The Hawaiian gazette., 1868-04-22

rather as permanent outlay from which advantages might
anticipated for years By issue of bonds the
pendue might be averaged upon each of the next forty
without seriously disturbing the ordinary revenue
VL-SOURCES OF REVENUE
The condition of the Treasury satisfactory that
not the existing of liable great reduction
the payment of large subsidy to steamers would
little Inconvenience Current and extraordinary
could be without resort modes of taxation and
the public debt ultimately paid But should the Treaty of
Reciprocity already ratified by His Majesty receive the sane
ton of the Executive and Congress of the United States the
provisional legislation of the special session of the Legislative
Assembly will Immediately acquire the force of law and the
revenue from customs will be much reduced The amount
this probable loss of income wholly conectura but the
from the provided by recent legislation be
calculated with precision The Government
present any estimates reliable than those submitted
the Legislature at Its extraordinary session By these
estimates loss of estimated from the opera
of the Reciprocity Treaty of 265 A. of which prov
has been made for about $4,000 co. But if extraord
the sugar culture and the nnumerabe
interests connected with It, occasions general and sudden
perity expenses inevitable all departments of gov
ernment and considerable additional will be mmed
atey required Even the course OF trade does not change
it will constantly seek increasing proportions the
markets of that nation which confer the greatest commercial
advantages Meanwhile inflated prices caused by the
beon in the United States giving way and the natural
of trade reumng their and the influence of the
treaty will slowly but steadily reduce the gross annual income
from the Upon the whole the Government advise
that this matter should be that revision will not be
required for series of years and therefore recommend that
the of $4,000 90 should be raised each year, Off the
Reciprocity Treaty becomes operave in addition to that
already provided for.
But how shall this be Accomplishment -Four modes have been
suggested.
l. An increase of the direct real and personal pro-
perty.
An increase of duties upon imported articles incud
ed in the Reciprocity Treaty.
g. system of excise and stamp duties and increased fees
for licenses.
4. a tax upon incomes gains and profits.
st In regard to the increase of the direct upon real
and personal property will be admitted that although such
is theoretically very fair and Just yet there
teal difficulties about assessing and collecting such and
when the per centage reaches high rate the temptation
ID The system OF customs duties cannot well be changed
without violating positive treaty puaons the obligations
of good faith foreign nations Such complications should
be carefully avoided and it unwise attempt any further
increase of duties upon imports until all other of
nue. have been exhausted.
Sd. system of excise duties would require organ
of the internal department and involves many
difficulties Those articles which not to be admitted into
the United States free OF duty would hardly bear such
and would be almost breach of faith with the United States
and certainly contrary the spirit of the treaty (Which
designed reduce the products their consumer
impose duties this side upon articles which their govern
ment relieves from duty the other In regard stamps
thought by MANY that the amount obanabe from that
would hardly repay the Inconvenience which would
occasion in business Stamp acts only be enforced by de-
clang all instruments invalid which stamped and the
population of these islands hardly trained to the precise
habits of business which will bear the enforcement of such
rules The strict enforcement of the present stamp
attended with great difficulty and occasions complaint
But to the that an increase of license
fees would be equitable and that the present would be
good time to revise the whole license system Large wholesale
dealers who derive material advantage
ducton of duties upon Imports ought to contribute little
the expenses of government and wholesale dealers
only name should be relieved from nordnate burdens
4th Tax be assessed upon the incomes
gains and profits of each individual with absolute exemp
ton of fixed every case, equitable in
All civilized nations coming recognize its fairness
Elaborate returns which the citizens of this Kingdom
yet accustomed will become necessary and may prove
tang those who desire to avoid publicity of their affairs
But such difficulties yield to the intrinsic Justice of the
The probable amount of be obtained
this way quite uncertain but it hoped that of
and oneaf per centum upon the of every
above $1,000 90 would make good large part of the appre
hended deficiency
As a result of the whole matter the Government
that the anticipated loss of be made by
of license fees to wholesale Dealers proportional according
actual sales and of and half per upon the
900 90 of the incomes gains profits annually
received by each individual. bill embodyng these views
will be submitted.
The increase of direct upon property
already provided for will require increased vigilance and ys
in the of The matter has received the
attention of the government, and will be the subject of
special BILL
VII.-THE CURRENCY.
The currency of this Kingdom is exclusively metallic and
the coinage of the United States predomnaes No other
culatng medium is required Some inconvenience expe-
renced from the dproportonate of silver crcua
on and the delay and trouble of frequently counting out large
amounts. But the evil will itself and meanwhile
the principal banker of Honolulu has deposited large
of silver coin in the Treasury under the provisions of
interest receipts have been given of denominations
which being Endorsed by the deposto pass money
and very payment of large the
HeICp hul fbo