The New Orleans daily Democrat., 1878-04-23
THE NEW ORLEANS DEMOCRAT, TUESDAY APRIL %, 1878

s3s2. .s25. $780, The revenue was derived as fol-
lows: Customs duties, $99, $4,000; excise,
$1s4, 800 600: stamps, S54, 100000; land tax and
house duty, $13,35o, 600; property and income
tax, s29, 100000; postofice, $3O,75o,000; tele-
graph service, S6,55O,O0O; crown lands, $2,050,-
900; interest on advances, $4, 749, ,420; miscel-
laneous, $40, 22,075. There was an increase
In all the items except excise, the receipts from
which fell away during the year 81 100000.
The anticipated great strike of cotton op-
eratives, as the telegraph has already inform
ed us, has created great excitement In Eng
land, and is evidently having it's effect on the
cotton market here, as well as abroad,
although the movement Is not so wide
spread as was at one time feared. The
number of strikers will probably reach
$4,000, and the greater portion Of the en-
ployers and protesting employees are said
to be determined to hold out to the bitter end.
The history Of British strikes shows how
much of misery especially to the poor opera
tives, may result from these labor contests,
and 1t Is probable that In the present instance
there will be no abatement of the sufferin ing
entailed by this voluntary act on the part OF
the operatives. A disposition to compromise
by making the reduction Of wages 5instead OF
10 per cent is shown by some Of the mill pro-
prietors.
AS was reported In our telegraphic dis
patches, published last Saturday, during
the quarter which ended with March there
we're 1856 failures in the United States, the
liabilities amounting to $S2 078,826. The num-
Der Of failures Is greater by 496 than during
the corresponding quarter of last year, and
the liabilities $27.540,7 ,756 more. The winter
just passed has been exceptionally try
ing to all branches of trade and the enor-
nous shrinkage of resources has con-
tributed to swell the figures of the fail
ures. 1t should be remembered, however
as is Dun q Co.'S circular, whence these
figures are taken-that the constant extension
of the mercantile agencies brings into their
classification a smaller class of traders whose
wants are purely local, thereby increasing
largely the number of failures reported and
adding to the total liabilities. Some evidence
OF this Is afforded by the fact that while in the
Middle States there are forty-two more fail
ures reported this year than last, there are
249 more reported from the Western States,
which furnish 1918 out Of the whole number.
The st. Louis Times presents the objections
to the proposed income tax in this strong
light:
A United States bond for $1,000, purchased
at par In greenbacks, in 1864. was the equi.
valent of $500 in gold. On this amount $6t
annual interest, payable semi-annually IL
gold, has been received-equal to Is per cent
At the end of twenty years an interest o.
$1,000, and $1,000 principal, both in gold, will
have been paid, or $1,000 on an original invest
ment of $40O This is equal to $50 per cent II
not have paid one cent of taxes of any descrip
ton whatever. Yet these amiable gentlemen
bondhoders, with plethoric purses, denounc
a proposition to tax their incomes as infamous
as it will cause them to commit perjury il
order to avoid payment of the tax Was ther
ever such an exhibition of cheek as this sine
the world began?