New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-12-05

It assumed that this obligation entered into by the
were regarded "a FAR less value in the market OF the world
than at the present time, will be held sacred until the
debt is exngushed It is true that the debthas been
paid much more rapidly than IL would have been had
only the OF the sinking fund been applied to its
payment but the obligation still remains TO set apart an
nuay the amount required by law to be applied to the
extingulsment of the public debt The payments from
time to time OF the amount thus required have varied
somewhat as the amount of the debt has unequany
varied by more or less rapid payment mt 81 IT,
year IA fixed at S45S16741 AZ, and the amount required
S year to &c the that a
OF about S5000O000 each year until then, VIII be re-
quired for the sinking fund This will vary according TO
the amount actually applied in payment beyond the need
consider therefore that in leglsating for the fnture
the revenues should not be 40 Ter reduced as 0 peVe
the application each year OF about S200OpO 100 TO
the surplus for the current year, find surplus for
that period Of nearly S4o000000 not wanted for the
ment OF the National debt through the sinkng-fund.
So the question still presses, what legislation is neces-
20 relieve the people of unnecessary axesf As else
where suggested IT should not be assumed that the sur
plus in the Treasury will be consumed by lavish eIPend
lures for objects OF doubtful eXpedency or legality or
that the scheme which has been proclaimed OF exactng
them BY fitering distribution through State governments,
will find any favor with Congress or the people, 49,
In the recommendations of the President and those OF
this Department. and the action of Congress- and In the
expression OF public opinion there has been substantial
should be brought about II has been generally conceded
that the nernarevcnue taxes, except those upon spirits
might well be abolished There has been difference
whether the tax upon tobacco should be abolished or
mediate total abolition Of taxes upon spirits or fermented
liquors My last report said that taxes upon spirits and
tobacco being upon things not need should be retained
rather than those upon tho common neces-aes OF me-
which, as proposition not to be eoniroyerted BaS
be made upon nearly all imported articles subjected TO
duties
REDUCTION UNDER THE NEW TARIFF.
To make q start In the proposed reduction Of revenue
from imports the Tariff Commission had been created.
In good faith undertook he work In Is , , To 10
mission became convinced that substantial reduction OF
tariff duties IA demanded not by mere indscrmlnate
the country including that which has In former times
been most strenuous for the preservation Of our National
industrial offences Such reduction or the existing
tariff the Commission regards not only as due rccogni
ton OF public sentiment and measure OF Justice
Industrial prosperity, and which, though II
NAV he temporarily incoDyenlent, will be ulti-
s mci Tedgoton Again aEntertanng these views the
Commission has sought to present sCgmS 81 tbe ta
tluishing feature Tho average reduction In rates m
abolition OF the duties charges and commissions, Mt
which the Commission has aimed Is not less ON inc aver
mission that the reduction will reach % per cent" Ana
again. at has been the effort OF the Commission 10 make
consumption, and to diminish or withhold the reduction
upon commodities OF high cost requiring more labor ana
cl,ss,a could bear higher duties. tine tme sup
plying and encouraging the higher arts WITHOUT
being oppressive In their operation"
explanation OF the bill before the Senate last year. which
after various amendments became law, estimated at
: 600 600 tho reduction Of the revenue which would
follow the changes In the tariff proposed thereby.
These intentions and calculations have not been Yer
Tho estimated receipts for tho current year from Gus
toms are SIg5 600 600 reduction OF less than 100000.
600 Considering that there has been some depression OF
business during the past and current year prob
able should business revive that the revenues from Gus
under the present laws will in succeeding years In
n WA esmated by the Senate committee that the re-
peal Of internal revenue taxes proposed Dy their bl
would effect reduction OF S5i'9O35t Inc tonns-
sonor Of Internal Revenue estimates that the aggregate
Of reduction mnde by the act Will not be less ha
taxes deposits OF National banks but he further est
mates that the increase OF receipts from distilled spirits
he T.fe reccints from internal revenue for this year
600 about S24 500 600 less than those for
sources OF Internal revenue FOR year appears
10 be about $40 less than the reduction expected
by the Senate committee We have then reduction OF
$40 600 900 lcss than was sought for and expected
IL A FURTHER REDUCTION or IMPORT DUTIES ADvIsABIE
reduction which was not attained. and Il 1t
now advisable attempt reduction OF the revenues for
There was general agreement that substantial reduc
ton OF the tariff should be made The estimates Of the
what the conlcmPlatcd reduction The actual results
not effected by the tarn act IL s To be consld
cred too that the failure Is not 10 be charged to the In
rryrnue The statistic OK our foreign commerce show
that has not been an increase chaFgeabe herewith
tichlc there seems 10 Ia little disagreement. The re-
ductsn should be made on articles entering into general
rousmnptlOu ncccssaresas sugar, molasse ana the
like-raihcr than upon luIuries; upon raw materials
rather than upon manufactured with due regard 10 the
fo.terIug OF domestic industries and occupations,
especially those not fully established In the report OF
this Department last year tue US 20 Tue
what IN detail and 9dheIng to the there expressed
a repetition Of them is unnecessary -.
be deemed exp lent 40 soon 10 make again
"A revision OF the tariff to effect reduction.
And there considerations which are apt upon this
head The new tariff act went Into Operation IN a us
parts the let day Of july 1883 There mas gone ny
short time I'm which learn with accuracy how I'M
pOrant and wide reaching law as that touching al the
business and industrial Interests OF the country VIII per
manentIy affect the revenues II is known that In some
respects the first effects OF may not be relied upon "a
mon foreign articles 10 stimulated mpOrtations thereof
Immediately before the lst day Of July the goods were
hat day on payment duties at the now rates Wherein
Increased the duties as it dld In some instances by
rulings OF this Department. stimulated lmportations
prior the st day Of July ssa Win nf m o bot
date. These accelerated imp0Itsons were, US natural
result followed by decreased mRorsGPb5 s 81 fna ae os same
effects of the application OF 10 the business OF the co
try may not be known with reliable cer'slhty either
I'm the general result upon the volume OF
revenue to be yielded by duties upon Imports or
especial branches OF domestic industry.
Again lt may be deemed necdfu to so egslato as to
certain industries and businesses rs 70 enect reduction OF
susprnson OF the revenue rom the taxation upon them
Those making trading In distilled spirits or VINO have
made loans or advances money thereon will be earnest
I'm endeavor for an extension OF the bonded period IL Is
moi unlikely that Congress will listen 20 their appeal An
extension OF the BONDED period will effect reduction o.
revenue the length OF time thereof In anOthcF part
Of This report are data which may be calculated how
much that will be- On the whole then TINS Department
does not recommend immediate revision OF The
tariff act II ndheres, however, TO its CONVICTION:
that ultimately the Just and expedent method OF reef
from taxation, and OF limiting the revenues 10 the needs
OF am economical Government must be found IN reduc-
ton Of the duties on imports.
INTERNAL REVENUE TANEs
In my report of last year suggested that should
II no deemed expedcnt TO reduce the rate OF taxes on
spirits tobacco ermentcd liquors tn lessen the Induce
mept 10 frauds or to make them equal, the obcc-
ton Is strong against moderate modification as
against total repeal of all taxes thereon As has been
seen reduction OF the tax upon tobacco ana ls manu-
featured products has resulted In decrease OF revenue
tScrcfoIn rly as large as was expected from the