The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-02-22
FINANCE AND COMMERCE.
FINANCIAL.

REPRESENTATIVES, DUNNELL, chairman of
the subcommittee of the ways and means
committee, charged with consideration of
the proposed changes in the internal rev.
enue laws, recently submitted a number Of
questions to the commissioner of internal
revenue, and requested Gen. Raum TO APP
pear before the subcommittee for
the purpose of answering them, His re-
plies were as follows:
|, Reduction of the tax on distilled spirits
from 80 to 10 cents per gallon would be
equivalent to a reduction of revenue OF Sl0,-
100000. If the tax were reduced to 50 cents
the reduction of revenue would be S2S,UO,-
900.
2. Lowering the tax on malt liquors to 50
cents would be equivalent to a reduction of
revenue of $2,G5O,00O to GO cents, of So
800, 600.
3. Reduction of the tax on tobacco from
l6 cents to II cents would result in reduc-
ton of revenue of $5,S75.0O0; to 10 cents,
$S,Sl2,000.
4. Reduction of the tax on cigars from So
to So per !, 900 would involve a reduction of
revenue OF $2,G66,000; to "a per 1000,
1882 600.
If, IN addition to the foregoing, congress
should take off the taxes on bank deposits,
bank checks, matches, and proprietary
llltultllltS, tlC., tlc ulNllllOllhi IcuuCtOll vi
taxation would be $l,6S2, $50. In other
words, there would be a grand total reduc-
ton on on the lower scale of $3S, $3.50, $50, or
on the higher scale of $64 ,036, $50.
The commissioner further informed the
subcommittee that reduction of taxes,
say 40 per cent, would be equal to S3,75O.-
l0G. lf this should be decided upon, the
aggregate of all reductions of revenue above
specified would be as follows: Upon the low
er scale, S42, 1884 ,2S6 upon the higher scale,
S67 ,5S7, 2S8. Calculations are based upon col
lections for the fiscal year 1881. Collections
during seven months of the present fiscal
year compared with the same per cent the
last fiscal year show an increase of $685.
600, which has not been considered in pre-
pairing the foregoing estimates:
THE New York Indicator, ofMonday, dis
cussing the New York bank statement of
the previous week, says: "A total surplus
of 1864 376 over liabilities is n strong pre-
sentaton of the recuperative power of the
banks. At the close of last year the surplus
had declined below the legal line, but since
the first week in the new year the banks
have rapidly fortified their position until.
notwithstanding an increase in deposits of
$50 10000, the total reserve has grown i'll n
more rapid ratio, and is now Sl3,9iS,900
in advance of the statement of December
3lst. OF the increase in reserves Sll ,9Sl,
GOO is in specie, which still further
illustrates the power of the banks to
draw gold to their vaults when really re-
qurcd, The statement is the most cncour-
aging as to strength and stability of banks
of this city made since the first quarter OF
| 1881. The business of the suh-trCaSury for
| the week contemporancous with the bank
! statement includes the receipt of S605G,0ii
and the payment of $60i3, 100 The result
| is a loss to the general balance of SSS7 ,7l6
and leaves it at $79,073,7SS, against S7096l, :
53l january 18th. The particular changes
of the week We're coin loss of 1920 ,3G6, and
II currency gain of 1870. Strong rs ON
banks are now believed to be, in view of tn,
low state of the reserve of the Bank of Eng
fand the advance of the rate of foreign cN
change to point approaching possible cx
ports Of gold, and the financial panic in uro
grcss on the Paris boursc, their dealing,
with the public are likely to be marked by
more than usual caution"