The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1881-12-16
the loan of FEBRUARY sth, 1861, and of


Treasury gave notice OF his Intention
to redeem the same, and such as have
been presented have been paid from
the surplus revenues. There have also
been redeemed at par $l6l, IS1 OF tho
BIZ per cent. continued bonds, making
n total of bouds redeemed or which
have ceased to bear interest during
the year Of 81, 2S9, 696 so. Tho reduce
lion of the annual interest on the
public debt through these transac.
t!ons is AS follows: BY reduction of
interest TO 3,f per cent, $40. S,952.25;
s 81 'os.I 6 sssa e. fse
81 per cent. bonds being payable at
pleasure of the Govcrnment, are
available for tho investment Of sur
plus revenue without payment of pre-
miums. Unless these bonds can DO
funded at a much lower rate of inter-
est than they now bear, : agree with
the Secretary OF the Treasury that no
| legislation respecting them is desira-
! BILE.
! 1t il Il matter for congratulation
| that the business OF the country has
been so prosperous during the past
year AS to WELL by taxation q large
surplus Of income TO the Government.
If the revenue laws remain I'M
changed, this surplus must. ycar by
year, increase on account of tho re-
duction of the public debt and its bur-
den of interest, and because of tho
rapid increase OF our populations. In
1860. Just prior to tho institution of
our Internal Revenue sy stem. our pop
u,s'ion but slightly exceeded 10000
900, by tho census of 1850 it IL now
found 10 exceed 5O,OOO,OOO. 1t is esti-
mated that even it the annual receipts
and expenditures should continue A.
at present, the entire debt could be
paid in ten years. In view, however,
of the heavy load OF taxation which
our people have already borne, we will
wisdom to reduce tho revenues even
IL We delay q little tho payment of tho
debt. 1t seems to mo the time has
arrived when the people may justly
demand some relief. from their pres-
ent onerous burden, and that by
the public service this may readily DO
afforded. 1 therefore concur with the
Secretary in recommending tho abo-
lition of all internal revenue taxea
except those upon tobacco In it's vari-
Gus forms, aud upon diatilled spirits
aud fermented liquors, and except al
SO the special tax upon the manufac-
lures of dealers in such articles.
The retention OF the latter tax 10 de-
sirable a. sffording the officers OF the
Government proper supervision or
these articles for prevention OF fraud.
I agree with the Secretary OF tho
Treasury that tho law imposing .
ticles, playing cards, checks and drafts,
may with propriety DO repealed, and
the law also by which banks and
b mixers are assessed upon their
capital and deposits. There seems to
. be general sentiment In favor OF
our resources. The tax on derosits 10
, especially unjust. 1t was never Inn
/! posed in this country until 1t was de-
manded by the necessities of war, and
was never cxactcd, believe. In any
other country even in it's greatest ext
xencies. Tho banks are required to
secure their circulation by pledging
States bonds of the general Govern
ment. The interest on these bonds,
which at that time when tho tax was
} imposed was g per cent is now In
most instances 81 per cent. Besides
the entire circulation was originally
allowable. When existing banks had
practically a monopoly OF business,
there was force in the suggestion that
for the franchise to the favored
grantees the Government might
very properly exact tax OF. on
system has been free and tho
amount of circulation regulated by
the public. The retention of this tax
has been suggested as n means OF re-
imbursin9 the Government for the
expense of printing and furnishing
the circulating notes. If tho tax
should be repealed il would certainly
seem proper to require the National
Banks to pay the amount of such cx-
pcnse to the Comptroller of Currency.
1t is perhaps doubtful whether immc-
diate reduction OF The rate of taxation
on liquors and tobacco is advisable,
especially in view of the drain on the
Treasury which must attend the pay
mcnt of arrears OF pensions. A COM
parison, however, of tho amount Of
taxes under varying rates of taxation
which have at different times prevail
ed, suggests the intimation that some
reduction may soon be made without
material diminution of revenue.
i The tariff laws also need revision,
but that a due regard may be paid to
the conflicting interests of our citi-
zcms. important changes should be
made with caution. If Il careful re-
vision cannot be made at this session
, "A Commission such as was lately ap-
proved by the Senate and Is now rec
commended by the Secretary of the
Treasury, would doubtless tighten the
iabors of Congress whenever this
subject shall DC brought to its consid-
Grafton.
,(