The New York herald., 1866-10-24


to make Investigations into the subject OF
revenue and TO report thereon, will recon-
mend reduction or taking off entirely the tax
on manufactures and raw articles, as we'll as
q reduction Of the income tax, probably to
three per cent on incomes over thousand dol
lars, and cutting it Off on all under that
amount II Is believed, too, that the Secretary
Of the Treasury will endorse this recommenda-
ton in his own report TO Congress next De-
cember.
To show the importance Of the views Of this
Commission and the probability that Congress
may act upon them, we call attention to the
declared object which the Secretary Of the
Treasury and Congress had in creating Com
mission. When Mr.. Fessenden was Secretary
he recommended in his report for 1854 that
Congress should authorize him to appoint q
Commission, 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 TO sit It thoroughly,
and to make such recommendations for imprCv-
ing it ~ their Investigations might suggest This
met the approval of Congress. That body saw
that Commission of this character was the
best to take up the subject, that 1t would have
nothing else to occupy itself with, and that 1t
would have the entire period between the
Thirty eighth and Thirty-ninth Congresses to
consider the important matter. The Com
mission was created accordingly and was
composed of three gentlemen selected
especially on account Of their expert
ence and ability as political. economists
and statisticians. 1t has been in session since
last spring and has gone. through Q vast
amount of work. Producers, manufacturers,
merchants and consumers have been examined
by it, and statistics have been complied with
great care upon the whole subject. The result
Of these labors will be found in the forthcom-
ing report which we refer to and in the recon-
mendation which we understand will be made
both by the Commission and the Secretary Of
the Treasury for q reduction Of duties and
taxes. .s--.. "a. ..s".s.......s.!. .!.aa
This will be gratifying intelligence to the
whole country for while we are able to bear
the present burdens and have borne them
WAtuuut q AuImuIt tuCIC 10 nO ucCcS6ity w TAlf50
a superabundant revenue. In fact, to do 50
only leads to extravaganza, corruption and
The revenue the last fiscal
year approached six hundred millions, and it
is estimated that it will reach between six and
seven hundred millions the year ending 1867.
The interest on the debt in round numbers is
q hundred and fifty millions. The current ex-
penses Of the government ought not to exceed
a hundred and fifty millions more. including
pensions, support of the Freedmen's Bureau
and for claims growing out Of the war, as well
as for the support of the regular departments
Of government. This ID really high estimate
and might be reduced probably the first year.
II certainly would be too large for times of
peace after we have disposed Of claims grow
ing out of the war and the Freedmen's Bureau.
Then there should be q permanent sinking
fund established which need not exceed
fifty millions year. From three hundred to
three hundred and 6fty millions would be an
ample revenue. But il Congress will abolish the
present national bank system, or rather II 1t
will substitute non-interest bearing legal ten
and with these legal tenders buy up the inter-
sst bearing bonds which the banks deposit as
security for their issue and draw interest from,
, great reduction can be made in our expendi.
lures. Twenty millions year at least would
be saved-a sum which now is an absolute gra-
luity to the monopolizing and dangerous ma
tional bank corporations This sum might form
the sinking fund, which Of itself at compound
interest would liquidate the debt within thirty
Eve years. In that case the entire revenue for
current expenses, interest and all, need not ex-
ceed three hundred millions. Half the present
revenue-half our present taxes and duties
would be sufficient for sll these purposes If the
Secretary Of the Treasury and Congress have
ability enough 10 establish proper financial
system.
Let US hope that In the proposed reduction
Of duties and taxes Mr.. McCulloch and Con-
gress will not forget the South, that section Of
our country which has no opportunity Of
speaking for ITSELF An. onerous tax lies
heavily on the productions of a people who
are crushed to the earth by poverty and mis-
fortunes. The tax on cotton should be the first
to be abolished The South and the Southern
people are least able Of any under their pre-
sent distress to bear tax on production. We
want to stimulate the productions Of that
splendid section Of the republic and not to
check them. Looking, then at our immense
superauous income, we are gratified to see
that there is prospect Of our burdens being
lightened everywhere, South as well as North,
and that we may hope to take new and states
manlike course in our financial system as well
as in our foreign policy.
The PORTLAND FRE-RAPID REcoYsrRyc-
rIoS.-Among the many examples OF the pro-
gressive spirit and enterprise Of this country
is the rapidity with which great misfortunes
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