The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-03

thsy WIN be perfsctiy justiasd by hs asts,
and they WIN but give voice to ths aspirsdons
Of tho people.
Internal Revsnus Rsssipss ana Our
NstiOnal Debt.
Our Washington despatch In yesterdays
paper contained the announcement that "the
amount Of internal revenue collected for the
fiscal year ending with june 80, 1866, was fully
two hundred and fifteen millions or more" The
returns already made exceed two hundred and
six millions, to which must be added the
balance In the hands Of the collectors and the
expense Of collecting, including salaries OF
officials, percentage, DC. It II probsbie tnas
Ill this win make tho total amount, In round
numbers, paid by our citizens in the shape OF
internal revenue tax, nearly, il not fully, two
hundred and fifty millions. These, we presume,
are the receipts, a. far - It relates 70 incomes
for the year 1868 The income tax in this
locality for 1864 has not been collected
The same is probably true as to all other sec
lions. Tho returns already published IN differ
emit localities show large increase in incomes
for 1864 over those Of 1868. The receipts will
therefore be largely increased from this source,
and we dare say that for the next fiscal year
the collection Of internal revenue will exceed
three hundred millions. To this must be added
the duty on circulation and deposits, Custom
House duties and sales of public lands, which
will swell the amount of income to the govern
ment to fully three hundred and fifty to four
hundred millions, under the laws Of the last
Congress This amount can be easily raised
if the internal revenue officials are honest and
attend to their duties.
The war being over. this large amount Of
money will have an important influence upon
the finances of the government II was, it is
true, but mere bagatelle as long as the war
continued, and the expenses of the government
reached two or three millions per diem. But
with the rapid reduction of the army and navy,
the disposal of a vast amount Of war na0tfr1el,
including transport vessels, wagons, teams and
ambulances, these receipts will be sufficient to
pay all expenses, including interest on the
public debt, and leave at least one hundred
millions for q sinking fund to pay off the prin-
cipal of our debt, if not paid before by private
subscription. It is estimated that the interest
on the nations debt, when it is all funded
and full settlement has been made of all
claims arising out Of the war, will be not far
from one hundred and seventy millions; but
this amount will in few years be reduced by
the adoption of o lower rate Of interest as the
different series Of seven-thirty and other bonds
mature, leaving the balance for current ex-
penses and the sinking fund. As the country
RECEIVERS from tho effects of the war business
will revive throughout the South and other sec
tons where it has been prostrated by the war,
the internal revenue receipts will largely in
crease, and, through the Improvement of sys-
tenn, it will in q few years double the pre-
sent receipts. Then we have the import
ant developments in mineral wealth in the
Pacific States and Territories bordering on
the Rocky Mountains, whose development
will, now that the war is over, attract both
capital and labor, thus opening q new source
of national wealth exceeding even California
in its palmiest days; all of which will rebound
to the credit of the government, increase ita
receipts, and enable our authorities to more
rapidly reduce the volume of debt than even
the most sanguine now imagine.
All that is now wanted to enable the govern
ment to return to specie basis in less than a
year from the surrender Of the rebel armies il
the practice of economy, honest internal reve-
nue. officials and the cooperation Of oil
branches Of the government in speedy reduc'
ton of expenditures and the return Of the de.
partments TO the simple requirements in times
of peace. Secretary Mccullough will have To
keep close watch upon his army of internal
revenue officials, or the corruption which found
its way into other branches of the government
during the heavy war Expenditures will break
out in that system.