The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-04

ings Of the constitution itself The usnt canrok
exercise powers not conferred BY is orsanc law o. nsoes
Rascmcnts when able 70 meet them, without either
shocking or demoralizng the sentiment OF the people
circulation OF incouvertble but still legal tender
currency is generally advocated indicates how far
and ethics Tns o he on b
ware 90 fully Expressed his former report that Il not
necessary 70 rssate them II sufcient TO say that his
ton during tho past have assured him OF their COR
RICHNESS Anxious - no s TO tighten the public burdens
wise that these notes 10 withdraw nom Circulation and
that the furnishing OF what paper currency may Be ro
qured Dc le TO corporations under existing laws and
tate for the better protection and advancement or the
public interest How rapidly they may DO retired mus
business and industry and can be better Determined q
the work progresses The reduction could probably be
increased frcm four millions per month, contemplated
Dy tho act Of April IL 1865 TO six millions per month for
thereafter without preventing steady convsrsIcn or the
ssss ss NJ SSn sos u ecs'os
Xd However,. Ia the present condition Of our afsirs
sSvis.S.s TIE policy g co9trsc!!ug the eircpiatios
rapidly = pro1sdsg : ansss,sa = = Z
trade upon which our revenues are dependent Then e
great adaptabty Il the business the Unitsd states
and yin easily accommodate itself % any policy which
h the true and safe cas the seorstny 4 hsrouxhly con
vincsd. Il shau not 30 speedily Adopted aed sisiday
eut udicouay snfsaoed severe Anancia treass are a
sxHnIzs o. o.aAnnsu NATIONAL sAxxs IN rus souzuuss
Tho sscssry cordially approves what L. said By the
Acting Comptroller Of the Currency in his report In
gard TO the importance Of furnishing the people Of the
ness may require and agrees with him in the opinion
which he expresses Of the beneficial results political
sossssS s Sa ~
recommend an increase OF the bank note circulation Of
the country beyond 00 and hopes that the ne
reduction of the amount awarded other States than
by an increase Of the volume Of currency.
REVISION or THE rARrFv.
The third remedy suggested s q revision OF the tariff
for the purpose OF harmonizing It with internal taxes
reduction Of taxes upon raw material, &C., &c.
reduce internal taxation &C., approved July 49, 1885,
provides tha the Secretary Of the Treasury hereby
shall be- styled Special commissoner Of tho Reysp~e
whose Office shall terminate in four years from the 0h
day Of June 1885, Il shall be the duty Of theASpecial
Commissioner Of the Revenue to inquire into all the
sources of national revenue, and the best method OF
collecting the revenue the relation Of foreign trade
domestic industry; the mutual adjustment Of the sys-
TENS Of taxation by customs and excise with the view
Of insurng the requisite with the least disturb
ance or Inconvenience to the progress Of industry and
the development OF the resources OF the country and
to inquire, from time TO time under the direction of
the Secretary Of the Treasury. into the manner in
which officers charged with the administration and
collection Of the revenues perform their duties And
the said special commissioner Of the revenue SHALL from
tme to time report through the Secretary Of the Trea
sury TO Congress-, other in the form Of bill other
WISE such notifications Of the rates Of TAXATION Of
the methods Of collecting the revenues and such other
facts pertaining to the trade, Industry commerce,
taxation Of the country may md by actual obser
walton o. tho operation OF the law to be conducive to the
On the 10th Of July last. Mr. David A. Wells was ap-
pointed Special Commissioner Of the Revenue under the
authority above reced and he instructed proceed
chief attention tho tariff with the view OF ascertaning
what notifications required adjust to the system
OF Internal taxes, stimulate Industry and make labor
The ability displayed by Mr. Wells in the performance
Of hts duties OF the commissioners for the revision
Of the internal revenue laws and the heartiness with
VIII ch he is prosecuting HIS Investigations give the
assurance that be viii perform the work In manner
tho people Tho Secretary addressed to- him on the
fourteenth day Of September 1885, letter from which
the following is extracted:-In view Of the fact that
the reyson Of the tar IL certain 10 engage the atten
ton OF Congress at It's next session. consider It espe-
clay desirable that the Treasury Department should be
the subject bc obtained and collected within the
limited tune available for the necessary Investigations
You are therefore, hereby requested 70 give the subject
report bill which, approved BY Congress- win be
substitute for all acts imposing customs duties, and
which will render the administration or this branch OF
effective.
an the discharge or this duty you viii consider The
necessity Of providing for a large certain and perma
nent revenue eoe ting tho fact that the existing tariff
has proved most elective In this direction. You will,
. revenue commemorate with its necessities; and
secondly, 10 propose such notifications Of the tariff
duties upon orcgu imports with the internal taxes upon
homo productions II this last result be obtained
without desment 70 the revenue BY reducing taxation
ons rather than By increasing the rates Of imports.
II wosld In opinion, by decreasing the osst Of pro-
greatly promote the interests OF the whole country
There 10 no subject which has In times past provoked
80 much discussion and in regard which opinions have
ifered tha fsy hao hooU souAi
matter OF sectional and political strife for nearly half
century and the sentiment OF the people in regard 70
1t commenced Always complex and difcut question,
II Is particularly at the present time Prior the re-
bslon y had no relation 70 internal taxes for this form
II had little connection with the CURRENCY for until the
year 1892 although the banks had repeatedly suspended
standard OF value in the United states Now the ques-
ton OF the tariff s TO be considered In connection with
permanent system Of internal taxes and deprecated
but IL is hoped temporary legal tender currency II
obvious that scale Of dntes upon imports which might
have been sufficient judcious aud beneficial when there
internal federal and business conducted
upon specie basis may be insufficient njudcious and
injurious large Is ut present indispens
government the interest upon the public debt and for
gradual and regular reduction Of the principal Free
trade although in accord With the principles OF the gov
ernp,ent and the instincts Of the people, cannot be
adopted as policy as long as the pdbc debt exists In
anything like its present magnitude. The long hopedfor
period whan there shall be legal distractions
exchange OF commodities between the United and
other countries Is still far In the future Duties upon
imports are not only necessary for revenue but also for
the protection OF those home interests upon which heavy
internal taxes are TO be assessed The question now
before the country Is therefore one OF adapta.
ton, rather than principle. How shall the
necessary be raised under sys-
OF internal and external taxes without sustaining
monopo,es without Expressing industry without DIS
words, how shall tho revenue be raised In manner the
least oppressive TO the people, without checking the
prosperity and growth Of the country The Secretary
Is not disposed TO discuss the question in this report
This WILL II 10 expected, be done deliberately and
thoroughly In the report OF the Commissioner He de-
sres however, 10 call attention to few important facts
In regard TO branches OF business the United
States, the consideration OF which may tend give n
proper direction to the public mind upon question
absorbing and important
DrcLfNArfos of OUR FOREIGN c0xnKRcR-RKAsors FOR
No single interest In tho United States fostered al
though may DO by legislation long prosper ct the
expense Of other great interests Nor any important
interests DO crushed BY unwise unequal laws with
out other interests being thereby preudced For Illus
raton tho people Of the United states naturally
. commercial ana maritime people--fond Of adventure
bold. embarrassing. peraisfenl Nov