Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-05-17
ty or defss.ivs revenue, merely to avoid
the ehaxce Of small surplus

mediately, il would affect not only the
future revenue, but that which has aIrea-
DIV accrued, and which forms the chief
basis of the receipts from the treasury
during the present year. Whatever a
mount, receivable from the customs IN
this year, may be now in bond, it cannot
be doubted, that efore those bonds be-
come due, re-exportation would take
place of all such ar ticles as should be IN
cluded in the reduced tariff; and be in a
situation to entitle them to debentuTe.
Such articles could not enter into com
petition with those imported under the
reduced tariff, and would necessarily be
re-exported.
In regard to the proper time for the
reduction to go into operation, the ad-
vantage which all parties intcrested-the
producer, manufacturer, importer, consul
mer-would derive from timely notice Of
any important changes in rates Of duty, rs
consideration, which also, ought not
to be overlooked.
For the objects mainly intended to be
provided for, an annual revenue Of $751;
100000 is estimated to be necessary
OF this amount, until Congress shall 9TH
erwise determine, the sum of s., 600, 900
may be estimated to be received from
the public lands. Should Congress
hereafter determine to dispense with this
source Of revenue, any deficiency there
by occasioned may readily be raised by
n small augmentation Of the duties pro-
posed by the bill upon the class Of arti-
cles which are taxed solely for the pur-
poses of revenue, or may be distributed
among the whole.
The remaining $lo,O0O,OOO it is pro-
posed to raise exclusively from duties on
Imports, in the manner particularly pro-
vided for in the bill. 1t is estimated
that, by this mode, the whole annual
revenue from customs, calculated upon
the importations Of the year ending on
the 30th September, 1880, after deduct
ing re-exportations, will be reduced more
than 81 0,O00,O00; and upon that portion
Of them commonly called protected arti-
cles, more than 5000, 900; and, also,
that the rate of the whole duty from Gus
toms, calculated upon the cost OF the i'm
ported merchandise in the same year,
exclusive of. all charges, will be reduced
from about forty-tive per cent. to about
twenty per cent. The difference,
however, between the rate of duties since
1880, and that under the bill, will
not be quite SO great, owing to the re-,
ductons already made in the duties on
tea, coffee, molasses and salt.
A great number of articles Of the first
necessity, or partaking of the character
Of raw materials, have been relieved
from duty altogether; and on many ofthe
Decessaries of life, and those principally
consumed by the poorer classes, duty
almost nominal has been imposed.
An opinion has been heretofore express
sed by the undersigned, in favor Of pro-
spective and gradual reduction of the ex
listing duty on articles embraced by the
protective system; but it has been depart
ed from in the bill, in Difference to re-
spectacle opinions from other quarters,
but principally to what is understood to
be the wish Of the manufacturers them
selves, who prefer system permanent in
its character to one liable to change.
1t has not been supposed practicable to
offer any reasonable scheme of compro-
mise, and for the adjustment Of existing l
differences, which should not avoid the
incongruity in the act Of 1898, from the
extravagant duty on raw materials, and
the well founded objections to the system
of minmums.
1t is believed that the producer of the
raw material, and especially the grower
Of wool, will receive an ample indemnity
for the concession now required, in the
constancy and steadiness of the market,
which the sure and permanent success of
the manufacturing establshme nts will not
fail to afford for his ommudity; and in
the cheapening Of his general supplies.
independently Of these considerations,
however, it will appear by the statement
accompanying the bill (marked A. that,
by the duty imposed by the bill on raw
wool, n price not less than forty cents n
pound is secured to the domestic produ-
Ger of that article. Other statements,
showing the operation of other parts of
the bill will be prepared and transmitted,
as they may be fouad necessary. i
The system of mlnimums is regarded
as imposing an unnecessary and cxtrava-
giant rate of duty; and as encouraging the
commission of frauds difficult, if not i'm
possible to prevent. 1t is believed that
the effect, already, has been to exclude
the American importer, in great degree,
from the trade, and to leave it in the
hands Of others less scrupulous as to the
restraints imposed by.the laws.
The most plausible ground on which
this system can be defended, is, the Sc
curity il affords to the manufacturer az
Al A. 4