Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1870-06-03
the war, this item would amount to
at least fifty millions.

at least fifty millions.
MI Edmunds doubted that.
Mr. Sherman continued. remark
ing that the judgments of the Court
of Claims, amounting to 81 100000,
and the action of Congress On pri
vate claims, would further swell the
aggregate. No reliable estimates of
the cost for the Indian service could
be made. The House of Represen
tatives had held that treaties Of the
Senate were good for nothidg, until
that body appropriated the money
to make them good. Differences
between the two Houses on Indian
affairs, had caused our treaties to be
entirely disregard on our part. No
manu- could tell to-day whether this
service next year would cost twenty
or fifty millions of dollars, as war
might spring up at any time. The
bounty bill, recently passed by the
House, would absorb about $780,
100000. Some three years ago the
House passed a similar bill, which
the Senate a renaed in Conference
Committee, to grant bounties to the
amount of $S0,000,000 This prop
osition was now substantially re-
newed with a deduction Of these
$90,000,000. This general resume
would show the imkossibility of es-
Gmating with exactness until after
Congress adjourned, what amount
ofmoney would be necessary for the
next fiscal year. If the Secretary's
estimate, amounting to 1921 100000
were adhered to, the one per
cent on the national debt, $24, 900,
900, would make $315, 100000, to
which which would have to be ad
aed the excess of all appropriate MS
dbove the estimated figures. The
total estimated revenues Of the
Government amounted to $3.50 600,
900, leaving a surplus of $4,000.
The question was what taxes ought
to be repealed which among them
bore most heavily upon the industry
Of our people? Our internal reve
nue. was the product of war, and
was directly felt by the people
while our customs duties have been
in force since the formation of the
government, were indirect, mainly
upon the articles of luxury or con-
sumption, and so well distributed
that their weight fell fairly and in
just proportion to the ability to pay
though we might differ in theories,
yet under any administrator the
chief burden of taxation would rest
upon imported goods.
These now yielded one hundred
and eighty five millions in gold. and
the revenue was not likely to dimin-
ish. Was it not better to retain
this revenue, and for the present
confine our reduction of taxes to
new and direct burdens of internal
taxations ? If it were not for the
interest on tue public debt AL inter
nal taxation might be dispensed
with, as the revenue from customs
was sufficient to pay all ordinary
expenses of the Government The
taxes proposed by the Finance Com
mittee to be repealed and those to
be retained were then referred to.
The taxes on whisky and tobacco
; were now levied upon a carefully
prepared law, and it WIS not pro-
posed to change them many way
They would yield-spirits, $50, 0,O00,-
000; tobacco, $4,000, fermen-
ted liquors, So, ,G00.O00 making $50,
100000 Of takes to be repeated.
The most offensive was the tax on
sales, which was tax on enterprise,
subject to every objection. 1t yiel
ded $4,000, 600. The next most op-
pressive tax was the tax on gross
receipt. mainly on insurance compa-
MES and transportation, yielding
100000. So with the taxes on
legacies, SUGGESTIONS, watches, car
riages, DC. 1t was proposed to do
away with the whole system of spe-
cial taxes Some of them were
proper subjects of taxation; but as
a system they were the most op-
pressive that could be levied They
yielded, including the tax on banks
and bankers, about ten millions OF
dollars. 1t is also in contempla
ton to throw off fourteen million
dollars from the income tax Upon
the general question of income tax,
Mr.. Sherman insisted that it was
the most equitable tax levied; that
it was the only one upon property
0 and the only one that discriminates
: between the rich and poor man. He
quoted from various writer's on DO
: litical ecouomy to show it's justice
Q in theory, and that in execution it
was no more Objectionable than any
other tax.