The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-04-27
Continued House Debate on the North
ern Pacific Railroad.
Passage of the New York and West
India Telegraph Bill.
Go, &c. &c.

WASHINGTON, April 20, 1855
,eYOElY CONDITION OF THE RECONSTRUCTION CON-
MITTEE.
The Reconstruction Committee lie practically bursted
up as the Washington correspondent of the HERALD
propheHed would be several weeks ago. At their last
meeting the members failed to agree upon Robert
Dale Ovens plan or any other plan, and
split Now the delegations from each State, sepa-
atey, have agreed TO debate upon q plan Of
reconstruction independently of the committee, and
port to the House. The Joint Committee has so far
dissolved as to acknowledge that collection Of men,
bsrs selected at random from the House do more
towards framing q plan than organized committee
can. Thad Stevens acknowledges that his attempt has
bean q failure
AADICAL DEsPoNDKHcY OVER RECONSTRUCTION AZ
FAIRS.
Prominent republicans here are already writing home
% their political friends that reconstruction affairs
not only bad way, but have become absolutely des-
pesate through the folly and bad management of the
radicals They advise their friends return to tho party
platform and the policy Of Mr. Lincoln which substan
saly that Of Mr. Johnspn They admit that the only
practical way out of the difficulty is to admit loyal
fast they present themselves and beginning
understand that that is all the work of reconstruction
Decessay They very pertinentiy inquire IT, by this
peans Congress should be filled with loyal repre-
scntng Southern staies ia it not precisely what all
desire. ds
THAD STEVENS SHOWING SIGNS or REFORMATION.
Thad stevens who of Late has shown signo Of dispo-
son 10 mend the Of his ways spent some time in
the Senate to-day conversation with several Of
che prominent conservative members of the body Sum-
hung around the outskirts of the party for some
time and tackled Thad as he about leaving appar
emily subjecting the erratic member 10 q lecture.
OUR COMMERCIAL TREATY WITH JAPAN.
Tho President has proclaimed the convention between
United States and the empire OF Japan for the reduc
Sion OF import duties. The following articles, used IN
the preparation and packing Of teas. shall be free OF
duty Sheet lead solder mating, rattan oil for paint
ing, indigo gypsum, firing pans and baskets
sccond-The following articles are to be ad
mitted at the reduced duty or five per cent
Machines and machinery drugs and medicines
iron in pigs bars, sheet iron and IRON wire. tin
plates white sugar in barrels or crushed glass and
glassware, clocks watches and watch chains, wines
matted and spirituous liquors The prohibition Of
the importation Of opium, according TO the existing
treaty remains In full force The citizens OF the United
States importing exporting goods, shall always pay
the duty fixed thereon whether such goods intended
Sor their not
INFECT ON THE NATIONAL DEBT OF EoUALIzrSG
SOLDIERS BoUSrIEs.
ne following letter has been addressed to the chair
man OF the Revenue Commission
TREASURY DEPARTMENT April 10, 1896
SiR-A bill has been reported, for the action OF Con-
grcs In respect to the equalization Of soldiers bountes
which WILL In my opinion require an expenditure on the
part OF the government OF from two hundred to two hun
dred and atty millions OF dollars thus adding IN cquva
lent sum 10 the principal Of the public debt, and requir
ing additional annual payment for Interest OF IRON
een 10 eighteen millions OF dollars A. the relations OF
tbe national debt to the industry and OF
the country have especially you for
sideraon desire that you will inform me, at your
Hest convenience what effect this proposed increase OF
"A ON II
opinion TO have uron the finances and development OF
the country, and what changes may be necessitated
thereby In our future revenue system and policy
am, most respects ully, yours,
II. MctULLOCH Secretary OF the Treasury
Hon. DAVID A. WILLS, Chairman United States Revenue
Commission.
The following is the reply Of Mr. Wells
WASHINGTON, Arril o. 1886
Sm-In reply 10 your note OF the 10th in relation 10
the subject appropriations involving additional loans
OF increased taxation permit me TO speak without
The country is now passing through critical period Of
~ financial experience, and II essential that the
pcro siiion should be proclaimed and maintained that
th borrowing period for the nation has passed and that
benceforh and until another extraordinary emergency
arves the national expenditures TO be met by
u exclusively Nothing less can satisfy the holders OF
public debt nothing less can sustain national credit
suh standard as will keep open to tho nation the
re- OF loans for future emergencies
ne existing public debt Of the United States taking
AZ formulated wealth and rate OF interest consider
sonl comparatively larger than that Of any OF
tic siaies OF the Old World and is ony exceeded in
sfla amount BY that Of Great Britain. II is pro
ed 10 Increase this enormous debt 10 such
that the annual interest the addition will be nearly
81 a 10 fourth OF the average annual expenditures
me whole government during the decade PRIOR n the
nmfucement Of the rebellion. The largest amount
ar euue drawn from the British people In any
year, irrespective of loans, has never exceeded
- coo. 600 while the amount OF revenue which the
lncd States has drawn during the hrst three quarters
The current fiscal year by the various forms Of direct
sd indirect taxation has been ssle 600 600 or the
r'ie Of upwards of $40 900 600 per annum. This i'm.
ncuse sum, In opposition to the settled policy OF
~ other nations and in defiance OF their experience
hes been taken mainly from the industry OF the
Wy The prcsen, large receipts Of revenue cannot how
fNs ne accepted ~ any sure indications Of the future
aud 80 long n they drawn from taxes industry
Ley are no satisfactory indications o. the prosperity OF
ne county For the next fiscal year moreover, large
MnnB ON IN receipts arislng from diminished itnporta
IONS changes w values aud quantities Of industrial
eucs snd from other may be expected. This de-
melt cannot now DC easily estimated but that will be
Barge cannot be doubted especially II the country
oow seems probable, V 10 be visited by pcstilencs
IL would seem as u the statement Of these facts
ought 10 sufce ss an argument against anv immediate
increase OF borden OF debt aud TAXATION
IT. however further consider the manner and distrt
bntIon OF the taxation by which the nation is at present
raising ns revenues the argument becomes even more
eosens and unapswerablo As is weii known the on.
smption from taraon al present. in the United States
o. any form OF capital, or any process, re-
ssn OF industry IL the exception, rather than Tho
rnle This system necessarily involves most extensive
dsploaacs % sAxea and this n turn entails and main
ssns 90 pshue enhancement Of prices decrease both
Of Production and consumption, and consequently Of
veshh Q restriction OF expectations and OF forcign
- l~~~ $3.50 A. Ia ma Ina n