The Portland daily press., 1868-02-25

TO LESSEN THE BURDEN OF NATIONAL
TAXATION
There was raised for 1855, by duties
levied upon importation, rated as Z II
currency A s239 b2S s6a
Direct taxes and excise duties, si2.ssi,Tss
Total, Ha s6S2 ,4iO, COS
For 1857. by duties levied upon I'M II
portation, s2s5 ,223, TAB
Drect taxes and excise, 27O,120 7O7
Total, s5Os ,s44, ,45o
This was upon each inhabitant of the
United States for 1896 SIS and for 1867
$3.50. From 1851 to 1851 the taxes per capita
had not exceeded 1925.
No argument is necessary to show that this
amount of taxation is in excess of the pro-
ductive power of the country. 1t is to be
hoped that the experiment of determin ing
how severe an imposition of taxes people
can bear will not be tried in this country.
The imposition of taxes Is a subject upon
which free people must always be sensitive
and a function which under our constitution
Is to be performed by that branch of the leg
islature most completely under the popular
control. 1t is enough therefore to say that
the American people, who have the power of
taxing so entirely under their control, have
expressed their opinion in the most unmis-
taxable way, that the present rates of nation
al taxation are greatly in excess of what they
are disposed to submit TO. The legislature
have no discretion whatever, but TO regard
the plain behests of the constituency in this
respect, and to determine in what manner
and upon what articles the demanded reduc-
ton Of taxation shall be had so as not to in
jure the public credit.
The first aud most obvious means of les
sening the taxes is by establishing specie
payments. Mr.. Commissioner Wells computes
that the sum required for the expenses of the
government for the next fiscal year exclusive
OF interest on the public debt is $140,OOOOO0.
Hon. r. j. Walker in a letter to the Secretlry
of the Treasury asserts that by the resumption
of specie payments the amount of the ordinary
expenses of the government may be reduced
80 per cent. This would leave but sos, 100000
required in gold to pay the ordinary expenses
of the government. But though all materials
puCudScu ny IuC SONcIulucut ulIgnI III palu
for in gold, be purchased at 80 per cent. less
than for currency, fixed salaries, the most OF
which have not been increased since the war
would not be diminished when paid in gold.
Perhaps rs per cent. is sufficiently large re-
duction to allow for substitution of gold for
currency payments. This would leave to be
provided by taxation 105 millions annually
Mr.. " alker estimates that the war and navy
expenses may be required to be twice the
amount expended for the year previous to the
war which would make them $56, 100000 and
the other ordinary expenses so per cent great
er than the same year, which would be s4s,-
100000 or total for ordinary expenses of the
government Of $104 100000.
Now If s2,OOo,0oo,Ooo of the national debt
remained funded in bonds bearing per cent
interest in gold, the other S50O,O00,O00 to be
placed without interest as will Le hereafter
explained, there will require to be raised fol
interest annually 100 millions, and as soon a.
the bonds can be funded at s per cent 1OC
millions and when funded at per cent. 80
millions. This will require total revenue O
| s224,OOO,OOo.