Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1841-12-17


for the last ten years.
From the report of the Secretary of the
Treasury, you will be informed of the
condition of the finances. The balance
in the Treasury OIL the first of Jan
uary last, as stated in the report of
Secretary ofthc Treasury, submitted TO
Congress at the Extra sessiop,was $685..
345 03. The receipts into the Treasury,
during the first three quarters Of this year
from all sources, amount TO 500 ,467, 052-
So. The estimated receipts of the fourth
quarter amount TO S6,943,O04 %, amount
ting to $30,420,lG7 II; and making,
with the balance in the Treasury, on ihe
first Of January last S3l, 297,5l2 So
The expenditures for the first three quar-
ters of this year amount TO 24,734, 34G,
81. The expenditures Of the fourth quar-
ter, as estimated, will amount to 1920,
1923 73 thus making a total of S32 ,026
90; and leaving deficit to be provi-
ded for, on the first Of January next, Of
about S627 ,557,90.
OF the loan of Sl2, 100000, which was
authorized by Congress at its lat session,
only S5,432,726 81 have been negotiated
The shortncss oftime which it had to run
has presented no inconsiderable impedi
ment in the way of lis being takenby cap
itaists at home, while the Same cause
would have operated with much greater
force in the foreign market. For that
reason the foreign market las not been re
sorted to and it is now submitted, wheth-
or it would not be advisable to amend the
law by making what remains undisposed
Of payable at more distant day.
Should it he necessary. in any view
that Congress may take of the subject, to
revise the existing tariff Of duties, | beg
leave to say, that, in the performance OF
that most delicate operation, moderate
counsels would seem to be the wisest.-
The Government. under which it is our
happiness TO live, ows its existence TO the
spirit of compromise which prevailed
among its Misunderstanding and discor-
dant opinions could only have been re-
conciled by that noble spirit of patriotism
which prompted Cancellation, and resulted
in harmony. In the same spirit the COM
promise bill, as it is commonly called, was
adopted at the session of 1898.
will ever hesitate to pay all necessary taxes for
the support of Government, yet an innate re-
pugnancc exists to the imposition Of burthcns
not really necessary for that object. In mpos-
ing duties, however, for the purposes of rcvc-
nue., right to discriminate as to the articles
on which the duty shall be paid, as well as the
amount, necessarily and most properly exists
Otherwise the Government would be placed in
the condition Of having to levy the same duties
upon all articles, the productive as well as the
unproductvc. The slightest duty upon some
might have the effect OF causing their importa-
ton to cease, whereas others entering extern
slvcly into the consumption of the country,
might bear the heaviest, without any visible
dminuton in the amount imported. So also
the Government may he justified in so discrim-
mating, by reference to other considerations Of
domestic policy connected with our manuiac-
lures. So long as the duties shall be laid with
distinct reference to the wants ofthc Treasury
no wcll-ioundcd objection can exist against
them.
1t might be deemed desirable that no such
augmentation ofthc taxes should take place us
would have the effect of annulling the land
proceeds distribution act of the last session,
which act is declared TO be imperative the mo-
mcnt the duties increased beyond 90 per
cent. the maximum rate established by the
Compromise Act Some of the provisions of
the Compromise Act, which will 10 into fleet
on the Both day of June next, may, however,
be found exceedingly involvement in practice,
under any regulations that Congress may
adopt. ! refer more particularly to that rcla-
ting to the home valuation. a difference III
value of the same articles to some extent, will,
necessarily, exist at different ports-but that
is altogether insignificant, when compared with
the conflicts IN valuation, are likely to arse,
from the differences of opinions among the M
: mcrous appraisers of merchandise. In many
, instances the estimates Of value must be con-
joctural, and thus as many different rates OF
- value may be established as there are apprals-
crs. These differences in valuation may also
! be increased by the inclination, which, without
t the slightest mputation on their honesty, may
, arise on the part of the appraisers III favor oi
their respective ports of entry. recommend
this whole subject to the cons dcration of Con.
: grcss, with a single additional remark.
[ Certainty and permanently in any system OF
governmental policy, are, in all respects, cmi.
ncntlv desirable but more particularly is this
true IN all tina, affects trade and commerce, the
operations of which depend much more on the
certainty of their returns, and calculations
which embrace distant periods Of tune, than on
high bounties, duties, which are liable &c
constant fluctuations.
Al your late session, | invited your attention
to the condition of the currency and cXchang
cs. and urged the necessity of adopting such
measures as were consistent with the constitu.
tional competency of the Government, in or
der TO correct the unsoundness of the one, and
: as practicable the inequalities of the other. Nc
country can be in the enjoyment of its full
measure of prosperity, without the presence O
q medium of exchange, approximatng to uni
:. iormity of value. What is necessary as be
l tween different nations of the earth, is also i'm
e portant us between the inhabitants of diiirrcn
= parts of the same country with the first tn,
precious metals constitute the chief medium o
circulation, and such also would be the cas-,
: as To the last, but for inventions comparativel,
> modern, which have furnished, in place of gols
Z and silver, paper circulation. do not pro
y pose to enter into comparative analysis ofth,
i merits of the two systems. Such belongc,
G more properly to the period of the introduction
Is Of the paper system.
T. The speculative philosopher might find in
If duccmcnts TO prosecute the inquiry, but his re
searches could only lead HIM to conc ludc. thh
the paper system had probahl,, better ,,nvn
been introduced, and ina: society might hay
- been much h-ppIer without it. The practica
: statesman has a very different task to perform
Is lie has to look AT things as they arc-to TAX
z them as he finds them-to supply Deficiencies
n and to prunc excuses as far as in him lies Tn
c task of furnishing corrective for dcrange
d ments of the paper medium with us, is mex
ID prcssby great. The power cXcrtcd by tn