Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-10-21

IT is impossible that business should
revive in Tennessee without great re
duction of taxation. Heavy take:
will necessarily prevent investments
lock up money and drive it to othel
States, whence it can be used more
proftably. That is what we have Op
pressiveIy experienced for a time quite
long enough to teach the lesson eff
fectuaIly. And thus the amount re
allied from taxation is diminished in.
stead of being increased by high taxes
The reason is that Our policy is stead.
lily reducing the capital We have tC
tax. II we were asked what two
measures Of legislation would most
benefit the country and most certainly
build it up, we should answer, one to
repeal the usury laws, and another to
reduce the taxes. When governments
learn wisdom enough to let the peo-
pie manage their own affairs in
their own way, they will find a
light per cent. tax on abundant
wealth furnishing ample revenues.
There Is no sensible reason why tax
alton should not be reduced to the
lowest point from which it is possible
q sufficient revenue should be derived.
And this may be deduced in view OF
the more liberal payment consequent
on reduction, as well as on the pre-
sumption of increase Of capital likely
10 ensue.
The New York Evening Post,
speaking on the subject of national
taxes, suggests, what is equally ap-
propriate here, that those who have
the matter in hand, or r competent
10 study the question should ''exam-
inc our present taxes, and consider
which Of them now burden the peo-
pie most in proportion to the revenue
they yield; which Of them ought to be
first repealed" Whenever any one
tax is repealed, not only the particu-
lar industry Immediately effected, but
every other viii be more or less bene-
fitted by it. We have no doubt q lib
eral reduction Of taxes, both by the
nation and the State, viii soonest pay
of the public debt Of each, as it viii
also soonest restore prosperity TO all
interests. The Post contains the fol-
lowing statement which win be inter-
estinp in this connection:
The national taxes are 80 heavy as
seriously 10 impede the general pros
perity. InthS aggregate, with the in
cideRtal burdens which follow them,
they are q burden upon industry, uu-
der which it labOrs; they absorb a
very large proportion Of the whole
surplus production Of the people; they
Oppress the labOring man. In short,
they are too heavy for the people to
bear, unless under an overwhelming
necessity.
They are also too heavy for the
Treasury. Mr.. Boutwell, and Mr..
Wells, the two best informed men on
the subject, assure us in recently pub
lished statements, that the surplus
revenue of the Government above al
its expenditures, for the current fiscal
year, if our present taxes are retained,
will be not less than Sl20, 600, 900. 1t
will not be surprising if it should even
reach Si3j, GOO, 900. A large surplus is
always a strong temptation 10 eXtrav-
agant appropriations by the Legisla-
ture, and to WastefUl expenditure by
the Executive. What we now want
il to bring our finances into a settled
condition; to build up industry and
trade, restore specie payments, and es-
tablish a comfortable and permanent
balance between receipts and ex-
Penses, such is viii build up our
credit.
For all this We do not need an over
flowing treasury, a large surplus
wTung by oppressive taxes from the
sources of production. 1t is Of no
great use to us, for these purposes, 70
pay Off our debt rapidly. We might
raise by extra taxes next year enough
to pay half the entire debt; but would
this be a deed to boast Of? Notatall:
il would paraly5e industry, crush the
poor, destroy trade, impOveriSh the
land, and lead to the inevitable repu-
diatiOn Of the rest Of the debt. Nor is
it better in principle; it is only less
bad in degree, in the present state OF
the country, to 60 on pressing from it
two millions Of dollars every week,
for which the government has no
present need. 1t were far better, a.
General Jackson used 10 say, to ''let il
fructify in the pockets Of the people"
Congress al its next session will,
Therefore, do wisely to repeal a great
part OF the present taxation Of the
country. Were taxes repealed, such
now produce the entire surplus Of
at least SI25, 900, 900, those which
would remain would improve 50 rap
idly in productiveness that the reve-
nue. would not fall of to nearly that
There would still be a large
surplus for the coming year. This Is
the inevitable result Of such a policy.
II has not only been pointed out by
economists that it must be so, but il
has been proved in practice on the
largest scale.
Our own recent experience, after the
repeal of the general tax on manufae-
lures, was a striking illustration Of
the sudden revival Of industrial pros
perity after the removal q a burden.
But the next remarkable experience
the kind on record is that Of Great
Britain. Her government has gone
on for a long series Of years, gradually
repeating one duty after another,
sometimes with an apparent haste
alarmed those who had not
studied the subject closely, lest the
revenues should be ruined. For eX-
ample, in 1871, the British tariff
taxed 1853 different articles; in 1915
emily 1852; in 1853 the number was re-
duced to 466; in 1853 to 4I9; and in
1852 the long list was cut down to A
subjects Of duty. Yet the revenues
customs steadily increased
through all that time. It was les
than $1l0.0 1900 in 1871, and had
risen to more than S120, O00, 600 in 1862.
Captain Lewis Z. Granger, Twenty
9th United States Infantry, Of Massa-
.husetts, has been dismissed from the
service, aad sentenced to imprison-
nent al the Dry Tortugas, for con-
luct unbecoming an officer and a gen
ipman. and for the Misrepresentation 4