill, the Direct Tax
bill and the Income Tax bill are all united
into one act. The excise duties on dis
TILED spirits and fermcnted liquors, and all
duties levied on watches and carriages.
were stricken out altogether. thereby de-
pr'vlng National Government of fifteen to
twenty millions of revenue which il will
badly need am fe1' a'..a
The alterations of the existing tariff are
not SO sweeping as original, proposed
"A few items, besides tea, sugar anil coffee.
are taken out of the free list and put in the
dniiable list. That on brandies. spirits
and wines, Is raised from ten to twenty five
per cent, The articles ofluxury together,
with tea. sugar and coffee. it is calculated
VIII DOW pay a revenue of twenty five nil
lions per annum. Tea pays fifteen cents
per pound on all grades; coffee four cents ;
ana raw sugar two cents per ponnd.
The direct tax of twenty millions is lis
trIbuted among all the States and terrific
RES accordingte representative popula ion;
but 1T is assessed only on real estate in
case the Federal Government collects it.
Each State Government is given the an
thority to assume anil collect its share of
the tax by It's own laws, on real and per
sonal property, as it pleascs. AMI each
state Is entitled to discount of ID per
cent from its quota when so assumed and
paid. The State is also allowed to offset
against the tax such amount as the Gcner
al Government may owe it for advances
IN equipplng volunteers, aud other purpo.
ses. These provisions are certainly fair and
! liberal.
In case of any State failing to pay its
proportion of the tax. the act puts in op
Grafton an extensive assessment and col
lection system. with prescribed duties anil
salaries. to be inauguratel by Federal Of
ilcers under the direction of the Secretary
Of the treasury. 1t is improbable that the
Government will be reduced to the ncces-
sity OF setting in motion so extensive.
cnmbrous, and costly system. since every
otatc disposed TO sustain the Government
can much more ecomically levy and collect
the tax. simultaneously with its own reg
ular ievies for State purposes, anil on the
same valuation. AMI with the same officers.
lhe amount assessed on Illinois is ST.
l46, ool: and if collected by our State ma
chnerJ there will be saved S17I,9T2.
leaving only S974.579. This is but one
null on this dollar OF the actual cash valne
OF the real and personal property of this
State. The General Government will
probably owe Illinois enough to Offset the
first years direct taxes.
The third and last source OF revenue pro-
vi'lcd IN the bill. is the income tax. The.
collection OF this is not left 10 the States.
The Secretary Of the Treasury is authorized
to appoint the collectors anil lepositos- OF
the money. The law exempts all incomes
below $500 from taxation, instead OF
sou, as provided in the bill which passed
the House. 1t taxes all incomes in excess
OF $500 per annum three per ce,s. on the
amount of such excess. 1t raises this 10
fge per cent, on all incomes held and en-
|joyed in foreign countries, the revenue Of
which accrue from property in the Unitcl
States r.s
No class of incomes Is exempt. The
oificchoder. Federal as well rs State. the
banker, the merchant. the lawyer, the. doc
tor. the teacher. the clergyman. the clerk,
the congressman. the editor. the farmer.
the manufacturer, the railway company,
the corporation Of whatever kind, the
owner OF capital paying interest or profit
OF whatever nature-beyond the annual
pittance of $500 per annum. Is tax,..l three
per cent. on all he receives over anil above
that amount. Tho expense Of conducting
the BUSINESS is deducted. but not personal
or family expenses. The language of the
law is as follows:
TIE INCOME TAX.
SNc 80. Ind be Il further enacted. Tina,
from and after the first day of J nuary
next there shall be levied, collected, and
paid. upon the annual income Of eecry per
son residing in the United States, whether
such income IS dericed t;rom any Kind o,
property. or from any profession, trade
employment, or vocation carried on in tho
United States or elsewhere. or from an,
other source shateper. if such annual incom,
exceeds the sum of eight hundred dollars
tax of three per cehtum on the amount
of such excess of such income above eiyh
hundred dollars: Provided, That upor
such portion of said income as shall be dc
rived from interest upon treasury or othc
securities of the United States, there shall
be levied, collected, and paid tax Of two
and one half per centum. Upon the in
come rates. or dividends, aceruing upoI
any property. securities. or stocks owned
in the United States residing abroad. the-
shall be levied, collected. and pail. Ia,
OF five per centum, excepting that porto,
| of said income derived from infaresf n,