New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-04

seems most probable that the decrease OH '''o
basis Of existing laws must be even larger Wnch
the new tariff takes effect and prostrates nome
industries To the deficiency from TINS ciiuSc
must be added the estimated reduction from
removal or lowering Of duties, calculated Oh 'lic
basis of the imports of last year. On the ulii
alone. therefore, the deficiency may eAcce"
100000 OOO though all is uncertainty OH tli'''
side
But the experts Of the Treasury have prop
ably overcstimatc receipts from addltlohai
taxes, at least for the first year. The consuihp
ton Of whiskey Is indeed Il little over loV
100000 gallons at present prices, but wouid
diminish If prices should rise. The addition I'D
revenue ut 10 cents per gallon would therefore
be less than SlOOOO,OOO. But there are in bohd-
ed warehouses over 1OO.OO0.O0O gallons of SPIRITS
a whole years supply-which could be taken
out at any hour by payment of the present tax,
and ON which holders would get Il profit OF
nearly 10 cents per gallon by selling after the
new tax went into effect. No such change can
go into effect without interested parties having
the certainty. for some time in advance, that 1t
will lake effect ut a fixed date With all mar
kcts gluttcd with idle money. enough can be
borrowed on whskey to take out n whole
wears consumption in advance, and thus 10 put
the whole additional revenue for a year into
the pockets of the Whisky Ring and ifot into
the Treasury The Government wouli certainly
yet less than the estimated Increase from this
additional tax If it gets any increase whatever,
for the Grst year i'm which there is the greatest
danger of bankruptcy.
The tax on incomes has been absurclly over
estimated by many One Treasury official is
.rivou ~ outhoritv for thp assertion that Il tax
Of / per cent on corporations only would yield
s35.O0O,OOO. Now Treasury officials judge that
a per cent tax on all incomes above $1,000
would Weld S5.OOO.OD0 less. The entire property
of the couniry. perhaps valued at SIOOO0OOD,-
GOO before the recent depression, does not aver
agc Il return exceeding per cent yearly. If it
d'd. fine wealth Of the country world increase
faster than it does. property yielding higher
return would command higher prices than it
does and the current rate of interest would be
HIGHER. But this means about 81. 500 0000oo AS
the yearly income from all property, great
part OF which IS owned by people whose in
comes are less than $1,000 yearly. 1t may lee
seriously doubted whether Il > per cent tax on
all incomes whether from property or salaries.
greater than $1,000 each. would yield $3o0Oo-
oOo if fully collected Eut the one thing ccr-
tain is tllat such Il tax woull b. TO a great OK
tent cyadcd. nj least for tie first year or TWO.
4 deficiency of unknown size Is the first frult
of Democratic craftsmanship. Experienced
and sensible leaders of that party dcclar" mat
such measure would destroy it: that the Dem
ocratir hen has laid n PopuliSt egg. ana that
u Democracy viii be- completely overwhelmed by
ihc INDIGNATION &C intelligent aAd propcriyoWn-
ing voters. yet they overlook the worst feature
Of the whole business. \ bill 10 throw away
So. 600 900 Of revenue, now paid largely by FOR
clgn manufacturers and importers. and 10 put
the whole or Il part Of that tax on American
property and American consumers ought To be
destructive to any party.