Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-04-01
THE DECREASE IN THE REVENUE.

THE DECREASE IN THE REVENUE.
The Washington correspondent of the
Chicago Times presents some statements
regarding the decrease in the revenue
receipts which should make the ways and
means managers open their eyes. Cow
eminent expenses are not decreasing,
nor is the funded public debt being d.
minished, but yet with all the taxation
devices that Radical craftsmanship have
contriyed, the revenue yield is declining
steadily. Peculation and thiegery, d.
rect and indirect, are fragrant and un'
checked, but still the party claiming this
to be the best government the world
ever saw" are administering it to their
entire satisfaction. The Times writer
says:
And this brings me to point which
have dwelt on from the commencement OF
my correspondence from here. 1t is the
continued alarming decrease of the inter
nal revenue receipts. These receipts for
months consecutiveiy, some time since,
averaged 100000 per day. Many days
they ran up TO one, two three, and even
five millions of dollars. A few weeks since,
they fell in one day to 100000; and, one
day last week, they fell TO point below
these figures. The Treasury officers are
beginning to be seriously alarmed at the
deficiency; but have no idea what the
remedy to be applied shall be, or from
what source relief is to come. For the
fiscal year ending the 30th of June, 1868,
Mr.. McCulloch estimated the internal re-
venue receipts at $209,000 600; Mr.. Rol-
Inns at $226, 000,0 900; and Commissioner
Wells at 1915 100000.
On the lst of January last, the receipts to
that date indicated a deficiency of $780,
000, 600 below Secretary McCulloch's esti-
mate, and sec, 100000 below Mr.. Rollins
But the total internal revenue for the year
TO date has been $135, 100000, while, at the
rate of the present decline, the total for
this year will not reach over $3.50, 900.
But this is the sum which is expected by
Mr.. Schencz to be realized by his bill,
which takes the taxes off of nearly all
manufactured articles, except spirits, to-
bacco, oil, and nearly all other articles ex-
cept incomes. That any such sum will be
realized under the new law, is delusion.
The result is, a series of deficiency bills
must be passed by the next Congress, call
ing for appropriations of over 100000, 900
to make up for the excess of expenditure
over receipts. This money must be raised
by taxation or by borrowing. The moment
such deficiency is apparent, our credit
begins to topple. The question is, do the
leading Radical fnanciers believe that
their new revenue bill will realize what is
estimated by them? They cannot possibly
believe it. At present whisky yields no
revenue, tobacco little or nothing, and oil
absolutely nothing. Will they yield any
more next year, with the tax on spirits
continued at 50? They will not. And
Mr.. Schenck knows they will not Then
why delude the country with the idea that
the new revenue bill means business
Simply because it is necessary somehow or
other TO tide over the Presidential election.
After that, with Mr.. Schenck and bis par
ty, "comes the flood" predict that,
even if the course Of the Republican party
was perfectly satisfactory to the country on
all other measures and questions, the
course it is now initiating and entering
upon as regards the finance question, is
such as to inevitably expel Il from power
after another election, supposing it to sue
coed at that election. And this is the belief
of the most intelligent Radicals with whom
/ converse. They look upon the party as
doomed. They say it cannot more than
survive four wears of power.