Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1866-02-08
TAXES ON NAEUPACruRRs.

In regard to the objection that might
be urged against relieving manufactur-
ers from taxation because OF their re-
cent large profits, the report says that
the present and recent condition Of af-
fairs is entirely abnormal that in most
departments manufactures do not yield
large profits in more than three years
out Of ten, and hardly ever escape heavy
losses in two years Of every ten, and
that not less than third of those who
engage in the production of any COM
modify, subject to competition from
abroad, and the special fluctuations Of
foreign trade, are utterly ruined before
they can attain that capital and strength
which will enable them to maintain
themselves under all contingencies.
REDUCTION OF THE PUBLIC DEBT.
The Commission are opposed to any
present devotion Of revenue to the re-
duction of the public debt. On this
point alone, the Secretary of the Treas
ury differs from them. The report of
tutASOululSSlOu says
In their estimates of revenue and ex-
pendtures, it will be seen that the Com
mission have assumed fifty millions of
dollars as the sum that might be set
aside, annually, for the redemption of
the principal Of the public debt. They
however, do not wish it to be under
stood that they are in favor of the with
drawal of any such amount, at present
from the annual revenue of the nation.
for such purpose. On the contrary,
they believe that it Is for the interest of
the government that taxation should be
reduced, at the earliest possible mo. |
ment to its minimum, thereby making |
sure the future industrial development |
OF the country and that no consider !
able sum should be, for the present, |
raised by taxation for the reduction Of |
the priscipal Of the public debt.
The burden OF taxation is now. I'M |
douotedly, at its maximum. and the |
pressure OF local taxation increased to |
p az the interest on local war expend |
itt,res IS, probably, more severely felt |
tina even the burden Of national tax !
alton, inasmuch as the general govern |
ment has taken to itself nearly every |
source of revenue, except the single one |
of real estate, which had been before |
burdened with large expenditures for
schools, roads and other matters with |
which the local government stand
charged.
- Looking to the past, we fnd that
while our pop ulation has been accus-
toned to duplicate itself in about
twenty-tour yea rs, oar production has
been supposed to increase twice as rap
idly, or ga Cuadru ole itself in the time
required for the duplication Of the other;
while looking to the future, ia view of
this fact, we have reason to believe |
that the power of natiOnsl production
ten years hence will be more than twice |
as great as it is at present. That it
viii ee SO, provided that we soon re-
mdte all those taxes that now tend to /
impede atioDal Development, cannot he
iUubted and, if So the revenue kys
TEN which may be now framed to yield
three hundred millions of dollars per
annum, cannot fail to yield, in 1876, at
least double thai amount.
In confirmation of these views the
Commission would refer to the expert
ence of Great Britain whose revenues
have in the short period of twenty
years from 1912 10 1882, increased If
~ per cent or from k48 00f 000 f5240-
00,000) to s72 5000; D $3.50 900 000)
notwir hstandiBg the exemptions from