Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-01-26

oruihary coilHeTcIaI activity Dut ON
what principles does he anticipate that
the present will also be? The history OF
our commerce demonstrates that it alter
mates, and that year of intemperato
speculation is usually followed by one of
more guarded importation. That the inn
portations of the past year have been ex-
cessive | believe is generally confessed,
and is demonstrated by two unerring
facts. The first is, that the imports have
exceeded the exports by about seventeen
millions Of dollars. Whatever may be
the qualifications to which the theory Of
the balance oltrade may be liable, il may
be safely affirmed, that when the aggre-
gate of the importations from all foreign
couptries exceeds the aggregate of tho
expectations to all foreign countries con-
siderably, the unfavorable balance must
be made up by remittance Of the pre-
cious metals to some extent. According
y we find the existence of the other fact
to which allude, the high price of bills
of exchange on England. 1t is, there.
fore, fairly to be anticipated that the du-
ties nccruing this year will be less in a
mount than those Of the past year. And
! think it would be unwise to rely upon
our present information as to the income
OF either Of these two years as furnishing
a safe guide for the future. The years
1929 and 1880 will supply surer critic
rion. There is remark able coincidence
in the amount of the receipts into tho
Treasury during those two years, it hav-
ing been the first from all sources S24,-
827 ,627 SO, and the second S24 4,844,ll6
81, differing only about $1,000.
The mode recommended by the Sec
retary for the modification of the Tariff
is to reduce no part Of the duties on the
unprotected articles, prior to March 1888
and then to retain a considerable portion
Of them. And as to the protected class,
he would make gradual but prospective
reduction Of the duties. The effect of
this would be to destroy the protecting
system by slow but certain poison
The object, being to reduce the revenue,
every descending degree in the scale Of
his plan of gradual reduction, by letting
in more Of the foreign article to displaco
the domestic rival fabric, would increase
the revenue and begct necessity for fur
ther and further reduction Of duties until
they would be carried so low as to end in
the entire subversion Of the system Of
protection.
For the reasons which have been as
signed it would think be unwise in Con-
gress at this time to assume for the future,
that there would be greater amount of
nett annual revenue, from all sources, in
cluding the public lands, than S25 ,OOO,-
900, Deducting from that sum the a.
mount of seven millions which it has been
supposed ought to be subtracted, if tho
resolution before you should be adopted,
there would remain Sl8,OOO,OOO as tho
probable revenue Of future years. Thi.
includes the sum Of three millions esti-
mated 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.
lfa reduction so large as seven millions
be made at this session; and ifthe neces-
sary measures be also adopted to detect
and punish frauds, and ensure a faithful
execution Of the laws, we may safely
make temporary pause, and await the
development of the effect upon the rev.
cnue Of these arrangements. That the
authority of the laws should be vindica-
ted, all ought to agree. Now, the fraud
ulent importer, after an exposure Of his
fraud, by most strange Treasury con-
struction Of the law, (made l understand,
however, not by the present Secretary,)
eludes all punishment, and is only requir-
ed to pay those very duties which he
was originally bound for but which he
dishonesty sought to evade. Other
measures, with view to further reduc-
tion ofthe revenue, may be adopted. In
some instances, there might be an aug
mentation of duties for that purpose. I
will mention the article of foreign distil-
led spirits. In no other country upon
earth is there so much of the foreign ar
ticle imported as in this. The duties
ought to be doubled and the revenue
thereby further reduced from $4,000
to million. The public morals, tho
grain-growing country, the frult-rasng,
and the cane-planting country, would be
all benefited by rendering the duty pro-
hibitory. / have not proposed the mea-
sure, because it, perhaps, ought to orig
mate in the other House.
That the measure which have pro-
posed may be adopted, without interfer-
ing with the plan of the Secretary Of the
Treasury for the payment of the public
debt by the 4th of March next, | will now
proceed to show. The Secretary esti-
mates that the receipts of the present
year, after meeting all other just engage
ments, will leave surplus Of ii millions