New-York tribune., 1867-01-05
THE N4TYONAL REVENUE.

irredeouoble paper currency, We have only to
sov that be is mistaken. SO, if the complaints
and scruples of Mr. Commissioner Wells could
be briefly solved they would mainly amount
10 this: that our debt is large, and in some
way we are taxed heavily to pay it; but, on
the other hand, it is because our currency Is
inflated that cur taxes are so great
burdens. Granted that certain rates
of tariff and internal taxation may
be misapplied, the force of Mr.. Wells's objec-
tions il still against the currency. Three causes
he gives for our present embaTassments: first
the scarcity of labor; second an irredeemablc
currency; third, the burden of national taxes.
But, by the drift of his general argument, all
these causes appear to merge and unite in the
fact that our currency is bad; because, IN the
first place, our debt is great, and in the sec
ond, because, however much our people have
been taxed directly and indirectly, and how
ever vast the amount of gold taken from COM
merce to feed the Treasury, no part of our
revenue has yet been applied to redemption.
Where, then, does the fault Lief Not essen
tally in the amount of our revenues, for, ac-
cordng to Commissioner Wells, they yield Us
more than we want. For instance: internal tax
alton in the last fiscal year netted lis over $780,
0OG 9s4, and by customs the receipts were over
$l190l6,G30 in gold, which, in currency, would
make the total amount Of revenue, by various
forms Of taxation, $jGl BE- 2G6. These are the
Commissioners own figures; and hence he adj
duces that we have enough and to spare. Judging
merely from revenue point of view, the cOun-
try is prosperous rs it never WAS before. But
what are we doing with our accumulating sur
plusi Granted that our people are, IN some
respects, sensibly burdencd with their taxes,
would these burdens be half so much felt If
| the difference between currency and gold were
removed from their shoulders, OF, in other
words, if we right speedily employed our sur
plus for redemptionl
Mr.. Wells sLrewd analysis of the influence
of the currency on prices deserves attention
! First there is an increase in prices proportion
al to the difference between gold and silver;
second, the dealers insurance against fluctua-
| ton third, the advantage taken of the gene
raj unsettling of values to advance prices to
a degree limited only by public endurance.
We are pleased with Mr. Wels's admission that
the currency can be cured far more easily than
it can be endured. If he complains too loudly
of our taxes, we must pfer him to the cur
rency. If he complains of the cmrcn-
cy, we must refer him to Washington.
| But we heartily agree with him
and Webster, that "of all the contIi-
"vances for cheating the laboring classes of
mankind, none has been found more effectual
than that which deludes them with an ire
deemabe paper currency" Apply this solvent
| truth to Mr.. Wells's scruples concerning taxa
ton, and it will be plain that, however we'll or
i'll be the application Of certain features of tax
and tariff our duty is to resume.
| With efficient collection, we should now be
deriving SS0,0OO,0O0 from the tax on distilled
! liquors AS it is, we receive but n small fIac-
ton more than a quarter Of the amount. The
| Commissioner recommends that Supervisors of
Revenue be appointed over the Inspectors and
| that the tax be reduced to 81 for the sake of
d more easy collection of larger revenue. II is
notorious that the Whisky tax is greatly evadcd;
but the fault is perhaps as much in the
partisan character of appointments and
removal of subordinate revenue agents as in
anything else. The cotton tax of three cents
per pound seems to the Commissioner quite suf
| ficient, and he says: "Thc tax may be collected
for one or two years, or until the aggregate
"crop of the world shall yield a surplus of
"cotton, with less injury to the production Of
"cotton in the UnitedaStates than the cOllec-
ton of an equal amount Of revenue would
"cause II imposed upon other branches of in
"dustry"
There appears to be no reason in the Com
missioners mind for an extensive change Of
the tariff, from revenue point of view.
This, he thinks, as we do, must be sought
for in the necessities of our industrial interests
but Mr.. Wells is far from apppreciating fully
the weight of the arguments for protection. If
! the people are to be benefited by reductions in
certain articles of consumption wherein there
can be no rivalry, the least that can be de-
manded is that such change shall inure to
protect our home interests Tax us less for
necessities, If Mr.. Wells will but give US
more tariff for protection. Tighten the load
of our internal taxes, but be sure that
our internal interests are fostered, multi
piled, and enriched by wise and timely
defense against foreign free trade. In other
words, insure us something like free trade
among ourselves, and save us from being the
slaves of middle-men and importers and from
living in the employ and at the will of foreign
commerce. To improve our currency we want
protection. If Mr.. Wells believes that some of
our tariff rates sweep the merchants profits
into the pockets Of the Government and offer
a premium to the foreign producer, he knows
that others have unquestionably helped to
build up our domestic manufacture However
much he complains, he cannot help drawing an
inference favorable to protection; and so do
we
Here it Is remarkable that Mr. Wells notes the
great activity Of busines industrial and specu-