The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1829-12-16

recess
of either our Agriculture, Commerce, or Manu-
features. The operation of the Tariff has not
proved so injurious to the two former, nor as
beneficial TO the latter, as was anticipated. I'M
portations Of foreign goods have not been SEN
sibly diminished while domestic competition,
under an Elusive excitement has increased the
production much beyond the demand for home
consumption. The consequences have been
low prices, temporary embarrassment, and par
tal loss. That such of our manufacturing es-
adjustments as are based upon capital, and are
prudentlv managed, will survive the shock, and
be ultimately profitable, there IS no good reason
TO doubt.
To regulate its conduct, SO as to promote
equally the prosperity of these three cardinal
interests, is one of the most difficult tasks of
Government and it may be regretted that the
complicated restrictions which now embarrass
the intercourse of nations, could not by COM
mon consent be abolished, and commerce al
lowed to flow in those channels to which indi-
vidual enterprise, always its surest guide, might
direct it. But we must ever expect selfish legis-
lation in other nations, and are therefore COM
PEELED to adapt our own to their regulations, in
the manner best calculated to avoid serious in
jury, and to harmonize the conflicting interests
of our Agriculture, our Commerce, and our
Manufactures. Under these impressions, in
vite your attention to the existing Tariff, be-
lievng that some of its provisions require mod
ifcation.
The general rule to be applied in graduating
the duties upon articles of foreign growth or
manufacture, is that which will place our own
in fair competition with those of other coun-
tries; and the inducements to advance even
step beyond this point. are controlling in regard
to those articles which are Of primary necessity
in timo Of war. When we reflect upon the diff
6culty and deicacy of this operation, it is i'm
portant that it should never be attempted but
with the utmost caution. Frequent legislation
in regard to any branch of industry, affecting
its value, and by which its capital may be trans
ferred to new channels, must always be produc-
tive of hazardous speculation and loss
In celebrating, therefore, on these inter
esting subjects, local feelings and preiudices
should be merged in the patriotic determine
ton to promote the great interests of the whole
AL attempts to connect them with the party
conflicts of the day, are necessarily injurious,
and should be discountenanced. Our action
upon them should be under the control of high
er and purer motives Legislation, subjected
to such influences, can never be Just, and will
not long retain the sanction of People, whose
active patriotism is not bounded by sectional
limits, nor insensible to that spirit of concession
and forbearance, which gave life to our polit-
cal compact. and still sustains it. Discardng
all calculations of political ascendancy, the
North, the South, the East, and the West,
should unite in diminishing any burthen, of
which either may justly complain.
The agricultural interest of our country is SO
essentially connected with every other, and so
superior in Importance to them all, that it is
scarcely necessary to invite to it your particular
attention. 1t principally as manufactures and
commerce tend TO increase the value of agrcul-
tural productions, and to extend their applica-
ton to the wants and comforts of society, that
they deserve the fostering care of Government
Looking forward to the period, not far dis
tant, when sinking fund will no longer be re-
CURED, the duties on those articles of importa-
ton which cannot come in competition with
our own productions, are the first that should
engage the attention of Congress in the modifi-
cation OF the Tariff. OF these, tea and coffee
are the most prominent: they enter largely in
to the consumption Of the COUNTRY, and have
become articles of necessity to all classes. A
reduction, therefore, of the existing duties, will
be felt as common benefit; but, like all other
legislation connected with commerce, to be eff
ficacious, and not injurious, it should be gradu-
al and certain.
The public prosperity is evinced in the in
creased revenue arising from the sales of the
public lands and in the steady maintenance of
that produced by imposts and tonnage, notwith-
standing the additional duties imposed by the
act of 18th May, 1923, and the unusual importa-
tions in the early part of that year.
The balance in the Treasury on the LIST of
January, 1929, vas FIVE millions nine hundred
and seventy-two thousand four hundred and
thirty-fve dollars and eighty-one cents. The
receipts OF the current year are estimated at
twenty-four millions six hundred and two thou
sand two hundred and thirty dollars: and the
expenditures for the same time at twenty-six
millions one hundred and sxty-four thousand
tlve hundred and ninety-five dollars leaving a
balance in the Treasury on the Ist of January
- e
thousand and seventy dollars and eighty-one
cents
There will have been paid, on account of the
public debt, during the present year, the sum of
twelve millions four hundred and five thousand
and five dollars and eighty cents reducing the
whole debt of the Government, on the first of
January next, to forty-eight millions five hun
dred and sixty-hve thousand four hundred and
six dollars and fifty cents, including seven mil
lions OF i've per cent stock, subscribed to the
Bank OF the United States. The payment on
account of the public debt, made on the first of
July last, was eight millions seven hundred and
nfteen thousand four hundred and sixty-two
dollars and elghtyseven cents. 1t was appre-
hended that the sudden withdrawal of so large
sum from the banks in which it was deposited,
at time of unusual pressure in the money mar
ket, might cause much injury tn the interests
dependent on bank accommodations But this
evil was wholly averted by an early anticipation
of at the Treasury, aided by tho iudicious ar.
engagements of the officers of the Bank of the
United States.
This state Of the finances exhibits the re.
sources of the nation in an aspect highly fat
terng tn its industry, and suspicious of the abi-
ity OF Government, in a verv short time, to ex.
tinguish the public debt. When this shall be
done, our population will be relieved from n
considerable portion of its present burthens.
and will ind, not only new motives to patriotic
affection, but additional means for the display
OF individual enterprise. The fiscal power of
the States viii also be increased, and may be
more extensively exerted in favor of education
and other public objects; while ample means
VIII remain in the Federal Government to pro-
mote the general veal, in all the modes hermit.