Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-11-27


II remains to be what was done in relation to The
sinking iund 'ehen was done. and hotc AZ TO be
dome.
Agreeably the estimates OF the Secretary of the Trea
sury, and oil the Committee of Mays and Means. the
nual revenue TO be expected from the Tariff oil 1916 was
SereBteen millions The total amount OF rerenue Tor
1916 recciNabe iio the Treasury from all sources,
clliug arrears estimated at thirty three millions
four hundred thousand dollars tho that would pro-
three millions.
The Treasury report, accompanying the Presidents
Message (Dec. lslG) exhibited result far exceeding
these estimates The balance in the Treasury at the be-
giunng OF the year. had proved be upwards of sir mil
hons Ia spite OF the high duties. the country had teen
deugcd with goods from abroad: the duties had proved TO
not high enough for the purpose Tor which they were
imposed, 50 iar as it regarded those which had been i'm
20 ed Tor prohion and eeiio; and those which had
bcer imposed with view revenue proved to be high
CIR than was necessary. The revenue received from the
customs from January J. to August L. 1916 exceeded
ttce'fy-one miions and the receivable from,
the same source for the last hale of the year. was sir
teen and hoV millions. The total amount OF rerenue
was within attraction of my millions instead of the M-
tymrce calculated on and large had been applied
by the Treasury the discharge of such floating debts as
/ ithad authority to upon
Under these circumstances, Congress met In Deccm-
Der 1876 and the Committee of WAYS and Means then
matured plan with regard to the sinking fund.- which was
submitted IN their reports and heig adopted carried
into effect by the act OF March g. 1917 The following
extracts will show, that conforming to the proposition eli
the Secretary they fixed the sinking fund ten millions
that seeing how far the actual revenue had exceeded
the estimates, (a'ough they desired that it should not
be forgotten that this state OF the hansfory
hey nade contingent provision with reference any
'"fc excess oil the saiuc Sorand that, seeing the
ncse bsIance III the Treasury they applied portion of
That balance as specific appropriation towards the cxn
guishment OF the debt
"But their views upon tie subject will Inc cxul,in
cd by the bill which accompanies this report and
they will coninc their further remarks principally
TO some OF ITS provisions in which they propose to
deviotc from the plan recommended by the Secrcta-
ny of the Treasury.
"The certain appropriation ten millions annually.
me committee do not propose 10 increase. While
1t is entirely within the means of the Treasury to
discharge, it will probably be competent (with the
aid which it will derive from the other provisions of
me b to redeem the public debt, reduced rs it has
been by the payments of the last year. within term
nearly as short as has ever been contemplated for
its eXtingushment.
"Thc large amount of revenue which occr,oJ
during the last year, enables Congress- in the opinion
Oh tue coinImtee, TO apply considerable sum to
the payment or purchase of public stock in 1917 ms
TO Increase very sensiblv the effect of every sinh
sequcnt years appropriations and materially IN Inns
ten the entire redemption of the public debt They
propose that, i'll addition to the permanent and re-
guar annual appropriation, there should be pad i'm
Inc year lSlI, 10 the Commissioners of the snkinn
lund the sum of nine millions of dollars togetheT
with four millions, TO he considered as an advance
ON account of the regular appropriation of the slc-
ceeding year It's Obvious that no advantage can
ARISE from Keeping in the Treasury n sum to be an
piled, at some future period to the payment of the
principal of the public debt" sc.
" IN addition TO the annual appropriation of ten
uhoilS, III mas been proposed by the Secretary oil
the Treasury TO make, vucn year, a further appro-
priaon of one million, whenever il can be done
without reducing the balance i'll tho Treasury at the
end oi the year below two millions. The committee
adinlt, mat II may be prudent to apply ONLY stch
part of the surplus i'm the Treasury as mav be mid
without reducing the balance below the sum which
has been mentioned but they think that whntever
surplus, though ii should exceed million can be
applied without such reduction, should also be an
RI propnated. The bill which they report provides
4 that this shall be done after the year lSI7.n
Let us now suppose that the sinking fund been rails
ed ever so high-tha this measure had been determined
on before the Tariff determined on-and ,ha, The mo-
1--WE tor every thing that was done in relation TO it, had not
eeh proved ny every sort OF evidence negative aud posi-
Ve 10 have been solely the conviction that good polcy
liclted the rapid exnguishment of the debt woud Nj
Cs story he the better off for these suggestions! No:
a me spposl'ons you can make could render il Gre
Ilne' ne early extnguishmcnt of the public debt was
determined on, in order that the higher duties neces
sry 10 produce the requisite revenue, might afford proec-
hon Now, what is IL that would become i'm
consequence of such determination! More rereuue
And what sort of higher duties does this requre-to
what point must duties be raised produce more revenue
10 the point OF protection? No the moment they arc
raised to that point, their product, cnes is im
hished Mr. e. says, The shorter the period the higher
me s'nNig fund.- amt the duties must be raised" Yes
so long "a the duties kept below protective poin
The moment they reached that point the raise became
negative quanny The whole proposition turned I'm
side down Ihef the higher the duties the less the re-
e'huc he longer the period, and the lower the siukino
Iuh' Mr. - ngmarole about the sinking fund really
i"o"h'S 10 is an Object which required annually, foy a
f""S series NJ gears, certain amount of revenue was
1Gde 10 require greater amount i'm ouler ,at IL nil,
require me dules 10 be raised TO point where Gf thcy
accomplished The object, with view which the neces-
sly oil their being thus raised created they would inn
mediaely yield less revenue than if thcv h5d nv, 49,
raised so high, and would annually Weld less and
u any one supPoses II possible the men of that av
ou" ne so uc IN the dark respecting the operation of
""heS winch were 10 encourage create home
markets Tor agricultural produce, and secure domestic sum
Plies oil our wants let him besow glance ON the last =
tracts from the report of the Committee of WAYS auJ
Means (of 1850 on hose the Tariff report of The So
creary, on that from Mr.. Tcliiirs speech &c Fvcry
man Ii The country knows that venue from morris
mas ecii immense Is there who not know also
mat II would have been Immensely greater had the duties
oecn iNcd many degrees below tile point AT which Mr. q
so enormously sirove TO have them fixed, and AT which
they have had the effect then arcntv desired nv him
o encouraging millions upon millions into manufacturers
ne truth - that the revenue, greatly as it has fallen
short OF what it would have been under much lower ,,
ueS, has greatly exceeded what was expected oL
or "ended II should he, by far less jealous advo
Gates OF The system than Mr. G. No one who has yiyc
any attention TO ths series of need be told laf
was the intention OF those who fixed the duties oC 1916 IN
Tx them at the point Of perfectly efficient proeco and
feet that object and so far TO check mporaions as 10 make
the revenue from npOss only shout II millions Their
operation disappointed expectation, as we have areoI,
seem but this fault of MIR. C.'s Could the rect
Iessness oil the importers but have been foreseenh
ohy Oeen made 10 appear that quaduple or auinuple M
es were necessary Tor ample projections this would onIv
nave served to Afford To MIR c. an opporlunitv FIR Jiea
ing our-iod Gve-iold enlightened national e,ii. H.
would have been the very last the House to con
descend TO The gOvcing employment of WEIGHING dotars
ana cents against The g SECURITY" of the nation mr. o(
circulating the effect upon supposed" local pecuIia
OF interest Although the operation of the ariG proved
~ the outset not 10 be successful a. had been confident
sNDsla