Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1863-12-02

The resources Of the Government TO meet
this immense sum annually are from two
sources. namely: Customs and Internal
Revenue. We have already, from reliable
data, asoertained the amount received from
customs to be about sixty-eight million
dollars add to this the amount OF Inter
nal Revenue which Judge LEWIS, of the
Treasury Department, estimates at about
seventy million dollars per annum, and
We have the total receipts of the Govern
ment annually at one hundred and thirty
eight million dollars, deducting this amount
from the total annual deficiency Of reve-
nue of two hundred and forty-eight mil
lion dollars, to be supplied by additional
taxation.
REoAPITULATIoN.
Public Indebtedness Of the United States , ooo mo-,
at the cose Of
Annual interest on same at six 49, , 90,
Amount Rsr required annually 10
defray Ordinary expenses oi ..o.ooo oo,
Goyetnment.'''...''''. ',,,''i'.' i'VioV'i"'"
Amount required annually to
supply deficiency of gold to
pay iuterest...........' '.'''''.''''' ooiuVV'VW
Total annual expenses $3.50 900 600
Receipts from Customs per an - .
Rec eipis from Internal Reye- -
nue '.'...''''''''' 'V'VOO'V'V
Total animal siss,OOO,O 900
Annual deficiency Of Reyenue.......s SIS, ,OOo, 200
The above calculation is based altogeth-
er on the receipts of revenue under the
present laws of Congress for the year
1868, and the expenses of peace es-
tablishment after the 1st Of January, 1868,
supposing the war to be over by that time.
Finding, then, the annual deficiency OF
revenue to be, after that time, two humid
red and forty-eight millions of dollars, the
question arises by what mode of taxation
is that sum to be raised annually to meet
the deficiency? for raised it must be by
taxation, or bankruptcy of the Govern
ment would be inevitable as public conf.
dence would be entirely lost in a financial
system not self-sustaining in time o.
peace.
Having already stated that the revenue
of the Federal Government, under thu
present laws of Congress. is Gerivable from
only two sources, namely: Customs anC
Internal Taxation, we believe that will
the present and prospective high premium
on Sterling Exchange, added to an aver
age duty of thirty per cent, making alto
gether a prohibitory tariff on importe
merchandise of about one hundred pc
cent, and in favor Of the New Englan
, manufacturers, it would be folly to attemI
, by additional taxation to increase revenu
> in that quarter, as we believe any addition
al taxation by Congress would tend to
> total prohibition of imported goods, ant
consequently, decrease, instead of an II
= crease, in the receipts from Customs.
We believe, then, that the GOvernmer
will be compelled to rely altogether q
internal taxation to supply the dehcienc
d or necessary annual revenue which SUI
y we have already stated to be two hundrt
y and forty eight million dollars. If the
d the receipts from internal taxation und
e the present law, onerous as it is, and at
n time of great commercial and manufactu
sc ing activity, only produce about seven
le million per annum, it will be necessary
er increase the levy of internal taxation
= about four and one-half times its prese
rate to meet the annual interest and e
to penses of the Government without payii
ct off one cent of the principal of the pub
It. debt. Thus, for example, whisky, whi
be is now taxed twenty cents per gallon, W
al have to be taxed ninety cents per gallo
s. If bushel of corn makes three and oI
I'd half gallons Of whisky, the tax on
re product of one bushel of corn will nee
a sarily be three dollars and fifteen cen
K this is but one example of what is in
bic serve for us; everything else will be taI
IN in like proportion. Thus we can eas
Ii see that il the present civil war is cont
ed ued for one year longer, ruin or repud
we ton must inevitably result.
NS s.rr-H, .H -. n..a-aHa 3