New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-01-11
MR. WELLS'S REPORT.

| NIX. VELLoo AEl UNI
The Hon. David A. Wells. Commissioner of
Revenue, in his report just published, states
that the sum of $l3O0O0.0O0 per annum in gold
may be regarded rs the constant quantity
required TO pay the interest on our National
Debt In this there is no room for rctrench-
ment, except by paying off the principal, or by
reducing the rate of interest ut which it can
be borrowed. The ordinary expenses of Gov
eminent, exclusive Of the above, for the year
ending June so, 1857, were Si9l ,j64,6T. being
! 50 81 per capita while the same expenses Tor
the Last year preceding the war were sG9,j3',Wo
or only 50 32 per capita. Mr.. Wells assumes
that we ought to pay $j0,0O0,OO0 per annum on
account of the principal of the National Debt.
| Tho Customs Revenue for the past 80 months
has avenged rate of $170000000 per annum,
and cannot probably fall below $15000O,O0O.
Although Mr. Wells regards the tariff as
prohibitory on some articles formerly of exten-
siye importation (the internal revenue taxes
are equally prohibtory of articles formerly ex-
tensiyely manufactured, yet he thinks no sys-
! TEN Of taxation has been devised which 0pcr-
ates 80 equally and certainly as the tariff. No
doubt e1ists, therefore, that our tariff will
always pay our gold interest, with consider
able surplus.
Having required Sls0,OO00OO as Constant"
Of .eycnue, FOR the payment of the annual in
! terest and sjO0O0,0OO of the principal of the
National Debt. retrenchment. if at all, must be
made in the ordinary expenses of the Govern
| ment which last year exceeded Sioi, 100000
Mr. Wells does not claim they can be made as
| low "A before the war, but denies that they
need be 2O6 per cent greater. lie urges the
reduction of the Navy to n nero police OF
"the seas of the Army to the minimum, Nth
no new ordnance or Notifications, no new pub
lie works, no payment of damages sustained
| in consequence of the Rebellion, rigid economy,
| and the fcwcst employees in the Departments
no purchases of foreign territory, or treaties
diminishing our revenue. These means, he
thinks. would reduce the $19OO00,0O0 of last
year TO Sli00O0,OOO This would enable us to
remove nearly the whole burden from our cot.
ton, wooden, carpets, iron, steel, machinery,
hats, leather, and similar domestic manufac-
, turos. Thus the amount required for all the
| purposes above designated would be reduced
from S37l 100000 to $2iO0O0,0OO.
The sources whence the revenue Is TO be
rnsed arc steadily increasing from the natural
increase of population, from immigration, from
the growth of manufactures, and the progress
OF invention. The report takes a hopeful view
of the condition OF our general industry. The
Northern States have paid of within the year
from six per cent to fifty per cent of their State
debt. The town and county war debts are
being wiped out Our people are import
ing and consuming as largely as ever the
luxuIics Of life. And we are to-day
the only nation which is either reducing
or seriously tssing to reduce its debt.
The fall in prices during the year has been
general and even, applying as well to cost
of living as of labor and of goods, and has,
therefore, rested fairly on the mass, and inju
rously on very few. 1t has had the effect, in
deed to make our currency go further i'll
exchange, and hence has been equivalent, III
some degree, to an expansion of the currency.
There are some branches Of industry whose
very existence, however, depends on the re-
moyal of the internal taxes from them. a
moyal of all the internal taxes which thus
impede production would be followed by Il
stirring revival of business all over the country
Mr. Wells fayors the reduction of the present
tax on whisky from 81 to so cents per gallon,
and believes the lower rate would result in
about $2j000,000 of revenue while the higher
has never produced more than $30,000,00O
being collected on only one gallon in three of
the quantity manufactured. lie recommends
the increase of the license tax on retail liquor
dealers from sos to 800, which would produce
a revenue of from S10,OOO,OoO to $12,0OO,0OO. The
present license tax on wholesale dealers in
liquors is 800 on $4,000 of sales, and 40
of per cent on all over, and on rectifers it is
$2j per 500 barrels. These two taxes amounted
last year to S1,117,32O. BY substituting for the
above n tax of 81 per cent on sales, collcctable
monthly, and 10 cents per gallon Oh
spirits rectifed, payable weekly, they
can be made to yield S20,OOO,OOO per
annum making the total ON distilled spirits
from S5O,OOOOOO to sCO,OOO,OOO. The tobacco tax
is still more difficult of collection and is evaded
by dishonesty of inspectors, by counterfeit
brands by using the same packages over again,
by substituting higher priced for lower after
inspection, by allowing small sales to be made
without inspection, by irresponsible bondsmcn
&c. As remedy for this the Commissioner
recommends the stamp system, and sale in
packages. The income tax will produce about
S5.O0O,000. The Commissioner recommends
that the exemption OF $1,000 thereiiom shall be