The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1865-12-12

againH them, the bonds into which the present
aeot must % funded cannot b distributed among
the people except In some favored localities unless
they bear rate Of interest 90 hish q to make the
dset seysesy cpprea6ye, and TO render ths pro,.
peel Of its extinguishment velnirh homeless
Exempted fren iocsl taxation, the de6tca it Is
expected, De landed at IN early day 1t ave Der
cent If local taxation is allowed no eonsiderable
portion Of the dst which fails due vitbin 10 newt
four years, can BE- funded ut home AZ Ia. th.n
eight per cent. The taxpayers of the Tnited
States cannot afford to have their burdens TINS
increased 1t is also evident th.t the relief which
local tax payers would obtain from Government
taxation, as the result of low rate Of interest on
the national securities, would, nj least be as great
Is the increase OF local taxes to which they would
be subject on account Of the exemption of Govern
ment securities; while il those securities shonId
EbeaF rate efkerest tuEe ienf 70 secure thetr
when subject to local taxes, few, if any of them
would long remain where those taxes could reach
them. They would be rapidly Transferred tootber
countries, into the hands of foreign capitalists
and TINS at last the burden Of paying . high rate
Of interest would be left.spon the people of this
country without compensation or alieviation
SYSTEM or INTERNAL REVENUE
4 The present sys'eD Of internal revenue liz one
! eftbe results d the war. It was framed ppder
circumstances OF pressing necessity, afordng little
opportunity fsr careful and accurate in vestyaton
OF the source of revenue It's success. hoWever
bas exceeded the anticipations, Of its authors and
10 most honorable testimonial to their wisdom
and TO the patriotism Of the people who have 20
Echecrfally submitted to its burdens
4 With the restoration of peace industry ia 70,
turning again to It's former channels and a reyis-
ION OF the system nov becomes important to
accommodate it TO the changed and chan ging copdi
tion Of the country.
= Evey complicated system Of taxation opens the
way for mistakes, abuses and deeeptions Temp
tations to dishonesty and fraud are placed before
the OfEeers and fay L..h
often thereby demoralized. Honest ~ q .,tspav
their taxes in full, are injured, II aot ruine4
the ingenuity Of those who successfully evade
their share Of the public burdens
The multiplicity of objects present subject ID
taxation Is enc of the most serious objections 10
the present system. Many of these yield little
revenue, while its collection is troublesome TO the
collector, and irritating and offensive to the tax.
payers. This multiplicity also involves as many
temptations TO fraud, and many difficult que.-
lions Tor decision as the objects from which large
reyenu. In derived
To impose taxes iudiciousIy so a. to obtain
revenue without REFRESHING industry, Is one Of the
highest and most difficult duties deroIyed upo-
Congress. Taxation which In one year NAV be
scarcely felt, may the next year be oppressive and
that which may not be burden some 10 those who
are well established in business may be fatal to
those just commencing. Livery branch Of industry
has its infancy; and ought TO be encouraged b.
liberal legislation. Whatever Of industry or en-
serprise is destroyed by injurious taxation or 9th
er~ise, Is q damage to the national welfare.
Heavy taxation may drive capital from our
shores or prevent its employmentin the manner
most advants geous to the country, and thus pre-
vent that demand for labor which the best seeu-
rity for its proper reward.
The taxation which is now extremely productive
may in few years become unproductive or en-
gender spirit Of opposition and discomfort which
may engender the national credit
Ii is important, therefore, that our revenue gys-
tenn should De frequently ana carefully revised
order that !: may be accommodated to the habits
and character Of the people the industry Of the
country, to labor and capital to wages at home
al wages abroad II is also Of the highes: i'm
portznce that there should be careful adjustment
of our internal and external revenue system.
That views soEnewh hat similar 10 these were el-
terts:ned BY Con CESS is Indicated BY tie provision
in the amend atory act o. siareh 3, 1865 By which
the Secretary Of the Treasury was authorized TO
appoint commission, consisting Of three per
20 inquire and report. at the earliest practica
bic moment, upon the subject Of raising by taxa
ton such revenue a may be sarry in order to
supply the wants Of the Government having re
gard to and including the sources fran which such
revenue shonld be drawn. and the best and most
Efficient mode Of raising the same"
THE REVENUE COMMISSION
This subject received The early ate tion Of the
Secretary, and under the authority of the act after
careful deliheration, commission wss ofxasised
consisting Of Messrs. David A. Wells, Stephtn
Colwell, and 5. : HAyes, representing, 10
tain extent, different sections and interests and
Also different political sentiments. The commits
sion was fully organized In June, and has sine.
then been actively engaged in the prosecution Of
il labors.
The plan pursued BY the commission has been,
to rake up, specifically. those sources of revenue
which our own experience, and the experience Of
other countries, have indicated likely to be most
( M .nIcr and ranahfq uf
sustaining lis burdens. In pursuance Of this plan,
a large number of witnesses have been examined.
and much valuable testimony put upon record.
II is understood to be the opinion of the cog
missioncrs that it would be nexpedient ct once t.
make any radical and violent changes IA the nature
and working OF the present revenue system, and
that WI shceld rather seek though experience and
study, 10 perfect the present system by degrees
as to gradually adapt it to the industrial habits
and fiscal capacity Of the people. The Secretary
is also informed by the commissioners that it
certain to them that, without any increase in the
rate of taxation, bat BY the enactment Of some
notifications and amendments " the present law,
coupled, possibly even With some reduction in the
rates increase Of revenue from comparatively
few sources TO the extent of some fifty or sixty
millions of dollars per annum over and above that
now obtained. may be confidently relied on If
this should be the ease. early repeal Of multi
tude of sms taxes which, ON the linguistic al
character of their method of collection. have be-
come extremely odlous and Objectionable. Will be
advisable.
THE Secretary leaves the question Of the collec-
ton Of revenue in the rebeliious States for Con
gress TO settle.l
THE SECRETARY RECOMMENDS,
First. That the collection of internal revenue
taxes which accrued before the establishment Of
revenue in the States recently in rebellion be in
definitely postponed.
Second. That all sales Of property In those
States under the direc, tax law, be suspended until
the States shall have sn opportunity Of assuming
as was done by the loyal States) the payment Of
the tar assessed upon them.
Third, That all transactions in snch States,
which may be invalid by the non-use Of stamps,
be legali.ed far as is In the power of Congress
10 egalire them.
The reciprocity treaty with Great Britain ex-
pres on the It'll of March next The secretary
states that under it, provisions the people of the
Canadas have been profted far more than our
selves and recommend that hereafter the subject
shall be left to the reciprocal legislation Of both
goyarments In regard to the mineral lands of thu
Government he recommends such action 'shall
substitute On absolute title in fee for the indefuite
possessory rights or claims now asserted by
4 miners
He notices the efforts that being made to
suppress smuggling on the frontier, and recon-
mends that ighter vessels than those now used be
employed.
THE BANKS AND CURRENCY.
By the report of the Comptroller of the Curren-