The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-01-07
oUR NATIONAL FINANCES.

nj Debt AT Present.
We have received a copy of the report
made to Secretary McCulloch by Hon.
David a. Wells, Special Commissioner
on the subject of the Tariff and the Ma
tional Revenues. 1t is an interesting
and instructive document, replete with
research and information, but, after all,
4 containing many individual opinions
that have been ably and unanswerably
met by those who are opposed to the
general policy recommended by Score
tary McCulloch and the Special Com
missioner. The report recognizes de-
mand for change of the tariff, but
says that this cannot be sought for on
revenue grounds, because the tariff is
already highly productive and the rev
enue has reached point much larger
| than was ever anticipated. The reason
for the change must be in the industrial
which, through their resultant of high
prices, have produced the disturbing
effects upon our industry, are stated to
be, first, a scarcity of labor-especially
of skilled labor; second, the adoption
on the part of the Government as Il
measure of value, as medium of eX-
change, and as Il legal tender, of an ir-
redeemable paper currencyi and third,
and perhaps the most influential, the
extent of the burden of national taxa
ton, involving excessive and uuwise
legislation. The extensive duplication
of taxes in turn entails and maintains
an undue enhancement of prices, a de-
crease both of production and conSump-
ton, and consequently of wealth IA re-
striction OF expectation and of foreign
commerce, and large increase in the
machinery and expense of collection.
The remedies are next discussed. The
Commissioner says it is not clear that
legislation can be made available to re-
lieve the scarcity of labor. The evil
growing out of this cause must in the
course OF time cure itself. The remedy
for the second cause is TO be found in
return to specie payments. The third
remedy lies wholly within the legisla-
tive department of the Government
The Commissioner then discusses in
what manner and to what extent can u
reduction of existing taxes be now
made, compatible with the require
mentS of the Treausury for administers
ton expenditures, interest, and de-
sirable and certain reduction in the
principal of the National debt. The
Commissioner recommends: First, "a
reduction OF the present general tax of
i've per cent. on the products and sales
of manufacturing industry to three per
cent, and corresponding reduction in
specific taxes levied on analogous
branches OF industry. Second, an en-
tire removal of all direct internal taxes
now levied upon the production of bar,
plate and sheet iron; and of such addi- |
tIonal taxes as are yet levied upon the
elements of the manufacture of steel. |
Third, reduction ofthe tax of two and |
u half per cent. on the gross receipts of
sugar-retiners to one and n half or one
per cent. Fourth, an entire removal of
the Internal revenue duty on sulphuric |
acid, and upon the mining and manu-
facture of emery. Fifth, the entire re-
mOval of the internal revenue tax upon
the manufacture of salt.
The total amount of reduction of the |
revenue, consequent upon the adoption |
OF the above recommendations taking
the receipts of the last fiscal year as the |
basis of calculation, may be estimated
at about thirty-tve millions OF dollars, |
leaving surplus available for other
purposes of about thirty. millions of !
dollars. The Commissioner further |
recommends, as the basis of present !
and further legislation, the principle of |
abating the duty on our raw materials !
to the lowest point consistent with the
upon the free list such raw materials.
the products mainly of tropical conn
tries, as are essential elements in great |
leading branches of manufacturing in
dustry, aud do not come in competition
with any domestic products. On the
principles above laid down the Com |
missioner had prepared a bill, which
accompanies the report.
JUDGE KELLY's REMARKS,
Tho How n
the House from Philadelphia, takes very
different ground from that assumed by |
the Special Commissioner and by the
Secretary OF the Treas ury. On Thurs
day last he made an elaborate speech
upon the national finances, criticisipp
in detail the recent report of the Secre- |
tary, and advocates two resolutions AL
ready offered by himself, one fayoring
the repeal of the five per cent. tax on
and the other condemn
ing the doctrines of the Secretary that
the war debt of the country should be
by the generation that
it. He pronounced the re-
port of the Secretary budget of inapt-
ltudes, incongruities and non sequiturs,
1t contained nothing to crafty the ma
tlonal pride of any American citizen.
The Secretary boosted that our debt
had been reduced S2O6, 900, 900 in four .
months. Yet this immense sum was
so much distracted from the active :
working capital of the business men of
ne country. This amount has been
'alsed, IN large part, by taxation on /
rome productions, and thus foreign ,
manufacturers had been benefited az
ne expense of the American laborer-
md theirsvictory over our struggling =
Industries would be easy il the Cow
continued the policy of as /
essinS extraordinary taxes for the ex
inguishment of the war debt.
Already the large importatfons of
orelgn goods We're threatening onr '
business men with bankruptcy. The I
policy of attempting a speedy extin-
,ulshmeut OF the national debt WINS {
ivored only by money lenders, specu-
atorS IN government securities and for
ign manufacturers. The scheme of f
ne secretary was as unprecedented as
ounded in 1871, and for sixteen wears
10 effort was made to reduce it 7
me average rate of payment from /
So' 10 ISL was about 81, O0O, GOO per an c
UNI; AFTER the debt had been largely
increased by the war of 1872, no extra
rulhary taxes were imposed for its re- C
ethptlon. The excess of ordinary roy c
nues over current expenses was ileyo- L
ed to Its absorption and home indnS-
~, was stimulated avowedly by a high
England has never been guilty of the Ct
.upluity recommended by the Secre- +
Try of the Treasury. Not until ssI-a,, o,
ears after the close of the NapoIeonic p
,ars had Great Britain attempted the Tt
Experiment. of resumption of specie =