Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1867-12-13

he admits have been Unexpectedly large. Ii
order to keep them, however, at or neal
their present figure after the restoration oi
business, he thinks the present tariff will re.
quire considerable mobilization
OF the matter of southern reconstruction,
the Secretary takes a financial view. lie
wants to see it accomplished, in addition TO
every other Consideration, because It is es-
sential to the prosperity Of the country and
its financial health. In relation 90 the taxing
of the bonds Of the United States be SYM
pathises, he says, with those who think it
not really right that governments should
be exempt from all local taxes 4; but be sug-
gests that if the bonds hereafter to be Issued
were to be subject to local taxation, very
few would be held where taxes are high,
and there would he constant tendency to
concentration where taxes are low, or in
foreign countries, where they would escape
tax ION altogether. lie thinks the States
sho- i be in some manner compensated for
the right now denied Of nzing them as
other kinds of pr, erty are taxed After
carcial consideration, the Secretary can sug-
gest no better way Of doing it than by an
issue Of bonds TO he known as the Con=al.- I
dated Debt of the United States, bearing six /
per cent interest. and having twenty years /
to run, into which all other Obligations Of |
the government shall be converted, one
sixth part Of tie interest at each semi-an-
nual payment to be reserved by the govern
ment and paid over to the States, according
to their proportion. BY this means all
bonds, wherever held, would De taxed alike.
and general distribution OF them be re
cured.
Mr.. McCulloch estimates the receipts Of
the next fiscal year, ending June 80. lS6S at
Sl,000,c0O. The expenditures for the
period are estimated at 1872 100000 leav
ing e surplus Of - 100000. Since Ssp-
.ember, 1865; the debt has been reduced
s266, , ,lSj ,I2l. and he sccs no good rca- -
why a reduction, so successfully commenced
inder the most inausricious circumstance.
hould not be continued steadily. until every
iollar Of the debt is extingui,hcd.
TIE AGRICULTURAL RFroET.
The acting Commissioner of Agriculture,
Iohn ". Stokes. makes several suggestions
n his report Congress, be thinks, should
. devise some plan for facili,o;irs the carly
construction Of a ship canal lor abe trans
.orta,ion Of Western products from tie
lk,s TO the ocean, or for the ia.liius Of q
oub'e track railway, open 10 ell, forward
NJ on equal terms, and supported by an
quitable system Of tolls. H. urgently
dyi.. the resoinding OF the cotton lz. 10
smLcl as it is &c disastrous and dishear,,u- 81
~ 10 The extreme" The cattle plague or e
indcrIest having disappeared in Europe, he 5
dyocatcs tie repeal or mobilization Of tie e
aw prohibiting the importation Of cattle. =
Congress should. be asserts. increase the o
Of the Commissioner Of Agri- l.
ulture. iuasmuch as the present. salary is Il
ntirely inadequate. lie deprec.tos the in b
Of Coolies for cotton production. : :
Such labor, be asserts, "is un-killed and v
Ar inferior to negro labor. and viii add to e
he complications produced by tie ilsl1u-i,s
nd prcudiccs Of races widely differing in ,
haracter. taste and traditional customs d
Tie w1ol-sr,win- interest. he tell, u=. !,
lyolyinsa capital OF hundreds % millions. a
nd uudsrlyin. tLc pr ~Ierity of American
Sricul,ure IN degree scarcely srfr,ca,ci
= farmers themselves, Las ',.r saved 'r3m
ircatened auuihihu1n hy o., action of
onEr. ss in placing duty upon tts foreign
rtIclc equivalent to the internal ,ax'-!7n
injured by the wo1l-grJwcrs.