. Financial history of the United States . prudenceand economy, as the taxes upon repairs; against knowledge,as the taxes upon books, paper, and printing; against capitaland thrift, as the differential income tax ; against the trans-portation of freight by boat or vehicles, and against the greatleading raw materials, as coal and pig iron, cotton, sugar, andpetroleum, were quickly swept away, leaving taxes whichmight be regarded in the light of luxuries, involving anentirely voluntary assessment on the part of the special licenses, stamp, corporation, and income taxeswere continued
. Financial history of the United States . prudenceand economy, as the taxes upon repairs; against knowledge,as the taxes upon books, paper, and printing; against capitaland thrift, as the differential income tax ; against the trans-portation of freight by boat or vehicles, and against the greatleading raw materials, as coal and pig iron, cotton, sugar, andpetroleum, were quickly swept away, leaving taxes whichmight be regarded in the light of luxuries, involving anentirely voluntary assessment on the part of the special licenses, stamp, corporation, and income taxeswere continued, but later in 1870, when the debt had beenlargely funded, and the receipts from customs, and distilledand malt liquors and tobacco showed a large increase, nearlyall the license taxes except those on brewers, distillers, anddealers in liquor and tobacco, were repealed. The incometax was continued until 1872 with the rate reduced to 2 i-zper cent, upon incomes in excess of ;52,ooo. $300,000000 250,000000 150,000000 - 100,000000 50,000000. 1670 1B7S 1880 No IX. —RECEIPTS FROM INTERNAL REVENUE, 1863-1880.( For continuation, see Chart No. it.) § 166] Internal Revenue System. 395 The receipts from the principal sources of internal revenue,1866-1880, were as follows in millions of dollars : — P 13 •3 s i T3 D. s s. S. •a-^ • S c £ S5 .1 a i 1)?3 i i-s 8-1 ?s ?3 0 s 0H 5 «-a rt bd nJJ3 in 1—1 E_3|x,.g r- n s n J CU T3 IS66 33-3 5-2 3-5 73-0 1867 35-5 7-4 .3-6 1868 1S69 4S-0 3-3 1870 55-6 31-4 37-8 1871 7-4 33-6 3-6 S-o 5-3 1872 49-5 8-3 33-7 1873 9-3 34-4 7-7 5-1 1874 49-4 9-3 33-2 3-4 1875 52 I 91 37-3 4 1876 39-8 1877 57-5 9-5 1878 9-9 3-5 1879 10.
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