Lexington union. (Lexington, Miss.) 1838-18??, 1841-07-03


in all the year 1912, about 22,50O,OO0;
and in The year lS43, after the final due
ton under the act Of March 2, 1888 about
I@0,Go0,000. The details Of this esli.
r2t3 will be found in the accompanying
| PAGER, marked e, and enclosures. = Z
1t is believed 4 a, after the expendi-
tp6@ required for the public service in the
pusnt y'sr shall have been provided for
the revenue which win accrue from that,
cf'a n,1i " proxina'o rate Of duty, will
be ssliciclt to deiray the expeufas Of Go.
vernment, and lsave surplus to be an
nooily applied to the gradual payment Of
''o national debt, having the proceeds Of
t'.e public lands 10 be dispogsd of as Con.
g9sa5 shall think fit. b.
The general principle on which the
final revision of the tariff is to rest, are,
perhaps, simple and easy to be apprehend-
Cd, but the work of revision ia4lf, in its
aoaptiJn and detail, must be work Of
time. 1t should be done on calm rehec-
lion and careful deliberation, with view
to re '2ncile, as far es possible, the con-
tilcting opinions, and 10 promote all the
various interests Of the whole people Of
thee Unit.d Stat Aud it may be i'm
portant, in that adjustment, not only to re-
ciPro cate on fair and equal principles, ard
In liberal spirit, the Connections which
may be accords3 10 our commerce by for.
eign nations, but also 10 do Justice to our
own citizens by m ting in like equal
spirit any heavy exactions or prohibitions
which foreign nations may think it to i'm
pr. upon the Importation Of our staple
productions.
Some legal provisions are also required
TO correct inequalities between the duties
upon sugar and molc7,.s, and the draw
L.@cks upon rein, J sugar and rum, manu-
featured from foreign materials. The re-
lauon betwl yn the duty and the drawback
was adjusted by the acts Of January 2Isi,
1929, and May Goth, 1880, since which
time the duties have been diminished,
while the drawbacks remain the same. |
And provision of law declaring that all
non enumerated artici,D which bear ST.
Multitude to any enumerated articles char.
geable with Guty shall pay the same rate
OF duty with the articles which it most re-.
semblas, would save large sum annually
20 the revenue, and prevent much annoy
ance and litigation between the importer
and The officers charged with the collac.
tion of the customs. '."t "". 20.
-'a Ofhe Public Debt. 8'-'.-
But 1t is not expected that any modifi-
cation OF the revenue laws will be opera.
tive to supply the immediate wants Of the
Treasury, and to pay the debts which fall
due IN the present and in the ensuing year
A further loan is necessary TO accomplish
these objects, and the only questions that
can arise are as to tine mode Of procuring
The loan, the character of the securities,
and the assumed duration of the debt
1t would, in the opinion Of the under
signed, be unwise to charge upon the com
merce or the resources of the country in
any form, the burden of paying at once
or at all hastily, the national deb.. Be-
fore that is done, measures Of restoration
and relief are required. The cur
rency of the country should be restor-
ed, and commerce and industry relieved
from their present state of embarrassment
and depression, and benign and liberal
policy on the part Of the Genera! Govern.
nent should call forth once more the t.
hardy industry and active enterprise of
BUR people, and the vast resources Of our !
a.a 1| h"i ,9'Ha .a' i'l :
If we assume the period from five 10 s 7
Years as that in which this debt can be
paid without inconvenience and embar-
'assment-and the time appears to be :
short enough--we have one Of the most y
essential elements on which 10 form our
Judgment as to the best and most cohven- 7
ert mode in which the loan can be kept =
Up, and the credit Of the Government sus- y
aimed. aa.u0n.@.a f''H AHa n. G
In the inception and during the pro- y
,ressive increase of national debt, the =
ssues Of Treasury notes, though danger. a
us and delusive, have yet their advanta. .
,es. They need not to be issued faster 7,
han the actual wants Of the Treasury y
equire; and the power TO igsue any given !
um is, for all effective purposes Of imme. 2!
late expenditure, fund in the Treasury y
valuable to that amount. But when the y
ebt has acquired its maximum and ceases =.
} accumulate, or when it becomes larger "
ian the amount necessary to be kedt on 8
and to meet the current warrants Of the e
'reasury, these advantages disappear. y
his mode Of loan then becomes 10 the p
government what the sale in market Of 70
ew Promissory notes, for the~purpose Of n