The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-01-19
COLUMBIA
Saturday Morning, Jan. is, 1857.
Two Evils 10 SIC Rcrnedied.


The report OF Mr.. Wells, Special
Commissioner of the Revenue, which
was recently submitted to Congress,
dwclls with some force upon two i'm
pediments to the business prosperity
of the ountry-heavy taxation and
an inflated currency.
He shows that excessive taxation
has an injurious effect on the pro-
ducing interests Of the country. and
in very many instances is the cause
of violations of the law, as in the
case of the high tax on distilled
spirits. He says it has been ascer-
tanned that for every three gallons
that pay the heavy tax imposed by
the revenue laws, five evade the pay
ment; and, on this ground, he re-
commcnds Il reduction to one dollar
per gallon. The high tax on tobacco
is productive Of similar results-the
frauds committed therein in single
section of country being $4,000
daily.
Mr.. Wells contends that this high
taxation has crippled production, and
yet enhanced prices. The prices of
leading articles of consumption, he
says, show an average advance Of
ninety per cent, while the labor
engaged in producing them has only
advanced sixty per cent. He says the
diminution Of competition, the main
tenance of all cXtravagant scale of
prices, and the growth Of grievous
monopolies. are sapping the vitality
Of many industrial pursuits. He
affirms that, in many descriptions of
manufacture, the internal rates of
taxation, supcradded to the high
prices of raw materials and for labor,
sweep nearly all the profits into the
Golfers OF the Government, and, in
many instances, actually offer
bounty to the foreign competitor.
In connection with q reduction of
taxation, he advises u contraction Of
the currency, and argues that the
retaining OF the present amount Of
currency III circulation tends to in
crease no business except what is
speculative, and check the very deve-
lopment which is expected to prove
remedial. He contends that the
$500, 900, 900 which the national
banks arc authorized to issue is suffi-
cient for the legitimate business of
the country. He denies that contrac
tion concurrent with reduction of
taxation would injurc any producing
interest, but, on the contrary, main
police. seasonably announced, would
go before il, and prices would fall, in
anticipation of 1t diminished supply
of currency, and with such 4 decline
the purchasing power of money
would so Increase as TO keep the
volume Of circulating medium suffi-
cicntly ample to facilitate all needful
and legitimate exchanges, and at the
same time diminish thc field of spe-
culation.
One thing is evident the whole
pcopl@ OF this country arc over-taxcd
to such an extent chat energy ana
enterprise are ii many instances
prostrattd; but we look for little re-
lief from the partis:tns and politicians
vltn how control national legislation.
ilic taxation per capita imposed upon
the American people is higher than
in Great Britain, France, Belgium,
Pru ssia or Austria. How long they
can stand under it, remains to he
scen.
DEATH OF JAMES c. CALHoUN-
The .ALboville Banner records the
death Of .Famc: c. Calhoun, Of that
District. He had been in failing
health I