Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1868-03-18

nal revenue to support the Government, and
for other purposes, )" approved June 30, 1854
and all acts and parts of acts, amendatory
tn ereto be and the same are hereby repealed
except SO much oI said sections and amend.
ments thereto relate to the taxes imposed
thereby on gas made of coal wholly or il
part or any other material, or illuminating
lubricating, or other minera, ores, articles
! the products of thc dist;lla.ion, or redistilla
ton, or refining OF crude petroleum, or of q
single distillation of coal. sliale. peat or as
phaltum, or other bituminors substances, OF
wines therein described. and on snuff and al
other manufactures CT tobacco, including
cigaretts. cigars, and cheroots.
Second. Nothing in this act cont.incd
shall be construed to repeal or interfere vii,
any law, regulation, prov ieion for the as
sessment or coliectioc Of any taZ which un.
der existing laws may have been assessed, OF
which may accrue be assessed hereafter
and before the first day of May, A.D., 1868
Section Third. This act shall t-ke enec,
and be in force from and after the first day
of Nay, D., 1868.
This bill, if it passes the Senate, will take
off taxes which, for the past year, have
amounted 10 seventy-five millions of dollars.
The tax on cotton has been taken off already
"iiN t'i'N t'thSS iICIl euC tncHt i've
millions of dollars. Together, this legisla-
iip, will reduce the internal revenue about
r..c hundred millions This action of Con-
-.ress il popular with the cotton growers and
f-.luufactlTcrs but is it clear that the gov
ct:anent i, nos % suffer by it? Is it certain
that TIC C'veir-hent Will lie able to pny the
intcrc- ~ the ,,b', current expenses, the
cost 81 ~rcit exi .>irc urcLases as Alaska.
and oli-r iae: iert =, with one bundled mil
lions leS,s iif" il has at present?
1t is q good Jiiing 10 be free from taxation !;
and il in INV i-u iurasuiv vastly re-
duce the nuinJcr OF articles TO be taxej
But provision .hould as the same time be
made To meet all the current expenses OF The
government, and pay off month by month
some portion OF the national debt. Tie DEBT
Itself, while paying the present high rate Of
interest, is continually connecting with man
ulactGIing and other productive investments,
a:-I hcepiDg capital fron, engaging i. the
producing indus,I.cs What of tits t.eft
-an be paid, should 'eat once cancelled, thus
putting 50 much CAPITAL aA"at and making
1t more practicable or The government to
a'll bonds boring q su:aii>.r rate of interest,
and with the proceeds of such sales redeem
az equal amount Of bor,ds paying larger
interest. Every transaction of this sort
W uld make tie next less difficult, and it
wo,id not be long before the government
would have the interest on all its bonds re-
du,cd Last t. FIVE per cent, while its
currency woaid become good as gold.
THIS savi-g of interest alone, if converted
into sinking fund, would pay the whole
dc3t in ilty years-
but il order - d. this the government
INST scrm lis ability and inclina.io TO re-
duce the present a.. With its revenues
FOX the Fast year, i has L,en enabled to dc
this, but with the ~eve2ue reduced one hun
dred millions, is there the least probability
that the debt for the coming year will no
increase instead of diminishing?