The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-03-16
- NIHALl - 4, 80


details as TO the specific taxes would OK.
tend my remarks too long for my pur,
pose, and could be more properly stated
from time as the debate progresses. The
taxes already repealed yield $923, 900. 900
Tho taxes that remain yield largely
more than the same taxes did II
former years. The production Of the
country has largely increased. Almost
every department has been actively and
busily employed. The consumption by
our people, which our system of taxation
has hy the prosperity Of our industry
been largely increased. Our financial
condition is improving; we are slowly but
surely without contraction; our paper
money is approaching specie standard;
the interest Ol our debt is duly diminish.
ing by tho payment Of the public debt and
reducing the rate Of interest on that
which remains. The only question is how
much taxes ought to he repealed. Let me
first statc;hOw the subject first comes be-
tore us The House of Representatives
passed three bills-a bill to repeal the duty
on coal, bill 10 repeal the duty on salt, q
bill to repeal the duty on tea and coffee.
Tho duties then propose for repeal
yielded $1,000,000. Tho Senate passed
the following resolution: t-
ReSOlUed, That the Committee on Finance
is hereby instructed during the recess
Congress to carefully examine the system
oi taxation by the United States with the
view 10 improve such amendments to
the bill Of the House Of Representatives
repeating certain taxes now pending in
the Senate.
The Committee on Financ did ex.
amino detailed report and exhibit
OF the revenues, and agreed TO both
amendments TO the revenue laws. The
powers OF the two Houses over revenue
bills is regulated by Article l, section Z,
clause lst of the Constitution of the
United States, as follows: "All bills for
raising revenue shall originate in the
House of Representatives" This pro.
vision has often been the subject Of con-
troversy between the two Houses, We
have had three bills of the House with
the question Of our power 10 propose
amendments to them. 1t was clear that
II the House proposed to repeal or modify
certain taxes, the Senate could propose
to repeal or modify other taxes; but as
oil taxes were for repeal, the parliamen-
tary law, as well as practice, heretofore
settled this question in the affirmative.
The subjects are german to each other.
The distinction is only as to the subjects
made taxation. The House has repeatedly
connected the two bills, and not that
passed two years ago. The logic Of the
subject matter compels us to consider the
whole revenue when proposing to reduce
either from taxes, and still avoid possible
dispute. The Finance Committee thought
1t advisable, while considering the sub.
ect OF taxation, to contine their amend
ments to custom duty, and to offer these
amendments to the one Dill rather than
the other. The House will no doubt, in
duo time, pass the bill to reduce the In.
ternal taxes, when the Senate can pro.
pose Its amendments. Since the close of
the war it was the highest public policy
To maintain our revenue largely in excess
Of our expenditures-lor big surplus Of
revenue was not necessary TO pay our debt,
but was great importance in re.
asserting our credit, and improving
our currency and reducing the interest;
but the time has arrived when we can
reduce our revenues enough to pay expcn.
ses. These sums exclude the sinking fund,
and all payments Of the principal Of the
debt. The net receipts of the Govern
ment during the last year, ending June 30,
1871. were 81, ,831 ,2Sl ,449; for the current
fiscal year it is estimated at $359, 900, 900.
The actual surplus revenue for the year
ending June Sd, was SOL ,1GG 81; for the
current fiscal year, $7l4,091; for the next
fiscal year, estimated at $849S56. The
question arises, how lar the estimates of
the expenditure will be increased by the
additional appropriations by Congress. 1t
Is not probable that any material change
will be made in the aggregate appropria.
tions for the current fiscal year, while
our currrnt receipts arc largclg in excess
of our expenses. The goods destroyed
by fire at Chicago, and the estimates of
tho Secretary are too easy, he contem.
plates reduction OF expenditures for
next year at Q per cent. The estimates
are based upon appropriations required by
existing laws, and can be and ought to be
diminished In several important branches
of public service. The reduction of the
internal revenue service; a careful limita.
ton Of appropriations for public build
lngs, and general cutting of OF the
expenditures that grew out OF the late
war, but which have survived the war,
enables us to repeal these taxes without
injury 10 the public service. The wants
Of q great growing country like ours,
exercising new power and extending
daily its influence into new regions within
our limits and others where civilization
Is more and more influenced by CON-
merce with us, all these compel
gradual increase, just and proper
Such an increase does not indicate OK.
travagance, hut it indicates growth, health
and strength. y.
There Is another cause of nominal in
crease Of expenditure which operates
slowly and silently, but rs surely as the
march of invention and civilization. 1t
Is the changing orthe purchaseable power
of money. Since the close Of tho war
VIC were paying interest at 7.10 per cent,
now We can readily borrow at per cent
and are now negotiating for still lower
rate. The banking system Is so generally
distributed that It furnishes uniform
currency, and only awaits the mandate Of
tho Government 10 maintain 1t at par
with gold and silver. We can easily pay
of the national debt in thirty years, and
yet at each Congress repeal and reduce
taxes on finances, concluded $3,O00000
of the sinking fund should be applied Of
the debt, and this sum added to $2 2,703,-
273, or the sum Of So, ,123, ,O73, should be
the basis Of our revenue. The reduction
in customs since 1867 show an annual
increase of over $10,OOO.OOO, and during
that period repealed which yielded SEQ.
100000 per annum. 1t Is apparent that
the customs for the current year will
largely exceed those Of last year, and
there is no apparent reason 10 increase
i II. Annnl In.