Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1870-05-28

very lair amount OF goods mas
changed hands, without, however,
making any great impression upon
the accumulation, as In nearly all
cases the arrivals have fully Offset
sales. Values have auctuated to
some extent, but no permanent adj
vantage appears to have accrued TO
either buyer or seller, and in the
leading markets q feverish, unde-
cided tone Is noticeable. Inland
navigation Is now restored, and q
slight increase Of orders has result
ed therefrom, but buyers are not
operating with the freedom antlci-
pated, and many holders are less
confident Of an immediate outlet
for their supplies, though oil refrain
from forcing trade, as such a course
would, under the existing state OF
affairs, neCessitate much lower
rates. Coffee Is held steadily, but
at too high figures to meet a free
response from consumers. Teas
more active and fine qualities
firmer. Sugars have sold fairly at
q shade better rates, but buyers
continue to calculate closely to i'm
mediate wants. spices firm. Mo.
lasses in very good demand, but
all calls freely met, and on easy
terms.
The new Internal Revenue bill Is
all right as far Il goes. 1t reduces
taxation to the amount Of S33,0OO,-
900. 1t ought to reduce It more
than twice that amount, aud II is to
be hoped that II may be amended
accordingly. Nearly all the special
taxes are to be abolished. But II ID
a matter Of regret that the income
tax is TO be retained. In Difference
to public opinion 1t is to be shorn
of some OF its more Objectionable
features. The exemptions are in
creased foom $1,000 to $500; the
publication of incomes is prohibit
ed, aud some of the more inQuisi'
torial. features are abolished. Blu
the tax ought TO be repealed alto
gether, although there Is little
chance therefor. But there is prob
ability that the Senate reduction o
50 will be adopted by the House il
lieu Of the present s. tax. The IN
crease of the exemption TO $500
il is calculated, will reduce the re
ceipts about 81, 100000 year.
The other features of the bill ere
as follows: The taxes on legacieI
aud succession, which last yea.
yielded 50 100000, ia repealed
The taxes on insurance companies
auctions, railroads, aud ON all kind
of business are abolished, except
ing those relating to lotteries, thea
tres, and places of amusement.-
These deductions will involve a los
of S6,000,0N to the revenue. Take
on sales, except Of liquors, are abOI
ished, causing a reduction Of revC
nue. OF SS,0U0OO0. Taxes In schedul
A Of the present revenue law ar
repealed to The amount OF nearl
Sl,000,O00 . year. A few taxes ar
slightly increased, making the re
duction3 amount TO S33,U00,O00.-
This reduction Is S7,0O0,0W lei
than was proposed by the Senate
and 10 effected on nearly the san
items, so that the taxes are prett
certain 10 DO reduced 10 the amonI
of between So, aud $4,000
900.
This is an important reduction
aud If Congress would reduce Il
Tariff $50 100000 q year, let II
Currency aud Funding bills alon
: and adjourn as speedily as possib
after the passage Of the ApprOpri
: ton, the country would stand
excellent chance for the revival
! business, that is now so much nee
, ed. Congressman would then
. before the people for re-electi,
! next Fall, with greatly increas,
! chances Of success. II the redu
! ton of S50,0O0,OO0 In the Tar
were effected intelligently, so as
: reduce the actual burden upon
! dustry TO the amount Of $l50,0O(
u 900 q year, there would be u chan
: for q jubilee, and the next Go
gress would much more nearly
' semble the present one than wou
otherwise be likely or even pos
: BILE.