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Show COA GRESSIOA A L. SKSATB. Washington, 15. Sherman spoke at length on the linancial condition of the country, contending that as everything was prosperous and tho revenues still largely in excess of tlio expenditures, all things were favorable for a further reduction of taxation. The net receipts of tho government, ho said, during the last fiscal year, ending June ;!0;h, 1871, were $.!tsi,3iJ,'J44, and for the current fiscal year they were estimated ftt $l!5'.),-000,000. $l!5'.),-000,000. The actual surplus revenue for the year ending Juno 00th, 1871, was $111,1-10,770; for the current licnl year it was partly. estimated at $71,7'.l,!'l, and (or next fiscal year at 5-S7,'.i74,iO. It was not probable Unit any material change would bo made for tho current Jiscal year, while for the current year the receipts re-ceipts are greatly in excess of the estimates. esti-mates. These are bused on the appropriations appro-priations required by existing laws, and they can be or ought to be diminished in several important branches of the public service. Tho abolition of the banking privilege, tho reduction of the public printing and tho internal revenue service, a close scrutiny of the pension list, a careful limitation of appropriations appropria-tions for public buildings, and a general gen-eral cutting down ot expenditures that grew out of lUe war but have survived the war, would enable us to repeal other taxes without injury to tho public service. ser-vice. On the other hand, in a groat and growing country liko ours, exorcising new powers, extending its influence into new regions within our own limits and into foreign countries where civilization is growing inlluenced by commerce Willi Ibo L nited States, a gradual increase in-crease of just aud proper expenditures is necessary. But with such increised expenditures wo can easily pay oil' tho national debt in thirty years, and yet at each congress repeal ana reduce taxes. He concluded that $50,000,000, including tho sinking fund provided by law, should he applied to the reduction of llio public debt, and that this sum added to S27:t,0:i5,77:t, should bo the ba-is of our ruvenuo, In conclusion he said, "1 am prepared ti say wo can, and ought, now to repeal all internal taxes except on whisky, tobacco to-bacco and beer, and to consolidate and simplify them. If theso changes iu our internal revenue laws arc made it will reduco internal taxes thirty-one and a halt millions. This reduction of taxes should be accompanied by a reduction of expenditures not less than :i5,OU),-000; :i5,OU),-000; and if the new regulations as to tho whisky lax should prove practicable, there will be a much greater reduction.'' Tho senator closed with a general dis. cussion of tho question of protection free-trade. Wilson called up the bill to authorize tho President to appoint a paynmter-general paynmter-general of the army; passed. Corbelt asked to lake up the bill to authorize the postmaster-general to supply, sup-ply, on an equitable principle, the claim of C. M. Lockwoood, of Oregon, a mail contractor. Several senators objected, and hoped the senate would never pas another bill to allow the postmaster-general postmaster-general to settle a mail claim on an "equitable principle." The senate soon after adjourned. house. The "Wisconsin railroad bdl was discussed dis-cussed till 4 p.m., when the voting commenced com-menced on the bill and iheamendinenLs. The fn t-t voto was on the motion to strike from the amendment reported by the committee, the sentence forbiding any construction of tho act granting midlands mid-lands in lieu of other lands which might bo selected by Iho North Pncitic railroad, rail-road, or as granting any coal lands. The motion was agreed to. Rillingor's amendment, requiring tne rails nscii on the road to be of American iminiifrtcturo was rejected. The next vote wa- on the substitute d'-vliL-ing that the lands granted by congress in ISoO and 1n4 for t'.io construction of the t-L Croix and Lake Superior railroad, such grants having expired by limitation, are declared de-clared forfeited to the United Slates and shall henceforward bo subject to homestead entry and settlement under the homestead act of May '.Mh, In2; and that no part of such lands shall be selected by or inure to the benetit of any railroad company under any as? slimed grant of tho I'nitod Suite, and that no land embraced in the grant to the SL Croix railroad company shall in any case revert to the Northern Pacific railroad company, and repealing ail ai'ts or parU of acts inconsistent with I this provision. Thesubstitute was adopted adopt-ed by H to c5, |