Year: 1868

Internal Revenue Receipts Nineteen Millions


Less than Estimated.


IL is understood from reliable authority that the
amount OF revenue from Internal taxes for the fiscal
year ending the 30th OF the present month will be
less than $3.50 900 900. This amount ia $35, 900
less than the estimate OF the Commissioner of Inter-
nal Revenue and s19 600 600 less than that made by
the Secretary of the Treasury In December last.


senator Morgnn's Report on the International


Currency Question.


Senator Morgan, of the Finance Committee, has
submitted his views against the bill recently reported
by Senator Sherman from that committee for none
tary unifcation according to the plan agreed upon
by the conference held in Paris. Among other obec-
tions to the plan he states that the reduction which
this measure would effect in the present legal stand
ard value OF the gold coin OF the United States would
be at the rate of half dollars in the hundred
and the reduction In the legal value Of our silver coin
age would be still more considerable. change in
our national coinage so grave as that proposed by
the bill should be made only after the most mature
deliberaton. The circulating medium is matter
that directly concerns the affairs OF everyday life


affecting not only the varied, intricate and
mutiform interests OF the people at home to
the minutest DETAIL but the relations Of the nation
with all other countries well. The United States
has a peculiar interest I'm such q question It IL O
principal producer OF the precious metals and its
geographical Observation-Disclosures IaVOTaUle Ill view Oh
Impending commercial changes-renders IL wise that
we should be In haste to feter ourselves by any
new international regulation based on an order OF
things belonging essentially to the past The move
ment proposed in the bill appears to be In the wrong
direction. The standard value OF gold coin should
be increased brought up to our own rather than
lowered The reason should be obvious. Authorl-
ties unite In the conclusion that q fall In the
value OF the precious metals, In consequence
OF their rapidly increasing quantity, is In
evitable. Unincation, to be desirable, must
be universal. Unless Its advantages are papable
to commercial people Of Europe occupying con-
tiguous territories and whose intercommuncation
Is constant IL cannot be OF serious moment TO to
whom the change would be Of but comparative use
fulness. period Of suspension OF specie payment


like the present. IL has been stated Is favorable one
for inaugurating the change proposed by the bill.
But the juncture Is one marked by great differences
OF opinion in respect to the question Of circulation.
return to specie payments and the public finances
a whole. A change in the value Of coinage would
but add to the embarrassments OF the situation,
and IL may be remarked incidentally that the reduc-
ton OF the legal value OF the dollar would inure
largely to the benefit OF spectators In gold and
hoarders OF the precious metals-a fact that might
seriously prejudice the measure In the public esti-
nation. II the nation were comparatively free from
debt Congress might with some propriety consider
the question Of changing the legal standard OF coin.
nut one erect Of reducing IL as now proposed would
be to deprive the public creditor Of nearly hundred
millions of dollars Of hH rtGhtu due. IL the est-