Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1865-02-17

In the world.
The amount Of our exports to all parts Of
the world in 1864 was l,l2l.79l gallons,
having largely increased since 1862 and 49,
63 Notwithstanding this increase OF exports,
the consumption mas not tarried behind, as
the stock on hand in London and Liverpool
on the first Of January, 1865, was not more
than one third Of the amount on hand and
unsold the year before TO show how firmly
established this new article of commerce
abroad has already become, will give some
extracts from a recent circular OF a large mere
camille house in Liverpool. They say
" The home consumption has steadily in
creased and is even now considered far short
/ Of what it will ultimately become, the more
so as genuine petroleum has been found to be
but most slightly affected by the various coal
oils that have been introduced, but has main
tanned its superiority in all particulars to
most marked degree The fluctuations n
price, as compared with last year, have been
unimportant. Still speculation has been car
ried on to an even greater extent than hither-
to, and as the article is daily finding increas-
eG favor, operations Of still larger magnitude
may yet be expected the market to-day
, Dan. /, 1860 is very firm" :
Z " The nome consumption OF crude oil has not
( increased in proportion to that of refined, the
| manifest advantages enjoyed bv the Ameri-
cans in refining enabling them to produce a
! fine oil at price quite disproportonate to
that for which IL can be manufactured here,
and consequently the British redners have for
the most part closed their works the small
ness of present stocks, however, causes firm
ness on the part of the holders"
have no doubt these statements arc true
and If so, the American refners will have no
apprehension of any permanently untayorable
effect on their trade by the bill now before
the committee II is plain that coal OIL and
nothing else, completes with refined petroe-
um, and that British rehners give up the con-
test as against the superior advantages of the
Americans.
1t is proposed to add to the duties now
levied, in the section embracing manufactures,
one hth so that now where the rate is five
per cent nd y1lorem it will hereafter be six
p cent, making exceptions OF such articles
as nigh not be able TO bear the tax. If any
such articles, in order TO sustain this burden,
shall require an increase o. the tariff in pro-
portion, such increase will hereafter be pro-
posed but it is not believed that so small
en- increase will render shis needful in many
cases.
kind on manufactures can only be defended
by the necessities Of the day, as each addition
lessons the power on the part of the people
for consumption, and does not like duties on
imports, give any compensation by an impe-
tus to the industry OF the country. AS legis-
ldtors at this critical period in our history, |
think it indisp enssbIe to our success in the
great contest now going on, that we should
3 tn wit N ha mr. rNli oif do hat
every man, every machine, every engine, and
every mill is Kept constantly and protitab y
, employed. The capital exp, nded in war is
gone forever, and unless the productive ener-
! gies OF the country are skifully and properly
! directed to daily repair Of this waste we
r shall at the close fod the people irretrievably
e impoverished To-day the universal employ
: ment of our people is leverage that would
e give us the preponderance though the rebels
we're our equals in numbers. Our people
know how to work, are willing to work. anC
I we should give them fair chance to work. lr
all these respects we possess great advantages
over our foes. Let US maintain this as a
. once our staff aud rod
t The income tax, intrinsically the most jus
T. Of all taxes, is yet ole extremely difficult 0
, adjustment and collection. The fault founC
with our present Law =. th1' 90 many largl
: incomes partially escape which ought to con
, tribute more fully. Every man would b.
. content, provided mis- neighbor paid his jus
{ proportion. This we have attempted to rem
edy by providing that in all cases return
shall be made under oath, and that even thi
D shall not be final unless the assessor shall b,
p satisfied Of their correctness. w e also pro
r pose that all incomes nyer 80 900 shall be as
e sessed at ten per cent. Some other modihca
e lions will alsoappear
o Notwithstanding the recent enactment O
T. our law and the sudden iepetitioA of the ta
=, last year, less complaint, it is believed, Ia
t been made about It than is constantly mad
a about the income tax in Great Britain, thong
l. they have had long years of experience an
II their law has received numberess mod6ca
v tons. An able British writer upon the sub
=. iec Of taxation, sir Morton Peto, as late a
II 1868, asserts OF the income tax, that " th
n tax has carried with 1t every sort of grievance
e trouble, vexation, annoyance, heart-burnnp
= and strife" Our income tax is doubtless re
Il garded as a heavy burden, but no such sweep
Is ing chaiges have been made against it. Their
IA will always be difficulty IN ascertaning tn
If actual income OF reluctant taxpayers, ant
" these will be sufficient in number to form
Is respectable company of GROWERS. | do no
It argue that rur law is perfect by any means
e Ii it were to remain permanent festur
= among cur tatutes, | should urge, as tn
: basis Of the iscertainment of every person
e income, the adoption Of plan by which t
d get at the actual amount of property held b
q such person over and above all Indebtedness
e This was the principal arrived at by MI
y Hume, in 1851, as the chairman of parla
1t mentary committee Of fifteen, after yer
- elaborate investigation of the subject. Non
y other appears to me theoretically or practi
II caily more just By such plan we sboul
not tax accumulstions until they were made
o person may hold vast amount of Propert
IT yielding no present income, but which it ma
e be very profitable to hold. Whatever it ma
It be profitable to hold, or privilege to hold
whether it be merchandise or stocks, lands o
lie houses, mines or ships, horses or plate, cattl
1t or anything else, should be subject to tn
= same rule, This would be essentially prop
d erty tax, and the facts could be obtained wit
o more absolute certainty. If this were tn
= rule, the man with large fortune but VIII