New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-03-16
THE NATIONAL FINANCES.
SENATOR SHERMAN ON THE PROPOSED
REVISION OF THE TARIFF.


Senator Sherman of Ohio addressed tho
Senate yesterday, the proposed revision Of the
Tariff, as follows:
In opening the debate on this bill, IT win perhaps he
most agreeable the Senate that state the facts as TO
our financial condition that enables for the sixth
time since the close OF the largely TO reduce tho
taxes imposed the people Of the United States and
will also state the general principles upon which the re
ductions OF taxes proposed are based. The defals
as 10 specific taxes would extend my remarks
far beyond my purpose, and will no more
properly stated from time TO time the debate
advances The taxes already repealed yielded s233oe
OOo and revenues still largely exceed expendi-
We justified by several causes in continuing
the repeal OF The that remain yield largely
more than the taxes in former years, and more
than was estimated by the most sangune person. The
production Of the country has largely increased and
industry almost every department has been actively
and busily employed. The consumption OF our people
which, under system OF taxation, chiefly the basis
OF taxation, has by the prosperity OF our industry
been largely increased At the same time the national
expenditures diminishing, our financial condition Is
improving in every particular and we are slowly but
surely without contraction expansion, by the increas
ing uses OF our paper money, approaching specie
standard. The interest OF our debt is daily diminishing
by the payment Of the public debt and the reduction or
the Of interest that which remains All these
favorable circumstances enable us 10 approach the
further reduction OF with system and nfor-
nation than formerly; and, trust, with the sincere
desire make the reduction In such way as To yield
the largest possible relief to people, The only cues
tons how much and what taxes ought TO I've repealed
THE POWERS OF THE SENATE on REVENUE BILLS.
Let first state how the subject comes before
On the 14th Of March, 1871, the House OF Represen
tatives passed three billsa bill to repeal the duty
COAL bill repeal the duty SALT and bill 10 repeal
the duty tea and coffee The duties thus proposed
for repeal yielded last year s2lOoo,0Oo The Committee
Of Finance OF the opinion that 1t not Wise TO
consider those bills except connection wi tn the whole
subject Of reduction On the 18th of April 1871,
| the Senate passed the following resolution:
Rsolred Thst Committee Of Finance hereby instructed iuhre
the recess Of Congrss. to carefully taDns the existing o.
bits Of the oase OF representatives, epe,ins
nal taIs and the duties 90 imported goods row N force 20 iha. The
ureS of the stored upoS e ,ces and SO
that such distributed pO the leas, possible burden
upon the people.
In obedience to this instruction, the Committee Fl
nance during the did examine in detail the III f.
ferent taxes imposed by revenue laws. and agreed
on amendments to both the Tariff and Internal Revenue
laws But in reporting the Senate action, We had
consider the power OF the Senate over revenue bills
We had three bills of the House, with unquo STONED
power propose amendments TO either of them t was
clear that If the House proposed TO repeal or modify GER
| tain taxes, the Senate could propose instead to
| repeal or modify other taxes. But, az all the
| taxes proposed for repeal by the House were
customs duties, the question arose whether We coud
amendments propose the repeal OF internal taxes
The parliamentary a| well as the practice hereto
fore settled this question in the affirmative The sub
jects are germane each otherthey are both bills for
raising the revenue The distinction is only as to the
| the subjects and mode OF taxation Sill, 10 avoid all
possible dispute tile Committee Finance thought II
advisable while considering the whole subject OF taxa
ton conne their amendments to customs duties, and
to offer these amendments TO one bill rather than o
three The of customs revenue proposed for re-
anita he
| proposed by the Senate. The Horse will, doubt, in
due time pass bill to reduce internal taxes, when tho
| Senate can propose its amendments.
| CONDITION OF The FINANCES
The expenditures during the last fiscal year. ending
June 3d. 1871 including interest, were s92l77lss Is; and
for the current fiscal year tpary esmated) $2e3,4o3
3s2 For the next fiscal year tesmaed $27So673 ss;
these sums exclude the sinking fund ana all payments
the principal OF the debt. The net receipts OF the
Government during the last fiscal year. ending June 80
1871, $S3,32394 50; for the current fiscal year
(estimated $359OOOOOo. The actual surplus revenue
| for the year, ending June go 1871, was f9l,lR
776 for the current fiscal year party esti-
| mated s7I79f,99l 6s for the next fiscal year
(estmaed) ssS,974226. The question arises how far
the estimates of expenditure will be increased by add
tiona appropriations BY Congress- 1t Is not probable
that any material change will be made in the aggregate
appropriations for the current fiscal year. while our cur
rent receipts largely in of the estimates This
is caused to some extent by the importation OF goods in
place duty paid goods destroyed by the fire at Chicago
The estimate the Secretary Of the Treasury contem
plates reduction Of expenditures for the next fiscal
wear as compared with this year Of over S000 or az
compared with last year of 100000 but this Is OK
planned mainly by the exclusion from the estimates or
the premium paid on bonds and the premium reached or
gold which balance each other The estimates based
upon appropriations required by existing laws. They
can be and ought to be diminished in several important
branches OF the public service. The abolition oi tue
franking privilege the reduction OF pubic phune Inc
tiny OF the pension list, careful limitation or approp
atoms for public buildings and general cutting on VI
expenditures that grew of the war, hut have
vived the would enable ms to repeal other taxes
without injury to the public service ON tue other hand,
the wants OF great and growing country Ike ours,
ercsing powers extending daily lts influence into
regions within own limits. and into far distant
countries where civilization more and more Influenced
| by commerce with us-all these compel gradual in
crease of just and proper expenditure. such an IN
| growth health, and strength.
| DEPRECIATION OF SPECIE.
There is another OF nominal increase OF pen
dure which operates slowly aud silently but surely
the march Of invention and civilization. II is IN the
changing Of purchasabe OF money The dollar OF
to-day may contain many grains of gold the dollar
of but ITS purchasable powers diminishing
by at rate OF not less than cent annum
This is caused by the increased Of the precious
metals and the dminutOn OF labor required % produce
them the new inventions applied TO protection, bnt
more than all by the new devees Of modern nDance
which substitutes paper and credit IN innGmerapio
that these metals are not now. as formerly. the
active agencies OF commerce, ELMER yaea n or
paper money! so called-the greenback ana oapk note
are crowded from their old use ana the cheek draft
small, foreign and domestic to an extent never before
known This fact makes es con res ,sn snq
slowly and surely depress their purchasape power aud
make greater necessary not only to buy marketing
or nav labor but conduct government This obvious
| tendency OF o dimnution In the value OF money