American citizen. [volume] (Butler, Butler County, Pa.) 1863-1872, 1864-03-30
Our Financial Situation.

this time to-present any views of our own
or facts of our own cleaning, but to give
the impressions of Journalists whose facil-
tiles for forming correct opinions of the
financial situation are not to be question
ed From the New York Commereiot
Aagerttser, most reliable paper in every
way, we take the following paragraphs:
While Congress is wasting its time
over matters Of secondary Importance, and
especially over such discussions as the
Missouri quarrels, it is negleoting matters
of vital consequence, prominent amongst
which is the need of increased taxation.
Iturges theimposition of higher duties
on imports in the following words:
We want, then, higher duties for
double purposc-lirst, and most import
ant to diminish our imports, which arc
impoyerishing US, andsccondl} to increase
our customs. let thosewhomoai indulge
in superfuities Of foreign origin, pay we'll
for them Fine silk and WOODEN goods.
cloths, gloves, braudies, esars-ior these
cent. per cent. is not too much, ana even
at any rate that may be fixed, they viii
continue to De consumed in quantities lar
ger chan we can afford
Relative to the gold question ii says
at is our duty now to establish tar
if, such that hcnceforth VIC may cease to
export gold, so that we may hereafter buy
no more from foreign nations, than we sell
to them. OF this none will have a right
to complain. Hitherto customs have been
so arranged that we have bought far too
much abroad, and have been perpetually
drained Of our specie to pay for it. by
retaining our gold product in our own
hands we give stability and security to
our financial system. When gold is plen-
ty few reyulsions can take place, because
every one feels that under whatever paper
transactions may take place there is
sound metallic basis, and exchanges al
ways tend to rule in favor of country in
which great quantities Of the precious met
ais centre. Such has been ever the case
with England, and the contrary is differ
ently'exemplifiod at thepresent day in our
own country, aud at all times in Austria.
Let us then adopt as Cur future poll
cy tariff systemsuch that, one yearwith
another, our exports, exclusive oil gold,
will pay forour imports. This IS tlrcouly
way in which we can stop the incessant
drain of goldwhieh is forever taking place,
and TO accomplish it we must raise our du-
ties till the object is affected. In so do
ing we'shall increase ourrcyenues andput
some check on that extravaganza which
is now adding to our dificultios."
Concerning the imposition of heavier
excise duties than are now levied. We quote
only this sonSence:-
" As respects oxcises Oh articles Of home
production, these should be placed heayi-
" on those products which are mere lux
urios, especially on spirits tobacco, and on
those articles in the production Of which
we have peculiar advantages" "
To the foregoing we add some most ad
mirablc suggestions from the Philadelphia
Bulletin:
The writer asserts that Z" it is a maxim
with those governments in which the art
of taxation has been most attentively stud
led to derive revenue from high taxes on
few important articles" In this respect
the present law is defective, for it places
low rates on large list. Many fruitful
and proper sources of revenue are not now
taxed at all.
." For instance, why should not pur-
chascrs and sales Of stocks be taxed? ? A
duty Of one per cent. on every transaction
in stocks would realize, in this city alone,
an annual revenue of several millions
There is no doubt, too, that several branch
es Of manufactures can bear, without in
convenience, a considerable Increase Of the
burden now laid upon them Manufao-
turcrs have made great Fortunes in the last
two years; they are protected against for
o;gn competition by tariff which salts
fos even the requirements Of MIR. Nor
riil When the rebellion is put down
thoy viii have a market opened to them
in the South, so vast and 50 hungry that.
II supplying it thc utmost power Of their
machinery win he strained for some years
to come"
Heprocoods:
1t las been proposed to increase the in
come tax. This is the most disagreeable
Of all duties, but if it is to be levied at all
there is no reason why at least the large
incomes should not pay more than they do
now The luxuries too, such as liquors,
wines, and tobacco in all its shapes, should
be taxed more heavily than they are now.
These ought to be made to produce the
bulk of the revenue.
The cost Of collecting taxes under the
present law is next resorted to, and re-
duction in salaries is strongly urged. The
Bulletin further urguos that the country Is
able to pay higher ta.res. Money is plon-
ty Another argument: to levy heavy
taxes would cure one'of the great evils of