Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1866-05-16
r E Y E n q E.
sneesh Of Hon. Justin 9. morrill,
On the Rersnue Bill.

Speech Of Hon. Ju0flm .. morrill,,
OF VERMONT,
On the Rerenue Bill
Nh. CHAIRMAN Let me say at the start,
lest gentlemen should be too much frightened,
that the great length of the bill before us
mainly arises from the fact that the Committee
of Ways and Means thought it advisable, wher-
ever in the course of the revision of a section
of the old la was amended. even though but
, slightly to strike out the old section and rein
ssrt it as amended. This vastly swells the
siEe of bill, but will be much more convenient
for those who to interpre administer the
| law hereafter. In revising our internal reve-
nue. laws, the question that meets US at the
threshold is, how much revenue have we to
spare ? Or how much will our necessities re-
qure another year This last question has
been specially answed by the Secretary of the
Treasury, who has fixed, in recent communi-
cation to the committee, $4,000 OO0-pro-
vded the appropriations Of Congress do not
exceed the estimates-as the sum it would be
| safe to rely upon, including the revenue from
| the tariff as well as internal taxes.
In making an estimate Of the probable re-
eeipts from the latter, we have a basis one
| full year and three fourths of the present year
of experience, and the data sufficiently
complete to be OF value. Our receipts for
! lS64-65 were, in round numbers S21O,OOO,-
/ 900, and The returns thus far of 1866 show
that We may expect for the year increase of
nearly fifty Ter cent, not less than from
three hundred to three hundred and five mil
lions.
/ One of the largest and best paying consum-
ers of the products of the country during the
war, was the Government, but is so no longer
War prices no longer rule, and it is inevitable
that manufa ctures must be still further
duced in values until reach the solid
standard Of gold recognised by the CONNER
ial world. The tax on manufactures, there
fore, must be far le-s productive for the year
ending June 80 1867, Than heretofore, as it
will be computed at less percentage, il our
bill should be adopted, and on far less aggrs-
gate amount
Then, as general rule, in season of fall
ing prices, it Is not gains bu; losses which must
be calculated at the end of the year and there
fore the tax incomes, the dividends from
ranks and other corporations for the next " +,
cannot be expected to Weld anything like the
| amount derived from these ces for the wears
ending December, 1864, and December, 1865
Nor Can aDy foreign importations be maintained
upon their present scale 1t j, very desirable
that they should not be as they are suppanipg
a large share OF the labor of our people,
and because payment will at present be made
chiefly in United States bonds. Financial dis
aster, well as increased depression to our in
dustrial interests, cannot fail to follow such an
influx of goods We have witnessed the pres
! eat season. That trade must IN some degree
/ be postponed until We recover from the
haustion caused by the war, until capital and
| labor can adj ust itself to its new conditions of
peace, or until we have something 10 exchange
tor British French, and German iron, VINE,
and haberdashery, besides merely national
credit.
1t is right, however, to look for some increase
Of revenue In consequence of the c.ose of the
war, and we may expect something from the
States lately IN rebellion, though not an amount
IN proportion at all TO their relative numbers.
| Never fruitful IN taxable resources, they have
/ less now than ever. Ii we obtain outside OF
| the receipts from cotton enough to cover the
1 bills already passed in or the other House
! for extra expenses on their account,t will equal
my expectations. Taking all these things INTO
4 consideration. well as others not necessary TO
mention, the Committee Ways aud Means
have felt willing 10 report the bill it stands,
J which Will reduce taxation the present year In
round numbers about seventy-hve million dol
| lars.
Ii is also prudent to anticipate large dim
! mutton OF the revenue from customs, as il
ought not 10 be expected to long continue at
double the amount ever obtained in the most
prosperous times. Dor receipts from miscel.a-
neous resources the coming year will be very
/ light, as they have recently accrued from prop
erty disposed of al the close of the war, and
premiums on sales of gold, sources already
nearly extinct.
We seek TO make some compensstlOns for
these losses by increasing the tax en- raw cotton
| three cents, raising it from two to five cents
per pound. SupposILg that two million balas
should be raised this season and be taxed-and
| th nix the amount will be considerably great
| er notwithstanding I actual want OF good seed,
and the chans ed system OF abor-we ought TO
obtain revenue from this source of S44,0 00,-
900, or increase the tax at present in
force of $50, 100000. the crop may SO far ex-
coed the number OF bales mentioned TO Gov
er all the cotton which will be used on plan
tations, or which will escspe taxation, and all
that will be exported in the shape Of manufac-
lures, and upon which drawback will be al
lowed but 1t will be safer to calculate proba-
BILE receipts lower basis.
! All human calculations are subject to contin-
gercies, and financial calculations are perhaps
most exposed to be shipwrecked of all but II
/ we obtain the on cotton hs proposed, we
can safely release, IN my opinion, taxes to the
extent contemplated by the bill. Otherwise
We must renstate something already stricken
out of the roll of taxation by the bill, or find
duce an equal amount; and | say this without
feeling very confident tina: the rates for the in
come tax viii be allowed 10 be changed much
from The existing law.
Treasury receipts for fiscal year ending Jun,
30, 1865.
Customs, $S4,926, O0(
Internal Revenue, 2O9, AGA 600
Misce llaneous, 80, us, l2t
Total receipts, exclusive of loans, 1929, SCI, l2t
Estimated Treasury receipts for fiscal year end
ing June &c. 1866.
Customs receipt to Apr. l., 1866,
(actaaD (coin) SIPS, 1867 ,S7t
Internal revenue 10 Apr. !, 500,
(actuaD 24o, $50 ,54s
. Miscellaneous (actuaD premium
on gold, &c, 3',lS3 ,3O'
Actual aggregate receipts to
April i, $41O,O4I ,23:
Estimated custom receipts, April
l to June 80, sO,OOO,OO'
Estimated internal revenue, April
to June 30 $4,000 ,OO'
Estimated miscellaneous, April
to June 80, 1900 90,
Total aggregate receipts from
all sources for the year end
ing June 80, 1866, $5o1.541.2 3
Estinats Of receipts for the fiscal year endin,
:, June 80, 1867.
: Customs. $125OOO,OO
Internal revenue, $4,000 90
Increase cotton, l5,OOO.OO