The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1870-05-19
Revenue.
We fully agree with the a.. T. Trfb
uae when it says that the Federal Rev


uRe when it says that the Federal Rev
enue ought not to be reduced until after
the bulk OF eur National Debt shall have
been funded at lower rate Of interest,
as has been repeatedly proclaimed. The
Income Tax expires by limitation with
the current year; and that viii reduce
the annual Revenue by some Twenty
Millions per annum. There we would
stop, until our weekly purchases Of Bonds
shall have SO cleared the market that the
Secretary Of the Treasury can fund the
Five Twenties at the lowest possible rate,
thereby saving Twenty to Thirty Nil
lions per annum now paid away in inter
est at six per cent. Meantime, let the
whole subject be carefully studied, so
that the reduction of taxes, when made,
shall ensure to the greatest benefit Of our
People and their Industry. This is orr
way Of dealing with the Financial prob
lem.
Gen. Schenck's Tariff bill we esteem
IN the main good onc-.judicious alike
IN It's remissions, its reductions, and its
augmentations. Yet We have not favor
ed its consideration at present, because
We believed 1t certain to be made worse
on its way through one House or the
other, and very likely to be laid on the
table after weeks had been vainly deyot
ed to It's consideration. We have be-
Iieved, and still believe, that the best
thing Congress was likely to do was to
say frankly and promptly. eve shall
let the Tariff alone for the session. Tn
derstand this. and proceed with your
business accordingly"
But the attempt to rush through bill
reducing the duties on Tea, Coffee, Su-
gar, &c, &C., seems to US even more
Objectionable than Gen. Schenck's pro
gramme. Fit be said that the passage
of such a bill would favor Protection by
silencing clamor for reduction of Tax
as, we answer that we seek no adyanta-
gos by indirection. but choose to make
the Protective issue as prominent and
positive as may be. We DO not want
any votes gained for Protection by the
fact Of five TO twenty per cent. reduction
Of the duties on Tea and Coffee. We
can do without such, and still have
enough.
Ifany change be made in the Tariff at
this session with view to reduction
of taxes, We say, Enlarge the Free List
Add to it forty. sixty, hundred, three
hundred articles, If SO many can be at
forded, that DO not compete with the
products, Of our own industry, and re-
lieYe them Of all impost whatever Take
Cocoa, Spices, India Rubber, and the
whole range Of tropical products, and,
beginning with those wlish yield least
revenue, free them utterly from tax so
far as the Treasury can spare the income
they now yield. This will simplify oar
Revenue system, enable Us to dispense
with many officers, and insure a sensible
reduction Of cost to consumers. 1t would
certainly do something-probably much
toward the resuseitation Of cur For
eign Commerce Ifonly $50, 1000, 600 Of
revenue were thus sacrificed In taxes alb
solutcly RENTED, the benefit would reach
the cabin Of the poorest squatter in AZ
kansas OF Idaho; but taking cent per
pound of the daty Oh Sugar, two cents
off that on Coffee, and Ave cents OF that
on Tea, wonll hardly be felt by COZ sum
ers On the seaboard, much less by those
In the far interior. Better do nothing,
and let the Treasury profit by tie for
beafance.