Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1866-03-21
Finance and Trade.

The easy condition of the National
Treasury is about to be availed of by Con-
gress to reduce taxation. 1t is pretty well
settled that the tax on incomes will be
reduced to five per cent. on all sums over
$1,000, and a great many articles will be
struck from the list of taxables. Cotton
will be taxed five cents per pound, at
which rate it will produce a very large
revenue. The tax on crude oil will be
removed, as will also the tax on transport
tation. With the large amount of about
one hui bred and forty millions of availa-
BILE funds in the Treasury, and a general
sinking of business, this reduction of tax.
es is encouraging to the business interests
of the country. There is also a DISPOSE
ton manifested at Washington to pass
from the complication into which the po-
Gtical situation seems to be surrounded.
There is now a belief that the Secretary
of the Treasury has the power to accom-
plish the funding of 7-30 notes without
resorting to the sale Of bonds, and by
merely exchanging the former for the
latter without any disturbance of the
market. The Comptroller of the Curren-
cy in a recent letter called attention to
the fact that by the Act of June 80, 1864,
United States notes can be converted in
to compound interest notes, and by the
act of March g., 1865, certificates of in
debtedness, compound interest notes, five
per cent legal tender notes and seven
thirty notes can be converted into six per
cent bonds. There is, consequently, says
the Comptroller, full power already con-
ferred by acts of Congress to fund the
floating debt without any further legisla-
ton on the subject, and no necessity for
making a loan for any purpose whatever,
as all the funding car be done by ex-
changing one security for another in the
manner referred to, so avoiding those de-
rangements of the money market which
might otherwise occur, and the conse.
quent depression of securities. 1t is sup
posed in certain quarters that some con
siderable sales of the third issue of FIVE
twenties which were made during the
seven-thirty notes on terms privately
agreed upon by the Secretary of the
Treasury and the holders.
The report of the United States Reve.
nue. Commissioner in regard to the rela'
tions of foreign trade to domestic indus
try and internal revenue, was sent in tc
Congress yesterday by the Secretary o.
the Treasury. 1t gives among other mat
tiers a review of the rapid progress which
has been made in manufacturing enter
prize, showing the tendency westward O.
the wealth of the country, and taking
ground in favor of a liberal policy o. the
part of employers in regard to the com
pensation of mechanics and laborers.-
| Specific duties on imports is enumerated
and a schedule of the proposed changes
of duties and provisions in the tariff &C
companies the report, which is CONNER
ded to the consideration OF the Secretary
of the Treasury and of Congress, as indi
eating in some degree what the condition
of the treasury, foreign trade, revenue
and financial position of the country
seems to demand. The report conclude!
as follows: The indications, however
are very stronghold the prompt action o
Congress may be required for the relic
of the country before any revision of the
tariff can be effected. The great tempta
ton to send goods to this country, anC
the great movement in that direction al
ready commenced, has attracted atten
ton abroad, and given US full notice
throughout of this movement. Should
it continue, it may become not only ex
pedient but necessary to interpose specia
temporary legislation to check the move
ments which, however beneficial to thos'
who devised and are carrying them out
cannot but bring distress on the work
ing classes and heavy loss upon the reve
u