New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-21

AnvISED-AN
REVENUE oNLY-NEw INTERNAL
rAxEs-AN INCOME TAX
STRICT ECONOMY
rny TELEGRAPH TO The TRIBuxEI
r-.s,,ro.on Dec 20-The beated annual report
-. -. SECRETARY OF the Treasury to Congress
a,c,ed the House Of Representatives to-day. six
"a, deys overdue. Some OF Secretary Carlise's
,-,anas explain that this long and unprecedented
d,av was due to the fact that he was waiting
sor .hs majority Of the Ways and Means Committee
- agree upon a measure 10 make good the estl-
80 dasciency in the revenues. on account OF
-. decline In dutiable imports and the proposed
rsv,s,on OF the tariff If this explanation Is cor
rsc. II must be inferred that the Secretary has
received assurances that the majority OF 'he COM
rr,,.ee will recommend an Increase OF 10 cents
-, d, the tax on whiskey increase In the
tn,or,,l revenue tax cigars and cigarettes, ana
the imposition Of taxes on cosmetics ana per-
.oros legacies and SUGGESTIONS and incomes de-
riv.d from investments in stocks and bonds OF
co-noraticns and joint stock companies Ihere Is
ed reason to believe. however. that 1t Is by no
o,,s certain as vet that the majority Of the
WAS and Means Committee will not recommend
tax on Individual incomes. AT least nve OF me
Democratic members are strongly in favor OF such
tax and only three four of them are strongly op-
nosei to IT, The very illustration used by secretary
Carlisle to show that the tax on incomes derived
<-o,o investments In corporations and joint stock
companies would not bear heavily upon investors
will probably be used by the advocates OF TAX
on all incomes above certain amount 10 sho"
that the tax he recommends would not satisfy the
desre of those statesmen in Congress VINO are
onxious TO punish men who have accumulated prop
er,v sufficient to yield incomes in excess or
specified amount 49,
secretary Carlisle realizes that whatever lesis-
lation may be enacted TO increase the revenues by
Increasing the taxes whiskey. cigars and cigar
i,,rO n
make good the deficit at the end OF the current
fiscal year, which he estimates at Ss""Vc' ana ne
recommends that authority be granted for an issue
of s90OOOoO OF bonds for that purpose ard to MAN.
tain the coin Judging from expressions
dropped by number of Democratic Representa-
tives this afternoon the recommendation Will not be
adopted without a bitter and prolonged struggle
Some of them declared that the enactment OF
Free Silver Coinage law and the repeal OF the TAX
on State banknote circulation neither OF which
is recommended by the Seer .tary Would speedily re-
leve the strain on the Treasury and restore bust
ness prosperity and that an increase OF the
Understanding debt would prove disastrous to the
Democratic party as well as injurious 10 the couh-
try.
Secretary Carlisles arguments in favor Of free
raw materials" and the abolition of specific and
compound duties are highly commended and appre-
ciated by the trainers of the pending Revenue DILL
who perhaps realize that the defence OF both prop
ostcns in the report submitted 20 the House yes,er-
And yet the Secretary Of the Treasury seems only
TO have amplifed without strengthening the argu-
ments submitted by the majority OF the ways ana
Means Committee, and any one who compares them
will be forced the conclusion that both were
framed after repeated consultations between Sec
re.ary Carlisle and Chairman Wilson. In regard
10 tie sugar bounty the Secretary seems TO have
been constrained to modify Or change his views
since Congress assembled. In a note on page 267
OF the Book OF Estimates" transmitted to the
House OF Representatives on December l. is found
this sentence:
T. The Secretary Of the Treasury having recon-
mended the repeal OF the Sugar Bounty law, no es-
innate is submitted for the year 1895
rather careful examination of the report
sent 10 Congress to-day fails TO disclose the exist
ence Of such rec ,mm sndatior.
REVENUES AND EXPENDITURES
The Secretary estimates the revenues Of the Gov
eminent for the fiscal year ending June 30. 1884 at
s4ao1 Ooo and the expenditures at oo leaving
a deficit Of sos 10000 on the year He mentions mat
there are Pacific Railroad bonds, known as cur
rency skies" issued in aid OF the PACING Ran
road falling due within the year 1894. to the
amount Of s. 1862 OOO which must be paid al ma
turity and recommends that Congress take action
at this session TO provide for them
ut may be safely assumed" he says, that the
worst effects Of the recent financial disturbances
and consequent business depression. have been re-
allied. and that the conditions will be much more
favorable hereafter for the collection of an ade-
quate revenue for the support of the Government;
but it can scarcely be expected that the receipts
during the remainder Of the fiscal year Will exceed
the expenditures for the same time to such an ex-
tent as to prevent a very considerable dehcency'
I have therefore estimated a probable deficiency
of s2s 100000 at the close OF the year. and If Con-
gress concurs In this view Of the situation 1t VIII
be incumbent upon IT 10 make some provision LOT
raising that amount as soon as practicapie' py
taxation or otherwise. On account OF the difncuity
Z un IN.
required by the imposition and collection OF addi-
tional taxes I recommend that the third section
OF the act TO provide for the resumption OF specie
payments, approved January IA. 1875. which corners
authority upon the Secretary OF the Treasury 10
issue and sell certain descriptions OF United states
bonds be so amended as to- authorize him 10 issue
and SELL at not less than par in CON- oonds 10 an
amount not exceeding s2Oo0o0,C0O bearing lower
rate Of interest and having shorter tme 10 run
than those now provided for, and that ne De per
nitted to use, from time TO time. such part OF the
nroceeds as may be necessary to supply any de-
nciencies In the public revenues that may occur
during the fiscal years 1894 and 1880
REASONS FOR BOND ISSUE
un -. ,re.ent condition of the public credit
nothinr less than the existence of a great and
pressing financial emergency would In my opih-
ION Justify the Issue and sale or any Oh .hese
classes Of bonds. Whatever may na'e "e'"
their merits nearly a quarter Of a century ago.
when the credit of the Government was to GER
tain extent impaired by the existence or large
public debt and the general use OF
a deprecated paper currency. not then redeemaoie
in any kind of coin. financial standing is no"
so high that our public obligations, bearing any
OF the rates Of interest authorized by 'he Id"
re,erred ~ would have TO be sold at a premium 50
great as to prevent large classes OF our people, WIN
might otherwise invest In them. from becoming
purchasers If the authority now e"'s"s
should be so modified TO empower the secretary
Of the Treasury to issue the oonds IN ueio "1,
tions or sums Of SIS and its multiples they couiu
30 readily d,snosed OF through the sub-treasuries
and postoaices without the agency or interVeh,io'
=, hank. ar other financial institutions. and WITH