Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-12-29

a- aHa sufrls..ia PIKE .frrsaHe tUtf
y. ..s.isl .si.,.s, v.ieet iaaes, VI permanent
debts.
If Tia, bc no, done, the secondary measure
before suggested, such ss a declarstory act
70 enforce the present ,arifI, suitable modif-
cation Of the drawbacks and bounties, and
the passage Of bills graduating the price of
public lands. as well as creating some new
districts, for the sale ofthem, would be likely,
taking effect early. 10 yield suitable sup
ply Ia the course Of the year.
1t will be observed, however, that though,
under either OF these arrangements, enough
might be obtained within the whole of 1871
lor the objects contemplated, ye, not due or
sufficient proportion in the first quarter; be-
cause by that time all the measures are not
likely 10 20 into full operation, nor much OF
ale anticipated increase to happen in the ac-
rual receipts OF duties under existing laws
Unusually heavy expenses will also fall on
that quarter OF the next year. In addition to
full portion Of most ofihe curren, expenses
and the whole pension payments for the first
half Of the year, and one third OF a million, or
more, for all the annual fishing bounties, there
will be imposed on il most OF the charges for
the whole year connected with the session of
Congress and private bills, as well as large
payments for taking the census, and for the
first instalment Of the debt Of this District,
several of them as early even as the first day
Of January.
From these circumstances, aud the consd-
eTa,ions that all which is due from the banks
may be not then paid, and that the balance in
the Treasury, under the policy adopted by
Congress Of late years, will Of necessity be
a' = ,uctuations and inequalities
sfs rrt greet ween the receipts and ex-
n-4 lras .1 a.l 'ent portions of the year, to
Hcl aro family exposed from causes
Ea r occasions been explained
sf srrh e obvious that entire safety
sr.tsrc, aor onal power TO be seasona-
tr llsne ao he Executive to obtain at
auf Sil such subsidiary means
-e for few months, and as
may he sv,,,, ,.u, - enable the Treasury pune
tually TO discharge, during that year, ali the
liabi!i,ies imposed by Congress.
There is another contingency under the ex-
listing law, as 10 duties, which require a,ien-
ton. with view TO be properly prepared for
il; though legislation concerning the subject
is not necessary SO early as in the other case,
because the event on which il depends can
not actually happen until the year ls42.
Thus the progressive protection ofthe pres
en-, tariff, which has been going on since 1893
Will, lItCcIHuef, lc1ts tdke eUoCt 10 2
much larger extent Than heretofore. Nearly
deducted a, once.
On the first Of July afterwards, at least two
millions and a baltimore duties will he remov-
ed; making an aggregate in months, of quite
millions. IL the imports then should moi
differ much from those in 1889, this would
leave an income from them, not probably ex
ceeding 10 or IL millions Of dollars yearly
IL will therefore be necessary TO make cores
ponding reductions in the expenditures o.
ls42, or sessonably provide otherwise, il
come permanent manner, to supply any want.
likely to happen from this cause.
Should Congress conclude that such reduc
tions in the expenditures cannot be prooerl,
made, and that the imports Of 1912 will no
increase beyond those in 1888, the amour, O
the deficiency would, in those events, proba
bly, diffsr but little from millions. Such
deficiency would under these circumstances
he likely TO become permanent, and may b
considered the frs, Of that character whicl
will occur under the tariff act of 1899.
The idea tina, such a deficiency in time o
peace oughtto be supplied by Treasury notes
or by loan, has never been entertained b,
the undersigned. Nor can il be couniensnc
ed by any sound principles either OF financ,
or political economy. The enquiry then re
ours, what other mode would be more eligi
blei When we possessed an exiraordinar,
surplus, IL was considered pruo ent by Con
gress 10 make deposits with the States, wit
view TO be returned in an erieency, rattle
than 10 invest a portion OF II safely and pro
doo,ively. SO as 10 be realized in such an event
hwould therefore he consistent with that a,
gumeni to recall in ie42, such pan Of III
surplus as may be then needed.
That course, however, appears no, YER
likely TO be adopted, since the former powe
gwen 10 The Department TO recall these ds
Fosies has been taken away by Congress.
Another practical mode would lie 10 Iesol
10 drec, taxes. But this is SO unsni,ed
die general habits, and so uncongenial to ii
operation Of most Of our population. thai i
adoption 10 not 10 be anticipated. Some oil
er peunansn, sooroe Shnsi then be looked u
The course will probably res, between d
large reduction Of expenditures. with the oil
<r accompanying measures before specific
and some extensive modification Of the PIE
en- tanh Explanations have heretofore bee
given by the undersigned in favor Of the foru
az oo1rss, and IL would probably prove suti
cseas 10 meet the emergency, il The redoelic
bs pushed vigorously. and especially IL u
bnpors sher iesi should exceed those
Js5s; which lie REGARDED as probable.
Bot Csnsress may no, coincide with him
opinion on these points. and, for covering u
SsaynRney, may consider ihs sScY'isn