Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1823-02-01

This may be conveniently effected By a
Iudicious revision OF the tariff, which
while it will not prove oncrous to the
consumer, will simplify the labors oil the
officers of the revenue. AT present ar
tcles composed OF wool, cotton, ilaX
and hemp, pay different rates OF duty.
Difficulties frequently occur in deter
mining the duties 10 whit such articles
are Subject. The provision in the la
riff that the duty upon articles composed
OF various materials shall be regulated by
the material oil chief value of which II is
composed, is productive OF frequent en-
barrassment and much Inconvenience.
Ii is therefore respectfully submitted
that all articles composed of wool, cot
ton, flax, hemp, or silk, or Of which any
of these materials is a component part,
be subject to duty of twenty-five per
cent. al valorcln.
The duties upon glas. and aper, Up.
on iron and lead, and upon all articles
composed OF the two latter materials
The augmentation Of the revenue. In al
these cases except articles composed ei
silk, it is probable that the effect OF tie
proposed augmentation of duties will
gradually Lead to an ample supply of
those articles from our domestic manu-
factories. II is however presumed that
the rev enue will continue to be augment
ed by the proposed alterations in the
tariff until the public debt shall have
been redeemed after which the pub
lie expenditure in time OF peace will be
diminished to the extent o. the sinking
fund, which IS at present $4,000. 900
But il contrary to present anticIpa'ions
the proposed augmentation of duties
should, before the public debt be re.
deemed, produce dininu,on of the
revenue arising from the importation Of
those articles, corresponding if not 9
greater augmentation may be confidently
expected upon other articles imported
into the United States. This snpposi-
ton rests upon the two-lold conviction
that articles nearly equal to the value
Of domestic exports will be ported ana
consumed, and that the substitution OF
particular classes Of domestic articles
for those Of foreign nations not orly
does not necessarily diminish the value
of domestic exports, but usually tends 10
| increase that value.
The duties upon various other articles
not in any degree connected with our
domestic industry, may likewise be in
creased with view to the augmentation
Of the public revenue. II the existing
tariff shall, during the present session o!
Congress, be jpdiciously revised for
the purpose of augmenting the revenue,
i, is confidently believed tia, it will not
only be amply Sufficient to delray all
the demands upon the treasury a, pre-
sent authorized by law, bit that there
will remain IN annual surplus subject
to such disposition, for the promotion Of
the public welfare, as the wisdom OF
Congress may direct.
Under the act Of The Goth April last,
authorizing the exchange of certain por-
tons of the public debt for FIVE per cent.
stock, S56,794 II, only have been ex-
changed. The increased demand for
capital for the prosecution of CONNER
cial enterprises during the present year,
and the rise OF the rate of interest conse-
quent upon tina, demand, which were
not anticipated at the time that the mea-
sure was proposed, have prevented its
execution. Existing circumstances do
not authorize the conclusion thst nea-
sure of this nature will be more success
full next year. II the price Of the pub
lie debt in 1925 should be as high as it
is al present, any portion of it redeema-
bic at the pleasure Of the government,
which should be unredcelncd in that
and subsequent years, al;er the appica-
ton Of the sinking fund to that object
may be advantageously exchanged for
stock redeeina5le as such periods as tn
give fall operation to the sinking fund
This may be Effected either directly By
an exchange Of stock, or indirectly By
authorizing a loan TO the amount ri
stock annually redcemabe beyond the
amount of the sinking fund applicable to
that object,
All which is respectfully submitted.
WILLIAM II. CRAWFORD.
Treasury Department, Dec. %, 1922.