New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-05-08

BIZ foreign competition in excess of VIA; my be con
sldercd regular and satisfactory proht Tho military
power of the United States needs culpgiZng from any
quarter It's efficiency AZ home IL not likely he cues
Toned. and whom II challenged elsewhere will he time
enough 20 answer back Its financial power also even 10
the ag0uie Of civil strf has been vndicatof No siin
of bonor rests It's credit Every promise has been
kept with entire good faith No creditor holding Tho obi
cations the nation has had to do than 10 dh6 and
receive N0tl til soldier has closed his without
receiving az the moment with his honorable dis
charge tie last dollar due Is there therefore any Turk
ing dagger T. our present future financial conii
ton The confidence of the people in their
own government cannot be shaken. The vigor
and elasticity Of American industry is unriyalsi
our resources abundant to-day will be greater
No empire ancient modern, received daily
nuaiy revenues OF equal magnitude. And the wealth hid
don IN our mountains, If could be placed IN the taince
would make our national debt kick the been. Where
then, l. the cloud bigger than mans hand II rises
only in that quarter from which di loyal Represent ycs
may come, open and inchoatc repudators, LISTING for
power. from these. and the United States Gov
crnmcnt will survive, with it, credit and civil lous ad
ant with youth and the fame OF ages long AFTER the hna
chapter III the history of antircpub'can governments shall
have been written
Mr.. RAYxoNp y Y d next addressed the House. H
expressed the belief that Congress should begin at once to
make some appropriation for paying OF the principe 81
the National debt He did not think % Wise 10 provide
less than 900 the hrst year for that Object to e
increased from year year the system Of taxation may
De perfected and the industry OF ceouniy may gradu
ally 20 adapt itself to The Tcw principles. An an
nua of 1924 600 600 would be required 10 meet
expenses of the Government and the principal and IN
Ter - OF tnc pubic utDi nat HIoht ~ IL WIZ was
gr alter than the people could bear and would bear
cheeruly and readily because II debt incurred by
the people themselves and for the people Themselves and
fOr the objects the blessings OF which the people
loved would enjoy for all time to come. But IN adj
iusting the great burden II should be adjusted that the
people might bear it easily, SO that 1t would not
cripple their energies. II should be put where it
could be best borne not where 1t would rest
with heavy weight it should be placed on their backs
their The two great sources from which the
be collected were imported goods and
upon domestic manufactures. The Secretary Of the
Treasury enumerated the revenue from Customs a
500 0N 000 but he Mr. Raymond thought tatlt was eS
tmated small and that the duties on imports would be
more likely TO reach $4,000 900 The bill before the
House proposed $5O, 900 each year He pro
posed TO refer briefly TO some general principles when
should guide Congress IN acting on TAX bill pnc OF
these principles that il desirable always TO impose
taxation the results Of industry rather than Its pro-
He considered income the ir 81 subject OF taxa
ton and he was therefore, surprised to hear the Chair
of the Committee OF Ways and Means ap0l0gzng for
continuing the tax on incomes. Income was the hrst
thing which should be taxed for then man Is taxed IN
proportion 10 what he Cotton he regarded as
proper subject of taxation 1t not like taxing raw
for instance, because other countries produce ron
and, therefore, duty iron would impose on the
country an unfair competition. Another principle OF tax
alton that; far possible superuities and Injuries
should be taxed and not the necessares OF life As to the
income tax he thought the proposition 10 increase the
sum exempted from 5000 to : 900 just and proper,
but he favor Of removing the increased rate OF
per cent from above the hrst $1,000 The portion
of the community which the tax would fall was the
portion that could bear il, and it much easier
pay 10 per cent over the nrsi sVUU tnaE 10
pay five per cent on up to 5000 In regard TO
spirits no rate of taxation matter how high could be
Objectionable except for important reason and that
was the temptation and incentive To Illicit distlation.
The present tax Of e. gallon promoting Illicit dist!-
aon to degree that threatened the collection OF the tax
on whisky The extent of the country 80 vast and
the facilities for concealment great that II was al
most impossible prevent illicit distillaon To choose
between two remedies for this II would either have to re-
duce the tax whisky TO such point to remove the
enormous temptation TO Illicit distillation or else
enact laws so stringent that they might create
dsalection the part Of large portion OF
the community. The annual product of whisky might
be set down as high 40OoOOOO gallons year Last
wear il was 10 600 600 Even nj a gallon the tax would
produce 10 the Government $4,000 900 year. But he
doubted whether the present rate the Government would
realize half that amount. His opinion was that duty
of 81 gallon would yield more revenue than e gallon
He thought, as to the small manufactUrers-such a.
taors dressmskers shoemakeTs etc-the tax should be
removed entirely its yield hardly paid the expenses OF
collection. and he should at the proper time, submit mo-
tons 10 that effect.
The House then proceeded 70 the consideration OF the
bill by sections for amendment, the first section being
that imposing OF five cents per pound on cotton
Mr. Lynch moved an amendment excepting 600 pounds
of cotton IN the hands Of the producers.
Pending it, consideration the House AZ 4JD o'clock
n H. adjourned