, 1861-08-12
Explanation Of the New Revenue
Measures.

g 1Ee O1lE14a1 HcU8e OIL py INC NeW IGEE
Herald IN its issue Of the 5th inst The bill |
sgreed upon by the Committee Of Conference
ard subsequently adopted By both branches |
Of Congress, is very different in many partic- |
u1a1f. The amended Tariff BIZ, the Direct !
Tax bill and tie Income Tax bill arc all uni |
tsd into one act. The excise duties On distilled |
spirits aud fe1mented liquors, and a1l duties
Levied On watches and carriages, were strIck- |
en- cut altogether, thereby depriring the Na. |
tienal Government Of fifteen to twenty mil.
lions Of revenue which it will badly need.
Tie alterations of the existing tariff are not
50 sweeping as originally proposed. A few
items, besides tea, sugar and coffee, arc taken
cut Of The free list ard put in the dntiable
list. Thst on brsadles, spirits and wines, is
raised ftcm ten to twenty-five per ceat- The
articles Of luxury, together with tea, eugsr
ard coffee, it is calculated will now pay rev.
enuc Of twenty-five mi1lionB per annum. Tea
rays fifteen cents per pound On all grades;
coffee four cents; and taW sugar Two cents per
pound.
Tie direct tax Of twenty millions is distrib-
uted snong an The Statcs and territories ac-
ccriirg to representative population; but it is
sseessed only en- real estate in case the Feder-
Il GcVerument collects it.
Each Stale Government is given the auflo-
lily to aeE tune and collect it's share Of the tax
hy it's owu 1aws, on real and personal proper
y, as il pleases. And each State is entitled
10 dlEceuct Of Is per cent from its quota
shen so assumed ard paid. The State is also
! allowed to offset against the tax such amount
| as The General Government may owe it for
advances in eqnippipg volunteers, aud other
EurEoEes. These provisions are certainly fair
| and liberal.
| s, In case Of any State falling to pay It's pro
fcr:ion Of the tax, the act puts in operation
an extensive assessment and collection sys-
ten, with prescribed duties and salaries, to
be inaugurated by Federal officers under the
disec,icn Of the Secretary OF the Treasury. It
is Improbable fiat the Government will be re-
duced to the necessity Of setting in molten 90
extensive, cumbrous, and costly a system,
since every State disposed to sustain the Gov.
e1rmcnt can much more economically levy
spd collect the tax, simultaneously with its
own regular leyies for State purposes, and
On The Eame valuation, aud with the eame off
cere.
The amount assessed on Illinois is $l,148,
551: and if collected by oEr State machinery
there will be ssrcd *171 ,972. leaving only
1914 579. This Is but one mill on the dollal
OF the actual cash va1ue Of the real and per
eolal property Of this State. The General
Government viii probably owe Illinois enough
to cf1set tie drst year's direct taxes
1 The third and last source of revenne pro
| v.ded in the bill, is the income tax. The col
lection of this is not lett to the States. Th'
Secretary Of the Treasury is authorized to ap
point the collectors and depositozs Of th
money. The law exempts all incomes belos
$500 from taxation, instead Of 5000, as PIT
vidsd in the bill which passed the House. ]
) .axts all incomes in excess Of $500 per annn1
l three per ceat On the amount Of such excess
:; held and enjoyed in foreign countries, fb
? revenue Of which acc1ues from property in th
+ United States.
. No Class Of incomes is exempt. The ofic
holder, Federal as wel as State, the banker, th
merchant, the lawyer, the doctor, the teache
= the clergyman, the clerk, the congressman, tt
tdIte1, The fa.neT, the manufacturer, the raj
way company, the corporation Of Whatev'
, kiEd, the o1ner OF capital paying interest I
prcft Of whatever rature-beyond the an1u
e pltia1ce Of $500 per annum, is taxed three p
e cent. On all he receives over and above th
sncunt. The expense Of conoucting the bu.
q uefs is deducted, but 10. personal or faui
q expenses. TIE language Of the law Is as fl
:, lows: ........
THE Nc0ME TAX.
NM.
:. asisr the hrst day Of JANUARY next there shall
lcvfld, collected, aud paid, upon the dnauo1 ikc0l
70 # ersry person residing in the United St11e
whether such 11come Is dericed from any kind
= we1xrfy, or from o;y pru}ssxio,a irade. e,npt
1T neat, EEeafion carried on In the United Stat
- orelecwheze, from any otAs' source zohateut
"a hundred dollars, tax ct three per centum on t
IL amount OF euch excess cf such fLcome above eig
Te hn2drec dollars: PToride9 Tbst upon such p
er est upon treasury other securities Of the Unit
states, there shsn be levied, collected, q
ueoa tsa se e is tcos sad r.tes e y Rsi
eRSa Ese s5ssas sPs
p sx 81 per-
IT. excepting shat portion Of said INCOME deris
rom interest on Treasury notes and other S secu
oe Tie tx herein provided ehall be assessed up
ioT he gear next preceding lie tine ior assess1
I'll Of Jannary 1862; and the aaid taxes, wien 90
scesed AID made public, shall beeome lien on
~ properly Or oahef sources Of said income for
NJ amount Of Tire came, with the interest and oil
as eypenses Of collection, until paid. Fr0cid
Id. That MI 1Gca1 tsxcs assessed upon this ptopt
lot from which the income is derived shall be first
ait ! Quoted
"a. What amcpnt viii be obtained from t
3is source is matter of conjecture. But So
n estimate it at twenty millions per annum,
mi The reyecue to be derived from the new |