The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-07-04
The New Secretary or the Trcasury-A
New Financial Policy.

| pulled into IL.
The New Secretary or the Treasury-A
New Financial Policy.
There lie but little doubt that Mr. Fes-
sender will accept-if he has not already
accepted-the position Of Secretary of the
Treasury. Mr.. Morrill,, Of the Committee Of
Ways and Means, in introducing to the
House the bill for special tax on in
comes, announced it as RECOMMENDED by the
new Secretary of the Treasury" Since the
measures Of q "new Secretary" are thus already
before the House it is doubtless safe to assume
that Mr.. Fessenden has accepted the place.
The financial condition of the country at the
present time is one that is likely to try severely
the temper and patience, and test the abilities
| of the man who has to keep the national purse
Our revenue last year was two hundred mil
lions. We spent eight hundred millions. 1t is
estimated that there will be less difference be-
tween our revenue and our expenditure next
| year, but not great deal. Our revenue under
the present taxes may be three hundred mil
| lions Our expenditures will not be less than
| eight hundred millions. Five hundred millions
| will thus be wanting, and the new Secretary
i
| posed to raise four hundred millions Of this BY
loan. He did not deem it safe to borrow more
than that-half the expenses-and wished to
raise the remainder by an additional tax on
certain articles. Such was bis proposed policy
in view of our present financial difficulties.
What the policy Of the new Secretary will
be we do not know, but there are indications
that he will not follow exactly in Mr. Chase's
footsteps Under bis instigation Mr.. Chase's
plan for an additional tar has already been
modified by q special tax on incomes. This
modification has gone through the House, but
it is not likely to 60 through the Senate SO
quickly. The Senate Is apparently impressed
with sense Of the evils Of hasty legislation.
| This may be because it remembers the Gold
bill. In the repeal Of the Gold bill, also, we
see different policy from that Of the late Sec
| rotary. But in the retirement Of the untaken
portion Of the seventy-fve million loan there is
an even stronger indication that he will adopt
| new policy. Many fuanciers doubted the
! wisdom Of that loan from the first, thinking its
terms improper; and the action Of the govern
| ment in thus Withdrawing what remains Of it
indicates the distinct influence OF new ideas in
the Treasury Department; aud in a change
| from the ideas that bave lately prevailed there
lies the only hope. pt the country.
A-
| WHIsKEY on HAND TO BE TAxED.--Tbere was
| long and spirited controversy in the House
| of Representatives on Saturday last over the
| question of taxing whiskey on hand. II was
| for long time ground and lofty tumble be-
he hatI o. xvf ,oL ID 10 f.;o
Of taxing that article. Some OF the time
whiskey was uppermost and then again tax
| alton would have the advantage. The whiskey
spectators were active, rallied all their forces
| and succeeded in defeating the proposition OF
Mr. Washburne to tax all spirits OF domestic
| production for sale on the 1st instant on
which no tax bad been paid. seventy cents
per gallon, and fly cents per gallon on
spirits which had paid prior duty. The re-
lection Of this proposition encouraged the
whskey spectators, and they imagined that
they were safe from any further assaults.
Subsequently Mr.. Washburne presented bis
proposition so modified that the former article
should pay a tax Of City, Instead Of seventy
cents per gallon, and the latter thirty cents
instead of Fifty. This proposition was adopted
by ten majority, in Committee OF the Whole,
and the tables we're turned on the whiskey
operators When the bill was reported to the
House vote was again taken on this ques-
ton, and it was resfhrmed by an increased ma
jority. The whiskey spectators then rallied
aud defeated the bill on Its dnal passage, and
once more considered themselves victorious
But the vote BY which the bill was rejected
was subsequently reconsidered, and the bill
passed. Thus the contest in the House ended
In the defeat Of the spectators and in favor
Of taxing spirits and forcing that article to
bear its portion Of the burthens Of the war.
The bill, however, Is yet 10 be acted upon
by the Senate. The spectators are sanguine
OF controlling thai body. Since Congress 10
expected to adjourn to-day noon, what Ia done
will have to be done quickly. The wbiskey
lobby were busy manipulating the Senators
all day Sunday, and have left no stone IN
turned 70 prevent that body from oonourring
IN the action Of the House. The events Of 10.
day will decide whether the Senate 10 run by
the lobby or are governed In their aoaon for
the good Of the country, BY Immediately pass
ing the proposition Of the House taxing spirits
on hand. Judging from past action Of hat
body 20 must confess that We have but little
hope OF that branch Of the National Legislature
agreeing 70 levy any tax on spirits on hand.
In oil contests heretofore In the Senate the
spectators have carried their pointa II 10 to
be hoped that they will ut this late hour CON-
prebeod The Necessities OF the country and turn
cold shoulder 10 The whiskey dealers- We con.
TESS that u Ia like hoping against hope. The
record will be made, and We can soon lay be-
fore our readers the names Of the Senators who
! are uudar the control Of tbs whiskey sDeculs