, 1870-06-08
MONETARY AND COMMERCIAL.


The income ta1 collected in the fiscal year |
ending June 80. 1860, heing the ia. on pIonts |
ard Incomes Of the calendar Scaf lsss,
amounted to sa4.791 $50, or nearly 10 per cent
which amounted to s370, ,94s,7a7
The amount Of ta1 which would actually be |
due incomse Of 1862 and r,ch 1a.s Is nov th.n oe
pg COLLECTED se1 ss bdResase R51sse oxng % to ths
decline in gold and prices Of commodities,
tie business Of 1863 was generally less profit
ale tLan Of 1868. But the methods OF col
lec:ipg the ta1 have been sys-
urou lie assumption that evesy man i
h wonla-be cheat until he has proved him
self otherwise, viii probably collect Larger
aggregate than last year 15utt whle the more
xssh application of the inquisitorlN poEers
with which the Collsctors are Delegated aces
-otit ction OF the one-ho1se street-cars, where
tbe driver opens the door sud abuses paAsen-
9ers collecti7e1s, in hopes OF touch1ng the can
scicucc Of some delinquent ono who has ha
paid. The su1eet way TO ~ make 3aat,t; a ~
q determination to 4' have tho truth out q
Lin develops spirit OF opposition when: II
3 nan il not stubbornsy honest, nakes
him strive TO defeat the object Of the lnqulsl-
tn.i:l Collector, SO that though the present sTs~
tern Of collection does succeed in cor1.erinS
some Of the rogues. its tendency Is 70 maze
more rorres to corner and at the ehtne time to
excite tie deteststion Of conscienhous men
who would pay their fnh t31 "itoou. ~ .ena oeanS
.cross questioned The Tx bill. IS II passeo
the House yesterday. includes an 1ncoMa M ~ @4A
RI 2 Der cert on all incomes over S2,003, to
apply to incomes for 1870, and to continue N
force until repealed Ilis would pe ehahse
from last wear. in that it reduces the t11 2 Per
cent and makes the exempted income ,n m9aqe
permanent character than it hhd before. me
Inst imposition OF the iucome t1x was v:eHeo
in the Light Of temporary expediant, zna me
authority for its collection expired % Am.sa-
ton On the slst Of December; is6s. In me me
tax provided for ty the bill which passed the
House yesterday would ba;ome Z pefnanens
part OF the government 1;a11a1aesy Tor feseaue
until repealed.
Tie changes in the r.s1H on Sugars, co1oe'
and many other articles, proposed oS the II
lill, which passed the Aouee YESTERDAY, would
only 70 into effect On the 31st Of Dcceaoes.
But it is provided, that INV goods that may be
in bonded warehouses on the dag Whea me
new tariff should become operative, should ee
subject to the new tax as though they had onl5
been imported after that date- In case tpe
Hill should pass the Senate, and become = las,
this would cause tho hcldinF IN bnna OF
greater proportion OF some kinds OF goo1s on
which tie ta1 would be Teduced- m ofaaf Il
get tie benefit Of withdEaN1ns them fo.1
bord cndc1 lighter duty. With otiier caasss
1f goods on which there would ot
practical increase Of tax. the elfec. would bt
the reverse, and merchants will DO well Il
scan the changes in the tariff closely, to Tore
see its probable contIa5T elect upon tne "s'
Jhc Tax tiu provides fo1 tax of b tIentietl
Of Der cent OF, all contracts to deliver gold
l1,is seems a etnall affair, but the clearings a
tIc Gold Exchange in New York range iron
SIS. cot, coo to ST, ,000, 600 per day, and tn
contractr to deliver were only to aTeraS
ea5, ,Go0, GOO per day it would produce rev
ct:,,c Of sl2, 500 per day for tue government
or about sioo0. 600 year.
There Is sharp demand for money in th.
local market, and tendency toward stin
ceucv. The demand comes Chiefly from grail
Generators. 10 carry the large amount OF cor1