The subjects of tariff and internal taxation will necessarily receive
your attention. The revenues of the country are greater than the
requirements, and may with safety be reduced. But as the funding of
the debt in a 4 or a 4-1/2 per cent loan would reduce annual current
expenses largely, thus, after funding, justifying a greater reduction
of taxation than would be now expedient, I suggest postponement of this
question until the next meeting of Congress.
It may be advisable to modify taxation and tariff in instances where
unjust or burdensome discriminations are made by the present laws, but
a general revision of the laws regulating this subject I recommend the
postponement of for the present. I also suggest the renewal of the tax
on incomes, but at a reduced rate, say of 3 per cent, and this tax to
expire in three years.
With the funding of the national debt, as here suggested, I feel safe in
saying that taxes and the revenue from imports may be reduced safely
from sixty to eighty millions per annum at once, and may be still
further reduced from year to year, as the resources of the country are
developed.
The report of the Secretary of the Treasury shows the receipts of the
Government for the fiscal year ending June 30, 1869, to be $370,943,747,
and the expenditures, including interest, bounties, etc.
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