Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-06-01
FINANCIAL AM COMMERCIAL.
OFFICE OF THE DAILY APPEAL.I
MEbFPHES. Nav 90. ~

MEMPHIs. May 30. 1855.
The next tax bill which was to have
come up in Congress sometime during
the week, just closing, is q matter Of
much greater importance than is sup
posed by many. The Commercial Bm-
Ietia of New York has an editorial upon
his subject, in which the matter Is
placed before the people in only q few Of
its most Objectionable lights :
The Bill low before Congress may be
briefly defined. Il is q continuance Of
the principle of the existing system OF
taxation, with important changes in de-
tails, which are expected to remove or
obviate the practical defects which are
now so apparent.
In the first place the control Of and re-
sponsibility for the avenu are taken
from the President and Secretary Of the
Treasury, and q new official with a salary
OF $4,000 a year is entrusted with the en-
tire power. This alone is q grave inuG-
walton. There is absolutely no check to
this official. He may appoint or remove
sub0rdinates, establish and suppress bu-
reaes, remit fines aud penalties, and ex-
ercise powers which Congress has never
before entrusted to the highest Executive
authority selected directly by the people.
There can be no doubt that the new
office, on account Of its vast and uneon-
ditional influence over no less than 90
600 revenue officials, will be more valua-
BILE than the Presidency, and will effer
vastly greater facilities for corruption.
The other features OF the bill respect
ing the collection of the revenue on to-
baccO, whisky, and other commodities,
by means of stamps, may be regarded as
improvements. But the persistence in
the g tax on whisky does not seem to be
justified by the details Of the measure.
so far as regards the particular tax the
bill may be regarded as q despotism. 1t
will lead to vast frauds, q fearful amount
of perjury, or a very large increase in the
revenue. Upon this subjects1 can only
be said thai there is no example in his
tory where any possible extremity OF
pains and penalties succeeded in securing
the enforcement OF a tax levy thH5 offered
a premium Of six or eight hundred per
cent. for its ~YiolAtiOn. If the very strin-
gent provisions OF the new bill with its
penalties of fine and imprisonment effect
this object it viii be an exception.
The new bill will sweep all the small
manufactured of whisky out OF ezistenee,
and concentrate the entire business in
the QdQNAo vi = low CdBAtAidnlss IL viii
also compel the partial reconstruction OF
all the distiIieries. It introduces new
provisions and m~ultipiies the officials.
As the great trouble with the p~resentlaw
is the imvessibility OF procuring honest
whisky collectors, it does net appear how
q large increase OF their number can in
crease the revenue. This is = question Of
the more Importance as the question Of
a deficit Ia the next fiscal year depends
UPON the successful collection Of the tax
of 81 per gallon on all the whisky con-
sumed in the United States.
In the local money market we have
but to repeat our quotations of yesterday.
Eastern Exchange is taken at par, and
sold at premium. Bills on St. Louis,
Nashville, and cities along the Ohio, are
sold at premium. New Orleans Sight
buyisg at discount and selling at par.
Gold opened in New York at 1891 and
closed at 1895. Dealers in this market
buy at 13S91Ssl. Sailing at 1S94@140
City Scrip is quiet a few small sales
occurred during the day at TlF@73c to
dealers who ask 74@75e for large pieces.
Small ones ara held from 1@2e higher.
County Warrants are duh and tending
downwards, 60@62e were the buying
rates to-day. Selling at T3@75c. Small
warrants 7697sc.
Police Scrip is steady with no demand
except from tax payers. Buying at SAC
S5c selling 1t sS@90s.