Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-07-01
Taxation and FinaDce i'm England
s5 n and America COnfrasted.
gtFrom the London Times. I4th inst.


- ,tFrom the Loudon Times. I4th instl
The rival systems of taxation in Great
Britain and the United States have been
repeatedly contrasted by our statesmen
and tinanciers, but the comparison can be
carried more closely now than was possible
either before the civil war or Immediately
after that desperate struggle. The esti-
mates, in fact, originally proposed by the
American Secretary of the Treasury for
the year ending with the current month
comprised revenue not greatly differing
from that of our own government. Instead
of our f70 100000, the Americans were to
raise 979 100000, while on the other side of
the sheet they provided 62S,000,000 for in
terest on the national debt, instead Of G26.-
000000. which sutfices for that obligation
in our own case Nor did their civil SER
vice estimates differ materially from ours,
though their charges for army aud navy
were considerably smaller; but the point
of greatest contrast was IN the surplus.
The scheme proposed On es<cesS of iinrUuc
over expenditure amounting to no less
than E20,00000 and Mr.. Gladstone OBJ
served, in recent debate, that America
had actually. in the space of sixteen months
paid off 640,000,000 of public debt out of
the proceed OF taxation. Whether this, in
point of sound finance, was judicious pcli-
cy, has been doubted, and it now appears,
at all events, that the effort has been. car
ried far enough at present. The reduction
of the debt has been suspended. ana certain
returns which have just been discussed in
our American correspondence show very
plainly that the ability to endure heavy
taxation has been materially diminished.
In plain words, we are told that the aggre-
gate amount of incomes assessed for income
tax has fallen off by fifty per cent. from
the amount of the previous year. |
We should observe, perhaps at the outset
that income in America is taxed separate
ly from property, so that the sum realized
for the Treasury under the head of lucome
tax is not equivalent to the single item of
property and income tax in our own ac-
counts. The rate of taxation in the United
States is five per cent, or, by our method
of reckoning, one shilling in the pound,
which is levied upon all sums above G200
This was expected to produce ES,0O0,000
but we are told that diminution to the
extent of one-half must be anticipated on
account of the general decline of trade and
profits in the States. 1t happens, too, that
this decline can be accurately traced and
estimated, for the custom prevails III Amer
lea of publishing the returns made by tax
payers under this head. In this manner
the whole public are invited TO act as as
SCISSORS, and the truth of the returns is left
to be tested by opinion and belief. 1t does
not appear. however, that the system works
in this respect to much advantage. The
| collectors allege that evasion is universally
practised, and that complete returns ART
rarely made. Nevertheless the publicity
| given to such facts is evidently gratifying
| to the national curiosity, and the incomes
| of men of various classes and callingS are
made the subject of comparison and com
| ment. ....-- ~, -.--.
Last year there was a New York mer
chant who returned his income at 6S00,00
and upward, and his return is still the
largest in the list before us, though it ha
| l,.,s. l1alk 70 1ncc f1nr Aflnt thnl
New York merchant comes second witt
| GS5.OOO and New York ship owner, who
however, is also large shareholder in the
t Atlantic Cable Company, follows with EGO,
600. After these come Delmenie0s tn
well-known restaurateur whose profits evel
in these days of impoverishment are aboV
! G40,000. In Philadelphia, a Government
loan agent, whose gains had been 9l30,00C
finds them reduced, not unnaturally, Il
about third of that sum. In Chicag
S34000, realized by maker of agriculture
implements, represents the largest return
alter which comes an income of ETA 00C
These items owe most of their interest t
the figures alone, but there are others whic
are remarkable for the celebrity of the es
Establishments or individuals to which the
refer. General Grant possesses private in
come ofabOut f900a year oyer and above hi
pay of $4,000. Mr.. Stanton has just t7O(
4 besides his salary of Gl,600; Mr.. Matthey
T. Brennan, the ''well known New Yor
politician" has $4,000 year; Mr.: FredeI
lex Douglass, the famous New York ne
gro," S1,200; and Mr.. franklin Pierce, eX
President of the United States, 9l,OOI
journalism in America is profitable pro
|, f ssion, though the income of Mr.. jaime
Gordon Bennett, of the Net1 York Herdlt
has fallen from upward of 630.000 to lie;
than G24 600. The publisher of the BostO
Journal returns f14,000; and Mr.. Patric
Donahue realizes "a 900 from an Irish ps
per, the Boston Pilot. The incomes return
. ed by academical and literary men al
: moderate. Professor Agassiz has f600
} year; Mr.. Richard H. Dana, G400; Profes
t sor Lowell, f500; and the poet Longtellov
$4,000. Publishers, as might be expecte
] do better than authors one firm returnin
as much as 100000 year, and anotht
t 10000. The petroleum trade gives EDO
600 per annum to its leading member, al
manufacturer of American watches II
turns S25,OO0. las 5ea a-
e The, most remarkable feature of the
: financial statistics, as compared with ol
e own, is undoubtedly the abrupt decline
the years returns. No such event has o
Il -,curred in this country since the first rev
nl val of the tax of Sir Robert Peel, and
d] late the increase of yield has been sstroI
{ and permanent. A penny in the poui
| was calculated by Mr.. Gladstone some tin
ago to produce S1,000000 a year; iJ nc
produces Ell, 100000; nor is there any re
5 | son to suppose that the growth will be q
ell rested. But it should be remembered .th