The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-06-15
Startling Decrease In the Revenue-A Bad
Prospect Ahead

According to the best information that can be
gathered there will be falling off in the internal
revenue income for the current year to an amount
y ore than double the estimate of Secretary Nc
Collooh in his last annual report We publish
elsewhere in to-days Herald fist of the taxes as
sessed upon manufactures and productions, for
March and April In nearly all the districts Of New
York, and in great part of Massachusetts, Con-
nectiout, Rhode Island, New Jersey, Pennsylvania
and Maryland. AS compared with the correspond
ing months oflast year, these returns show fall
ing off from this source OF revenue OF over forty
per cent. --a==.a5-s e...5ss
The new tax law, with reduced rates and large
additions to the free list, went into operation
March 3, 1867, and the returns for March and
April therefore, shows its first results. Although
the list is only partial, The uniformity in the
decrease and it's rate is sufficient evidence that
the same condition OF affairs exist throughout the
country, and justifes the estimate that the ag-
gregate decrease from this source Of revenue will
reach forty per cent. In the receipts from the
tax upon incomes there is yet greater falling off !;
but assuming adechne Of forty per cent all round,
we; have total decrease in the revenue fromiin-
ternal taxation for 1857 as compared with last year
OF one hundred and twenty-five millions Of dol
lars. This throws the calculations OF Secretary
McCulloch into confusion, his estimate Of the de-
crease Of the present year, based upon the reduc-
tion in the rates, being about forty millions. In
in excess of the secretary's estimates, in conse-
quence Of the expenses Of the Reconstruction Act
and the Indian troubles in the West. 80.
This is o startling exhibit, and shows the utter
incompetency OF Congress- and the Secretary of
lhe Treasury. They are struggling and founder
ing about in water out Of their depth, and as they
are ignoranS how to swim, they must 60 to the
bottom. By their blunders and obstinacy they
will increase the public debt this year one hundred
and fifty millions. When these facts are known
In Europe our stocks and securities will 60 down;
and it will not be the fault Of the Secretary or OF
Congress If we do not have terrible panic all
over the country. And what have they gained by
bringing all this financial trouble upon tle coun-
ryP Six niggers in Congress, and perhaps MIG
ger on the ticket for Vice e-PresidenG in the next
Presidential election, according to the programme
Of their pioneer, WENDELL PHILLIPS. The people
will soon ask the question whether six good, fat
niggers, ft for members Of Congress, are worth
what they will cost-fve hundred millions apiece.
Before the rebellion, when Mason was Minister
In Paris, some person pointed out to him stoutly
built colored man as Minister to the French Court
from Hayti, and asked MIN what he thought OF
MIN. 'Meiln replied Mason, 81 think he might
fetch two Thousand dollars if he was IN the mar
det.n This was high valuation for niger in
those days, even il qualified for foreign minister;
and it therefore seems sextrayagan TO pay i've
hundred millions each for Niger bngressmen
now. But it Is all OF pieoe with the incornpe-
tency Of our Radlca ananeiers. Some OF them are
doing their best to increase our debt one hundred
and fifty millions year, and others are giving
straw bail for JEFF. Davis and shouting for an I'M
mediate return to specie payments as loudly as
they once yelled son to Richmond. "-Ne'o York
Sunday HerGd ,ib L z T. Z II .!.d