In view, however, of the heavy load of taxation which our people have
already borne, we may well consider whether it is not the part of wisdom
to reduce the revenues, even if we delay a little the payment of the
debt.

It seems to me that the time has arrived when the people may justly
demand some relief from their present onerous burden, and that by due
economy in the various branches of the public service this may readily
be afforded.

I therefore concur with the Secretary in recommending the abolition
of all internal-revenue taxes except those upon tobacco in its various
forms and upon distilled spirits and fermented liquors, and except also
the special tax upon the manufacturers of and dealers in such articles.
The retention of the latter tax is desirable as affording the officers
of the Government a proper supervision of these articles for the
prevention of fraud. I agree with the Secretary of the Treasury that the
law imposing a stamp tax upon matches, proprietary articles, playing
cards, checks, and drafts may with propriety be repealed, and the law
also by which banks and bankers are assessed upon their capital and
deposits. There seems to be a general sentiment in favor of this course.

In the present condition of our revenues the tax upon deposits is
especially unjust. It was never imposed in this country until it was
demanded by the necessities of war, and was never exacted, I believe, in
any other country even in its greatest exigencies. Banks are required to
secure their circulation by pledging with the Treasurer of the United
States bonds of the General Government. The interest upon these bonds,
which at the time when the tax was imposed was 6 per cent, is now in