te, which had been before
burdened with large expenditures for schools, roads, and other things
with which the local governments stand charged," and "cases can be cited
in which taxation upon real estate even now falls little short of
confiscation. Justice and wise policy, therefore, would seem to demand
that the national government should not now adopt any measures
calculated to maintain or increase these burdens, but, on the contrary,
do all in its power to diminish them."

Let the nation follow this judicious advice, and dispose of the
additional charge on real estate by repealing the income tax, which we
cease to require, or reducing it to a tax of three or four per cent upon
dividends and coupons, which will yield at least ten millions. This will
furnish a sufficient rear-guard for the corps which the Commission has
marshalled.

To use another happy expression in the very able Report of the
Commission,--"Freedom from multitudinous taxes, espionage, and
vexations; freedom from needless official inquisitions and intrusions;
freedom from the hourly provocations of each individual in the nation to
concealments, evasions, and falsehoods; freedom for industry,
circulation, and competition,--everywhere give the nation these
conditions, and it will give in return a flowing income."

We indorse the conclusions of the Commission, but would carry them to
their legitimate results,--the repeal of the inquisitorial tax on
incomes.

One of the Commissioners, Mr. J. S. Hayes, in a special report upon the
subject, proposes to draw some part of the revenue from the national
bonds. Those which are now reached by the income tax when the holders
are residents here should be reached hereafter by an impost on dividends
and coupons, according to Mr. Hayes's idea. He urges that these bonds
were issued when the currency was depreciated to 73 per cent, or 27 per
cent below par; but it was the government paper that depreciated it, and
the loyal men who subscribed for the national bonds in many instances
used funds drawn from mortgages upon which they had advanced in gold the
money they invested. Great Britain realized only 63 per cent or less in
depreciated currency from her three-per-cents, but redeems them at par,
or buys them in open market. There may be instances in which individuals
evade local taxes by such investments, but even this tends to popularize
the loans and reduce interest; and it may well be asked whether it would
not be