The New York herald., 1867-02-14

more than half OF the amount they got The amount
already brought 10 the seaboard and tho amount OF
weekly shipments show that the crop OF last has
yet by been brought 10 market, ana the ex-
pec.acn OF 1000, 900 bales s likely 10 be fulfilled
The crop cannot be hidden forever although both the
planters spectators conspire mislead The price
s TOO tempting 10 allow cotton lands 10 remain idle
N.Y. N.Y. year u the season should not oe unpropuous,
We NAV anticipate handsome increase over the pres
enl The crop Of the past year after paying the
hree cents per pound tax.w have been sold for three
iourths as much in gold that OF the largest crop
o's ever produced in the United States Liverpool IS
te great cotton market and although the stock on hand
Is larger than for 1--WE years vet the price higher now
anu growing hriner, than IL last May, selling
for middng uplands at about twenty nine cents per
pound IN gold and tending upward and il is selling
New iork AZ tnr Tour cents per pound, currency The
promise for cotton from Countries for 1857
Is not improving. Egypt Brazil will not Increase
their crops, notwithstanding the temptation OF high
prices and india II Is estimated will fall short of the
crop of the by four hundred thousand baes
ton OF cotton in the United States the tax should no
be removed from IL than that petroleum The
manufacture OF leather Is hardly less extensive than
Its Nearly State and Territory has more or less
capital embarked In Its production The outlay for boots
and shoes the log cabin Is not unfrequenly greater
than in the four story brown mansion The har-
ness trunk and carriage makers also use il a. raw ma
terial which II taxed duplicates their burdens Before
compelled TO levy internal taxes We had pros
porous and growing export trade OF several millions
boots and shoes which, OF course must be nearly or
quite annihated by the tax leather part OF which
could be returned by virtue OF drawback; but with
leather free this trade may again have better
OF being recovered. Tin ware hollow ware, stone and
crockery ware employed large numbers Of workmen.
and used by all classes OF people for domestic pur
poses and by those in moderate circumstances perhaps
beyond their fair proportion Il exemptins Tin pals
ter. who will be likely TO complaint Last year
we exempted all dry casks and barrels; but
why should not pork, or beef or oil or
II is proposed this question by making ell the
work Of the meritorious class Of coopers frec have
excise manufactures could have been resorted 70
only from the imperative necessity Of at placing in
the hands Of the government an unusual and large
amount Of This resort has been successful.
Last year produced $751; but the exgency has
passed. and measures designed TO be but temporary must
70 y q nos s
shall at very early day be able TO relieve IRON cotton
woollen and all other general manufactures from any
committee have diligently laborod In framing the pres
eps bill In addition 10 concessions In various
other directions y Is proposed to reduce the iax
and one-half per cent Some may think that
bar iron should have been liberated instead Of wooens
but the tax bar iron has been in the form OF specific
and is not and has been equal to the nd
loren OF FIVE per cont The trade In each branch OF
business Is equally depressed and the action now pro-
posed will make the distribution of avos not unequal
But higher motive moved the committee, and that
was TO place wooen manufactures in the hands Of the
Consumer at reduced cost. BY reducing tho tax on
home manufactures Of woollens two aud half per
reduction Of the rates otherwise asked for by manu-
fac.urers can be made IN the duties on imported WOOL
cent Ta 81 101 but IN the act Of July IL was, with
all other manufactures reduced to i've per cent The
loss to the this year by the proposed reduction
and a!haf per cent our production renamed the
same Is not likely TO remain would be $3 542
For the present Is proposed 10 amend the income
and remove from some OF its most exceptonabe fea
The exemption Of 5000 Is enlarged 10 81 900,
taxes insurance and repairs Another change is pro-
posed relieve the manifest injustice Of taxing incomes
above 1000 twice as much as those below But one
rate, and that hve per cent Ia now recommended. To
do than this Is TO provoke controversy to the
constitutional right do 1t and lodge the mind OF
every man who finds himself as he thinks unjustly op-
pressed for undertaking his TO such
extent will avoid the wrong with which he is threat
ened To such persons sheer condscation, and
Of fifty per cent They Offset wrong for wrong
Few nations tolerate income tar at a and there s
The estimates Of the receipts for the next fiscal year end
ing June 30 1885, recently revised by the Treasury
Department and the Commissioners Of Internal Revenue
reduce the estimates from the sums originally estimated
ninety days ago. to the following hgures viz.
From customs ...............- $1,000 w
From internal revenue e......,......... 240 900 600
From lands. ............... lvVUW,UVO
From miscellaneous ources.............. 2oooo.ooo
This last item will almost entirely depend upon the
amount Q c0ip No may have TO SELL ana the premium
esed upon .se Cd ere
Of customs and internal revenue the revised and re-
duccd estimates would appear 70 be fully ustined The
same revision Of the expenditures for the year ending
msfe already ascertained Of not less than
5000 M N s..sins the total ., s:S.s.. ss,ss, =,
-. s.sss any claims pssssd upon By cSnSFss This ssvsi
apply the public debt and reduction OF taxes
less than Sal 600 That soms positive should bs
devoted 10 that object in order 10 restore public
credit to the level OF the world, 70 keep from
sinking below the point 1t which now stands is
principle plain that II does require argu
mont 80 much as correspondent action The COMMITTEES
nave yentured 70 use up the entire surplus or margin IN
various reductions Of taxes and exemptions, beeying
that have secured such an increase Of revenue fro
h0 ANAL dptonf 1aatrr 70 IA
waste gates o. dnerent portions Of the law a will be-
yond ali douht have some.hng to apply on the public
debit provided ws pass no bills which en- will inro" any
the largest possible amount Of relief the business in
so; reduce the revenue that no large balance
would remain In the Treasury TO tempt any
one to disregard the wisdom OF economy.
concerning idle factories fogec furnaces and foundres
and who think that still the top wave Of pros
pcrity, aud may be willing 10 venture deeper cut
into revenues invite them look at the compare
tive returns of OF principal railroads. 10 the
present state Of our navigation interests TO the decline
in the OF canals, TO diminished export
trade In cattle. horses hogs beef butter cotton and
manufactures Of coan ron copper sud brass together
with numerous other articles. This ~ exposition OF
which have the details, but which shall not, unless
compelled TO do 20, place upon the records Depressed
as trade must be conceded be, the depression
greater perhaps not yet great, might have been
expected TO follow the recent exhaustive struggle OF the
country Nor s at oil equal to what has been the expc
cattle plague. cotton famine bad harvests and
mercal crisis have all successively culmnated where
the bank rate Of interest for three months kept
the maximum point OF ton per cent and where thousands
OF workmen only kept from star, alton by daily
charities from the Queen well from those who
hard pushed 10 pay their poor rates But am by
dcspondcnt OF the future The people OF the
South in long time, 10 may be hoped will return to
loyalty and 10 the Union, knowing that 1t is liked
absolute that this is To he their
and our common country and government forevcr-s
country and government as formidable In bcne1-
cent In peace They will speedily nnd how much
rapidly win be their growth with free institutions than
when linked 10 Of the last relics Of barbarism.
Mr. LIZ BLOND (dcm. Of Ohio called the attention Of
Mr. Morrill, TO the provision in the fortyfh section OF
the b looking TO the destruction OF the liquor forfeited
when il would sell for price equal 10 the tar
Mr. MoRRILI replied that he had felt convinced that
that provision would havo excited the dsapprova Of tho
gentleman, who could understand why such good
hauor should be destroyed
MIR LIZ BLOND reorted something which was not very
clear about fair distribution Of the liquor between New
England and the West.
Nr DARLING, trepl Of n. Y, chairman Of the Select
Committee Internal Revenue Frauds In New York and
elsewhere, stated OF his views relating TO the
nccon between dstiers and inspectors Of spirits
tcs NJ "a