Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1867-02-27

1 TO an income tax SnOu1U TlSntIully pldce 1t
on the list of those to be abandoned first in /
order after the tax on manufactures has been
removed In fact it is one of the resources
which ought not to be appealed to except In
great exigencies, but should be held in re- /
serve No nation can for any length of time
afford to tax without exception all its avail
able sources of revenue. Something must
be left for extraordinary occasions.
For the present it is merely proposed to
amend the income tax and remove from it
some of its most exceptionable features.
| The exemption of 5000 is enlarged to ST.
/ 600. and in addition, an allowance is to be
made for all rents, taxes, insurances, and
repairs. To be taxed at all any person must
be in the receipt of something above his
minimum amount, and with certainty must
be deemed very liberal, and it will prove a
large loss to the Government, it will ex-
empt entirely the vast majority of persons
= with moderate means yet 1t Is believed that
the increased amount of the exemption would
meet with favor even from ma ajority of
those who will remain subject to the tax
Another change is proposed to relieve the
manifest injustice of taxing incomes above
IS 600 twice as mush as those below but
one rate and that five per cent, is now recon-
mended To do more than this is to pro-
{ woke controversy as to the constitutional
right to do it, and to lodge in the mind of
, every man. who finds himself he thinks
rating his income to such an extent as
I will avoid the wrong with which he is threat
ened. To such persons it seems sheer con-
z fiscation and if iustif;lble to the extent of
1 five per cent. then iustifable to the extent
c of fifty per cent. They offset the wrong
: Few nations tolerate an income tax at all
i and there is no nation which has any other
: than uniform rate. The Treasury needs
n money; but on a question of taxation jus
II tice must be dealt out with an even hand,
: and the rule of perfect equality should be
i as immovable the poles
o The estimates of the receips for the next
l. fiscal year ending June 30th, 1868, recently
p revised by the Treasury Department and the
le Commissioner of Internal Revenue, reduced
the estimates from the sums originally es-
IN timatcd ninety days ago to the following
e figures namely:
From customs sl30,O0,0oC
$ From internal revenue 24oUOeS
= From lands l,Uo,oU
: From miscellaneous sources 2o,ooo,oo0
Id Total 1891 600 OOG
D. The last item will almost entirely depend
upon the amount of coin we may have to sell
ID and the premium obtained upon it. Look
IN ing at the general depression of trade, as
w well abroad as at home, and the recent fall
V, inc off of customs and internal revenue, the
v revised and reduced estimates would appear
ng to be fully justified. The same revision Of
at the expenditures for the year ending 1865
brings out items to the original estimate al
er ready ascertained of not less than 81 900 900
pit or making the total at S357 ,247 ,64l 30, be
1t sides any claims passed upon by Congress
:, This leaves to apply on the public debt an'
of for reduction of taxes less than thirty-fou
n million dollars That some positive sun
II should be devoted to that object in order t.
of restore our public credit to the level of th
AK world or even u keep it from sinking below
an the point at which it now stands, is prin
ciple so plain that it does not seem to requir
ess argument 80 much correspondent action.
tte The committee have ventured to use up tn
m entire surplus margin In various reduc
for tions of taxes and exemptions. believing tha
IN we have secured such an increase of revenu
'ry from other sources, by amendments deslgne
TX, To stop the water-gates of different portion
IA of the law. as will beyond all doubt leav
lr- something to apply on the public debt, prc
Wv vided we pass no bills which throw any cor
nd siderable additional charges upon the Treas
in ury
he The committee have felt willing for th
on coming wear to give the largest possibl
ned amount of relief to the business interests
her the country. and have also been willing TO s
nee reduce the revenue that no large balanC
would remain in the Treasury to tempt an
ry one 10 disregard the wisdom of economy-n'
en-. that cheesc-parins economy which hlggles
do triies and then swallows millions, but th'
ate which looks to the means of payment f,
,ro every debt contracted.
ans Having gone in the line ofreduction to Il
ut- extent as estimated. of $50 80 800. and
far as it is prudent to 90. it follows that
and anv other reduction should he proposed
leef will he our duty at once to seek something
our equal amount to be restored To the list
les- taxable articles. 1t is possible, in spite
ito an earnest solicitude 10 avoid any mista
as To what should be relieved from taXatio
1t that the Judgment of the House may ma
nu- a different selection, and any improvemer
'nly of the bill will he regarded with as mu
,ncc favor hv the Committee of Ways and Mea
an as hv any other members of the House.
This If there are any gentlemen who dlsbelle
pro the recitals concerning idle factories. forg
,ncy furnaces and foundres. and who thinks tt
but we are still on the top-wavc of prospcril
of a and 50 NAV be willing to venture deeI
Hest cut into our revenues. | invite them to lo
hall al the comparative returns OF some OF c
ron, principal railroads. to the present state
,nu- oar navigation interests, 10 the decline
With the commerce of canals, to our dim
have ished export trade in cattle horses. no
bill. beef butter. cotton. and manufactures
eff cotton iron. copper. and brass. togeti
clels with numerous other articles. This Is
is to exposition of which | have the details,
here which | shall not. unless compelled to
the So place upon the records. Depressed
. in trade must he conceded 10 be. the depI
=
olen as might have been expected To follow
nd Il recent exhaustive struggle of the count
iron Nor iS it all equal to what has been
vool- experience of Great Britain for the I
the wear. where cholera, cattle plague, cot
ever famine. bad harvest. and commercial
five sis have all successfully eliminated: WI
Dusi- the hank rate of interest was for three mon
-tion kept at the ruin point of ten per cent.
N of where thousands of workmen are now q
tive. kept from starvation by daily charities Il
the Queen. well a those who are
ands pushed even to pay their poor rates.
due But | am bv means Respondent of
olens failure. The people Of the South IN no
the time it NAV be hoped. will return To
urers altv and the Union, knowing that it II
WOOL :. fixed as fate or foreknowledge absolu
This that is to be their and our common et
Just try and Government forever Il country
nter- Government formidable IN war as
It six ficient in peace. They will speedily
l the how much more rapidly will be their gro
lanu- with free institutions than when linke'
loss one of the last relics of barbarism.
d re- will then have. we have now. a Just ?
f our in all that contributes 10 the prosperIt
5 not the nation, the grandure of its position,
o. the splendor of its history Our facil
<. it for the development of wealth and pc
the can only receive temporary checks. and
3. the load we bear of taxation to-day with s
| the wearness will ere long become light,
the in little more than thirty years. when
ibute people will number one hundred mili
le ex- there will not be than enough lie
' the our public debt to remind our childre
uni the honor of the legacy.
based