Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-03-23
RICHMOND, VIRGINIA, TUESDAY, MARCH %, 1924.

principle of all former reyisions OF our tariff. and
10 impose duties, for the purpose of prohibiting
lmportations and cXtinyuishcd the revenue.
before we abandon our old-fashioncd revenue
doctrine, let us inquire what effect the measure
proposed will produce on our treasury.
The object of the committee, as stated by the
chairman, is TO prohibit manufactures as imme-
diatoly, III most cases, ultimately, in others. 1T
matters not whether the measure opcrc.es at
once, or ten years hence. Whenever we cease
TO import the articles designed TO be restricted
or prohibited, We must inevitably cease to col
lect the revenue upon them. II may be, sir,
that the anticipatiols of the committee will not
be realised; that, notwithstanding these cnor-
nous duties, the urgent necessities of the coun-
try wiilstin be supplied from broad-buti in that
case, the measure Is uscless-wc augment our
taxes without accomplishing the object in view.
mArguine this question, however, we must pre-
sumo that the purpose of the committee will be
accomplished, and the articles prohibited. Ac.
corling to a statement which / have prepared.
said Mr.. c. from Treasury documents, it ap-
pears that the manufactures designed 10 be pro
tcctcd by prohibitory duties, yielded, in the year
ending 30th Sept. last, a revenue of 7,337,256
dollars; that other articles, partially manufac-
turcd, or forming raw materials for manufac-
lures, yielded, in the same year, 9I3,969 dollars.
and that the agricultural articles welded 278. 7S6
dol!ars-making', altogether, G,529,0GI dul!a,Y
Of revenue.
Iii evident that, ifthe purposes of The com
mttce be accomplished, avery considerable por-
uon OF this revenue must be cxtinguisscl. In
any event, our revenue system will be serious
ly injured by the measure.
Are we in q condition to tanner witt, orr r,-
venue? The present crisis is a peculiar one. in
the history OF our country. In our prospective
speculations, We cannot be too sensible how
much depends ON the political events of a few
months, whether we look ut home or abroad.
On these hangthe question of peace or war-of
diminished OIL increascd expenditure. But, whe-
Their we have peace or war, VIC are not at liberty
TO tamper with our revenue. Let us suppose
that, notwithstanding the present threatening
appearances OF war, we are destined to be saved
from Its heavy expenditures and calamitics, that
we are to be governed by the wise councils of
a pacific administration, consulting rather the
happiness and best interests of our country, than
the qualification of a warlike or protecting am
bItlon. Let us suppose that we arc to realise
niteen years of peace, and (what would be a
miracle IN the history Of government that we
are to extmguish ourpublic debt. Have gentle
men considered that, in that case, it would be-
come Our first duty to relieve the people from
their taxes? If we believe that such will be the
result, ought we not cautiously to avoid any aur-
mcntation of ouri,nposts? / trust that our cS-
penditurc may not be permitted to keep pace
with our revenue, and that we may, in a few
years, pay off a large portion ofour public debt.
and diminish our taxes.
But these are rather the speculations OF hone.
than the result o fsober calculation, and should
not be depended upon by statesmen. We have
a striking instance OF the error Of such specula-
;ioIs-- In February, 1892, Mr.. Pitt coneratu!a.
ted the nation on its general prosperity; the
state of the finances; The prospect of a long
peace; and calculated upon a reduction of the
Iohf and IN ms AL r. Al I
statesman anticipate, that, in February, 1903,
the twenty three years. war would commence
n war which shook the foundations of the Chris
tan world. Little did he think, that, in thirty
years, the expenditure would be augmented from
sixteen to fifty millions sterling, and that the ma
honaldebt would be trebled. All this, however.
happened. And, may it not be fairly attributed,
In some measure, to nunnecessar Interference
with the affairs of other nations?
trust, said Mr.. c.. our history NAV not fur
nish, IN the next thirty years, a parallel case;
put when see gentlemen strenuously adyocat-
ing measures eXtravagant and magnificent, and
at the same time, threatening to DESTROY our ex-
IstIng revenue system, / am not without appre-
henslons. Whence do We expect to draw our
hiity millions ior internal improvements ? and our
hundred millions for South American subsidies ,
But whether we embark in these schemes or
not, our revenue ought not to be tempered with.
III must be evident to all, that, without the ac-
celebrating touch of our Committee on Manu-
features, the natural growth of our domestic in
dustry must annually diminish our sources of re-
venue. Our existing revenue will probably. for
many years to come, be sufficient to meet our
expenditures, and to enable US gradually to en-
tinGulsb our debt; but, We should rccollect that
our expenditure, as il happens in every country
advances with our revenue. 1t was less than
W millions tinrty years ago. That of the pre-
sent year VIII exceed ten mil!ions-in both cases
excluding the interest on our public debt. Dur
lDS the last i've years our income has very little
exceeded our expenditure. We have now 2
surplus of G, 166, 900 dollars; but there is due the
sinking fund, 1897 ,604 dollars; our stinc;ed
revenue for the present year falls short 81 The re-
ceIpts of the past near two millions of dollars
and the next year comusonces the payment of
siHty-fye millions OF debt contracted during the
war. L would again ask, whether this is q time
TO tamper with Cur revenue?
IaG. not disposed, said Mr.. G.. TO excite idle
alarms about our national debt, nor should peace
continue, do | doubt our ability to extinguish it,
and at the same time, to support, with iudicious
libcrality and wise economy, our existing csta-
biIshments: but, nevertheless, | cannot avoid a
reference to the experience of England, when /
reject that our debt, which we had, in 1912, re-
duced 10 40 millions, has remained almost sta
tionary for five years, and that it now amounts
to abont 90 millions Of dollars, including our
Florida purchase. We should advert to flat
singular political fact, that the national debt Of
England has accumulated since 1Ggg-it was
then little more than 100000 pounds. II is
the Office of wisdom to mark on this political
thermometer, the degrees by which taxation has
rapidly mounted aud at this early period ir our
history, at leas.to avoid any unncccssar oxpcri-
mcnts on our revenue. five are indeed Icris-
latinS for posserity, let us employ our existing