New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-01-30


I,,r.,,,.. s9s7 900 OOo
Adding to the above the amount received In the
fiscal year 1865 from the various direct aud indirect
taxes on industry, which, excepting the amounts de'
rived from the excise on spirits beer TOBACCO COTTON
petroleum and naval stores the Commission estimate AZ
about Sos have the gross revenue possible
to be derived from all sources under tie present rates
with the amendments above proposed four hundred and
thirty five millions OF dollars (si35 0O0,OOOO
The estimates of the Secretary OF the Treasury Tor the
expenditures OF the fiscal year ending June 80 1907 In
Guiding interest on the public debt, are as already
stated s2si 900. Allowing the annual expenditures
to be increased $4,000 900 above these esllmates
(making an aggregate Of $500 OC0 OO and setting aside
sJlOO0OOO additional for the reduction OF the ptnclpai
of the public debt surplus will remain (assumng the
Of the estimates OF the commlsso sppl.
cable for the reduction Of ta1aton oielBhy p'e on
| of dollars (se5, 600 0CO.) ~
These estimates Of revenue as above submitted are
less in the aggregate than what the Commission believe
will actually be realized without some unlocked for In
terrupton of the trade and industry OF the country
and the results OF their continued inveatlgatons and
enlarged experience deepen their conviction That the
capacity Of all the great sources oil revenue nave oeen
under rather than oyerestimated.
II was the opinion Of the late Commissioner OF In
terna Revenue founded upon his large experience that
II the excise law 1t stan Is thoroughly and
acty enforced the from the excise alone would
equal OF exceed $500 600 900 per annum. and In this
opinion the Commission from their own observation
fully concur 1t need therefore. be matter Of snr.
prise that with increased efficiency and experience
on the part OF the revenue officers the average monthly
and quarterly receipts OF Internal Revenue con.
time progressively To increase.
Accepting then the results indicated substantially
correct the possibility Of adopting and carrying out
the revenue policy advocated by the Commission w.
ing industry Of all those burdens which tend 10 check
Its development Is demonstrated.
Such system-whch, In contrast with the present
"diused" system, may be termed the "concrete'-is,
in the opinion OF the Commission, the only adapted
20 The age and to our condon-the only compati.
bic with great fiscal results and with that large freedom
to industry and circulation which alone can ever AIDE.
quatey supply the Golfers OF an enerprsing. competi
tive and free people.
1t may, however, be urged in opposition to the plan
Of the Commission for relieving manufacturing indus'
try from taxation, that the enormous profits which
have recently accrued 20 manufacturers. Is good rea
for continuing to impose upon them. at least some
considerable taxation 1t should however, be borne in
mind that the present and recent condition or affairs
entirely abnormal and cannot continue for any great
length Of tme and that for every case cited as an II
usration OF excessive profits realized by persons or
corporations engaged In manufacturing, there Is an
equal or greater number in which no profit whatever
has been realized.
1t error, moreover to assume that manufactur.
ing establishments, large or small, are always profit
able II can undoubtedly be shown that In most de.
they do not yield large profits in more than
three years out Of ten and they scarcely ever escape
two years Of heavy losses In every ten years These
losses arise from variety Of such the fall Of
prices disasters 10 machinery the bankruptcy Of Gus
toners commercial reyulsons attended with stoppage
Of business and cessation OF demand. fuctuaion OF
prces IL the bane of domestic industry for though
great rPe Yields at times enormous profit II carries
fear and perilous change into every business, and
causes for years TO stand on the very verge of in
soIyency Not less than third Of those who engage
In the production OF any commodity. subject to CON-
petition from abroad and the special fluctuations Of for
eign trade are utterly ruined before they can attain
that capital and strength which will enable them to
maintain themselves under all contingencies.
The Commission recommend that the change be made
slowly and for the present. and 10 begin July 1866.
sooner they urge the following changes:
A m of amfnded
March g. 1865, GENERALLY known as schedule AZ; such
OF its provisions relate 10 and impose tax upon
2, repeal Of all that part Of section "a Of the
amended act Of March 3 1865 which provides for the
assessment and collection taxes on repairs Of engines
cars. carriages, ships, etc.
part Of section g. which provides for the assessment
and collection Of taxes upon wearing apparel.
A repeal Of the excise duty Of % 40 tun levied
upon pig ron the repeal Of the duty OF six cents ton
levied mineral COAL and Of the duty Of y Dbl on
crude petroleum. -
S repeal Of all excise taxes printed books maya
xines, pamphlets reviews, and all other similar
printed publications.
In addition to the reductions above specifically referred
10 and recommended the Commission would TURNER re-
commend that on and afer the LIST day OF July. FOO
the taxes levied aud paid upon al. good. wares sna
merchandise enumerated 10 section "a OF tne amenoea
act Of March J. lsG5 be reduced 80 per eentami ana
that no allowance deductions whatever In Iae pay
ment Of the same, for freight commisons AnT o'Ier
expenses Of sale be authorized or permitted Inc re-
duction Of the revenue from these repeats esnmAea
at about els 100000.
REDUCTION OF THE PUBLIC DEBT.
Tn thar s.,ima,es of revenue and expenditures 1t
win be seen that the Commission have a:,u nns ~ ~
coo 900 as the sum that may be set ASIDE or
~ roasrn,ion ~ the principal Of the pubic debt.
Thew however, do not wish Il to be understood that
they are in favor Of the Of sny such amount
- $500. m the contrary they believe that 1t
. for tSs nere. Of the Governments that taxation
shoud Be reduced at the earliest possible m.ms1 % ~
s .srs. ~. ~ he country and that considerable
@ sbpnld he for the present raised BY taxation, tor
the Of he prnSps o, the RSaSSb ssS
ine ~ The measure Of local taxation increased
=, "a, the interest on local var expenditures is prob
bT more severely felt than even the burden Of national
srss go, inasmuch az the General Government has
ko 20 itseif nearly every source OF except
ths Jingle one iof real estate which had been before