Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-01-16

4 OtIfCi suu ~ CIV hay PoSoo'y VIC u w
some of those interests upon which it is supposed
to press most heavily.
There remains one view to present to the Sc
nate in respect to the amount Of reduction of the
revenue which will be produced by the proposed
measure il adopted, and its influence upon the
payment Of the public debt within the time sug-
gestei by the secretary Ofibe Treasury. The
estimate which | have made of that amount is
founded upon Treasury returns prior to the late
reduction Of duties on tea, coffee. and cocoa
Surprising the duties on wines and silks to be re-
duced as low as | think they may be, the total
amount Of revenue with which the proposed mea-
sure will dispense will be about 81, ZOO, 00O.-
The Secretary of the Treasury estimates the re.
ceipts of the present wear from all sources at
$50, 100000, and he supposes those of the next
year will be of an equal amount. He acknOw-
lodges that the past year has been one of extra
ordinary commercial activity; but on what prin-
ciples does he anticipate that the PRESENT will also
80 bes The history Of our ommerc demon
states that it aiternates and that a year of intern
perate speculation is usually foilowed by one Of
more guarded importation. That the importa-
tons of the past year have been excessive | be-
l,eve is generally confessed, and is d demonstrated
by two unerring facts. The first is, that the i'm
ports have exceeded the exports by about seven
teen millions Of dollars. Whatever may be the
qualifications to which the theory ut the balance
of trade may be liable, it may be safely affirmed.
that when the aggregate of the importatiOns from
all foreign countries exceeds the aggregate OF the
expectations to all foreign countries considerably,
the unfa,orable balance must be made up by a
remittance of the precious metals to some extent.
Accordingly We find the existence OF the other
fact to which ] allude, the high price of bills Of
exchange on England. 1t is, therefore, fairly to
Be anticipated that The duties accruing this year
will be less in amount than those Of the past year.
| And | think it would be un"ise To rely upon our
present information as 10 the Income OF either OF
these two years as furnishing a safe guide for the
future. The years 1929 and 1850 Will supply
surer criterion. There is a remarkable coinci-
dence in the amount of the receipts into the Irea-
sury during those two years. IL having been the
first from all sources S24, 827 ,627 So, and the
second S24, s44. 1l6 81, differing only about
ST. 600.
The mode recommended by the Secretary for
the modification of the Tariff is to reduce no part
uf the duties oD the unprotected articles. prior to
March 1883 and hen to retain a considerable por-
ton of them. And as to the protected class, he
would make a gradual but prospective reduct ton
of the duties. The effect Of this would be to de-
strov the protecting system By a slow but certain
UolNth W 'VlNSN Nao
every descending degree in the scale of his plan
of gradual reduction, by letting in more OF the
foreign article to displace the domestic rival Ia
brio, would Increase The revenue and beget a ne
cessity for further and further reduction OF du-
ties until they would be carried so low as to end
in the entire subvsrsion Of the system Of pro-
lection.
For the reasons which have been assigned it
would, | think, be unwise in Congress at this time
to assume. for the future, that there would be a
greater amount of nett annual revenue. from all
sources, including the public lands, than $685.
COO. 900. Deductiug from that sum the amount
vt seven millions which 1t has been supposed
o. int to be subtracted, if the resolution before
you should be adopted. there would remain Sls,-
600, 600 as the probable revenue OF future years.
This includes the sum Of three millions, estimat-
ed as the future annual receipt from the sale of
the public lands-an estimate which | believe
will be demonstrated BY experience to be much
too large.
II a reduction so large as seven millions be
made at this session: and it the necessary mea-
sures be also adopted to detect and punish frauds,
and ensure a faithful execution of the laws, we
may safely make a temporary pause, and await
the development of the effect upon the revenue of
these arrangements. That the authority of the
laws w Ut NlIhtNdtCus az "uSht =" "S'NS'-
Now, the fraudulent importer, aiter an exposure
Of his fraud, by a most strange Treasury S~onstruc
ton Of the law. (made, | understand. however.
not by the present Secretary e'udes all punish
ment. aud is only required to pay lh"se very du-
ties which he was originally bound tor, but which
he dishonesty sought TO evade. Other measures,
with a view to further reduction of the rev nue..
NAV he adopted. In some instances. there might
be an augmentation of duties for that purpose.
| will mention the article of foreign distilled sPi-
rits. In no other country upon earth is there so
much Of the foreign article imported as in this.
The duties ought to be doubled, and the revenue
thereby further reduced from 5000. 600 to a mil
lion. The public morals. the grain-srowlng
country. the fruit raising and the cane planting
country. would be all benefited BY rendering the
duty prohibitorv. | have not proposed the mea-
sure, because it. perhaps, ought to originate in
the ther House.
Thot the measure which | have proposed may
be adopted. Without interfering with the plan OF
the Secretary of the Treasury for the payment Of
the public debt by the 4th of March next, | will
.nroal a., hos, 'rha Sacratarv sstinatps