Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-01-19

viii be produced by the proposed measure if adopted, and
ITS influence upon the payment of the public debt within
the time suggested by the secretary of the treasury. The
estimate which l have made of that amount is founded
upon treasury returns prior TO the late reduction of duties
and silks to be reduced as low as | think they may be, the
total amount of revenue with which the proposed mea-
sure will dispense will be about S 1000, goo. The secre-
tary of the treasury estimates the receipts of the present
year from all sources at s &c, 100, 900, and he supposes
those of the next year will be of an equal amount.
lie acknowledges that the past year has been one of ex-
'raordnary commercial activity but on what principles
does he anticipate that the present will also be? The
history of our commerce demonstrates that it alter
mates, and that a year of Incorporate speculation is usu-
any followed by one OF more guarded importation.
That the importations of the past year have been ex-
cessive, | believe is generally confessed, and is demon
strated by two unerring facts. The first is, that the inn
ports have exceeded the exports by about seventeen mil
lions of dollars. Whatever may be the qualifications to
which the theory of the balance of trade may be liable,
II may be safely affirmed. that when the aggregate of the
lmportatlons from all foreign countries exceeds the aggre-
gate OF the expectations TO all foreign countries, conside-
rably, the nniavorable balance must be made up by a re-
mit,ance OF the precious metals TO some extent. Accord
ingly 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 nc.
cruing this year will be less i'm amount 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 a surer criterion. There
u a remarkable coincidence in the amount of the receipts
th.0 f ans fFe% nI s d"r,ng , = sa s two eS years r. it nn having yin s.s beer
S21,S44 JIG 81, differing only about S17, 600.
The mode recommended by the secretary for The modi-
tication of the tariff is to reduce no part of the duties on
the unprotected articles, prior to March, 1888, and then
to retain n considerable portion of them. And as TO the
protected class, he would make n 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 10 displace the do
nestle rival fabric, would increase the revenue and bepet
a necessity for further 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 assigned it would I
think be unwise i'll congress at this time to assume, for the
future, that there would be n greater amount of nett an
nual revenue, from all sources, including the public lands.
than s $4,000, 600. Deducting from that sum the amount
OF seven miiilons winch 1t has been supposed ought TO be
subtracted, ifthe resolution before you should he adopted.
there would remain SIS, 000, GOO us the probable revenue
of Future years. This includes the sum of three millions
estimated as the future annual receipt from the sale of the
public lands-an estimate which | believe will be demon.
strated by experience to be much too large.
liza reduction so large as seven millions be made nj this
session and 1.-THE necessary measures be also adopted 10
detect and punish frauds, and ensure n faithful execution
of che laws, we may safely make a temporary pause. and
wat the development of the effect upon the revenue
of these arrangements. That the authority of the laws
should be vindicated, all ought TO agree. Now, the frau
dulent importer, after an exposure of his fraud, by q most
strange treasury construction of the law. (made / under.
stand, however, not by the present secretary, (eIudes all
punishment, and is only required to pay those yerv duties
which he was originally bound for, but which he disho-
nestly sought to evade. Other measures. with n view IN
n further reduction of the revenue, may be adopted. In
some instances, there might he an augmentation of duties
Tor tnat purpose. L VIII mention the article of forei1n dis.
titled spirits. In no other country upon earth is there so
much of the foreign article imported as in this. The du-
ties ought to be doubled, and the revenue thereby further
reduced from $ 100000 to a million. The public morals
the grain growing country, the Embarrassing, and cane.
planting country, would be all benefited by rendering the
duty prohibatory. l have not proposed the measure, be-
cause 1T, perhaps, ought to originate in the other House
That the measure which l have proposed may be adop.
ted, without interfering with the plan of the secretary of
4t6 of March next, 1 viii now proceed to sho'-. 'y the tbe
secretary estimates mat the receipts of the present wear.
alter meeting all other lust enoaUpmantS will Iao,,o -
plus of 4 millions applicable to the payment of The prin-
cipal of the debt. With this sum, 8 millions which he
proposes to derive from the sale of the bank stock. and .
millions which he would anticipate from the revenue of
the next year, he suggests that the whole of the debt re.
manning may be discharged by the time indicated. The
Ia millions, L understand, although on this subject the
report is not perfectly explicitly are receipts anticipated
this year from duties which accrued last year.sIf this he
the secretary's meaning, it is evident that he vvonts mo
part of the duties which may accrue during Tho crrrant
year TO execute his plan. But if his meaning be. tIat The
fourteen millions will be composed in part ofduties acorn.
"g and payable within the present year, then The measure
proposed might prevent the payment of the whole of The
remnant of the debt by the exact day which has been sto.
ted' IL, however, the entire seven millions, embraced by
the resolution on your table. Were subtracted from the
fourteen, it would still leave him seven millions. besides
The bank stock, to be applied TO the debt, and that, of itself.
would be three millions more than can be properly applied
10 the object, IN the course of this year, as / have already
endeavored TO shew.
came here, sir, most anxiously desiring that an mr..
rangement OF the public revenue should be made. which
without sacrificing any of the great interests of the conn.
try, would reconcile and satisfy all its parts. / THOUGHT
i perceived IN the class OF objects not produced within the
country, a field on which we could all enter. in a true and
genuine spirit of compromise and harmony. and AGREE
upon an amicable adjustment. Why should il not he
done Why should those who are opposed TO the Anne.
rican System, demand of its friends an unconditional snr.
render? Our common object should be, so TO reduce the
public revenue as TO relieve the burthens of the people
1T indeed the people Of this country can be truly said TO be
Durthened. The government must have n certain amount
OF revenue, and that amount must be collected from the
imports. is it material to the consumer. wherever situ.
ated, whether the collection be made upon a few or manv
objects, provided whatever be the mode. the amount or
his contribution to the public exchequer remains the
same! If the assessment can be made on objects which
VIII greatly benefit large portions of the Union. without
injury TO him, why should he object to the selection Of
those objects? Yes, sir, | came here in a spirit of warm
attachment to all parts of our beloved country. with n
lively solicitude to restore and preserve lis harmony. and
with a firm determination to pour oil and balm into exist.
ing wounds, rather than further to lacerate them. For the
truth and sincerity of these declarations I apDeal TO HIM
whom none can deceive. j expected TO be met bv cor.
responding dispositions, and hoped that our Deliberations
guided by fraternal sentiments and feelings. would termi''
nate IN dlfusing contentment and satisfaction tbrouol,ou,
the land. And that such may be the spirit PRESIDING over
Them and such their issue, | yet most fervendy hope.
When MIR. CLAY took his seat
MIR. HAfNE rose. He did not rise, he said. 10 enter At
This time into the discussion Of the question. Pertains. he
should not, at any time. be disposed to follow the Gentle.
man through the wide field which he had occupieI Ia
vf,sV1 LII - ~ - ~