Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1866-05-08
char. France. and twas referred q tho oommiIt,o

chqg. France and twas referred &c the cOmmi lteo
Mr. MORRILL, entered into full explanation Of
the bill, H. said. IN revis NC uriDterpatlobal laws
the question that meets US At the threshold is how
much reve re have we to show and how much win
our necessities require for another yeerf The last
question has been specially answered By the SpGra-
tary Of the TIeasury VINO has fixed upon $3.50 6Og,-
OUOr provided the approp at9ps OF Congress do not
bo ssfe to rely upon, iceluding the rev.
enge from the tariff. as Sye!l as internal
| taxes. In making estimate Of tna probable re-
ceipts from the latter. we have as bass one fun
year and thTeefOu rths Of the pre- year f eXpe.
rience. and the data is sufficiently complete td be Of
value. Our recepts for 1894 and 1865 were in round
| numbers s2lO,OOO,OG0 and the returns thus far of
1908 and 1866 s6ow that we may expect for the year
from $500 OOO 900 to $3.50 OOo One Of the largest
and best paying consnrners Of the products Of The
country during the war. was the Government but
IS 81 no longer. War prices no longer rule. and it
ls Inevitable that manufactures mu tbe still further
reduced IN values unless we reach heslid standard
0i gold n recognized by the commercial world. The
lsxon manufactures. therefore; must be fN le3sprO-
ductlYe Tor the year ending June 3Oth, 1857 than
heretofore, as j. will be computed at less per cent
age II one bill should be adopted, and on far less
aggregate amount than, as general rule, in season
Ii iang prc =, is not gains but losses which must
be at the cad Of The year Therefore the tax
on incomes and the dividends from banks and other
corporations for the next year cannot be expected to
yield anything like the amount derived from those
sources for the year ending December 1861 and De-
celnber, 1868 Nor can our foreign impOrtatiOns be
maintained upon their present scale 1t is We do.
IHcy -nQuu NOT rs JDey are Supplhntlng
large snare OF the labor OF our own people, and be-
cause payment will at present I've made chiefly in U.
,. bonds. Financial desaster as well as increased
depression TO our industrial interests cannot tail 10
follow such an influx Of foreign goods AS we have
witnessed the present season. That trade must in
some desree be POS pOned until recover from the
exhaustion caused by the war; until capital and Ia
Dor can dust itself tO the conditions of feace
Or uhtl We have something to exchange for BRITISH
French aud German iron, wine and haberlasheTy.
besides our National credit Ii is tight, however "a
lock for some increase OF revenue in consequence OF
the close Of tho war, and we may expect something
from the states lately in rebellion, though not an
amount IN proportion TO their relative 1unbers.--i
Never fruitful in taxable resources. they have less
now than ever. Outside Of commerce enough tu
cover the bills already passed in one or the other
House Tor extra expenses on their account il will
equal my expegt gtatiOns,
Taking all these things into consideration as well
as others not necessary 70 mention, the c0mmitteeOn
ways aud Means have felt willing to report the bill
as 1t stands, which will reduce taxation for the
present year ia round numbers about SIS 0OO 00O.-
IL IS also prudent to anticipate large diminition
from customs as IL ought not TO he exp ced To long
continue at double the amount ever Obtaine in tho
most prosperous times. Our receipts from miscel-
lantOus sources the coming year will be very light,
as they haverecently accrued mainly from property
disposed OF at the close Of the war ami remluns on
sales Of gold-sOurceS already nearly extinct. We
seek TO make compensation for these losses by
lhc easing the tax on raw cotton three cents or by
raising 1t from TO 5 cents per pound SuppUsinR
that two millon Of bales should be raised this
season and be tsxed-and | think the amount
VIII be considerably greater, notwithstand.
Ing the actual want OF good seed and the
changed system OF IAbOT-wG ought to o tain
revenue from his of &44 900 OOO or an increase
over tue tax at present in force o. 20 100000 The
cost may so far exceed the number Of ba es mem
toned, As t. cover all the cotton which will e,ctpo
taxation, nr which will be used on Plantations and
all that will be exported in the shape of manulac-
tures, and up5n which drawback will be allowed. |
But II Will be safer to estimate the probable receipts
on lower basis All human calculations are sub |
iect to contingencies, and final conclusions are per
hapS most expOsed to be shpwrecked Of all. Butif
We retain the tax ON cotton, proposed. safely
release, in M opinion other taxes the extent con-
tempAted by the bill. Otherwise we must reinsnt.
something already stricken out of tue roll Of taxa
hon by the bill, or nod some source Of revenue
which will produce an equal amount, and say this |
without feeling very confident that the rates for the
income tax. will be allowed to be changed much from
tie existing law. The following were the treasury |
TGce'pts TOR the fiscal year ending June 3Oth 1865.
OOO miscellaneous. S3J 75ls6i total recelpt.,
exclusive Of loans, S32D. D.567, ,lSG The ful- |
lowing are the estimated Treasury receipts
Custom receipts 10 April lst 1865, actual coin,
Sl2S96i370; internal revenue do. a,tua S243 s9U-
5iS; bisceaneOus 70 April ls 1896, sctlal prtmi-
um on gold, &C.. S37, ,Is339 actual aggregate re.
ceipts to April lSt, t4lOOil 232. Estimated custom,
receipts from April lst to June 3Oth $50 100000: es-
tmated Internal revenue do $50, 900 900; estmated
miscellaneous receipts do, Sl5 OOO 900 Total aggre
gate reeeiot; from all sources for the fiscal year nd
the lsca year ending June 3O5h lsG7-customs.
$625 900 coo; internal revenue $3.50 600 increase
on cotton, Sl5OOOOOOi spirits, S65,UO 80; miscea-
neOns, SlOOOOOOO total S42j 100000 Requ re"ents
OF the Secretary Of the Treasury, 1851 600 COO =
Amount available for the reduction OF taxation,
ST5 Ou0, 600.
1t viii be seen that estimate reduction in the
revenue receipts from manufacturers on account of
deprcclatiOnS OF vaue' Of about 25 per cent and
reduction upon incomes and dividends Of rather
more than that amount IL Is true that We shall be |
likely To- have more perfect administration Of the
law. and take pleasure in saying the present Com
missioner Is most dilgent aud conscientious officer:
bnt the increase uf revenue on this account will be
at least cQuntcrbalanced by many little = distrib.
utel a through our amendments, and which il is
impossible to accurately estimate. We could not
If we would, levy an export duty upon cotton For
the convenience OF collection an excise tax nav be
better III the form is here prOpisei. 1t Is not nee
esSarily o. be paid by the plane or, and may in the
same manner that we now transport spirits be re.
moved from any one collection district te any one
other upon giving bonds for the pa' ment of the tax
within ninety dagS or upon its rival its place
OF destination. The duties will practic ally thus be
paid bv the purchaser.
In addition TO thi., while we guard our political
citadel here aga nst the dangers OF any in n.idIous
tre is0n from any quarter when 1t to taxation
we should not only be just but generous aud the
drawback on manuiactured cotton, OF all the taxes
actually paid IN any form, wi rebound most 10 the |
benefit OF the SOuto ern aud Western States, They |
VIII at once manufacture cOttOns. yarns and warps
mucn more extensively an they have hitntrio |
d ne, and the Southern people wall be the last to
surrender the system
Ale N.,rrs 4.