The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-12-20

! opinion that if this can be carried out to the
| extent of supplying the country with small
silver certificates to an amount sufficient 10
conduct ordinary cash transactions OF
the people, and if, during the same time,
| certificates of the largest denominations were
issued in the places of others retired, so as to
encourage the national banks to hold them
| as parts of their lawful reserves, the existing
| difficulties would be removed, and ultimately
| larger amount of such currency than is
| now in circulation could be conveniently and
safely used"
TARIFF REVISION.
The Secretary then submits some sugges-
tions upon the general principles involved in
the proposed revision of the tariff laws and
| says that the only proper purpose for which
| taxes can be levied and collected is to raise
revenue for the support of the
public service and the payment of
collected with the least possible
| injury to any part of the people but without
| regard to the. groundless apprehensions or
| unreasonable opposition of timid or selfish
| interests. He declares that nothing but the
plainest necessity can justify the imposition
| of specific or of compound rates of duty in
any case. He says that taxation according
to value is distinctly American and does in
| justice to no one.
TO BENEFIT THE MANY.
Mr.. Carlisle is in favor of cheapening the
| necessaries of life for the masses of the
people, and taxing luxuries and articles of
| taste and fashion to the highest point.
| In alluding to the raw materials, he
says
IF the worlds store of raw materials
were as accessible to the American working
| man as it is to his competitor in other manu-
| featuring countries his superior skill,
| sobriety, and industrious habits,
would enable him, without financial
| aid, to supply many parts of the world
where his products are now never seen with
machinery, indictments and various kinds of
| textile fabrics of such qualities and at such
prices as would exclude all competition and
! create demand for a large increase of
| our productive forces. With free
raw material as a permanent fix
the demand for labor would steadily grow
with the extension of trade, while enlarged
opportunities for the profitable investment of
capital would stimulate the spirit of enter
prise among our people and greatly diminish
the danger of periodical suspensions, lock
outs and strikes, which have in recent years
so seriously interrupted our industrial pro-
gress."
THE REVENUE.
The Secretary then comes down to the
revenue and the means of raising it and says:
SIT is estimated that the revenue for the
fiscal year of 1895 will amount, upon
the basis of existing laws, to
S454, ,427, 74S and that the expendi-
lures, excluding the Sinking Fund, will
amount to $44S, ,303, ,7S9. The estimated
revenue from customs is $3.50, 900, 600, and
the total estimated receipts from all sources
will exceed the estimate of expenditures
Sc, 120,95S. Assuming these amounts to be
approximately correct, it will be necessary
in any changes that may be made
in our revenue laws to provide
for raising about $1S4, 100000 from
customs alono, or partly from
customs and partly from such other subjects
of taxation as Congress may see proper to
include in our internal revenue system. l
am of the opinion that an increase of $780,
100000 to the revenue for the fiscal year
1895, by the imposition of additional taxes
under the internal revenue system, will sup
ply sufficient means for the support of the
Government.
INTERNAL TAXATION.
have reached the conclusion that it can
be most conveniently and justly raised
by increasing the tax on distilled spirits ten
cents per gallon, and by additional taxes on
cigars and cigarettes, and the imposition of
new taxes on playing cards, cosmetics and
perfumeries, legacies and SUGGESTIONS, and
incomes derived from investments
IN stocks and bonds of cor
porations and joint stock companies.
The Secretary after stating why distilled
spirits, cigars, ETC., should be taxed, said:-
Upon taxes upon legacies and SUGGESTIONS
and incomes acquired from investment in
stock and bonds of corporations and joint
stock companies, are less Objectionable in
the nature and in the methods of collection
than any other excises which it is competent
for the United States to impose upon incomes
according to their actual value or amount.
NOT INQUISITORIAL.
''They are not inquisitorial nor liable to
evasion by the fraudulent suppression of
facts because the assessments on returns
need not be based upon information extorted
by the law from the persons charged with
their payment, but upon the public records
and the regular and authentic ac-
counts of the corporations and
c)mpanies in which the investments
have been made; and they have the addi-
tional merit of being imposed entirely upon
that part of the citizens income which is not
earned by his labor skill, but which, in the
cases of legacies and SUGGESTIONS, is acquired
by mere operation of law or by gratuitous
bequest, and in the case of in
comes from investments in corpora
by the simple earning capacity of his capital
as such without personal effort upon his part
A tax of one per cent. upon an income of
SIS, 900 derived from the investment of $50 600
in a six per cent stock would amount to
so, a sum SO Insignificant that the investor
could not reasonably claim that the fran
chises and privileges granted to his debtor
had not added fully that much to his re-
ceipts."
The Secretary includes his report by urg-
ing Congress to practice the strictest
ECONOMY in public expenditures consistent
with an efficient administration of the law.
He reminds the Representatives that reduc-
tions of taxation cannot logically be insisted
upon or made practically beneficial without
a corresponding reduction of taxation
TEACHERS CLUB FAIR.