The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-04

- .'s~'r- Tsf -VS$s ~
o. vsssss oushs y have pseasoea ana bss Tor ~
activity shpyars ana vapsd inerssss - ssnnags
but this has bAsu the casa Tho prices labor and
profitable IN tho United stsses and many Of
being practically transfsed the British eyewitness
It only afew years since American ships were sought
after, account OF their superiority and cheapness;
and large numbers or vessels built in Name and
other States on foreign account sold 10 foreigners
being rapidly increased Nov many Of our snipysrds
abandoned and In others very little activity prevails.
II Is true there has recentv been some increase IN our
foreign tonnage but good part OF this increase ap-
parent only and y the result Of the rule Of ad
measurement It important truth that vessels
than IN Name Nay further that timber can DO taken
from vrginia 70 the Provinces and from these prov
ncss = England and snsrs mado into ships which can
only DO built IN New Enaland at loss, by the most
skillfu and economical builders But the ey does not
s ess s only s e: :sa ssS q
shipbuIlding thero would DO less cause Of
people who build shps navigate them and that nation
which 70 build ships ceases Of consequence to
b commercial and maritime nation Unless therefore,
the causes which prevent the buiding OF ships the
United states shall csaeo the foreign carrying trade
even Of our own productions must BE- yielded 70 other
United States ought not % be Ssbjectsd II other
branches Of industry are prosper agriculture 10 70
r. S osnnv s 2 e sss
and increased Tho United sss.es Win not DO INST
srssu sassg ~ aaaisns asrsii Aer sshsr indns.
her conmsrcs shali be psfntstsd 10 ianesish
THE RsDUapAHcy o. ZEE 0uR1aHcY czsoxIn0 ran
Tho ssns osssss-s rsdasdsss osrrsncy and hlsA
taxes-that prevent ship hodns tend 70 prsSent the
tuldiog q hsssss end even q ns.sicsprisa g high
arc prices of every dsscripuoa that nsn hesitate 70
rents are . sdvsncsd 4 % b Oppressive 70 ssss and
the healthy growth Of towns and cities 10 retarded 50
1t Is in regard 70 anufaetsrsa Mills which built
before the can be probably but expensive
are labor and materials that new mills cannot be erected
and put into operation with Of fair returns
upon the Investment unless upon the expectation that
taxes will remain a. they are and prices DO sustained
affecting agriculture and other interests which Il IL not
TO particuarize 1t s everywhere observed
Of the people, but are seriously checking the de-
velopment growth and prosperity Of the country It Is
not denied that tho losses which the country has sus
tanned Of ablebodied men BY the war Is one cause Of
existing high prces but mainly they are the result Of
redundant currency and high taxes
THE REVENUE QUESTION.
To raise the large revenue which Is required, by
systems Of internal and external duties, which, working
in harmony shall neither repress industry nor check
enterprise, and which shall be devised TO make
taxation bear most heavily upon those who most
benefited by taxes and by the debt which renders taxa
wise craftsmanship. This subject always interesting
to the heavily indebted nations of Europe has be-
' Of @ United
does not before stated intend discuss it, but he
lures to suggest that the following general principles
Of which have been acted Congress- and the
Of all Of which have been proved by other
nations may be safely adopted guide 70 the iegsa
Frs-That the fewcst number OF articles consistent
with the amount Of revenue to be raised should be SUBJ
ected TO internal taxes in order that the system may be
simple in Its execution, and little Offensive and annoy
ing possible to the tax payers
Sec nd-That the duties upon imported commodities
home productions: and that these duties should not be
so high as to DO prohbitory nor 70 build up home mo-
c nor 20 h @ tnns Ts oxcnaSsc Of
hand should they be SO low a. to seriously impair the
revenues nor 70 subject the homo manufacturers bur
dened with heavy internal taxes to o competition with
cheaper labor and larger capital which they may be una
bic TO sustain.
TAird-rhat the raw materials used in building and
manufacturing, and which be largely enhanced In
value BY the labor which 70 be expended upon them
should Be exempted from taxation. that Che taxea
upon them should be low In comparison with the taxes
upon other articles This is the policy Of other
lGhened nations and II is believed that the dimnuton
OF direct revenue which II would involve II adopted by
tho United States would DO than made up by the
augmented value which Il would give TO labor and by
be sure to result from IL Il should BE- Constantly borne
In mind that taxes upon raw materials directly increase
the cost Of production and thus tend either 10 reduce
markets
FburM-That the burdens Of taxes should fall chiefly
upon those whose interests protected by taxation
and upon those whom the public debt is source Of
wealth and profit and lightly upon the laboring classes
70 whom TAXATION and the debt are without 90 many
TWENTY ykAR BoSos-psNcrrAL AND INTEREST PAYABLE
IN EUROPE
Of bonds bearing interest Al tho rats OF not exceeding
i've pcr cent and payable In Europe 10 amount sum-
and supply he % demand r os
cures for permanent Investment No one regrets more
than the secrsy the fact that large amount Of
our bonds held abroad or the unfortunate condition Of
our trade that has transferred them thither The
opinion that the country has been benefited BY the ex
portation Of i securities founded upon the suppos-
ton have received real capital in exchange for
them This suppostIon d. 10 largo extent, unfounded
have sSssa p pay for SHod which
only have We exported the surplus products Of
and our nelds with small amount Of our manufao.
paw for Ii. Articles 'u1 which We have '0 pur 70
chased from other countries That these purchases
paving for them IN can hardly b:
mportatons OF goods have been increased BY nearly
amount Of the bonds which have been exported. Not
dollar In nve OF the amount Of the nvetwentcs
held 10 England and upon the continent, has been
turned the United States In the form OF real capital
fact exists a. has been already stated that some three
hundred and fifty millions OF government bonds-not TO
mention State and railroad bonds and other securities
In the hands OF the citizens OF other which
may be returned at any time for sale the United States
and which, being 80 held NAV seriously embarrass our
subject careful consideration the Secretary has con-
cluded that II advisable that he should be author
to rum aud bearing low rate OF interest, payable in
England Germany, TO be used In taking up the six
per cents now held abroad and In meeting any foreign
demand for investment that may exist The question
be considered Is not how shall bonds be pre-
vented from going abroad for large has already
gone and others will follow as long credit good
and we continue to buy than we can pay for n anv
other way but how shall they be prevented from being
thrown upon the home market TO thwar efforts In
restoring the specie standard The Secretary no
practicable method Of doing this at early day, but by
substituting for them bonds which, being payable prin
cpa and interest In Europe will be ess likely be re-
turned when their return Is the desired The hold.
Of securities In Europe subject great
Inconvenience and not little expense In collecting their
coupons and II Is supposed that Ave per cent perhaps
four and half per cent honda payabla in London