4 APRIL 1868, Page 2

Congress certainly has the courage of its convictions. It has

passed a Bill abolishing the "internal revenue duties" or excise, thus, with the extinction of the cotton duty, sacrificing twenty millions sterling a year. Mr. McCulloch wrote a letter pointing this out, and declaring that if the Bill was carried he should have to meet the interest of the debt by a loan, to the great injury of credit. Both Houses, however, passed the law, which, in fact, destroys any chance of paying off the debt. We doubt, however, if there will be a deficit, as some four or five millions a year are supposed to be lost by frauds on the liquor revenue, frauds it is quite possible to prevent. The Treasury has only to choose honest excisemen, and pay them by a heavy per-centage on collections.