Year: 1866

per cent or than from 300 600 to 305


Ono of the largest and best consumers, the Govern


ruled. and manufactures must probably be still


further reduced in value until reach the solid gold
basis. The tax on manufactures, therefore. would


be far less productive than heretofore. it will be
computed at less per centage f the pending bill
should be adopted) and far less aggregate


amount Moreover, as it is of falling prices,
it was not gains but losses that would have to be
computed at the end of the year; and therefore,


comes and the dividends from banks and other cor
poratlons. Nor can our foreign importations be
maintained upon the presents ale. 1t was not de-


srable that they should be. for they were supplant-
ing large share of tho labor OF our own peo-
pic, and for the present payment for them would
1 have to be made chiefly in United States bonds.
IF the influx of foreign goods which we have wit
messed during the present season should continue


disaster as well as increased depression to our indus


trial interests could not fail to follow The present


magnitude of our foreign trade must In some degree
be postponed until we recover from the exhaustion
caused by the war-untl capital and labor can ad-


Just themselves to the condition of peace or un


I'll We have something to exchange for foreign iron
1t was right however to look for some increase of


our revenue in consequence of the close of tho war


and we might expect something from the States late


ly IN rebellion though not an amount at all in pro-
portion to their numbers. Never fruitful in taxable


resources, they have less than ever. five could


obtain from them enough outside of cotton to cover


the bulls already passed in one the other House of
Congress for extra expenses their account, it
would equal his (Mr Ms expectations.


Taking all things into consideration the Commit


zee OF avs and cans had felt wiling to report the


bill as stands, which will reduce taxation the present
year In round numbers, about S75000000 1t would


also be prudent to anticipate large diminution of


the revenue from customs as it ought not to be ex-
pected to long continue at double the amount ever


obtained in the most prosperous times Our recepts


from miscellaneous resources the coming year would


pc very hight as they have recently accrued mainly
from property disposed of at tho close of the war
and the premiums the sales of goId-soprces of
revenue already nearly extinct.


Ihe committee had sought to make uD these losses
by increasing the tax on cotton three cents or


BY raising i from two to five per cent per pound.


Supposlng that two million bales would be raised this


year and be taxed and ne considered this low esti.


mate tor the coming crop. we ought to obtain from


tns source t revenue OF o. Or ro an increase
this prospect of revenue from cotton we could he


thought, release other taxes to the extent contem-
plated by the bill. We could not if we would levy
an export duty upon cotton and except for conye-


nience OF collection he thought the excise tax bet
planters.


In taxation We should not only be just, but we


should ti DC generous and the drawback on manufac
any form, viii rebound most to the benefit of the
southern and Western States. by inducing them at
once TO manufacture coarse cottons and yarns and
warps much more extensively than hitherto He


thought that the Southern people would be the last
tS surrender the system OF tax cotton when it
should be once adopted and understood, Until the


production of cotton shall be large as to reduce
Tie price below ~ cents per pound. exceeds the
wants Of the world, this tax would not be greatly
felt by Americans. Should the tax at any time on


crate adversely 70 our interests-whieh he did not


as eXE ericuce should to require Surely if the


entlre cotton crop OF the United States save what
We consumed, could be exported in a manufactured
state. or even in partially manufactured condition
instead OF exclusively a material it would be


an end worthy of fstatesmen, our country with
dressings ana WrongiDg no man, would do much
| towards restoring kindly feelings throughout the
| land. "
Mr.. RAYMOND. of New York, followed in some re-
marks on tho general subject of taxation, and de-


ciared that the time at hand when we should


commence to pay some Of the interest on the public


debt. ltwas suggested that this could be commenced


by setting apart fifty millions for the first year and


TINS might be increased from year to year rev
enue would warrant. Our sources for revenue are


better than those of othercountries while the emon


10 De raised from them was equally large, Them


ternal revenue of Great Britain was three hundred


and fifty millions of dollars per year and that Of
france three hundred and thirty millions of dollars
while the estimated amount for this Governrnent
ihreo hundred and fifty millions Of dollars year


tnus placing the United States substantially ON the
| same basis with the great nations of the earth
Mr.. Il. reviewed at some length the principles of


taxation and regarded that we should look rather to


tne results OF industry for taxation than to the pro-


cess by which such results obtained He there


fore looked upon the income tax as the faires one
ana favored graduating tax instead of single one
ported by the committee. He thought it was much


easter Tor man to pay greater tax on tho second


S0UU0 OF ms income than the first and the pcnd-


ing Dill proposed TO take it off from the very mon


VINO were most able to pay it. He proceeded to show
tnaC hlsh tax on distilled spirits had produced
great fraud on the revenue.


In one place in New York CITY, where there were A.


short time since distileries contained now thirty


where an illicit dstillation of whisky was carried on


In virginia there were three hundred and in GEORGIA
fifteen hundred Of the same kind. He was disnosed


to look with favor the report of the Internal Rev


enue Commission, fayoring reduetian of tka 70 NV
gallon on distilled spirits. F'
On Mr. Raymonds concluding the House closed all
general debate, and limited the debate on amend
ments to hye minutes for and five minutes against
PENDING vote on the tax of five cents per noupd
on cotton, the House adjourned.