New-York tribune., 1871-12-01
TAX. TARIFF. AND CURRENCY.


PROSPECTIVE FINANCIAL LEGISLATION OF TIE
COMING SESSION-IIOw THE REVENUE l. 70
BE REDUCED-NO PROSPECTS OF KESUMi-
TION.
WASHINGTON, Nov. est is safe to predict
thus early that there will he little if any financial ss-
lation of special importance during tr coming session
The Senators and Congressman who have arrived arc
nearly all Of this opinion The near approach OF the
Presidential canvass. and the uncertain look of the po
liiical horizon. maSos cautious about committing
themselves to measures Of untricd popularity.
There is always a majority OF trimmer, in b,th
Houses of Congress- and that the air
Is full of rumors Of new departures and new
parties, we may expect 10 find this discreet
class of politicians largely reinforced. The few men
who have original ideas. and would like to advocate
plans of REFORM will lack the to press their
in the face Of the cold reception they would
receive from the tmid majority. II is only when the
drift Of public opinion too evident TO be mistaken that
may look for action The chief characteristic Of the
session will undoubtedly hc "tIlmming" Not until the
Presidential question Is settled, aud the patronage Is dis
,rhucd and farncd out for another four years. tie
politicians he expected to spend much time study Ing the
interests OF the country or TO have any wested con
vctiUns upon questions affecting the public welfare. not
indorscd by party platforms Financial questions. more
than any others. will be avoided because the 4" trim
mcrs" usually profoundly ignorant about them and
believe them to he dangerous subjects To NEEDLE with
before 1t becomes clcari what positions val be saest
10 take Where this Is the case the trimmcrs are bold
aud positive. II Congress agrees upon any financial
legislation this Winter will DE because there will Ire
10 doubt about its immediate popularity.
Certain notifications in the Tax and Tariff laws, which
members say are uuqueStiOnably demanded ly public
sentiment will no doubt be made Tho revenue will be
diminished, IA to leave an annual surplus Of only
S5OOO CO., be applied toward the payment OF the debit
and the reduction Is likely 10 be about equally divided
between tariff aud internal revenue, which VIII tax"
$4,000 900 frou each There will not bo much quarrel
tba fay rrdu
tax will 60 by the board If nothing T. done about IT,
the law will expire next year BY Limitations; mt there
will effort to cut oil the last colccon which taxes
place in March next and terminate at once the unl0p-
lar tax The internal revenue will probably be stripped
down SO that there will he little left beside The taxes on
distilled spirits, malt liquors >obacco. and STAMPS
When il comes to tariff reduction many
interests are involved, and they are 80 IN
trjcatey interviewer and inerminglcd. that il Will
not ,,e 40 cary TO determine where the rdnc-
tion should be made Still there are some changes To
which large majority in both Houses are known to I've
favorable The abolition Of the duty coal may he
confidently expected considerable reduction III the
tariff salt is almost equally certain Inc ircc h't Will
no doubt be further enlarged bv the addition OF many
unnlortan: articles from which hut tring amount OF
revenue s derived There also numbe: OF Inodi.
cations that will he urged in the way OF adjusting differ
ent parts Of the tariff laws to each Other ~ that their
working viii be Harmonious For example. some articles
which are used In manufacturing now pay higher pro-
pot;onate duty than the fnI he'd product with the con-
sruction Of which they enter The heh tariff upon such
and bcIeiit nobody. Encr the duty on The finished
product should he higher the duties On tie articles
| used to produce IL should he lower.
1t scarcely probable that the revenue rcfoincrs Will
Ss wSS srr M p % e or Aa i we Tir cy 3
Try to gain They claim that there shod be rraust-
upon which they levied have materially fallen since
tie pr"sMt rates were established The iall in Tie rr,cc
For example: tain OF cents pound on an article
costing cents is quite moderate ni If the price % t.c
The revenue rcformcrs further that there soud
he reduction in duties which were made very hgh
during the enable manufacturers to pay the high
internal taxes then levied They that ttcp by ,rep
the taf should have been reduced at tho same time.
| They refer particularly to manufactured IRON go
not however lc as strong promised to he when the
Congress met last March. and there is not niu'i,
to- rear q" a nrS"ro uny
during long vacation that they had exaRYrIard he
sttucnts. and that the Protcconists stil nu'r-
though no, noisy They return t,sp to % %r
election. And this it now serns probable, will be
the psdGminant sentiment ,,t IN D"' " "m" vim ,c ,,,en
toward resumption. All the returning Congie->nicn
people in favor returning spccie aymcnls Where
there Is not hostility there oomee hlif'rncc on
sumption win come Of itsni in good time exprrs.e.
the prevailing opinion. The debtor class don't want
specie payments brought abont until they are out Of
debt and while the creditors aud people who don't owe
anything in favor Of resumption Oh general princi
pies, they in no hurry to have take place. and
| allow themselves to lie convinced by debtors and
spectators that il would financial crisis, and
occasion dcporabe damage to business Suinc plans Of
resumption viii, no doubt. be introduced but there IL
prospect that any decisive action will he taken
them PrO,ra-tnation viii he thought the wi.arI
When the people nliglt'ncd upon financial
questions enough 10 understand that an irrdc' inaic
paper currency not advantage bu unintg gated
evil to everybody but srccultOr- and nlmrIriy'ly de
maid resumption, thcn and not before. VIII Congress
lind away TO Resume Meanwhile some plan ~ conversion
OF grccDach- into bonds TO he the method Innst
favored by Congressman. The plaE proposed LATELY
by THE IRBI NJ is much dIhcus-td and UIvOca,d ny
many. Those who oppose II say that ,crDlliiy into
IA 5-65 bond would not raise the gIccnacks any
pur and that the bond, would only be taken by sIHri
latOs for Investment Of money for short criodr. sen
ntor Sherman conversion into tvc per cent bonds,
with no OF DOnts into gicebach-, but with
authority the Secretary OF tie Treasury to keep
hand reserve Of from twcntyt to hfty millions
rcDcy for Of strugcncy In the money
ket, by reason Of extensive convcrSon This plan. hc
thinks would make the grccnbacks worth PAR, an rna
bic piiOn to take place at early day, without
any shock to business ncrcstS Gen. Butler will, OF
co Sc revive his scheme Of an endless circle OF green
backs and bonds. approaching any nearer to gold
aud other projects IN The shape OF h'ilh WIN y" thrown Out
as feclers io try the temper OF TIC public mih,i.