The national Republican., 1869-01-06
Comm,..,ouer wc,,., Rs.or,.

'he ereporto VI non DhVlu A. Weih, SpeciAl
Commissioner OF Internal Revenue. was sub
NJ. wsis " 1aE assis s',a hf:s Tis the question Q,
the present condition Of the capital aud In
dustry of the country. The results be arrive,
~ are that the aeEregste wealth Of the eoun:
any former period, yet IL does not follow ths,
Perity,. The isborer, especially Re who has S' /
IS he was In ls06. His wages have not in.
creased 10 proportion to the Increase 10 the
sn,, cos, 2, NJ. Lying There Il. therefore, an in
product, which we must, In no small degree,
| refer to artificial causes. This Inequality ex.
| lists even among the working classes them.
for hts or her support alone, 10 in the receipt
OF a rate OF wages from which savings may be
made equal or greater than ever before, espe
price Of board 10, to a certain extent, regulated
sttiheially by the employer. Unmarried op.
erstiyes, therefore, gain, while those who are
feaeSsnts lose. Hence, S.post. 10 - .sRins. pss.
banks increase, while marriage is discouraged,
and the forced employment Of young children
made almosta necessity In order that tho
Nov whence comes this Inequality, and thi.
| unnatural distribution of the results of labor
The student Of political economy would pre-
diet priort that such must be the result oi
the enforced use Of q nuetuating measure oi
value, viz: inconvertible paper money. In
addition, however, to an inconyertible paper
currency, there are other agencies which are
powerfully operating to the production OF a
like RESULT and the consideration OF these
brings US to new department OF our inyesti.
snd Indirect, upon the cost OF domestic pro
duetion, and consequently upon the ability oi
the country to exchange with foreign nations
10 the United States may be eIsssided under
three heads: 1st. Taxation under the internal
revenuei ID. Taxation unner the tarlfr Sd
Mr.. Wells demonstrates to VIII At extent these
modes Of taxation are detective, and proceeds
with the inquiry proposed In the outset, as to
the remedial legislative policy proper to be
pursued, The ends to be attained are, m ainly,
| three-hrst, full restoration OF the national
credit aud resumption Of specie payments ;
rate Of INTEREST," third, reduction OF the cost OF
| national production, with q view OF enabling
the products OF American industry to compete
Of foreign nstiens tbs is now possible, there
BY establishing system Of nationa al protection
AID insurins stability, Increased product, and
afe-development OF American commerce and
Tle e,imated surplus OF thirty millions for
the fiscal year ending June 30, 1870, the Com.
m,ss nv, oner holds may be Increased through the
!. From the certain and continued gain
which Will undoubtedly accrue to the national
cont nued increase OF the wealth and popuia-
hon OF the country, estimated at tlo.ooo,ooo
per Annum.
2. A gain to the credit OF the Treasury from
the discontinuance OF payment through set
tlement OF the claims OF soldiers and sailors
Tor arrears OF pay and bounty. This gain, as
under these heads during the last and current
fiscal years, may be estimated at cas- 10000.
3. A gain from a further general reduction
oil national expenditures. This gain for the
next year through a contloued reduction OF
the army, reconstfuction and pacincAtion OF
me southern States, and a greater economy
t.ons annually made for fos.iasA lions, ,ordSsnee
stores, rivers aud harbots, and private claims,
ou7ht to aggregate at least 1000 900; espe.
c'a.ly II the amount paid during the current
fseal year for the purchase Of foreign territory
200 900, gold be carried to the credit Of this
| account. II we argue from the past eNpe-
Iienee OF the Government II will be safe to
predict that In the course OF the next six or
eight years the annual amount disbursed for
peas .ons will be reduced so per cent, thus
etieeting reduction OF nationsl expenditures
to the extent Of from tlO OOO 900 to tl2 900, 900
per annum.
4. Gain from reform OF revenue administra-
tion. very large Increment Of receipts can
also, undoubtedly, be secured by means OF q
| thorough and effective reform OF the admin
lstration OF the internal revenue. Assuming
sl55 900 as the annual average Of receipts
from internal revenue, as the law and It's ad.
ministration now stand, the Commissioner be-
lieves that an increase OF t75 1000 In the re-
ceipts as a minimum could be obtained with
out any practical difficulty.
On the other hand, as an Offset TO these esti-
| mates, we may have a reduction OF Treasury
receipts from miscellaneous sources-which
are largely derived from the premium on sales
OF gold-and also from certain unforeseen ex.
penditures. But allowing for all these con
tlngencies, i seems possible for the Treasury
to have at its command at the close of the next
fiscal year an available surplus OF from ti00,-
000, 900 to tl25 900, 900, and with such elements
Of our immediate future which viii moi be-
greatly aided In Its solution. The Commits
sioner furthermore maintains that the reali-
Zation OF such surplus involves nothing I'm.
practical. and Ing which partakes or the
nature OF an experiment.
1t requires, however, that there should be
unity OF purpose on the part OF the Executive.
:, Congress, and OF the people, and full re.
''ii,, 'tlon Of the fact that the work to be ac-
'nmnl shed 10 OF such paramount Importance
'Sst not. hng else should be allowed to Inter.
- LII '. 1t requires that the agents who
W " W m''h ~ trusted with the collection and
NJ Il tshrS.amo 'the revenue shall be appointed
on some other g, .nn,b man aaa 1ne aeVoton 70
psrV sm n fe[ViSe. s.S Wy " the amount Of money
co attributed TO aid In eieeuons IL requires
that Congress shall exc. n,,sti,n III on ~, rxu ,k,
4 sums heTetofore expepdea for fortihcations,
rivers and harbors, coast sur rI Juiu
ings, the manufacture of arm = - paia. p,,na,e y,
claims and war damages, and as ,ent Tor The
immediate future. 1t requires thA' oIe
money shall be disbursed for the pur. nsss o.
teTrtO,y AND ne E 10 ss'PTSSya With
the Sandwich Islands, the operation OF VIII "A
Is calculated to Immediately impair the rev.
nue. 1t requires there shall be broad distine'
tion made between the promotion OF mere
private and selfish ends, and the true protec.
lion Of American industry. 1t requires that
we shall stop talking about the letter o. % me
but In the spirit OF the same honesty deter
mine that the debts shall be paid.
The Commissioner favors a contraction Of
the legal tender currency. Resumption OF
specie pay eests can be commenced at any
time; but the question Is not one OF commence
ment, but of Continuance and In order that
certain proportion OF ratio nrst established
between the amount TO be redeemed and the
agency teolnl which Is 70 redeem. ha his rasio,
nationsl bank currency In existence, could not
probabiy with safety, at the existing pre-
MUM of gold, be assumed 81 iess than me
The Comunfssioner sees no economical oh
lection to an Increase OF the nstional osnk
ciIcuIatl on equal to the proposed decrease OF
the Uniteu States notes, inasmuoh as the banks
are required to resume specie paymehs When'
ever tEe9ovei nment shall 90 SO. Lheauthor,
ity for sIrch incr, 'ase Of national bank notes
would be iTmedia tely ayailed OF 10 the event
Of monetary etYinR, ney, but not otherwise. IL
we assume that the GSgregae paper GIreuis.
meats SS are n fuiiy reStg,. I, the Comm lssioner
cannot conceive OF any be Ter MODE OF gYing
nexibllIty to the currency nan ths; iho na.
once brought to par with so.d' and the ma;
tional credit thus fully restores, we s,ns
refunding OF the debt at lower -; reai1v
practicable. One OF the most who. esome
measures, in the judgment OF the Con. MS
sioner, for smoothing the way to specie 70
sumption would be an act lsgallEing goid COZ
tracts. -,
In regard to the reduction Of taxation with
a view OF reducing the cost Of produetion, he
Commissioner holds that 10 the department o.
internal revenue the removal OF the taxes on