Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1880-11-23
BUYING AND SELLING.
GENERAL MARKETS BY TELEGRAPH.
Money Active at 4 to 6 per cent-Govern-
ments Strong and Higher--fIour Strong
and Higher-wheat Excited and
Higher-Rogs Steady.
Proposed Repeal Of Taxes.

PpropoSed Repeal OF Taxes
The statement comes from Washing.
ton that the Commissioner OF Internal
Revenue, General Raum, will, in his
forthcoming report, recommend the re-
peal OF the taxes on matches, bank
checks, and proprietary medicines. The
national tax on matches is one cent per
package OF one hundred or less, and one
cent for each additional hundred or frac.
tional part thereof. The revenue
derived from this tax is about s., 500.
900 year. The tar on bank checks is
two cents on every check for $40
or more. The tax on proprietary medi.
cines ranges from one cent on each
packet, box, vial, etc, re.siled for -
cents or less, to four cents per packet,
retailed for one dollar, and two cents Tor
each additional 80 cents added to the r..
tail price. The revenue derived from
all these taxes together is about 5000.
900 a year. The commissioner thinks
that this revenue is not needed: and
that the taxes ought to be repealed. He
especially favors tue repeal Of the tax
on matches, on the ground that they,
unlike liquors and tobacco, are among
the necessaries OF life.
The proposition that the revenue de-
.;,ol f-n,,, ,ka,a An r,.s ia not p.a,iai ia
undeniable. During the fiscal year
ended June 80, 1879, the revenue from
all sources was $o73,S27 ,lS3, and the
expenditures were S269, ,9I9, ,sSl. There
was, therefore, surplus Of only $6,SI9,.
$50 to apply to the reduction OF the pub
lie debt. But during the last fiscal year
the revenues rose $S33, ,526 81, and the
expenditures were $26i, i,S47 637. There
was, therefore, q surplus OF SOS 6iS,S'i'
II the receipts for the current year
should be no greater than they were last
year, still the surplus would be greater
for the reason that the interest
charge will be less. Last year the inter
est charge WAS So, 1873 This year
il will not exceed SIS 0oO, 900. assuming
that none Of the maturing bonds will be
refunded before the end oi the year.
The surplus should, therefore, be be
tween seventeen and eighteen millions
greater than il was last year, on this ac.
count alone. But there is reason to bc.
lieve that the revenues will be greater.
and that there will be surplus el fully
one hundred millions. This il a larger
surplus than is needed. II is well to re.
duce the debt, but there is no
necessity for reducing it at this
rate. Assuming that $50, 600, 900 OF
9 per cents, and $3.50 100000 Of
5 per cents. will be refunded into 81 per
cents. or redeemed before the end OF the
next fiscal year, the interest charge will
be still further reduced in the amount ot
about $l2,OO0,OO0. But more than half
of this will be consumed the first year in
payment Of double Interest, % that ths
net increase Of surplus on this account
will be something less than the proceeds
OF the taxes which Commissioner Ranm
proposes to abolish. Still, with tthee
taxes dropped. it is probable that there
will be a surplus Of more than hundred
millions next year. so that it will be safe
to abolish or reduce other taxes. IL
would be perfectly safe, 80 far as revc.
nue. is concerned. to abolish the taxes
on bank circulation and deposits, as
Comptroller Knox will undoubtedly
recommend.