, 1870-12-10

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1t will be seen from the foregoing that, OF
the S23, ,63G, ,82T estim.ted probable reduction
Of revenue, nearly S20, 900 900 will be the re-
suit OF the reductions On the four articles
mentioned. In at OF the other articles on
wb,ch the tax will be reduced, the greatest
per [tA1 reduced 10 5 centa per pound in
stead Of Is cente). which it IL estimated will
cause a loes OF revenue OF only E5S2, 900 per
Annum. The reduction Of the lax On pig iron
10 q per toa, inate.d Of -, will only dinaiuish
the Eevtnus about s2s6, 900 per annun. Ihese
based uron the quantity Of the asti-
elea in question thAt were im-
ported and entered for home consumption
during The fiscal year ending June 80, 1863,
ana the lower dnty may encourage the in
ctcase OF isnportataons, and 60 make the loss
NATION ct the table will chow that nearly one
bzlf Of the total anticipated reduction in rev
enue IL to be made on tue lowest grade Of 1aw
.usar. such as il bnuEht exclusively by the
rehners and rnsnufactureru; while on the
| higher grades, ouch as enter into tho daily
consumption Of families, there vii Be very
hltle reduction 1t seems probable that the
! resuli Of this discrepancy will be that the re-
fness will get nearly the whcle benefit Of the
| reduction Of ta1 On their '*raw material"
| while the reduction Of tax being much less on
tho higher grades, the consumer will not get
1nuch Denent Ieutn lE-AH eootI4 inst II Wal ne
much more reduction Of revenue than Of
| tightening Of the bur.icn OF taxation.
The Secretary Of the Treasury proposes to
| Inale:th to- al reduction Of the public debt,
hy tha purchase Of bonds between March !,
1869. and June so. 1872, about $500, ,00o. .000.
| Already Sl9l ,000, ,000 OF this amount have
been pnd, aud not xithstandinR the probable
reduction OF ga, 900, 600 in the annual rev.
enue after the new tatiN goes into effeet, 1t Ia
expected tha: this proceas OF pairing the dobt
before ii il due, will 50 on. The money which
will thus have been 1aised bJ heavy tax.tion,
aary carries cut his programme, amount 70
about $50, eco, ,0o0 ID currency, OF @210, 600 600
in gold, sum much moro than sufti-
ctcnt to haze insured 4 resumption
Of sreeis payments, besides msung
ali the reduction in the debt required
cipal PCT anLum} which wonld certainly be
c.oush. Under existing f.wt, tho Secretary
can do rothinE elre with his surplus revenue
hut purchase bonaa. Applied in this way il
hiss had less benet.il effec. On the public
credit than il = smaller SUN had been in some
specie payments. aud the saving Of interest
on the bonds purchased doss not equal the
leue tita thut would accrue to trade generally
!tum Reduction o! taxation. One Of the
firet things Congress should do il 10 reduce
taxation, btElnning with the odi,us INCOME
tax.
In the local money market, matters con
ti1ue quiet, and money continues moderately
eaey. The banks still decline to let none,
ont for eix.y day loans. aud most Of them con
hIe accon. nnodations to thirty dars and K
"1emand." On this kind OF time, all borrow
ers uho deposit collAtera!r. or have the re
quisite credit without, gct money vithou
much difsculty.
E1cbarge Is more plenty, and the price i
lower. Some considerable anounts have beel
brought hero rom Cincinnati, where e1chang
ID at 25c ptr Il ZOO discount. Tho reoaittanc
t Of tue curre1~y from here 10 there in pay TO
it, costs i0c per 1000, which rets the pro
. here At about Csc per Sl.co0 premium. A
the counter, bankers sell 1t LILO premium An
Ing At Par.
J fhe movement Of currency to the couutr
; tc-tssy was larger than yestsrday, and TIT,
5 fsr in tie week. has been con-ilerAbly in e,
cets Of The move me1t during the same pes1o
, Of lsst week, thus indicating moro ac,isity
the movement Of county rroauc.s.
The following quotations. for goTeEnme'
. borus. LEGAL st0cke. gold and silver. in th
I. market shi. afternoon, are furnished By Lun
( Preston i keap. bankers, A. Clark street: