Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1869-12-29
Commissioner Wells Report.

The United States Commiyioner of Revenue.
Hon. David A. Wells has preAcntei To- Congress
his fourth annual report Mr., Wells lu~, very
justly attained a very high reputation as n sta
tisticion, and upon his suggestions and the re-
forms which he propose will be based, unquesl
tionably, great deal of the Congressional leg
islation upon taxation and finance Without
going into the details of the document, we will
present few of It's features.
The public debt which ON the first Of Septcn-
ber 1865, attained its greatest height. has since
been reduced three hundred and four millions Of
dollars, leaving the amount Of indebtedness on the
first OF December at s. ,Ij3 $50, 73j %, less the
cash aud sinking fund in the Treasury. The bur
den imposed upon the Government by the war
was over four thousand millions, and add To this
| the amount of pensions. the loss TO the loyal and
Caniedente States from the suspension Of bush
ness und destruction Of property and we find that
the actual cost Of our little "onploasantnes, -"
will not fall far short of 50 900 600 600 Though
this is three times as much as the slave property
in the United States was ever WORTH it was not
wealth thrown away. During the past year mil
lions of ncrcs have been added to our cultivated
area in no preceding year has the number of
miles of railroad constructed been greater, the
South enjoys condition of prosperity equal OF
greater than that which prevailed prior To the
war peace reigns in all our borders, and from
the Atlantic to the Pacific, from the st Johns to
the Rio Grande, there are few who, exempt from
physical ailment, need hunger from scarcity of
food, or be idle for hck of sime opportunity for
remuneratiye employment"
Mr.. Wells sets forth unanswemble arguments
that our prosperity can only be looked upon as
permanent whenwe shall be able to compete with
other nations by producing and manufacturing
on equal terms with them. The increased cost
ofall capital employed prevents our competing
with the countries Of Europe. This increase Of
cost in general manufacturing he estimates at
fifty per cent This cost is enhanced by taxation
and an inflated currency, and hence the small
amount OF our exports, and the reason why wei
have to pay for importations in gold. lie be-
lieyes that contraction of the currency, direct and
undisguised, is the one necessity Of the present
situation, and the nation cannot, in his opinion.
emerge from its embarrassments until this meas
ure is carried forward to the end
The Commissioner gives close consideration to
th' ruiDtNb VI NdAhtipu llt luluhs LliNt tnt sum
of fifty millions can be safely removed from the
amount Of taxation the coming year, and recon-
mends that this be directed to therelieyng of un-
necessary burdens and the diminution of the cost
of the elements of living to the great masses Of
the people He iavors the reduction of the tax
on incomes five or three per cent, but proposes
that the taxes on all liquors and tobacco shall
remain a. they are. lie iavors the total abolish
ment Of the tax on watches, silver plate, pianos,
carriages, etc lie proposes thatall special taxes
or licenses. the taxes on gross receipts Of rail
roads, telegraphs, express companies, &C., &C..
and the tax on the sales of articles not otherwise
specifically taxed, should be repealed, exempting,
however, from this recommendation the taxes
levied on banks and bankers, upon manufacturers
and dealers in spirits, beer and tobacco, which he
is OF the opinion should be retained lie adyo-
Gates the entire removal Of all duties imposed on
conl, and proposes To restore prosperity 10 the
wooden industry Of the country, by placing our
manufacturers in position to compete with those
abroad, and enabling people to buy clothing as
cheap here as in Europe, by a removal of all du-
ties on the importation of foreign woods and dye
stuhs, and general reduction of duties on man
uinctured wooden fabrics. The Commissioner is
OF the opinion that these changes will greatly re-
move the burdens Of the people, and that the
present condition of the country demands them.