New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-03-26

be an interesting calculation to estimate the an
nual cost of protection to this country.
An advance in gold might have been naturally
anticipated after the Presidents speech, but the
treasury obviated such an effect by placing two
millions in coin on the market, and the result was
decline to less than 100. 1t cannot be concealed
that the commercial condition of the country is by
means SO fattering as the large returns Of reve
nue. might imply. The Western farmershave been
suddenly reduced from prosperity to serious en-
barrassment, the wages offered to agricultural Ia
borers is not one half last years rates, and the
Western merchants are clamoring for renewal OF
their notes.
In this state of our commercial prospects, the
various powerful interests are marshaling to OPP
pose the contraction policy of MIR. McCulloch.
The protectionsts are essentially opposed to
arresting the evils of an inflated currency for they
are the most interested parties in the country for
the continuance of large sales at large profits,
both of which would be curtailed under healthy
financial system. Besides, the people would be
less willing to pay tribute to New England if the
taxes bore upon them with heavier weight i'm
ports would be made more profitable to the gov
eminent by lower scale of duties, and the oner
GUS, vexatious internal revenue could be reduced
Four-tifths of the receipts are from direct taxes
and three-fifths of the revenue are derived from
classes least able to contribute to the support of
the government to such an oppressive extent.
Five dstilleries in New York alone have been
stopped by the authorities for frauds on the rev.
enue, and the expenses Of collecting the whisky
tax would form an amusing commentary on the
system of taxation now in vogue. The operations
of the department have been emnently satisfac-
tory The defects in past and present financial
legislation form the principal burden on our pro-
gressive people.
JoTTINGs ON THE AVENUE.
The Hon. W. E. Chandler, assistant secretary Of
the treasury, visited his home in New Hampshire
to vote the Republican ticket; the success of the
vctors in the Granite State must therefore, not be
| taken as an opposition to the Presidents policy.
Gen. Howard, in his address to the citizens o
Washington, referred to the progressive spirit il
Louisiana, and the facility with which contract
were made with the freedmen. The General for
got to mention that his bureau was not SO promi
nent in achieving this success, as the ancient law
of the State with reference to free colored peopl
were instrumental in securing the desrabl
| result.
1t was reported that the Hon. Edgar Cowa
would be nominated on the DenOcrauc licket 10
Governor of Pennsylvania, in place of Hustle
Clymer, who would kindly withdraw from tn
canvass. 8n-.u
Mr.. Wade, Of Ohio, secured the permanent intro
duction of negro cavalry into the new arm
system.
The partisan chief Quantrell has been dscoyere
in secusion, and will be brought to trial, probabl
with the five hundred unpardoned Confederat
officers who are said to be inscribed on blac
list for future reference.
The Supreme Court has decided that saving
banks are liable for the tax of one twenty-four
per cent. on deposits. KANGAROO