Litchfield enquirer., 1865-12-28
Revenue and Taxation.

The report of the comptrolIsr of ths. Cur: Teacy discusses two matters of great public interest. First, -aftsr stating sthat ,itis bs- lieved the tariff can be so adjusted flat sa fsv- enus may be received from whisky, tobacco, SsJlo6; ssanps; ficsncss; sud intsrest nrhs surplus gold in the Treasury, sufficient to pay the annual interest on thssdsbt end khAAxpens ses of the government, and leaxs thisty 7nA lions annually toward sinking the national debt--he says. regarding cotton
 It is estimated that the cotton crop the next year will amount to between two and . half pound on two and half illions swiils produce one hundred and twenty-fyA, millions. of dol lars. It is reasonable to suppose that the sn- nual crop of cotton, after t6o Or tSfss: years, will equalrin amount the average 4of atbsccrop for A few years previous to 1881, which WAS abont four and half millions of bales. A tax of eight cents per pound Ion fhSs qa4Htity would produce one hundred and eighty, ymilk ions of. dollars, sum more than sufficient to pay tho interest on the public debf after the entire amount isi fundad. gTRe licsnsso n1d stamp duties seuld De. dispensed with afterths nea. nscai year, anu r F so ge hoped tAss
 
 ed from premium on gold sd s0neA goS zGao4,
 Three-fourths of the crops of cotton and to, bacco are exported that proportion therefore of the tax on those articles would be paid BJ foreign coupttiess and 10 that extent ,seontri. buie to the liquidation of the public debt and relief of our own people. E <
 A ,ax ot cotton of eight or ten cents per pound would neither diminish the d6mestic production or foreign demand for that staple. Our means of production, natural and applied, are such as to enable us to furnish 'the2laftiels at ta less price, including theta psepesed, than any other country, Even at, half the price which this product now commands in New York and Liverpool it can be- grown and sold at large profit inclndingF the proposed tax, in its cost ..7.. ....ss..
 Another subject that the Comptroller treats with great justice, and clearness, is the sitna- ton of National Banks regarding state and ma; nicipal taxation. On this subject he says 1t is concseded for the most part by the adyo cates of State taxation, that the United States stocks in the hands of individuals cannot bs assessed for Municipal purposss;' but while these men concede thIs, they take the absurd position that the same stocks, owned by cor. poration, should bsstsxed. To iilustrsts the injustice ofthis theory he says.} ss0s isot aa
 Upon the theory propounded, ,san individual who purchases one hundred thousand dollars of government stock for specific purpose, may plead, and receive the exemption from State taxation which | the, act of Congfess pledges; but if four persons purchase the like amount for similar purpose, and. each re ceives Q certificate of the ambant4he has paid towards the gross iuvestmsRt, they loee al benefit of the immunity attached 10 the securl ities in hand The injustice, if not the ab surdity, of such discrimination must sbesuf6- ciently obvious 4eg a.3sfss,sss3 .sE.s CT s8.
 He.thsn proceeds to explain, what very few people seem to understand, that national banks are already more heavily taxed by the Gener7 al government than any other ,corporatipns ox