New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-01-18
CONGRESS MUST TAX.

| very lifpc sums are now DculR IdpluAy ufbNl
from the Treasury to pay the bountics Of the Vol
unteers who are reenlisting for another term o
three years or during the war; This is as il
should be; for, though we do not believe
these patriots will be required to serve q day
beyond tho term of their original enlistment, il
is well TO be prepared for the worst, aud right
that these men should be generously treated
Most Of them received no bounty when they
enlisted; while those who entered the service
year later have nearly all had bounties. We
ara glad 10 see the veterans, 'who have borne
the heat and burden of the day now coming in
| for slice Of bounty.
But this enhances the cost of the War; II
sends mp the premium on Gold; 1t renders more
urgent and imperative the necessity OF pressing
the struggle to an early conclusion; and it inn
poses on Congress the duty OF promptly increas-
ing taxation.
If our taxes were yielding an income ado
quate to pay the interest of our Debt as 1t Will
be next July, support the Government hand
somely, and put Twenty Millions per annum
into Sinking Fund, we are confident that Gold
wonld not command even thirty per cent pre-
MUM. The fact that our taxation is inadequate
is noted; 1t shakes the fabric of National credit;
and il thus costs the Government many Mil
lions per annum in the enhanced cost of all it
buys.
This is not the fault of the last Congress,
which imposed taxes high enough had they
proved as productive as was fairly anticipated.
But they are yielding less than One Hundred
Millions per annum instead of the One Humid
red and Fifty Millions expected. There must
have been great falling off in the consumption
of Whisky and other stimulants under this law
or else our distillers contrive III some way to
cheat the Government. The Income Tax ID not
nearly so productive o. il should be- There
should be nearly or quito One Thousand Mil
lions Of Income assessed 10 pay this tax; but it
seems there is not. Congress should try TO
make it, requirements Of returns more stringent
n this respect. There must be thousands who
40 not return their full incomes. beside the tens
of thousands who make no return at all. Lei
the law be so amended that none can afford to
The Art of Taxation consists in leyying taxei
where they can be eKacted without depressing
Industry or grinding down Poverty. Tax, 50
fur as may be, such articles 90 the poor can do
without-especially those that they would be far
better without Tax Intoxicating Liquors; tax
Tobacco; but leave Bread and Meat as free as
possible. Tax Billiard Tables and all minis
trants TO pleasure; but let the humble homes Of
frugality and toll go AS free as may be. We
lack experience in this country; but our present
Internal Revenue is very good as al expert
ment. Experience will, Of course suggest I'M
proycments, which will doubtless be promptly
made. But fail not 10 tax.
That done, We hope for an Improvement in
our Finances, even ia the face Of our enormous
Expenditures. With total revenue of Two
Hundred Millions, we believe n long loan might
be placed at five pcr cent. IL would be taken
in the hope that Pesce would carry IL consid-
erably above par. No experiment in this direc-
ton has yet been tried; nor should il be till the
Revenue Is rendered ample. That done, we
hope TO announce loan at five per cent, having
many years 10 run, and believe it will Dc
speedily taken. Fox nobody now sppre-
hends IN adverse result Of orr great struggle;
nor that the restoration of Peace will be long
DELAYED. Let " see, then if Uncle Sam is not
in better credit than NJ was year or two ago !!
We believe he is, and that Tie next loan adyer-
tised will show it.