New-York tribune., 1867-01-04


power Of money would increase as to keep the volume
Of circulating medium sufficiently ample 10 facilitate all
needful and legitimate exchanges and at the same time
diminish the field Of speculation - ..o,, ~
Snece nayments can resumed In only one way, viz
by lifting the paper money Of the Government to an equal
y with gold and as no one doubts at Tue PeS9 b tS
national win and ability to DO, the enhancement OF Ing
as an adjunct to this er and as entirely subordinate to
the NOR important X Of bringing the existing rela
Ona dGce the quar- fty Of any article in demand and
an ncr &c Of value fo avs reduce the quantity OF pa
der and e ability to ceem it will be increased geo
meca proportion. III moreover ofthe fact that no
tanning its circulation at par has redeemed it dollar for
dollar in gold and also that the use Oh paper
money by the Government cannot be contemplate
ever measures now taken looking TO the IesuPuTh P
of specie payments should also look 10 the eop9te
drawal OF every form OF national paper currency iSSuea
| directly by the Treasury.
The remedy for the third TO which we nave at
trbuted the present initiation Of prices VIZ the extent OF
the raona taxation nee Wholly w tne and s
application admits 81 but little theoretical dleTehce ot
opinion The only question to be considered s III wha
manner and 10 what extent can reduction Of existing
now made compatible WIN Iss interest
and adesrable and certain reduction III he Pfepai VI
the public debt .,.,, rr,v,,,,r,,,vs ron 1919
To aid in the formation OF an opinion on TINS sutec
Commissioner presents the following estimates OF te
the operation Of the existing laws; which estimates
| by the Secretary OF the Treasury A.. 49,. ..o
From Internal Revenue ,o'o o CO
Niece Miseelaneons-From Gn, Public Lands, premium
OH gold oooVVVVV
ro.o, 900
According To- the estimates Of the Secretary Of the
az ss f5 meet the expenditures OF the Government
and TO provide for the interest the public debt
t GOO leaving probable available surplus of slO5
100000 From this surplus we assume NOOVOVp as Tue
amount 10 appropriated for the reduction OF the pr
cpal OF the public debta sum which we believe should
constitute maximum TO be set aside for this purpose
! applicable for the reduction Of taxation.
In the report OF tho Revenue Commission, presented
time not half Of the legitimate Internal revenue was
collected under existing laws The experience OF another
wear has afforded no evidence which tends to induce the
Commissioner 10 believe that the above statement was
exaggerated II, therefore, more efficient measures 10,
the prevention such losses could be provided for and
II the appropriation Of money for the payment OF bounes
could he deferred, much larger amount OF surplus eVe
nue. aud much larger reduction Of taxation for the next
fiscal year could be anticipated. .,., ,
| REFLECTION OF THE PUBLIC DEBT-A careful study OF
the whole subject Of the national reyenges ana an ex
has however led the Commissioner unhesatngy TO the
conclusion that rapid reduction OF taxation rather tha
rapid reduction oi lne PthcPhi oI ue and tb5t tb
adoption Of this course far from rotractng the te
at which the national debt can be discharged WILL the
contrary greatly accelerate II.
| RECOMMENDATIONS FOR REDUCTION oP INTERNAL TAXA
The Commissioner, therefore, in view Of the probable
surplus OF revenue likely 10 accrue even under the pres
en administrative condition OF the law ana me pros
pcctiye largo payments on account OF bounties would
recommend the following specific reductions OF taHalon:
FIRST reduction OF the present general aN OF nye er
cent products and sales OF manufacturing Industry
hc sS texi e eyd % on S analogous branches OF industry
The OF such reduction reckoned on the bass
OF receipts from this source Tor the last h year. WO1
bo about s3I 100000 AS however, reduction OF at least
sODOO0 made in this department OF the revenue by
The amended law OF July 49, 1906 which has ALREADY Dten
allowed for In the estimates presented and az IN the
opinion Of the Commissioner, portion oil this YAK u
manufacturers that Il Is excessive, unjust aud that us
asion iustlablc the falling of from the reduction In
/ a.
ton Of the receipts a- superficial examination Would
appear indcnte-mOre especially when tho stimulus
which manufacturing industry Is likely 20 receive from an
Of the tax Is also taken into consideration
Second entire removal OF all direct Internal taxes
now levied upon the production OF bar plate and sheet
ron and of such additional taxes ~ are yet levied upon
the elements of the manufacture OF steel
The amount Of such reduction computed the basis
Of receipts from this source for the last fiscal year. would
Thirdly 4 reduction Of the tax OF two and half per
the receipts OF sugar rehhes To one ana
Fop0y: An entire removal Of the internal revenue
duty sulphuric acid, and on the mining and manu-
nIly The entire removal Of the internal revenue tax
The total amount Of reduction OF the
quent upon the adoption OF the above recommendations,
taking tie receipts q last fiscal year the basis Of
calculation may he estimated ut about s 10000 leaving
surplus available for other purposes Of about S0OoVOO
DUTIEs on RAW NATERIAIa
In the department " tho Tariff, the Commissioners
further recommends the distinct and adoption
a. Of present and future legislation, OF tho
principle o aeang tss dny on raw masrsS " 10 me
and OF placing upon The free list such raw materials hT
l
elements in great leading branches of manufacturing
industry and do not come IN competition Win any 10
nestle products.
THg MIR PROTECTION OF TIE AMERICAN AGRICULTURTsr
II this principle shoud seem 60 initiate against the
aud capital invested great interest OF the country
aud ~ such has night 20 demand precedence In proteo
tive legislation reply that our whole national expert
ence prove that ln"r, vsn , m m St m Tciyr row
the existence aud extension OF American manufactures
out OF the OOOOOO pounds Of wool now grown annually
I'm the United statcs not one single pound under ordi
uar sold
market while the statistics OF prices for The 80 years prior
10 IsCl show beyond question that tho periods when the
wool growers Of the United states aud Of France alike
received maximum price for their products have beon
countries have been least erfered with In the selection
OF their materials. Flax IN the Ngrowing districts
when flax manufacturers be established these
100 per cent although the tariff during tho period
Imported flax not materially altered Again. the
scfs solely TO supply tho demands OF the American
painter and the manufacturers OF Oil aud cloths
their co.nmption is restricted or annlated the resc
ton or annhlaton comes home surely To the grower
and crusher 10 the manufacturer.
Furthermore the renewing OF high prohibory rates
duty the pork beef lumber wool aud vegetables OF
the British Provinces, consequent upon the termination
OF the Reciprocity Treaty have injured aud not benefited
the American agrlculturist. Canadian lumber must
have and have taken II before, paying ourselves tho
The Canadian "combng woods" has rendered
mnnnfacture 70 the extent of some 81 de
prving the American woe grower the one hand OF
ing wool" to DO mixed with the Canada worsted woods,
and the American grain grower the other hand Of
market the agricultural produce required tO feed the
operatives Of the idle and silent wOrsted factories
The OF Prince Edwards Island which formerly found
a market IN New-England and New York aud were paid
for in domestic manufacturer produced by operatives
who consumed Western agricultural produce now
ported TO England and paid for In British manufac
lures produced by operatives who consume British or
Continental produce. No less beef and pork now
duced, win be produced, In the British Provinces by
reason OF their exclusion from american markets. but
every barrel thus excluded will tend TO suppant equal
quantity Of the American product In foreign market
aud the time deprive the American shpowner OF
any profit that may be likely 10 accrue to him from tho