Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-09-20
VOL. SO, NO. I-WHOLE NO. 1922.


the fair value of the home valuation he estima.
ted home valuation at twenty per cent. as equal
to thirty per cent. on the nett foreign cost The
value Of the home valuation being ascertaned, lis
application could be readily made to specific du-
ties. For this purpose the average value Of the
article for the last five years in the home market,
corrected nj stated periods by an average on the
i've preceding years, might be taken as the home
valuation, aud specific duty laid equal in a
mount TO the al vaorem duty the average thus
ascertained. Specific duties IRE always TO be pre-
ferred on articles of nearly uniform quality. They
nre more easily nscer,aned, and all fraudulent
valuations are avoided. On articles of the same
kind, but Of slightly different qualities, general
average ofIhe quality should he taken rs the stan.
dard of the specific duty. He repeated thut a
compromise, something like this, must be made,
aud could be made, consistently with the spirit of
the compromise. lie thought all interests would
concur in its propriety.
| A revision would be necessary for dscrimina-
ton with view merely TO revenue Many arti-
cles will not bear a duty of 20 per cent. To pre-
vent smuggling, articles of small bulk and high
value must he put at low rates. You will get no
revenue unless the duties are nearly as low as the
cost md risk of smuggling.
There must also be revision for discrimination
for purposes ofproteclion Yes, sir, for protection.
for,to certain extent, the principle ofprotection is
recognised by the compromise; and the nanuac-
turing interest entitled to the full benefit oft
And that full benefit will be to lay the maximum
OF duty on the projected articles, and then resort
to the unprotected articles to supply any defcien-
cy of duties
The subject of retaliatory duties is left open by
the compromise. That principle was not surren
dered. The compromise was based on n system
OF duties laid for revenue only; leaving the ques
ton of retaatory duties the entire discretion of
Congress--to I've laid for the benefit OF the COM
rnerce of the country file should be in favor OF
/ 81 al III inns ntripa
which laid exorbtant duties on our productions,
merely for the purposes of revenue and he was in
duced to think that the high duties ON tobacco was
"A tit occasion for retaliatory duties. He did not
agree with the gentleman from South Carolina,
Mr.. Rhett,) that the only effect would be TO en-
barrass our commerce. That might be the first
effect; but the second effect would be to produce
IA reduction OF the foreign duties Reaiiatory du-
lies were not Intended as permanent system, nut
as means OF placing our commerce on an equal
footing with that of other counties. Suppose, for
the high duties laid by France, we should lay
retaliatory duty Of equal amount on her silks and
wines. the first effec, would be prohibition and
the effect OF that would be TO throw back upon
her market The immense amount OF these articles
we take from her - from fifteen to tweny millions.
The effect of this would he to lower the price of
her whole production Of these articles probably
so per cent. And the final effec, would be q re-
duclon of the duty on tobacco 10 "A reasonable
rate The consequence OF which would be an
immens" increase of consumption, aud of the val
ue of The whole of our product Of tobacco. 1t is
a question of the highest magnitude 10 the tobac-
CO interest.
We not now prepared for such revision Of
the tariff shall do justice to all the great inter
ests of the country. We have neither the time
nor the Information necessary make perma-
nent "judicious tariff" He again appealed To tile
manufacturing and agricultural interests of the
North, and of ali sections of the country, not TO
SIlh IlaIr tnfnr l.,f
vision of the tariff, should the bill pass without a
limitation of time. For such revision could lie
made without the assent of this House, and OF
the Senate, and Of the President.
tie fully concurred in the opinion that some rev.
enue bill ought to he pissed at the present session
and 1t Tor no other, Tor urged against il
by a gentleman from South Carolina, Mr.. Holmes.
lie saul that there was no necessity for additional
revenue because the wants of the Government
had been supplied by the Twelve million loan. In
my opinion SAID Mr.. E., that is the cogent reason
why hill for additional supplies should pass-to
pay the debt. One ground on which voted
gaiiist Treasury notes was, that no means were
provided to pay them. That they constituted II
permanent debf under deceptive title. Aud such
has been the result. The twelve million loan is
prinrpdliy, consequence OF The Treasury notes
And if we would avoid permanent debt, WE
should now provide The means 10 pay that loan.
The gentleman from Massachusetts Mr.. Win
person who was IN favor of duty OH wool cost
ing less than cents pound. That gentleman ha1
stated that foreign wool of that quality. did no
come in competition with the wool Of this coun-
try; and that duty of 20 per cent. on such for
elgn wool would break up the manufacturing es
adjustments of that article. He was induced iC
think the gentleman mistaken IN both positions
Mr. K. said that he believed about one-flih of III,
whole wool clip was worked into cloths that com,
III direct competition with portion of those man
niactured from the foreign wool. Ii wasirue tina
our coarse wool would not make all the articles
(such As require the long stapej made OF lie for
eign wool yet such as could he made of boh OIL
were used for similar purposes so tar competed
with each other. AS to the manufactures, he be
lleved that the duty ION an average about one an,
fourth cent per pound) would be deducted iron
the price. We import large amount. Ii no
taken ny our manufactures, large portion OF
will be thrown back on the market of the foreigI
wool growers. The anulacturer will not take
higher price than will afford him a fair profit
and, at such price, it must be sold, if sold at all
In this view he did not consider that our wool
growers had much interest in The question. lie
considered The duty as merely for revenue, ant
not Tor protection. With or without the duty, a
bout the same quantity would BE- imported.
MIR. r.. desired TO say Il word about the forty
bale theory the paternity of which is claimed b,
HE gentleman from South Carolina, (Nlr. Camp
belL) There seemed TO him a confusion OF idea
on That subject. IL WAS one of these commercial
mysteries, which either nobody understood, or no
body could explain-at lens; lie had never foun'
any Two OF these theorists who agreed as TO tn
manner OF lis operation, though they agreed in h
conclusion, Ihut exports pay The duties on imports
and IN the application, that cotton pays all tn
'axes. tie considered that both The conclusion
and its application were unfounded.
The error seemed to him to arise from bad log
Ic. The gentlemen suppose apaIIicular case Il
winch the conclusion rnay he applicable, and IRON
that deduce theory applicable 10 all cases Their
are some cases III which duly on an article pur
chased tails on the article with which 1t is pur
chased: some, in which il falls on the produce
o the article purchased some, in which il tall
on the consumer: and others, in which il is divi
dsd among the three. These results depend OF
10 fixed, invnrable condilion of things but OF
the suite OF The mnrkei for The time hning. dennn