The Portland gazette. [volume] (Portland, Me.) 1818-1824, 1819-12-28

Ge- telteI2inH ii- .t. III
df. w .tle 3su -i3p9 stock ssou5 90
u. nc sinking tund will remain without appi-
cation, if the price Of the public stocks should
continue above the prices al which the Com
Hissioners Of the sinking fund are authorized
to purchase During the years 1921, 1929
1928, the avera - S5000.000 of the
sink 5000 -. Ialn without applIca-
tjon, e r.. NJ a- public stock should
prey Any application OF
that r-t... .' fund, which, on ac-
count s ,.~,- y. ,ue public stock, may re
main unemployed in the hands OF the Com
missioners of the sinking fund, 10 other branch
es OF the pubic service, It allowable under the
provisions Of the dC making and approprla-
ton, would only postpone The period At Thich
additional ImpostlonS would be required to
meet the public expenditure. Such an APP
plIca'ion would also have the effect Of Ultimate
ly retardiug the redemption OF the pubic debt
1t may be proper to add, that, although
some OF The items the estimate for the en-
suing year may be considered 10 their nature
Temporary, yet it is probable that the estimate
for the succeeding years will exceed, rather
than fall below II.
Under al! the circumstances, il is respect.
fully submitted, that the public interest re
quires that the revenue be augmented, or that
the expenditure be diminished.
Should an increase Ut the revenue be deem
ed expedent, portion OF the deficit may be
supplied by an addition 10 the dutGes now im
Piled upon various articles OF foreign merchGn
dize, and by reasonable duty upon sales al
pub;1c auction but It Is not probable that any
modification OF The existing tautt can supersede
the necessity OF resorting To anterndI taxation,
| II the expenditure is not diminished Should
/ Congress deem il expedlent 10 modify the
present rate OF duties, with view 10 afford
1 thai protection 10 our cotton, woollen, and
/ iron manufactures, which is necessary 10 secure
! TO them the domestic market, the necessity oil
resorting 10 system of internal taxation wtIl
be augmented 1t is believed that the present
IS favorable moment for affordlrg efficient
| projection 10 that increasing and important
| interest, if It can be done consistently with
the general interest Of the nation. The s,ua-
ton of the countries from whence our foreign
manufactures have been principally drawn,
authorizes the expectation, that, IN the event
Of monopoly OF the home market being Sc
cured TO our cotton aud woollen manufactures
a considerable portion OF the manufacturing
| skill and capital OF those countries will be
promptly transferred 10 the United States, and
incorporated into the domestic Capital OF the
Union. Should This expectation be realized,
ne disadvantages resulting from such a mo
noPoIy would quickly disappear. In The
mean time, II is believed that system d m
tetnal taxation would be severely felt 10y The
great mass OF our citizens.
Whether The revenue be augmented, or The
| expenditure be diminished, l0un to some e4-
tent will be necessary. The augmentation Of
The one, or the dimnution Of the other, CANNOT
be effected IN sufficient time 10 prevent this ne
cessiy. As the six per cent stock Of the Z.
5. Is considerably above par, the sum re-
CURED to be raised oy loan can be conven-
Iently and adyantageously obtained by the
sale oi stock Of that description; or II may De
! obtained by the issue OF treasury notes. 1.-The
~eyenue and expenditure shall be equalIzed,
he Issue Ut treasury notes, not bearing interest,
is recommended IL preference 10 the creation
or sale ol stock, as The loan, IN that event, will
be small m amount, and temporary in IFS
| nature.