Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1867-12-11

WHY wv gS@-
With the resumption of specie pay
ments the national expenses could and
must be reduced. In the year proceed
ing the war the total expenses, includ-
ing the interest on the public debt,
were less than 500, OO0, 600. 1t should
now be no more than $l04.000, 0O0.-
The reductions in nominal values by
the payment in gold would enable the
Government to ave nearly thirty per
cent. of its present expenditures. By
a thorough revision of the lnternqi
Revenue system, and the consequent
disbandment of the greater part of the
army of tax gathereTs and the expen-
ses incident thereto, $1,000, 600 could
be saved. These reductions would save
over SI43, 900, 600 of the expenses of
1866. and leave but $244, 000, 009, inclu-
ding Interest and payment on the pub
lie debt, as the maximum annual ex-
penditure of the Government. This
amount be proposes to raise By a judi
ciously arranged Tariff, an Excise coy
ering a few articles only, and a tax on
National Banks,
On the question of Tariff, Mr.. Walker
repudiates the principle of protection
snd insists on q tariff for wen only.
He would admit the raw material of
manufacturers duty free, and place in
the Is per cent. schedule all articles
now in the 5 and 10 per cent, schedule
which were not included among the
raw materials. Further, he says
All the textile fabrics, and all mix
lures of them, whether of wool, cotton,
fax, hemp, silk, &c, should be placed
in the so per cent. schedule. This
would wonderfully simplify the system,
prevent frauds. and largely increase
the revenue, whilst, as an incident aid
to manufactures, so far as the tariffs
can help them at all, it would be bene-
fetal.
All wines. all malt and spirituous
liquors, together with tobacco and its
manufacturers, should bear a duty of
so per cent ad Ualorem.
The duties on allcther foreign luxu-
ries consumed in this country should
he increased & such a rate, as would.
in every case, bring the largest amount
of revenue.
The duty on iron and all its manu-
features should be 40 per cent. ad
valorem, for two reasons: First, be-
cause 1t would only place them on an
equality with manufactures of textile
fabrics. when theraw material o manu-
features should be duty free. Second,
because this duty viii bring mor reve-
nue. than any other, and We now want
all we can get from the tariff.
With these and some minor changes
in the system, developed by expert
ence, and with the prevention of Snug
Cling, growing out of reduced duties,
/, can be demonstrated that such a tar
if would produce an annual revenue
of at least $50, O00,0 600 a year, increas-
ing at least six per cent every year, be-
ing g compound ratio of the augmen-
tation of our wealth and population.
With regard to National Banks he
would continue the present tax, which,
at last reports, yielded $4,000, 900, and
in addition, whilst authorizing them TO
loan money at seven per cent would
make them divide equally with the
government all net profits realized over
even per cent. The National Banking
system should be free to all who chose
to avail themselves of its privileges un-
der the laws of Congress. he advocating
the Free National Banking system on
political as well as financial grounds
He says Of this system:
But the greatest effect of all would
be in sustaining'the Government and
in pe~rpetuaiing the Union, making us
one nation so far as money is concern
ed. Then every bank which held our
bonds, and every citizen of every State
holding the money based upon them
would be virtually and directly inter-
ested in sustaining the government and
pe~rpetnsting the Union. Indeed, if
this system had been in full operation
in 1860, secession would have been i'm
possible, because by that act the South
have destroyed all its own banks
and monied resources, and because the
State banks in the South were the chief
citadels of secession, supplying mainly
upon which the conflict was
His proposition for the revision of the
Internal Revenue is one of the pleading
features of his plan, and we quote in
full ss being certain Of attracting at
tention and provoking earnest discus
Almost everything is taxed now,
by a stamp tax, an income tax,
q tax on sales, or an excise tax on near
" every article that is consumed by
the people; and an army of tax gather
ers is employed, at = vast expense, &C
companied by enormous frauds, 20 col
lect a small portion of this tax. Now,
would disbsnd nearly this whole le-
gion of tax-collectors and assessors, and
the whole system of internal
taxation, except the excise or wines, |
malt and spirituous liquors, and tobac-
co. I am confident that under such a
at least $780, O0, 900 a year, il
gold, or its equivalent, conld be collect
ed from these articles. BY table 81 of
the census of 1860, the number of
of spirituous liquors distilled
the year ending June i, 1860,
exceeded $8S, 600, 1000. | am opposed
to any reduction of the excise of Whis-
KY, believing 1t to be one of those nrti-
cles, above all others, from which we
ought to collect the largest possible
revenue; and confident, by the expe-
Of England. for years, in col
Letting q tobacco tax, when q much
proportional rate was assessed
and collected, that the present whisky
tax can be realized. Surely we ought
not TO surrender this tax 10 fraud and
.villsiny, without still further effort for
its collection If all these results are
realized. the TeTenue would mount TO
$50, 000, 600 q year. in gold, which leaves
a margin of nearly SlOO, 600, 900 per
snnum above what would be required
10 carry on the Government, and pay
the interest and a smau proportion Of
the principal Of our public debt.