Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1864-12-15

ct Of July lat 1864, ands IL tdpplsnsnls,
considerably exceeds the estimates, Win
out ths amcpdment increasing the tax on
wlisksy from twenty 70 sixty cents per
gallon, the law would have produced at
least loo, 000, OO0-being 120, DOC, O0Omore
tlAn the estimote Of the Secretary Of the
Treemsy, and 1lS. 600, 900 beTond the
minlmnm stated IN my report.
Tie Nllokiag figures show the mopthly
receipts since May, 1868, prior to which
date no separate account was kept:
Nay, 1863, receipts were ....... q, goa, 1876 OF
June 1868, receipts we're. ......... ASSAM ~
July. 1868, receipts were ........ Z, 298, 0J7 70
August, 1868, receipts were. ...... $500, 201 IS
September, 1868, receipts were. :. G,l36, 205 A.
October, 1858, receipts were. $3.50. 9,5ll,7cs GA
Novsmbet, 9e'y ry0eitts were. -. 49,, 1853 06
Dscemeer, lsss. receipts were. . ,o9a,Sci o.
Febru(fy, 1884, receipts we're. 49,. s,35j,C94 GO
March, 16o1, receipts were ..... 8, i49. 953 IA
April, 1854, receipts were. 10 945 III 80
May, 1864, receipts were. ..l2 ,D9s 402 IL
June. 1864, receipts were. o94, 1866 n
The Commissioner expresses the opinion
that the law, as it stood June 2Dlh, 1864,
would have yielded 1926, O0O, 900 for the
current fiscal year.
The act Of June 30th, 1864, has not thus
FIR proved more productive than the law it
repealed. This IS owing to several causes.
In some kinds Of production the stock &C.
cumulated was large and considerably be-
yond the immediate demand. The price of
raw cotton has advanced since July, while
the market value Of manufactured articles
for time suffered = marked decline, from
which they have not yet wholly recovered.
0pnc nj In mar nj, 1.cs,
the effect to decrease, temporarily, broduc.
ton, and to abate the activity Of inland
trade.
Revenue in August was then
but ....................$ 15, II 2,066 "a
Revenue in September was
then but. ............ 15,8l0.77O ~
Revenue in October was then
put .................. 1926, $50 GA
These receipts, however, do not represent
the average receipts which may be rcasona-
bly, expected for the remaining eight months
Of the fiscal year. The stock OF spirits on
hand in July has been considerably reduced
and an additional supply will soon be need.
cd for the demand. The same NAV be aid
Of tobscco.
The Commissioner then proceeds to show
the reasons on which he POUNDS his opinion
q TO the revenue for the current year.
IL appears that the amount Of income tax
collected last year was 81, Got, 033 %. He
believes this figure to represent pretty fair-
II what levy Of three pcr cent. under the
provisions Of the late Law would produce
On this basis he figures 90, 9S6, 035 81 as
the amount which five per cent. tax would
yield. In some respects this estimate. he
rays. will not DO maintained; but, on the
whole, he believes the product under the
joint resolution lcvy;ng special five per
cant. tax on incomes Of 1868 will not be less
than $35 200, 900.
Apprehension that Congress NAV. At the
coming session, reduce the tax on snirits. or
levy tax upon the stock on hand. is exer
cising an unfavorablc influence on produc.
ton, though consumption goes on at the
usual rasc. Il those engaged in the manu-
iacture and sale Of spirits were satisfied Of
the permsnency Of the Inv, and that the
market would not be excited by the apita.
tioa q the subject in Congress, the bust.
ness would soon find its proper Channels
Ine Commissioner protests earnestly and
~ length against frequent changes in any
Az. ana adds that It would have been bet
Ter 70 impose tho whole additional duty At
once on spirits rather than at different ne
RODS; for the inducement to accumulate
stock, to await the operation Of the addition.
q tax On tho lst Of January still operates.
and Il the prospect ola market variants ar,
early resumption Of distillation, the market
viii be stimulated into activity again for a
short period, to be followed by a CORE.
spending period Of depression. This ineyi
table eject Qf irregular taxation might be
avoided BY imposing the additional tax At
once, instead of postponing it sixty days:
but On tho whole, submit it would be a
well that it be understood by the country
that the expression of the will Of Congress-
IN the last act Is final. No article madc
constitutes faifer bubject Of excise. and
mons that viii produce % much revenue
With 20 little suffering to the tax payer. II
the law shall remain untouched q to the
rate q taxyho estimates Ne shall realize NOT
less than 90, O00, 900 within the remaining
seven months Of The ilscsl year from spirite.
and double that amount IN the co,rse 81
next year.
The aggregate receipts Tor The montl,e n
July. August September. Octohsr ma ;-'N NJ =
veoee1 ~ ~, 0so.6so II. Taking III.
sn.9e into consideration. tho commissioners
osl!cves ths recelpts, exclusive Of he 20.
vvvsvsO irom spirits, and tho SIS .OOO. 900
1 ~. spec,a. 'wae tax On incomes Of 1063.
w'Il 80 - less than $3.50. 600 900: or a,
go ~: q ~. 0O0D00 on the revenue
- ~ excaae iee ~ ysar ending june sOth.
MA sons changes in The admini.tr.t;v.
2esnss g ne Law, AZ behaves it will yield in