CHAPTER X. THE FINANCIAL SYSTEM OF THE U. S.

 1. Revenue, or the income of the government, is derived¹ from various sources. A tax—or duty, as it is often called—laid on goods imported into the country, is one of the most important. It is easy for a government to manage without producing a very sensible effect on the people, and has been a favorite mode of raising a revenue with nearly all governments since commerce became general.

2. The sale of public lands has, in this country, been a source of large revenue; though the desire to encourage emigration and develop the unsettled parts has led the government to sell them for a nominal² sum. Still, these lands were so attractive and extensive as to sell rapidly and produce a considerable income. The Post Office Department has been a source of income, in great part supporting itself. Duties paid on the tonnage of vessels³, the forfeiture⁴ of goods smuggled⁵, or[264] introduced into the country without paying the lawful⁶ tax or duty, and the forfeiture of vessels used in that unlawful trade, prizes taken in war, and fees required to be paid to various officials when their services are employed, are minor⁷ sources of revenue.

3. When all these are not sufficient, as in time of war, or when an immense war debt is to be paid, direct taxes are laid on the property and business of the country. This is called

THE INTERNAL REVENUE,

 

and is borne with more or less patience, according as the people regard the end to be gained important. The revenues of the States are mostly derived from this source. They are not allowed to raise their revenue from foreign commerce, since that would be a tax on goods liable to be paid by the people of another State.

4. The necessity of laying large direct taxes does not, in this country, often arise in case of the General Government; but during and after the gigantic Civil War between the North and South, when enormous expenses had to be met, and the credit of the government sustained, the direct taxes became very large indeed. In 1861 Congress passed the “Internal Revenue Law,” by which twenty millions of dollars were to be annually⁹ raised from direct taxes on houses and lands in each of the States and Territories.

By subsequent acts not only houses and lands were taxed, but almost every sort of property and business. Licenses¹⁰ were required for persons to carry on their profession, trade, or business; incomes were taxed; deeds, mortgages, notes, bonds, bank checks, and papers of almost every kind were invalid¹¹ unless they had a revenue stamp upon them. Manufacturers had to pay a certain per-centage on whatever they made. Scarcely any calling, trade, profession, or business escaped it, directly or indirectly¹².

5. To carry out these provisions, the whole country was[265] divided into Revenue Districts, corresponding, so far as convenient, with Congressional Districts. An officer of the Treasury¹³ Department, called the Commissioner¹⁴ of Internal Revenue, was appointed, charged with the duty of preparing instructions, forms, blanks, stamps, and licenses, to be used in the collection by the multitude of minor officers employed, and of overseeing the whole work. Each district had its chief officer, and his deputies, assessors, and collectors, by whom the money at length reached the Treasury at Washington. It created an army of officers to be paid. It was laid aside as soon as possible, and taxation¹⁵ made less onerous¹⁶ and expensive. The remarkable¹⁷ prosperity of the country at that particular period made it easier to bear. Direct taxes laid by the General Government are more economically collected by the State or local officials, in all ordinary cases. This was a very extraordinary and pressing one, and the people were so eager to put their debt in the way of extinction¹⁸ that it was endured with much patience for several years, when most of this cumbrous and costly¹⁹ machinery²⁰ was laid aside.

6. The vast war debt, the large number of government officers employed in attending to the interests of so large and prosperous a country, the support of the army and navy, the great number of foreign representatives and agents of the government, and the public works necessary for the development or protection of the country, make a large revenue indispensable.

7. It is best when the people are free and intelligent that they be governed as little as possible—or rather that they govern themselves as much as possible, and that as few officials as may be live on the fruits of other people’s labor²¹. There must necessarily be an army of them, at the least; but such arrangements should be made that public expenses may be reduced, to the lowest point, and republican simplicity²² everywhere reign⁸.

The principle and habit of public economy should be earnestly insisted on, since the handling of immense sums of public money is much more demoralizing than the acquisition of[266] private wealth in legitimate²³ ways. It is a strong temptation to men of weak moral character; and private property is more likely to be carefully used and economically expended²⁴ than public funds. The smaller the revenue, consistent with the general development of the country, the better.

1 derived   

vi.起源；由来；衍生；导出v.得到( derive的过去式和过去分词 )；（从…中）得到获得；源于；（从…中）提取

参考例句：

• Many English words are derived from Latin and Greek. 英语很多词源出于拉丁文和希腊文。 来自《简明英汉词典》
• He derived his enthusiasm for literature from his father. 他对文学的爱好是受他父亲的影响。 来自《简明英汉词典》

2 nominal   

adj.名义上的；(金额、租金)微不足道的

参考例句：

• The king was only the nominal head of the state. 国王只是这个国家名义上的元首。
• The charge of the box lunch was nominal.午餐盒饭收费很少。

3 vessels   

n.血管( vessel的名词复数 )；船；容器；（具有特殊品质或接受特殊品质的）人

参考例句：

• The river is navigable by vessels of up to 90 tons. 90 吨以下的船只可以从这条河通过。 来自《简明英汉词典》
• All modern vessels of any size are fitted with radar installations. 所有现代化船只都有雷达装置。 来自《现代汉英综合大词典》

4 forfeiture   

n.（名誉等）丧失

参考例句：

• Both face maximum forfeitures of about $1.2 million.双方都面临最高120万美元左右的罚金。
• If he should break his day,what should I gain by the exaction of the forfeiture?如果他到期不还我从这罚金中又能得到什么好处？

5 smuggled   

水货

参考例句：

• The customs officer confiscated the smuggled goods. 海关官员没收了走私品。 来自《现代汉英综合大词典》
• Those smuggled goods have been detained by the port office. 那些走私货物被港务局扣押了。 来自互联网

6 lawful   

adj.法律许可的，守法的，合法的

参考例句：

• It is not lawful to park in front of a hydrant.在消火栓前停车是不合法的。
• We don't recognised him to be the lawful heir.我们不承认他为合法继承人。

7 minor   

adj.较小(少)的，较次要的；n.辅修学科；vi.辅修

参考例句：

• The young actor was given a minor part in the new play.年轻的男演员在这出新戏里被分派担任一个小角色。
• I gave him a minor share of my wealth.我把小部分财产给了他。

8 reign   

n.统治时期，统治，支配，盛行；v.占优势

参考例句：

• The reign of Queen Elizabeth lapped over into the seventeenth century.伊丽莎白王朝延至17世纪。
• The reign of Zhu Yuanzhang lasted about 31 years.朱元璋统治了大约三十一年。

9 annually   

adv.一年一次，每年

参考例句：

• Many migratory birds visit this lake annually.许多候鸟每年到这个湖上作短期逗留。
• They celebrate their wedding anniversary annually.他们每年庆祝一番结婚纪念日。

10 licenses   

n.执照( license的名词复数 )v.批准，许可，颁发执照( license的第三人称单数 )

参考例句：

• Drivers have ten days' grace to renew their licenses. 驾驶员更换执照有10天的宽限期。 来自《现代汉英综合大词典》
• Jewish firms couldn't get import or export licenses or raw materials. 犹太人的企业得不到进出口许可证或原料。 来自辞典例句

11 invalid   

n.病人，伤残人；adj.有病的，伤残的；无效的

参考例句：

• He will visit an invalid.他将要去看望一个病人。
• A passport that is out of date is invalid.护照过期是无效的。

12 indirectly   

adv.间接地，不直接了当地

参考例句：

• I heard the news indirectly.这消息我是间接听来的。
• They were approached indirectly through an intermediary.通过一位中间人，他们进行了间接接触。

13 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

14 commissioner   

n.（政府厅、局、处等部门）专员，长官，委员

参考例句：

• The commissioner has issued a warrant for her arrest.专员发出了对她的逮捕令。
• He was tapped for police commissioner.他被任命为警务处长。

15 taxation   

n.征税，税收，税金

参考例句：

• He made a number of simplifications in the taxation system.他在税制上作了一些简化。
• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。

16 onerous   

adj.繁重的

参考例句：

• My household duties were not particularly onerous.我的家务活并不繁重。
• This obligation sometimes proves onerous.这一义务有时被证明是艰巨的。

17 remarkable   

adj.显著的，异常的，非凡的，值得注意的

参考例句：

• She has made remarkable headway in her writing skills.她在写作技巧方面有了长足进步。
• These cars are remarkable for the quietness of their engines.这些汽车因发动机没有噪音而不同凡响。

18 extinction   

n.熄灭，消亡，消灭，灭绝，绝种

参考例句：

• The plant is now in danger of extinction.这种植物现在有绝种的危险。
• The island's way of life is doomed to extinction.这个岛上的生活方式注定要消失。

19 costly   

adj.昂贵的，价值高的，豪华的

参考例句：

• It must be very costly to keep up a house like this.维修这么一幢房子一定很昂贵。
• This dictionary is very useful,only it is a bit costly.这本词典很有用，左不过贵了些。

20 machinery   

n.(总称)机械，机器；机构

参考例句：

• Has the machinery been put up ready for the broadcast?广播器材安装完毕了吗？
• Machinery ought to be well maintained all the time.机器应该随时注意维护。

21 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

22 simplicity   

n.简单，简易；朴素；直率，单纯

参考例句：

• She dressed with elegant simplicity.她穿着朴素高雅。
• The beauty of this plan is its simplicity.简明扼要是这个计划的一大特点。

23 legitimate   

adj.合法的，合理的，合乎逻辑的；v.使合法

参考例句：

• Sickness is a legitimate reason for asking for leave.生病是请假的一个正当的理由。
• That's a perfectly legitimate fear.怀有这种恐惧完全在情理之中。

24 expended   

v.花费( expend的过去式和过去分词 )；使用（钱等）做某事；用光；耗尽

参考例句：

• She expended all her efforts on the care of home and children. 她把所有精力都花在料理家务和照顾孩子上。
• The enemy had expended all their ammunition. 敌人已耗尽所有的弹药。 来自《简明英汉词典》