Year: 1878


The most important bill before Congress
ia the New Tariff bill introduced by Mr..
Fernando Wood, of New York, as Chair |
man of the House Committee of Ways and
Means. The bill is now daily under dis
cussion in the House. In submitting it
Mr. Wood said
I shall conine myself to the general
propositions involved, looking to the
adoption of new system of political
.economies, and more extended than has as
vet been established in this country In
regard to taxation and its effects upon the
interest of the people. The highest power
approaching the consideration of proper
use of this authority, am not unmindfui
of it's Importance. 1t will be remembered
that taxation simply consists in imposing
exactions for the support OF tue Govern
ment. It was not designed that any other
considerations should enter into the dis
charge of this trust. The burden, whether
great or small, was to be borne by the
whole people upon principles of equity
and equality. The proper adjusting OF
taxation SO as to avoid oppresslons upon
the one side or advantages on the other
has engaged the thoughts of statesmen for
many hundred years. The United States
has never had permanently estaohshed
system by which to procure revenue and
to regulate its commerce with otner
nations. Nor is this singular IN view OF
the fact that we have been undergoing
remarkable changes since our national
birth, Within the century of our exist
ence the policy that was desirable at one
time would have been very unfortunate at
another, and ct no time have We been 40
circumstauced until now that we could
adopt political economies purely American.
That period has arrived. For the first
fourth of tour century OF LIE Wa were
emerging FROM a colonial chaotic condltloD.
The next quarter of the century was devo-
ted to the ascertainment of our resources,
and an assertion of our independence
upon che seas. The third quarter was
DISTINGUISHED by the expansion of our
territory, the acquisition of mineral re.
sources of incalculable value, and gradual
growth of the nation towards becoming 3
great maritime power. While the last
Fourth of the century has marked the most
extraordinary epoch in our history-dls'
tingaished for it's extinction OF slavery
the greatest civil war of any time, and lte
consequent Decentralization and stimulating
effects upon values, and the vicious legis
lation which of necessity followed. The
nation, in consequence, lies weakened anc
prostrated, and


SICK ALMOST UNTO DEATH.


There ia now no pending question which Il
within itself of sufficient Importance to tht
people to make it worthy OF moment
consideration as compared with that o
establishing policy of lnternatlonal com
marcial intercourse, connected with poll
CIV of taxation, which shall be wise in it
inception, permanent in it's character, lea
onerous in its exactions, and have for 1t
prime object fuller development OF ou
material resources and more prontaol
disposition of the fruits Of labor, the result
of enterprise and the security and profit
of capital. These objects are to be secure
by the application of principles in leglsls
ton which shall take from labor an
capital the minimum of taxation with
maximum of advantage in return,
economy in administration, and the fulle
possible development of the resources
the country, from which both producto
and commerce shall derive an equal, hone
and legitimate advantage in the prosec'
ton Of their industries. The fundamel
tai basis upon which our legislation to pr
mote these objects should rest is that prt
duction and commerce are twin sisters, an
should go hand in hand-that one ia indl
pensable to the other. There can be !
Rntagonism between them. While unique
tiOnably the power to tax ii confined to
legitimate object lie restricted to that du
alone, yet lift can be made an instrume
60 as to combine other objects not inco
sistent with just and equal taxation,
which the whole nation, as we'll the peoI


s i=Sividuals, shall be alike advantage
Sn3u - Al uOG O0A NUVS w AU' i " Va
y end We should connect with our system
more enlarged and comprehensive scheI


than that which now exists. With lare


seaboard than any other nation, and wi


material


RESOURCES IN EXCESS OF OUR CAPACITY


CONSUMPTION,


we must encourage and promote the ado


tiOn of such relations with other nations


will open up the markets of the world, q


make the whole universe contribute to


prosperity. Bot the further deyelopm