New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-05-08

ter N y, asking that eight hours be the legal term Of
days work.
NEW ASSAY OFFICB.
Mr. MORRILL,, from the Committee of Ways and Means
reported bill 10 establish an additional officer for the
assay of gold and silver which read twice and com
mitted and ordered printed.
gHE REVENUE BILL.
The House then resolved itself into Committee of The
Whole the state of the Union, Mr.. Wasbbume OF H.
nois in the chair and proceeded to the consideration Of
the Internal Revenue BILL which Mr. Morrill, addressed
the House.
The new reportcontains 1911 pages Mr. MORRILL, explain
planning the increase of nearly 20 pages by stating that
when sections Of the old bill modified deemed
better TO insert sections than merely to amend Old
ones. 800
Mr. MORRILL, entered into full explanation Of the bill
He said in revising Internal Revenue laws the ques
ton that meets us at the threshold how much revenue
have 10 show and how much will our necessities re-
quire for another year The last question has been spe-
cay answered by the Secretary OF the Treasury who has
fixed upon $350,OOOOOO, provided the appropriations OF
Congress do not exceed the estimates as the sum II wond
be safe to rely upon including the revenue from the tariff
as well internal taxes. In maknga an estimate of the
probable receipts from the latter we have, as basis one
full year and threefourhs of the present year OF exe
renee and the data is sufficiently complete 10 be
of value Onr receipts for l86i-65 were in
round numbers 1910 OO0O and the returns thus lar OF
1866 show that may expect for the year an increase
Of nearly 50 per cent or not less than from 600 TO
1905 900 OOO One of the largest and best paying con-
OF the products Of the country during the war was
the Government but is so no longer war prices DO
longer rule and il is inevitable that manufactures mus' be
still farther reduced in values until reach the solid
standard of gold recognized by the commercial world
The tax manufactures therefore must be far less pro-
ductye for the year ending June 80 1867 than heretofore
as it will be computed at less percentage If our bill
should be adopted and far less aggregate amount.
Then general rule in season OF falling prices II j.
gains but losses which must be calculated at the emu
Of the year. Therefore the tax on incomes and the dvl
dends from banks end other corporations for the next year
cannot be expected to yield anything like the amount de-
rived from those for the years ending December
1864 and December, 1860; nor can our foreign I'M
portations be maintained upon their present scale
II very desirable they should not be- as they are sup
planting large share OF the labor of our own people ana
because payments viii at present be made chiefly III
United States bonds. Financial disaster as well as IN
creased depression TO industrial interests cannot ai
TO follow such influx of foreign goods as we have wit
messed the present That trade must In some de-
gree be postponed until We recover from the exhaustion
caused by the war; until capital and labor can ADJUST itse
to the new conditions OF peace, or until we nave some
thing exchange for British, French, and German ron
vine and habcrdashery beside our national credit. IL i
right however to look for increase OF revenue IN
Of the close of the and we may expect
something from the States lately in rebellion though not
an amount in proportion to their relative numbers Never
fruitful in taxable resources they have less now than ever
We obtain outside Of commerce. enough to cover me
bills already passed in one or the other House for extra
expenses their account IL will equal my expectations.
Taking all these things into weas ohes
not necessato mention the Committee OF aysapd Means
have felt willing to report the bill as 1t stands when WI"
reduce taxation the present year III rounu numbers ABOUT
$4,000 COO II is also prudent TO anticipate large dmi-
mutton nom customs, it ought not TO be expected TO
continue at double the amount ever obtained III ne most
sources the coming will be very light, they have
recently accrued mainly from property disposed OF at the
close Of the and premiums on sales OF gold sources
.ady nearly extinct We seek TO make some compen-
aop for these losses by Increasing the tax on raw cotton
three cents by raising ii from two TO hive cents per
pound Surprising that two millions OF bales shouu De
raised this season and be taxed and think the amount
will be considerably greater, notwithstanding the actual
want good seed and the changed system OF labor We
ought 10 obtain revenue from this source OF S4fW0O0,
or an increase the tax present enforced of s6 800
CO., The crop may so fr exceed the NUMBER OF bdles
mentioned Ia cover a the cotton which VIII escape
taxation which will be used plantations and all that
will De exported the shape of manufactures aud upon
which draw back will be allowed but 1t VIII be safer
TO estimate the probable receipts on lower
basis All human calculations subject 10 contingencies
and financial calculations perhaps moro exposed TO he
shpwrccked of all. But if retain the tax on cotton
proposed, can safely release IN my opinion owner
taxes 10 the extent contemplated by the bill. Otherwise
we must eins,ae something already stricken Out OF TIE
roll of taxation by the BILL find some new source OF rev.
which will produce an equal amount and say tins
without feeling very confident that the rates for the in
come tax will be allowed Ia be changed much from the
existing law The following we're the Treasury receipts
for the fiscal year ending June 80 1865:
Customs ssdssom
MisceIaneons ...................... b. leo
Total recei0, exclusive Of ass 567 lei
The following are the estimated Treasury receipts for
the fiscal year ending June 80, 1866
Customs Receipts to April so6 actual coin ~; 200 200 ss
Miscellaneous to April leGt, actual, premium on ,oo
gold, S'4o'''o'
Actual aggregate receipts TO April ls66 Hl0 ~
Estimated G%,0@i R Rscsps Ap 20 Sne s
Estimated Miscellaneous Receipts Apl to June~ 100000
Total aggregate receipts from all sources for the
fiscal year ending June $JO0il,2 S2
Estimate of receipts for the fiscal year ending June 80,
1861:
Internal Revenue. 2c0VoVv
Increase on Cotton i2VooU
mnceh"noou'' '''''''''''''''''''
ro,, s4?5 coo Ooo
Requirements the Secretary Of the Treasury 3ooococO
Available for the reduction of taxation t750oo0co
II will be seen that estimate reduction in therevenue
recey ed from manufactures account OF depreciation
of values about % per cent and reduction upon IN
comes and dividends of rather more than that amount IL
true that shall be likely to have more perfect al
mnistation of the law and take pleasure IN saying that
the present Commissioner most dlgent and conscien-
tious officer; but the revenue on this account
will be at least counterbaanced by many little favors
distributed all through our amendments, and which II is
if would. levy an export duty upon
cotton and except for the convenience of collection, an
excise tax may be better as in the form It'll here pro-
posed Ii is necessarily to be paid by the planter and
NAV in the manner that now transport spirits be
removed from collection district TO any one Other
upon giving bonds for the payment OF the tax within W
days upon its arrival at its place of destination Inc
duties will practically thus be paid by the purchaser III
addition 10 this while We guard our political ei'adei mere
against the dangers of any insidous treason from an!
quarter when il TO taxation we should mol only De
Just but generous, and the drawback on manufactured cot
ton OF all the taxes actually paid IN any form VIII fdohd
most the benefit Of the Southern and western STATES
They will at once manufacture cottons and yarns and
warps much extensively than they have hitherto DONE
and the Southern people will be the last to surrender The
system Of tax cotton when once 1t shall be adopted
and understood Until the production of cotton shall be
large reduce the price below 10 cents per pound
or exceeds the wants OF the world this tax will not be
greatly felt by Americans Should the tax al any time
operate adversely 10 interests as do not think can
at present it must be reduced removed as experience
shall seem to require Surely, If the entire cotton crop OF
the United States what We consume, could be ex