Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1868-01-18
VIZ. xyc,r.,. Iscnorf.

|
The Hon. David A. Wells, Commissioner
of Revenue, in his report just published,
states that the sum of $l300O0,OO0 per an
mum in gold may be regarded as the con.
| stantn quantity required to pay the interest,"
| on our National Debt. In this there is no
room for retrenchment, except by paying on
| the principal, or by reducing the rate OF
interest at which it can be borrowed. Inc
ordinary expenses of Government, exclusive
! o. the above, for the year ending June 30,
1867, were Sl0l ,564, ,677, being So 81 per
capita; willie the same expenses for the last
year preceding the war were $62 ,537 900, or
only SO 32 per capita. Mr.. Wells assumes
that we ought to pay $50,000,0 600 per annum
on account of the principal of the National
Debt. The Customs Revenue for the past
30 months has averaged rate of $170, ,000,-
600 per annum, and cannot probably fall
below Sl50,000,000. Although Mr.. Wells
regards the tariff as prohibitory on some
articles formerly of extensive importation
(the internal revenue taxes are equally pro-
hibitory of articles formerly extensively
manu!actured), yet he thinks no system of
taxation has been devised which operates
SO equally and certainly as the tariff No
doubt exists, therefore, that our tariff will
always pay our gold interest, with q consi
derable surplus.
Having required $3.50, ,000, 900 as icon.
stant' of revenue, for the payment Of the
annual interest, and $50, 100000 of the priu-
cipal Of the National Debt, retrenchment, if
a. all, must be made in the ordinary cXpen-
ses Of the Government, which last year eX-
ceeded Sl9l000,000. Mr.. Wells does not
claim they can he made rs low as before the
war, but denies that they need he 20G per
cent greater. lie urges the reduction of the
Navy to mere "polce of the seas" of the
Army to the minimum, with no new ord
nance Of Notifications, no new public works,
no payment of damages sustained in conse-
quence Of the Rebellion, rigid economy, aud
the fewest employees in the Departments,
no purchases Of foreign territory, or treaties
diminishing our revenue These means, he
thinks, would reduce the 100000 900 Of
last year to $l4O,0OO,OOO. This would
enable us to remove nearly the whole burden
from our cotton, wooen carpets, iron, steel,
machinery, hats, leather, and similar domes
tic manufactures. Thus tue amount reQuir.
ed for all the purposes above designated
would be reduced fIom S31l 600 000 to
S2i0,000. 900.
| The sources whence the revenue is to be
raised are steadily increasing, from the
natural increase of population, from immi
: grafton, from the growth of manufactures,
and the progress of invention. The report
takes Il hopeful view of the condition Of our
general industry. The Northern States have
paid off within the year from six per cent 10
!, fifty per cent of their State debt. The town
aud county war debts are being wiped out.
Our people are importing and consuming as
largely as ever the luxuries of life. And we
: are to. day the only nation which is either
reducing or seriously trying 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
injuriously on very few. 1t has had the
effect, indeed, to make Our currency 90 fur
, ther in exchange, and hence has been equi-
; valcnt, in some degree to an expansion of
the currency. There are some branches of
= industry whose very existence, however,
: depends on the removal of the internal taxes
D from them \ removal of all the internal
u taxes which thus impede production would
be followed By 4 stirring revival Of business
all over the country.
I Mr. Wells iavors the reduction of the
$ present tax on whisky from 80 to so cents
: per gallon, apd believes the lower rate
!. would result in about $25, 100000 OF rev.
= enuc, while the higher has never produced
: more than S30,000,0 600, being collected on
only one gallon i'll three of the quantity
! manufactured He recommends the increase
. Of the license tax on retail liquor dealers
i from S25 to 800, which would produce q
J. revenue Of from $40, ,000, 900 to $l2 600 900
= The present license tax on wholesale dealers
in liquors is 800 on $4,000 of sales, and
i Ito of per cent on all over, and on recti-
;, fers 1t is %25 per 500 barrels. These two
u taxes amounted last year 10 l,l77,32 BY
:, substituting for the above tax of 2l pei
II cent on sales, collectablc monthly, and IL
> cents per gallon ON spirits rectiied, payable
:, weekly, :hey can be made to yield $4,000,
= 900 per annum, making the total on distileC
: spirits from $50, 100000 to $50. 900, coo
e The tobacco tax is still more difficult o
u collection, and is eyadcd by dishonesty O
y inspectors, by counterfeit brands, by using
-" the same packages over again, by suUstitu
i, ting highcr-wiceG for lower after inspection
~ by allowing small sales to be made withOu
- inspection, by irresponsible bondsmGn, &c
!! As remedy for this the Commissioner
II recommends the stamp system, and sale il
packages. The income tax will produc,
" about $50, 100000. The Commissioner re
!; commcnds that the exemption of 81 GOT
~ thcretrom shall be changed, SO as to appl,
ie only to incomes which are less than 81 500
81 or $4,000, and also to cqualze owners 0
! residences with tenants, that no exemption
y be made of rent The stamp Tax ought I,
Is Il, produce $2j,000,000, but through evasion
III fails to produce more than Sl7,OCO,O00. !
ii, rrcaptulation of the sources Of revenue a
~ estimate results US follows:
i, From distilled spirits luew system) $50 900 90
~ From fermented liquors 5000 0O
10 From tobacco and its manu- features. go goo 90
III From income, IS 900 90
of From stamps, II 900 90
,d From legaces and successions, 100000
r From banks, railroads, &c, 10000, 90
y. From salaries, 100000