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

,,oor ,sen $43, 900, 900 of the national debt
yy""stlbaid off; that. in fact, this trade alone,
aid in one ye' bat enormous amount OF
}the public del "a left surplus in the
Treasury of Ey $ls,5oo,O0O to be APP
piled 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immense sum of money withdrawn from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 instalments? 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 we'll 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 fam to believe,
/ from a settled conviction that an industry
! ike ours,in fermented liquors, which yields
nearly ten millions year of tax, with q
steady and regular increase from year tC
year, ought not to be crippled, but should
be encouraged rather for the benefit of the
i National Treasury, as it adds that much Il
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 pei
g., Nd,
mercial industry of the country were taxed
as high as that, it might linger for Will,
but must ultimately succumb TO the bur
den. Hence there is no hope to replenisl
the Treasury from such sources alread.
taxed TO their fullest extent. Take tn
banks. Their total capital foots up abou
81 SOC, OOO,OO and they paid during tn,
fiscal year referred to, $3,77l,03l.46 a
Internal Revenue tax on capital, deposit
and circulation. Were they taxed at tn,
same rate as the trade in malt liquors =
six per cent-this would require them t.
pay annually 100000, 900, strain so over
towering, that every one of them would b.
compelled to close its doors and stop bust
ness. Even if their share of taxation wer
increased only from the present rate o
one tenth of one per cent TO full per cen
it would amount to Sl5.00O,O0O "a year, no
= enough by three fourths tIcDver the tailln!
off in the treasury caused by the proposes
,. suppression of the trade in beverages, ant
yet it would cripple them so as 10 coupe
: them to suspend. The injury to the Who'll
business community and through it to tn
people at large, to be wrought by such a
: event, would be incalculable, and must ere
ate widespread dismay, felt in every home
. stead and at the hearth of every famil
throughout the land. An would suffe
D alike, but the bone and sinew OF the coun
D try. those that till the soil, build our hous
b. es. work our machinery, construct our raj
roads, constituting more than three fourth
b of our entire population, wonld be- tn
e greatest sufferers Of all Any tinanci1
! depression is sorest felt by those who's
means are most limited, and the extinctio
D OF even defamation of source Of revenu
: to the Government which no financierin
2 genius, either in Congress or out OF il, know
: how to replace, would as certainly Great
havoc and panic in the country as the su
shines at mid day. All other branches {
industry are now already so heavily taxeC
I that the demand is universal for a redu
ton of the burden. Should there be d.
creed an increase, it would speedily be TO
lowed by contraction, if not cessation
J of production, and thus the smaller quar
tity to be taxed would neutralize the il
crease of the tax. Were an addition
some consequence made to the tariffs o
J imports, the whole West and South. j
I common with the commercial portions
I the East, would as with one voice cry OF
against it. Hence the Treasury would |
Continued on third Dage.l