National opinion. [volume] (Bradford, Vt.) 1865-1874, 1868-03-27
The Proposed Reduction in Taxation.
The House ON the 10th. by an a

AHc LouSc Oh Tue AOti. ny an al
most unanimous vote, passed a bill
which repeats all the internal taxes
on manufactures. 1t is probable
that no less than eight thousand
different articles are thus, to GER
tain extent, relieved from taxation.
The bill is now before the Senate,
where it is likely to he considerably
modified. Mr.. Morrill, and several
other members fear the policy of
making so sweeping reduction i'll
taxes. Mr.. Morrill, said:
IL desire that Senators shall eX-
anime this question for themselves.
| do not ask them To take my est.
mate, but say this, and | am will,
ing to have it put upon record, that
the deficit instead of being sixteen
MILLIONS, will be mole than forty
million dollars. Is not that enough.
If we shall pass the bill as reported.
the deficit will be more than forty
million dollars for the year to come,
i'll my judgment.'
Senator Fessenden, who is well
acquainted with the financial con
dition ofthe country, WAS even more
positive in his declarations, ant
showed that it will not do to reduc,
tie Government receipts too much
Sand he:
II know it is 4 very nice time Just
at this particular period to take of
taxes. We have IA Presidential elcc.
ton coming ON, and it is important
that the best showing should be
made that can be made; but | tell
you it is a poor showing that results
iii a deficiency. BY this bill we
strike off siXty.tive million dollars.
Is there any hope of making that
up? And what do we labor under
besides The idea Of prosperity,
perfect regularity in business, while
we are gong on as we are at pres
ent, with a currency so uncertain
and tluctuating as it already is. is
to my mind prcposterous. l have
thought, and l mean to say by and
by, and to give some reasons for
this opinion if get good opportu-
nifty, the first thing for us to do is
to pay attention to restoring the
currency and not to trifle with it.
Now, sir, what has been the result ?
We are going on striking off taxes to
a very large amOunt-and am very
glad to strike them off when they
can be, Just leaving enough to Fay
the expenditures OF the Government,
from year to year; but we diminish
in that particular, and we make our
calculations i'll these times, bad as
they are, upon deficiency III the
revenue for the next year of fifteen
or sixteen millions. In my iudg.
inent forty millions Of dollars, The
sum at which my honorable friend
from Vermont (Mr. Morrill) put it
will fall below what the deficiency
will be next year, and must neces
sarily fan below it in the present
state OF the business of the country
Then we shall have to go into thC
market to borrow money, and to &c
there under a very beautiful state
of circumstances 10, with large
portion OF the members Of Congress
talking about reputation, and urg-
ing rcpu0iatioG-in point vi fact
urging at any rate that the curreu
cy shall he left in its present I'm
settled condition, and that uothin.
shall be done i'll order to bring IL,
back to sound system again. WhJ
sir, look forward TO that state o
things for the coming year with alb
sointe alarm. While am perfectly
willing, and DESTROYS, to go as iaI
as We can safely, in taking off inter
nal taxes and relieving business
yet | tell you you you will only
bring about II greater evil in tn,
succeeding years, if you begin to g
upon the principle that We are t,
have Il deficiency necessarily, an,
70 provide for it aftcrward by in
c!easlng the public debt. borrowing
money because we shake our credit
That Is the result OF it. Gentlcmcl
may reply to me, Then why die
You yesterday propose that We
should give Il wbaek upon youl
navigation 7" My answer is, II
YOU are going to relieve every thing
we should like to comc in for share
| do not like to be excepted in III,
matter, and l DO not like to hay,
the Senate apply one rule to n,
that they will not Apply to auybod,
clsc,n