The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1823-01-03

As the appropriation of s50o.ooo e,.r
gradual increase of the Navy exn;ra.
that year, the annual expenditure mar
subsequent years, be estimated at slyeoo
900, unless II shall be considered exp.di...
TO make further provision for ibs
crease of that essential means of na,,,.9,
defence
Ii is probable that the annual rev.,
will be equal TO that sum. To pro,ia. ~
the estimated deficit Of the wears I8ss.
1926, az well as To meet any exiraordi,..
demands upon the Treasury, " hich unf"s'
seen exigencies may require, ii is beGeye,
to be expedient that the revenue sbonld -
increased. This may be conyeniently a@
fccted By jjudicious revision of the ,.ris
which, while il will not prove on.rons
the consumer, will simplify the lahor. ~
the officers of the revenue. At pr.s.n,
articles composed of wool, cotton, flax and
hemp, pay different rates of duty. Din
ciiiles frequently occur in determine r.
duties TO which such articles are s,bisc, s
The provisions in the tariff, that the d..
upon articles composed of various rna,a,
ais shall be regulated by the material %
chief value of which it is composed, il n,o
ductive Of frequent embarrassment .na
much Inconvenience. 1t is, therefore >,
specially submitted, that all the ART g.
composed of wool, cotton, fax, hem I'll inD
silk, or of which any of these materiaIaI
component part, be subject to a duty or
twenty-five per ceHt. ad valorcm.
re duties upon glass and paper. uno,
iron and lead, and upon all articles comno.
.aI AZ fb. t..,, lutt al.
increased with view to the auginenta.
ton OF the revenue. Ia all these cases .x
cept articles composed of silk, it is proba.
bic that the effect of the proposed augmep.
tation of duties, will gradually lead 10 an
ample supply OF those articles from our do.
mestie manufactures. Its, however. nre.
sumed, that the revenue will continue IN
be augmented by the proposed alteration,
in the tariff until the public debt shall hay,
been redeemed after which the public CIV.
pendltute, in time OF peace, will be dmin.
lshed TO the extent of the sinking fund
which is at present S1O,O0O,o 900. But il.
contrary to present anticipatons, the pro-
posed augmentation ofduties should, before
the public debt be redeemed, produce ii.
mlnutlon OF the revenue arising from the
importation Of those articles, a CORRESPOND.
InS, II not greater, augmentation may be-
confidently expected upon other articles
imported into the United States. hi,
snppositlon rests upon the two-fold conyir-
ton, that foreign articles, nearly equal 10
the value Of the domestic exports, will be
imported and consumed and that the sui.
sutntlon Of particular classes of domestic
articles Tor those of foreign nations not or
ly does not necessarily diminish the value of
domestic exports, but unusually tends to
increase that Value.
The duties upon various other articles.
not III any degree connected with our do.
mestic industry, may, likewise, be increas-
cd with view to the augmentation of the
public revenue. Ii the existing tariff shall.
during the present session of Congress. be
Judlcloasly revised for the purpose of aug
inentlng the revenue, it is confidently be-
lic'ed that it will not only be amply sufG-
Gent to delray all the demands upon the
treasury at present authorised by law, but
that There will remain an annual surplus.
subject to such disposition, for the promo
ton of the pablo welfare, us the wisdomoS
Congress may direct.
Under theaet of the Goth April last. au-
thorlslng the exchange If certain portions
of the public debt for five per cent. stock.
S56,7ol II only have been exchanged
The increased demand for capital. for the
prosecution of commercial enterprises du-
ring the present year, and the rise in the
rate OF interest, consequent upon that de-
mand, which were not anticipated at the
time that the measure was proposed, have
prevented its execution. Existing circsm-
stances do not authorize the con.lusontbat
measure of this nature will be NOR. sur
cessiul during the next year. 1.-THE price
OF The public debt, in 1928, should be as
hieh as It is at present, any portion of il.
redeemahle at the pleasure Of the govern.
ment, which should he unredeemed in that
and subsequent years. after the application
OF the sinking fund, to that object, NAV Lee
ad'antageo'.siy exchanged for stock re.
dcemable at snch periods as to give full ODE.
alton to the sinking fund. This may be
effected, either directly by am exchange Of
STOCK, or indirectly by authorizing loan
10 the amount of stock annually redeema-
Die beyond the amount of the sinking fund
applicable to that object.
All which is respectfully submitted.
WILLIAM II. CRAWFORD.
Ir&9SIlrV han.,t