Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1867-02-28

be held In reserve NJ hosiou Sau iol
any length OF time AFFORD to tax without
exception all It's available sources OF re-
venue. Something must DC iett Tor ex-
traordiuary occasions. ..
For the present 1t Is merely proposed
TO amend the income tax and remove
from IL some OF It's most exceptionable
features. The exemption of $500 Is en-
larsed to $1,000, and, in addition, an
allowance is TO be made for all rents,
taxes. Insurance. and repairs. To be
taxed at all, any person must De 10 re-
ceipt of something above this minimum
amount, and which certainly must be
deemed as very liberal, and 1t will prove
a large loss to the Government, as 1t will
exempt entirely the vast majority ofper-
sons with moderate means; yet 1t Is
believed that the increased amount OF
the exemption would meet with favor
even from a majority of those who will
remain subject to the tax. Another
change is proposed to relieve the mani
fest Injustice Of taxing incomes above
SIS 900 twice as much as those below;
but one rate, and that five per cent, is
now recommended. To do more than
this is to provoke a controversy as to
the constitutional right to do it, and to
lodge in the mind of every man, who
finds himself as he thinks unJustly OPP
messed. an excuse for undertaking his
income to such an extent as will avoid
the wrong with which he is threatened.
To such persons it seems sheer COntisca-
ton, and If justiiable to the extent of
five per cent, then iustifiable to the cX-
tent of fifty per cent. They offset wrong
for wrong. Few nations tolerate an in
come tax at all, and there is no nation
which has any other than a uniform
rate. The Treasury needs money but
on a question Of taxation justice must
be dealt out with an even hand, and the
rule Of perfect equality should be rs
immovable as the poles.
The estimates Of the receipts for the
next fiscal year ending June 30, 1868 as
recently revised by the Treasury De-
partment, aud the Commissioner Of In
ternal Revenue, reduce the estimates
from the sums originally estimated nine
ty days ago to the following figures,
namely
Fromcustoms,. $1%O,O0,COO
From inlernal revenue, .....-...... 24O,WOOO
From lands, .,,........... ............ l,OOO,UOO
From miscellaneous sources, ,.,...,, 20,00O,OOO
Total,........................, 1891, 100000
This last item will almost entirely de-
pend upon the amount OF coin we may
have to sell and the premium obtained
upon il. Looking at the general de-
preston of trade, as well abroad as at
home, and the recent falling off Of Gus
toms and internal revenue, the revised
and reduced estimates would appear to
be fully justified. The same revision of
the expenditures for the year 1868 brings
out items to the original estimate al
ready asCertained OF not less than 81 ,000,-
000 or making the total at 1857 ,247 ,64l,-
80, besides any claims passed upon by
Congress. This leaves to apply on the
public debt and for reduction of taxes
less than thirty-fOur millions of dollars.
That some positive sum should be devot-
ed to that object in order to restore our
public credit to the level Of the world,
or even to keep it from sinking below
the point at which it now stands, is a
principle so plain that it does not seem
to require argument so much as cores
pondent action.
The committee have ventured to use
up the entire surplus or margin in var
ious reductions Of taxes and exemptions,
believing that we have secured such an
increase of revenue from other sources,
by amendments designed to stop the
waste-gates OF different portions Of the
law, as will beyond all doubt leave
something to apply on the public debt,
provided we pass no bills which throw
any considerable additional charges up
on the Treasury.
The committee have felt willing for
the coming year to give the largest pos
sible amount of relief to the business
interests OF the country, and have also
been willing to so reduce the revenue
that no large balance would remain in
the Treasury to tempt any one to disre-
gard the wisdom of economy-not that
cheese pairing economy which higgles at
trifes and then swallows millions, but
that which looks to the means OF pay
ment for every debt contracted.
Having gone in the lin of reduction
to the extent as estimated, of $36,730,-
500, and as far as it is prudent to 90, it
follows that If any other reduction
should be proposed it will be our duty
at once to speak something OF equal
amount to be restored to the list of tax
able articles. 1t is possible, in spite of
an earnest solicitude to avoid any mis-
takes as to what should be relieved from
taxation, that the judgment Of the
House may make a different selection,
and any improvements Of the bill will
be regarded with as much favor by the
committee Of ways and means as by any
other members of the House.
If there are any gentlemen who disbe-
lieve the recitaIs concerning ideal facto.
tories, FORCES, furnaces, and founderies,
and who think we are still on the top
wave of prosperity, and so may be will
ing to venture deeper cut into our rev.
enues, invite them to look at the COM
parative returns of some Of our princi-
pal railroads, to the present state OF our
navigation interests, to the decline in
the commerce Of our canals, to our
diminished export trade in cattle, horses,
hogs, beef, butter, cotton and manufac-
lures of cotton. iron. COPPER and brass