Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-05-08

u | A1St tic eApcCldblOub VI lue WulCl
is as much as ought ordinarily to be de
o manded of any committee; therefore,
y Resoleea, That said joint committee
IS discharged.
}, Mr.. BR00MALL moved to lay The Join
= resolution on the table. Agreed tO-yea
: 90, nays "a.
Mr.. KELLEY offered resolution, whiel
9 was adopted, instructing the Committee OIL
e Claims to inquire into the fairness and pro
= priety of the distribution of the rewards of
3 fered for the arrest of JEFF. Davis and tht
: conspirators to murder President Lincoln
Mr.. STEVENS introduced Joint resolu-
l ton to amend the Constitution of the Uni
} ted States by adding an article providing
that Congress shall have power to lay and
levy q tax OF cotton exported from the ..
s., which was read twice and referred 10
the Committee on Judiciary.
Mr.. WASHBURNE, of Illinois, presented
letter from Mr.. Bancroft transmitting the
correspondence between Earl Russell, C.
F. Adams and Mr.. Bancroft. The subject
was Bancroffs structures on the English
government in his eulogy on President Lin
coin delivered before Congress. The cor
respondence was read in full.
The documents were ordered to be pub
lished in the Globe, and to be printed and
referred to the joint committee on the death
of President Lincoln.
The SPEAKER presented q message from
the President calling the attention of Con-
gress again to the exposition Of the fishery
and water culture at Arcochon, France, and
it was refererred to the Committee on For
eign Affairs.
Mr.. GARFIELD of the Committee of
Ways and Means, reported a joint resolu-
| ton to provide for exemption of crude
petroleum from tax or duty.
1 L.. Il L. -
for passing joint resolution now. Manu-
| facturers Of parafne oil were now obliged
| to pay a tax on crude petroleum in face of
loss, and many of TEEN were compelled
to suspend operations as the workmen were
becoming riotous and destroying the wells.
The Committee on Ways and Means pro-
posed to take off the tax on the first of July,
and it might as well be done now, so as to
let business go on. The Joint resolution
was considered and passed.
Mr.. MORRILL, entered into full expla-
nation Of the bill. He said in revising our
Internal Revenue laws, the question that
meets US at the Threshold is how much
revenue have we to show, and how much
will our necessities require for another
year? The last question has been specially
answered by the Secretary of the Treasury
who has fixed upon S35O, 200, provided |
the appropriations Of Congress do not ex-
eeed the estimates as seen, 1t would be safe |
to rely upon, including the revenue from |
tariffs as well as internal taxes. In making |
IN estimate of the probable receipts from 4
the latter, we have as q basis full year, and /
of the present year Of experience and the date
is sufficiently complete to be of value. Our
receipts for 1S64-5 were, in round numbers,
$2lO, ,0O0, 600, and the returns therefor of
1866 show that we may expect for the year L
an increase of nearly five per eentum, or
not less than from $500, 100000 to S3O5,OOO,-
600. One of the largest and best paying |
consumers of the products of the country |
during tho war was the government, but 1t
is so no longer. War prices no longer rule,
and it is inevitable that manufactures must
be still further reduced in value until we
reach the solid gold standard, as recognized
by the commercial world. The tax OF man
ufactures, therefore, must be far less pro-
ductive for the year ending June Both, 1857,
than heretofore, as it will be computed at q
less percentage if the bill should be adopted,
and far less aggregate amount. Then, as
a general rule, in season Of falling prices,
it is not gains, but losses, which must be
calculated at the end of the year. Therefore
the tax on incomes and the dividends from
banks and other corporations for the next
year should not be expected 10 yield any
thing like the amount derived from these
sources for the years ending December, 1854
and 1865. Nor can our foreign importations
be maintained upon their present scale. 1t
is very desirable that they should not be, as
they are supplanting a large share OF
the labor of our own people, and because pay
ment will at present be made chiefly in U. S.
bonds. We cannot fail to know that with
such an influx of foreign goods as we have
witnessed the present season that trade
must in some degree be postponed until we
recover from the exhaustion caused by the
war; until capital and labor can adjust
itself to tho new condition Of peace, or un-
til we have something to exchange for
British, French and German iron, wine and
haberdashery besides our national credit.
1t is right, however, TO look for an increase
of revenue in consequence of the close OF
the war, and we may expect something
from the States lately in rebellion, though
not an amount in proportion to their rela
tive numbers. Never fruitful in taxable
resources they have less now than ever.
We obtain outside Of commerce enough to
cover the bills already passed IN one or the
other House. Taking all these things into
as well as others not neces-
sary to mention, the Committee of Ways
and Means have felt willing to report the
bill as it stands, which will reduce the tax
alton in round numbers to S75,O00,O0O. 1t is
also prudent to anticipate large diminu-
ton from customs, as it ought not to be ex-
pected to continue at double the amount
ever obtained in the most prosperous
times. Our receipts from miscellaneous
sources the coming year Will be
very light as they have recently accrued,
mainly from property disposed Of at the
close Of the war and premiums on the sales
of gold. The sources are already nearly ex-
tinct, and we seek to make some compensa-
ton for these losses by increasing the tax
on cotton &C., or by raising it from 2 to SC
per pound. Supposing that two millions
bales should be raised this season and be
taxed, and 1 think the amount will be con-
greater, notwithstanding the ac-
tual want Of good seed and the changed sys-
tenn of labor. We ought to obtain revenue
from this source of S44, 100000 or over. A
tax is at present enforced of S264, 900.
The crop may so far exceed the number of
bales mentioned as to cover all the cotton
which will escape taxation, or which will
be- used on the plantations and that will be
exported in the shape Of manufacturing,
and upon which draw back will be allow
ed, but it will be safer to estimate the pro-
bable receipts on lower basis. All human |
calculations are subject to contingencies,
and final calculations are perhaps more ex-
posed to be shipwrecked of all, but if we {
retain the tax on cotton as proposed, we |
ian safely release, in my opinion, other
axes to the extent contemplated by the {
bill, otherwise we must reinstate something s
already stricken out from the roll of taxa
ion, or find some new source of revenue
which will produce an equal amount, and
Iay this without feeling very confident that {
he rates for income tax will be allowed TO {
,e changed much from the existing law. &
The following were the treasury receipts j
or the fiscal year ending June 30, 1865
Customs, SS4, 900; Internal Revenue,
;2O9, 49,, 900; miscellaneous, $3j,175,l 1856 j,
otal receipts exclusive Of loans, 1926, ,j67,-
s6.
The following are estimates of the treas
Try receipts for the fiscal year ending June
20, 1866:
Custom receipts to April 1st, 1866, actual :
,oin, Sl2s, ,967,370; Internal Revenue do, !
actual, S243, $50, ,54s miscellaneous to April
st, 1856, actual premium on gold, &c-,
81, ,1s3,3O9; aggregate receipts to April Isl,
;410, ,04l ,232; estimated custom receipts 7
rom April 1st to June 30th, $4,000, 900;
internal revenue do, 500, 900, 900;
miscellaneous receipts do, 81,
100, 900. Total aggregate receipts from all
ources for the fiscal year ending June 30, 7
sol ,541 ,232. Estimate Of receipts for fiscal :
1ear ending Juno 30, '67-customs SI25,000, 4
100; Internal Revenue, S26O, 100000; in =
,rease on cotton, S50,0OO,O00; spirits, Sl5,- i
100 900; miscellaneous, Slo,09lOOO. Total,
;425, ,OOO, 900. Requirements ofths Secretary r
# the Treasury, S350,0e0,0CO. ailable for !