Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1830-01-21
production. of those eolonie, into which American

the productions of those colonies into which American
navigation is permitted.
The effects of change in the credit system and Of
reduction OF du,e- uron the various interests Of the
nation other than revenue, are suggested as ncidcn-
tai considerations. which, though they might not be
deemed OF such Character as TO Justify vision OF the
rcvenue laws, vet cannot sSi~ly b. overlooked in .
moihca alton called Tor hy other ind pensable Objects
II may he proper however, in all OF this
ture, to keep ~ view. that the money power OF the Co
vcrunen, whether eS-rtei In the imposition. ,siribu
'ion or reduction Of taSe. ia the disbursement OF
the public treasure, requires TO bc exercised with The
most guarded AMI steady purpose OF uniting absolute
aud relative justice in the same point
Whatever propeIs undue portion Of capital into
one pursuit tend where capital Is abundant,
rr or later, TO eyercbarge IL, aud lessen the profits
The operation will caue at least relative in
crease In the profits Of other pur su,s from which cap
i'Ai has been withdrawn. The application OF the mo-
power OF the Government 10 regulate the Unequal
action caused by such, any other changes in
economy IL, in its nature, incapable OF precise and
certain adaptation TO end; hence, the necessity 10,
care ard in all measures oil this
Every mistake increase the irregularities intend
I'd 10 be remedieL, and interrupt and disturb that
ns growth which best promotes and secures sub,,an-
nai prosperity 80 injurious ara great and sudden
fluctuations in human emp,oyments, that il has bee Ell
eve; doubted whe, her the inventive genius of man.
in tho development Of means for saving Labor and
multiplying mechanical power, has proved rather
an evil than benefit close observance Of this op.
GRAFTON, VIII, however, demonstrate that, whatever
there may he OF evil in H. arises only from the sud-
d-nnes' OF Tire change Employ essential to the
support OF many, have been superseded so suddenly
S to leave them dependent the charities of those
who may have prohtted by the event; this would not
have occurred, had the process been graduated as TO
time. more coniormaby 10 the habits and conditions of
those liable TO be affected by ii. Tie employments
mus superseded, wi however, scarcely he known to,
OF needed by the next generation; others wttake their
place; aud those who enter upon ne W pursuits
though without hope for ,heseves may yet be consol
Ell with better prospect for postsrity.
Ii may not he Improbable TO observe that total re-
Voiutoni - taking place i'm many of the productive IN
Payments throughout the civilized world. Tho inn.
ye I'm and Ian.
by war, have been directed other objects. and ave
so increased the power OF production, that the tide of
prices, which had beon long the food. is gradually
eobng, even under deprecated currency. The re.
a'ive values between labor and products have also
changed but are not yet adjusted The depression OF
prices, falling unequaiy on the different species of
property, Is iunous TO many, and repugnant TO the
feelings even OF those who DO really suffer II NAV
De long before proper adjustment OF these values
moves the evil and, until then, the busy world will b
aetaed by the convuisve struggles OF its various in
eress each TO avert from ITSELF aud throw upon hers
The lmPending adversely. The ramifc atoms of these
connecting ana conflicting operations so compca,-
ed that may be doubted whether any degree OF in
teiigtnce, however free from the influence OF special
Interests, could, by the exercise OF political power
materially lessen the evil The active energies of man
s'i'nu'a ed by necessity, emulation, and love alt
are perhaps, the agents most to he relied upon, in
maintaining sautary equilibrium in the various orc.
ra'i'ns Uf human enterprise Every new disposit IN
therefore, oil the money mower, to be safe should u.
gradual aud requires great caution avoid increasing
the unequal ami irregular action, which is so obvious.
Whatever o5jec's may, in the wisdom of the Govern
mcnt, be found, FOR the application SURPLUS revenue
alter the public debt shall be paid, there will probably
remain considerable amount, which may be dispensed
with, by reduction of the import duties without prc;u
dice TO any branch of domestic industry Such redHc-
ton will present favorable opportunity for averinp
portion OF the evil resulting from the general
IN the price oil property before referred to- The repeal
oil tax is similar in its effect the rcnqushmen of
so much annual debt; relieving, that amount the va
rous species OF labor upon which il charged and
distributing It's benefits in proportion SUMPTION up
on every Individual of the nation.
The extnguishment of the public debt tends n fine
same result in another way. The interest is now Maid
tocapalists, out of the profits OF labor not only will this
labor be released from the burden but the capital thus
thrown out Of an unproiuctive will seek productive
emPloyment giving thereby impetus to enter.
PRISE IN agriculture, the arts, commerce, and ma
vSahon, at lower charge Tor interest than before
me heavy impositons on the labor employed in
these pursuits in those nations where the arts have
attained their highest perfection had become in a
great measure counerbaanced in latter wears by the
increased capacity OF that labor but these burdens still
remain, and with but little prospect of diminution. In
the mean time, the industry of the United States will
have pos tive advantage over that of other countries
equal to the difference between their respective rates
OF taxation and is worthy Of consideration that there
has been probably period in which such an oppouni
~ for advancing the general economy the American
people, and aiding them to maintain successful CONNIE
luton with that OF other counrie could have been more
Propous or more necessary TO their interests than that
whch Is now approaching. II is known that the most
unexampicd eXcrtions making, in all civilized n,.
tons to increase the productive power; and those who
shall stand foremost in this audabe strife will be as,ur-
ed OF success maintaining not m relv the prospcrv
OF thcr People, but high rank among the family OF
nations.
All whichis respectfully submitted.
S. ID. INGHAM
- Secretary Of the Treasury.
TREASURY DEPARTMENT.,
December 18th, 1929.