The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-10-25
Prospect of Reduction in Duties and



From the Herald
We have information which leads US to be-
lieve that the Revenue Commission, appointed
to make investigations into the subject of re-
venue and to report thereon, will recommend a
reduction on taking off entirely the tax on
manufactures and raw articles, as well as a re-
duction of the income tax, probably to three
per cent. on incomes over thousand dollars
and cutting it off on all under that amount. 1t
is believed, too, that the Secretary OF the Trea-
sury will endorse this recomm endation in his
own report to Congress next December.
To show the importance of the views of this
Commission and the probability that Congress
may act upon them, we call attention TO the de-
clared object which the Secretary OF the Urea
sury and Congress had In creating Commits
sion. When Mr.. Fessenden was Secretary he
recommended in his report for 1864 that Con-
gress should authorize him to appoint Com
mission, to be composed Of three suitable and
efficient officers, to take INTO consideration the
entire revenue system of the country, foreign as
well as INTERNAL 10 sift II thoroughly, and to
make such recommendations for improving il as
their investie cations might suggest. This met the
approval of Congress. That body saw that q
Commission of this character was the best to
take up the subject, that 1t would have nothing
else to occupy itself with, and that ii would
have the entire period between the Thirty-eighth
and Thirty ninth Congresses to consider the i'm
portant matter, The Commission was created
accordingly, ana was composed OF three gentle
men selected especially on account oil their expe-
rience and ability as political economists and
statisticians. 1t has been in session since last
spring, and has gone through vast amount of
work. Producers, manufacturers merchants,
and consumers have been examined by 1t, and
statistics have been compiled With great care
upon the whole subject. The result of these
labors will be found in the forthcoming report
which we refer TO, and in the recommendation,
which we understand will be made both by the
Commission and the Secretary of the Treasury,
for reduction OF duties and taxes. q
This will be gratifying intelligence to the
whole country, for while we are able to bear the
present burdens, and have borne them without
murmur, there is no necessity to raise a super
aDundant revenue. In TACT, to do so only leads
to extravaganza, corruption, and demoraliza-
tion. The revenue the last fiscal wear ap.
preached six hundred millions, and it is esti-
mated that ii will reach between SIX and seven
hundred millions the year ending in 1857 The
interest on the debt in round numbers is a hun
dred and fifty millions. The current exoenses
of the Government ought not to exceed a hun
dred and fifty millions more, including pen
sion, support of the Freedmen's Bureau, and fo1
claims growing out of the war, as we'll as fol
the support OF the regular departments OF GOV
might be reduced probably the first year. II
certainly would be too large for times OF peac
after we have disposed OF claims growing out o
the war and the Freedmen's Bureau. The
there should be a permanent sinking fun
established, which need not exceed htty million
ayear. -. ,,
From three nunureu 10 tulOc uunuIeu an
ATTY millions would be an ample revenue. But
Congress will abolish the present national ban
system, or rather If IT will substitute non-iI
terest bearing legal-tenders for the preseu
national bank currency and with these lega
tenders buy up the interest-bearing bonls whic
the banks deposit as security for their issut
and draw interest from, a great reduction ca
be made in our expenditures. Twenty million
year at least would be saved-a sum whic
now IS an absolute gratuity to the monopollzlr
and dangerous national bank corporations. In
sum might form the sinking fund, which
itself at compound interest would liquidate u
debt within thirty-hve years. In that case Il
entire revenue Tor current expenses interest NJ
all need not exceed three hundred milion
HALF the presentrev half our presenttax