Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-03-16

printing, the reduction of the interna
revenue service, a closer scrutiny O
the pension list, a careful Limitation
y OF appropriations for public build
J. ings and general cutting off of ex
}, penditures that grew out Of the wa
but have survived the war, WOulC
: enable US to repeal other taxes with
g out iBjury to the public service. Or
{ the other hand the wants of a great
| and growing country like ours, exer
: cising new powers, extending dsilS
5 its influence into new regions within
3 our own limits and into far distant
3 countries where civilization is morS
| and more influenced by cOmmerce
3 with us--all these compel a gradual
: increase of just and proper expedi.
lures. Such an increae does not indi.
cate extravaganza, but it indicates
growth, health, and strength. There is
: another cause of the nominal increase
of expenditures, which operates slow
ly and silently, but as surely as the
march of invention and civilization.
1t is in the changing of the purchas-
able power OF money. Since the close
Of the war we were paying interest
at the rate Oft 10 per cent; now we
can readily borrow at five per cent,
and are now negotiating for q still
lower rate. Our currency approXi-
mates a specie standard, and the gov
ernment is strong enough to resume
specie payments at any moment, the
time being only question of dOmes-
tic policy, as it affects debtor and cred
itOr, producer and consumer. The
banking system is so generally dis
tributed that it furnishes a uniform
currency, and only awaits the man.
date of the government to maintain it
at par with gold and silver. We can
easily pay off the national debt in
thirty years, and yet at each con.
gress repeal and reduce the taxes.
| The committee on finance conclude
that $50, 1000 including the sinking
| fund provided by law, should be ap-
piled to the reduction of the debt, and
| that this sum added to $273. .025, ,773, or
sum Of 1928, ,O25, ,773 should be the basis
OF our revenue reduction. Customs
and revenues since 1867 show an
annual increase Of more than SO, ,000,-
600, and yet during that period duties
were repealed which yielded twenty
millions per annum. 1t is apparent
that the customs and duties for the
current year will largely exceed last
year, and there is no apparent reason
that the increase will not continue
during the next fiscal year. The re-
ceipjs from customs from July 1, 1871,
to March l, 1872, are $146, ,721 900.
AT the same rate the receipts for the
fiscal year would aggregate $226, ,O61,-
500, or nearly $14, ,000, 600 in excess OF
the estimate of the secretary of the
treasury. The internal revenue for
the next fiscal year is estimated at
Sis, 800, 600. VIZ: Spirits, $50, 900, 900;
tobacco, $36, ,000, 900; fermented liquors,
81, 500, 600; banks and bankers, S., ,OOO,-
900; gas, 50, 200 900; adhesive stamps,
SIC, ,000, 900; penalties, $500, COO; other
articles, $500, 900. This does not in-
clude the residuum Of the income tax
for 1870, which will make good the
seCretarY'S estimate OF $126 600. 900. |
The proceeds of the sale of public
lands, etc, are estimated at s., 900, 600, |
making a total OF 1915, 900, 900, or
Sl4 ,000, 900 in excess of the sec
retary of the treasury's estimate, |
and a hundred millions in ex-
cess of the estimated expenditures, |
Applying $50, ,000, 900 to the reduction
OF the public debt, there is still a sur
plus OF $50, ,000,0 900, which should be |
the extent OF our revenue reduction at |
this session The fear that high duties |
would lessen our foreign commerce is |
met by its steady growth. Our inn |
ports in 1869 were S414. .2j6, 243; in 1870, |
$452, ,876, ,663; in 1871, $5I8. .7S9. .5I8. Ex-
ports in 1869, $413, 1861, lis; in 1870, |
$599, ,092, ,173; in 1871, $562, 5lS ,651. The |
increase in internal commerce is much |
greater than In foreign, and 1t is now
estimated at four thousand millions |
of dollars. The falling OFF in our 1
merchant marine on the sea is caused |
by the substitution of iron for wooden |
vessels, and for internal commerce rail-
roads are rapidly taking the place OF
water navigation. Ii foreign-builtV Ves-
sells were admitted to American reg
istry, both for internal and external
commerce, at a reasonable rate of
duty, this would not only encourage
the building of American ships, but |
would secure healthy competition,
Ia our internal and coasting trade,
now absolutely protected by our nav
igation laws. IL the wisdom of our pro-
tective policy is to be tested by eXpe-
I,%sace, l insist it has been proved q
wise 'soiicy by the actual condition
of 0ur q, ,,,S1tFy; no doubt char nges are
fo he ems2ded by the improving
Condition. of o1S finances; taxes must
be reduced with the wants CT the pub.
lie service, but every industry brought
into existence by our policy, every
skilled laborer, every capitalist, every
city, village, hamlet and community |
Of farmers, IabOreTs or shOpkeepers,
whose industry is employed by reason
Of your policy, may demand that
changes be made. With careful refer
snce to the industry, capital and skill
in the development OF
your policy in making a reduc-
ion of the revenue, il should be
lone to give the greatest possible re-
lief, and to do the least possible injury
10 any industrial industry fOstered by
our laws. 1t has been conceded that (
he internal taxes should first be re-
Oealed. The worst of these laws have
been repealed, but there still remain
special taxes which make it necessary !
20 keep revenue officers in every coun-
" of the United States. These special
axes are on Wholesale and retail deal
srs in spirits, tobacco and beer, on
banks and bankers, and gas. Many of !
The stamp taxes are imposed on the
she like. Others are on the sale of
and on commercial paper,
while all involve the employment of
4 multitude OF agents for the sale of
stamps. While productive, they are
annoyed by the expensive mode of ,
and easily evaded. II the
special taxes on spirits, tobacco and |
beer can be consolidated with the {
AK now levied on the manufacture of
.hese articles at the distillery, brew
cry and man6Iactory and the special (
AK on gas and bankers are repealed,
we can dispense with the vast army
)i revenue officers and concentrate (
he attention and surveillance of the [
Internal revenue officers to places |
where whisky, tobacco and beer are
made. If we can dispense with the
stamp taxes, the whole system of ]
internal taxes will disappear, except
excise taxes on whisky, tobacco and
beer, which by common consent of
both producer and consumer. are re-
,ognized as peculiar objects of taxa
ion. The taxes on the circulation |
md deposits of national banks do not {
inter our internal revenue system and
IRE rather regarded as q fund from
which to pay the expense of print. {
ng the notes and maintaining {
ne system. The excess cOllected [
rom this tax over these ex- {
Denses may properly be regarded as !
,eturn payment for franchise. This ]
ak is collected directly by the treas
lrer of the United States and should {
De retained. II it is dssmed best to I
.etain this tax as against other banks l
md bankers, 1t may be collected in I
he same way and by the aid Of the {
oank examiners in advance of def