The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-02-09


1920 M...... 2ldk s:o zoo NJ. 2 2,H
1900 M............ NIX 4:o5 M..... -. 2l1H
LOS r. M.......... 2l2 sos p M........... 2l1H
Money continues easy at seven per CALL and in
the discount line t class commercial paper passes at
ga 10 per cent and the next grade ut 10 a L.
Foreign exchange quiet at yesterdays rates, viz:
100 at sixty days bankers sterling, and 1095s a.
1l0H at three days.
The steamer Cuba took out to-day $3.50 900 In specie.
Mr. Fessenden's bill providing for the coming fiscal
year will be presented the Committee on Ways and
Means during the present week. and 1t is document to
which look forward with some interest The
Secretary is in favor of the tax on sales
already reported by the committee and although there
will doubtless be considerable opposition to the measure
both tho House and the Senate, there probability
OF it's being adopted The proposed is only onehaf
per oent and it is intended dspace any other tax
already levied The arguments against sach tax will
for the most part matter of course, be based upon
the objections urged against in Spain Naples and Ho
land where by of its excessive amount it proved
oppressive 1t FIRST instituted in the fourteenth
fury by King Don Alonzo XI and known As the al
oavaG Adam Smith, In speaking Of it, says was at first
tax Of ten cent and afterwards of fourteen per cent
and he goes to remark:-"The levying of this tax
requires . multitude Of officers sufficient to
guard the transportation of goods not only from
province 70 another but from shop to another It
subjects not only the dealers in sorts Of goods but
those In all sorts-every farmer, every manufacturer
every merchant and shopkeepcrto the continual visit
and examination of the taxgatherers Through the
greater part OF the country in which tax Of this kind is
established nothing be produced for distant SALE
The produce of every part OF the country must be pro-
poOned to the consumption Of the ncighborhood It is
the acavala, accordingly, that Usritz mputes the
ruin Of the manufactures Of Spain He might have inn
pued to it. likewise the declcnson of agriculture, it
being imposed only upon manufactures but upon the
crude produce of land"
But those who apply the argument applicable TO Spain
under such tax to the proposed in the United
States fail prove fair Judgment Of tho cases. which
by no parallel Twenty years ago the tax on
Gales in Spain reduced TO six per cent, which
se,t be very light burden in comparison with the
much higher rate OF former periods. This was levied
upon the sale OF every of property and repeated
every time the property sold In case however,
. tar OF only one-half per cent IL proposed, which,
in present exceptional financial condition, will
fall very lightly the whole community.
II is not sufficiently hrge to provo onerous
to obbers and what called mddlemen in trade, and
the tax will be payable monthly, according to tho re-
turps Traders instead OF in the countries named
the transfer Of the property it will practically prove an
entirely different tax. Neither will lis collection be
likely 70 prove costly for the machinery already ope
ration should be sufficient for the purpose without any
material alteration.
The mode of collecting the aIeavAa Of Its most
onerous features and at the time il involved great
cost TO the government
The same authority says:Tn the kingdom OF Naples
similar Of three por cent upon the value Of
all contracts and consequently upon that OF all con-
OF sale. 1t lighter than the Spanish tax, and
che greater part OF towns and parishes allowed TO
nh
in what they please, generally in way
that gives interruption TO the interior commerce Of
the place The Neapoan tax, therefore, is not
ruinous a the Spanish one"
John Stuart Mil observes that stakes the sale Of
consumabe commodities are simply taxes on those
commodities II they affect only some partcu
lar commodities they raise the price OF those
tics, and paid by the consumer II the at
tempt made all purchases and sales which,
however absurd for centuries the law Of spain the
tax II could be enforced, would be equivalent to tax
on all commodities and would not affect relative prices;
xlevied from the sellers would be tax profits II
from buyers a tax consumption, and neither class
could throw the burden upon the other"
Il la q tax on all commodities, with certain
exceptions that want and those exceptions
are provided for in the proposition before Con-
gress They include sales Of coin, bullion,
secure evidences Of debt and sales at auction These
are very important exemptions but they were not
made in Holland, Spain Naples Various arguments
may urged for and against the tax ses but the
rule guidance Is that ought to be levied
nj the tmo md In the manner In which It Is most
likely DO convenient for the contributor to pay it.
Another maxim Of taxation Is that every tax ought TO be
80 contrived 10 take out and keep out Of the
pockets Of the people as little as possible over
and above what it brings into the public Treasury.
Now there IL reason believe that the proposed tax
would meot these nearly any other that
could bc suggested In substitution All taxes OBJ
viousy less oppressive but taxation must be
borne II is "ax Of and half dozen Of the other
whether adopt this other mode Of increasing
the That the government Is urgent need OF
larger income from internal revenue the fact that the
receipts only slo2 1876 during the year 1884,
and that the current expenses Of the country
now three millions day, sufficiently shows The people
are willing 70 be heavily taxed and the public credit
would be improved according to the increase Of the reve
nue. Congress beginning recognize the necessity Of
the hour and the importance Of promptly taking action
ia this direction Taxation deferred long the
nrst instances but there Is for hcsitang
now whore taxation easily be borne.
The subscriptions 20 tho seven thirty loan to day
through the First National Bank $3.50, 600 the
Treasury drafts $500 600.
The statement Of the First National Bank OF New
York. for the month ending January 81, 1885 made un
der ,hs ,hrty.fourth section Of the National Cur.
renoy act, shows the following 6gures:-
Average amount Of deposits u
Average amount Of circulation. 27'Soo W
The business at the sub,Trcasury to-day was fol.
lows:-
Receipts for customs. .................... 9s5 900
Total receipts 1910
payments Iss III
baance ..2S, I4b s15