ne, and Rosin, 108,000,000
Licenses, 15,000,000
Salaries, 2,000,000
Banks, 15,000,000
Stamps, 20,000,000
Sales, Legacies, &c., 7,000,000
Add Tax on Dividend and Coupons, 10,000,000
Miscellaneous, 21,000,000
-----------
Total $328,000,000

Amount deemed necessary by the
Secretary of the Treasury to meet
Interest and Expenses of Government
annually, 284,000,000
-----------
Surplus, $44,000,000

We thus deduce from the estimate of the Secretary and the conclusions to
which we are led by the Commission a surplus revenue or sinking fund of
$44,000,000, and this, too, after discontinuing all taxes on production,
income, and transportation, and liberating industry from the trammels
imposed by war. In addition, we may expect from cotton, whenever the
crop exceeds two millions of bales, a further revenue from the five-cent
tax, while the income from customs, which we rate at $130,000,000, has
actually been increased since June, 1865, to the amount of $58,000,000
more.

These results, achieved by the country while emerging from the smoke of
the battle-field, and disbanding its troops and placing army and navy on
a peace footing, are in the highest degree reassuring. What is there,
then, to prevent the nation's prompt return to specie?

Our chief bankers estimate their annual remittances to American citizens
for foreign travel and residence abroad at less than five millions
yearly. Our exports again exceed our imports, and foreign exchange is at
7-1/4 in gold, or two per cent below par. An emigration, chiefly from
Germany, greatly in excess of any former year is predicted. It has been
well ascertained that each emigrant brings, on the average, seventy
dollars in funds to this country, and these funds alone will suffice to
meet our interest abroad. What period could be more auspicious for a
gradual return, say in six months, to specie? Of course there would be
some decline in merchandise, but the loss would fall on declining
stocks, often sold in advance, and would not reach stocks in bond, the
price of which is to be paid in specie. The improvident might suffer a
little; but when the first shock was past, would not a strong impulse be
given to industry?