The New York herald., 1867-06-02
startling Decrease In tho Rovenus-A bad
Pr0spect Ahend.

| Prospect Ahead.
| According to the best information that can
be gathered there will be falling OFF in the
internal revenue income for the current year to
| an amount more than double the estimate OF
| Secretary McCullooh in his last annual report
! We publish elsewhere in to-day's HERALD list
Of the taxes assessed upon manufactures and
productions, for March and April, in nearly all
| the districts Of New York, and in q great part
of Massachusetts, Connecticut, Rhode bland,
New Jersey, Pennsylvania and Maryland As
compared with the corresponding months of
last year, these returns show falling or from
this source Of revenue Of over forty per cent
The new tax law, with reduced rates and large
additions to the free list, went into operation
March 2, 1867. and the returns for March and
April, therefore, show its first resnltS Although
the list is only partial, the uniformity in the
decrease and its rate Is sufficient evil
dence that the same condition of affairs
exists throughout the country, and justiGes the
estimate that the aggregate decrease from this
source of revenue will reach forty per cent
In. the receipts from the tax upon incomes
there is yet greater falling of; but assuming
decline Of forty per cent all round, we have
total decrease in the revenue from internal
taxation for 1861 as compared with last year,
OF one hundred and twenty-five millions of
dollars. This throws the calculations Of Sec
retary McCulloch into confusion, his estimate
of the decrease for the present year, based
upon the reduction in the rates, being about
forty millions In addition 10 this the expen-
ditures will be largely in excess of the Secre-
tary's estimates. in consequence Of the ex-
penses Of the Reconstruction act and the In
dian troubles in the West.
This is q startling exhibit, and shows the
utter incompetency of Congress and the
Secretary Of the Treasury They are strug-
Cling and doundering about in water
out Of their depth. and. a. they are igno-
rant how to swim, they must 60 to the
bottom. BY their blunders and obstinacy
they will increase the public debt this wear
one hundred and fifty millions. When these
facts are known in Europe our stocks and
securities will go down and il will not be the
fault Of the Secretary or of Congress il we do I
not have terrible panic all over the country.
And what have they gained BY bringing all
this financial troubls upon the country. Six
niggers In Congress. and perhaps q nlgger on
the ticket for Vice President In the next Pres-
dental election, according to the programme
Of their pioneer, Wendell Phillips. The people
will soon ask the question whether six good fat
niggers, fit for members Of Congress, are worth
what they will cost-fve hundred millions
apiece. Before the rebellion, when Mason was
Minister in Paris. some person pointed out TO
him stoutly built colored man as Minister to
he French Court from Hayt, and asked him
What he thought of him "Wcll," replied
Mason, 81 think he might fetch two thousand
lollars If he was in the market" This was Q
ligh valuation for nigger in those days, even
qualified for foreign minister and ii there
ore seems extravagant to pay five hundred
millions each for niger Congressman now.
But II is all Of piece with the incompetency
Of our radical fnanciers. Some of them ore
doing their best to increase our debt one hum
dred and fifty millions year, and others are
giving straw bail for Jef Davis and shouting
for an immediate return to specie payments a.
loudly as thcy once yelsed aOn to Richmond"