The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-06-30

,,oor vsen $43, 900, 900 of the national debt
mo- paid off; that. in fact, this trade alone
aid in one yet lat enormous amount OF
The public del "a left surplus in the
Treasury of by $ls,5oo,OOO to be APP
piled t to the o expenditures Of the gov
Can the people afford to have such an
immense sum of money withdrawn from
the National Treasury to which it now an
nually flows in daily instruments? What
branch of industry is there in the land that
could supply the deficiency? None. The
principal officers of the national govern
ment know this well Occasional COM
plants and representations that were made
by the Executive Committee Of the Brew
ers and by others interested in the same
trade, as TO the injustice, harrassment and
vexations caused by various Departmental
regulations or iniudicious provisions Of
law, have always been respectfully listened
to, both in the Departments and in Con
gress, and, whenever possible, the remedy
sought was applied and relief granted.
This was done, as we are fain to believe,
from settled conviction that an industry
ike ours,in fermented liquors, which yields
nearly ten millions a year of tax, with a
steady and regular increase from year to
| year, ought not to be crippled, but should
be encouraged rather for the benefit of the
National Treasury, as it adds that much to
alleviate the burdens of the people. This
industry alone has capital invested of
about $l52, 776, 500, and on that, as the Of
! fetal figures show, it pays an Internal
Revenue tax at the rate of over six per
cent 1t any other manufacturing or COM
mercial Industry of the country were taxed
as high as that, it might linger for while
but must ultimately succumb to the bur-
den. Hence there is no hope to replenish
the Treasury from such sources already
taxed to their fullest extent. Take the
banks. Their total capital foots up about
81, SEQ, 900, 900, and they paid during the
fiscal year referred to, $3,771.03l.46 as
Internal Revenue tax on capital, deposits
and circulation. Were they taxed at the
same rate as the trade in malt liquors -
six per cent-this would require them to
pay annually 800, 900, 900, strain so over
towering, that every one of them would be
compelled TO close its doors and stop bust
ness. Even if their share of taxation we're
increased only from the present rate of
one tenth of one per cent to full per cent
it would amount to $4,000, 900 year, not
enough by three fOurths tIc1ver the failing
off in the TT easury caused by the proposed
suppression of the trade in beverages, aud
yet it would cripple them so as TO compel
them to suspend The injury to the whole
business community, and through it to the
people at large, to be wrought by such an
event, would be incalculable, and must Gre
! ~ 4.lt
stead and at the hearth of every family
throughout the land. An would suffer
alike, but the bone and sinew Of the coun.
try, those that till the soil build our hous-
es, work our machinery, construct our rail
roads, constituting more than three fOurths
of our entire population, wOnld be tho
greatest sufferers Of all Any financial
depression is sorest felt by those whose
means are most limited, and the extinction
or even defamation of a source of revenue
to the Government which no financiering
genius, either in Congress or out Of it, knows
| how to replace, would rs certainly create
havoc and panic in the country as the sun
shines at mid day All other branches OF
| industry are now already so heavily taxed,
/ that the demand is universal for a reduc-
| ton of the burden. Should there be de-
creed an increase, it would speedily be fol
lowed by contraction, if not a cessation,
of production, and thus the smaller guam
tity to be taxed would neutralize the in
crease Of the tax. Were an addition OF
some consequence made to the tariffs on
imports, the whole West and South, in
common with the commercial portions of
J the East, would as with one voice cry out
against it, Hence the Treasury would be
Continued on third page.)