The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-06-15

But IS it may not compori with the views Oh
Congress 10 go into revirsion aud a1lls,,nen'
ofrhc customs so long before the act OF march
2, 1888, comes 10 have its final and permanent
operation. the undersigned would respectfully
recommend, rs temporary measure. Inc ieVy
ola duty Of 20 per cent. ad valorem on all arli'
,.tes which are now free from duty, or when
s1y less duty than 20 per cent. except goio
and silver. and the articles specially enumeI a.
ned in the 5th section of The act OF March md
1888.
frthis measure be adopted, it is estimated
that there will be received into the treasury
from customs. in the last quarter OF Inc presch,
'vcar. about SIS, 900; in all sfthe year lo4-
ubout S22 100000: and the year lS4'' mle'
the fioai reduction under the act OF March "a
1888, about S20,S0O,000. The details OF THIS
estimate will be found in the accompanying pa
Der; marked E, and enclosures.
|, is believed that, alter the heavy expendlt-
nrcs REQUIRED for the public service in the pres
,nt wear shall have been provided for, the rev.
enucs which viii accrue from that, or nearly
proxima,e rate Of duty, will be satncient TO de-
ftay The expenses of government, and leave a
surplus TO be annually applied to the gradua'
payment Of the national debt, leaving the pro-
ceeds of the public lands to tie disposed OF as
congress shall think fit.
The general principles on which the final re-
vision Of the tariff is 10 rest, are perhaps simple
and easy TO be unprecedented, but The work OF
revision itself, in lis adaptation and detail must
be n work orlime. 1t should be done on calm
reflection and careful dellberation, with view
to reconcile as far as possible, the conflicting
opinions. and to promote ali the various inter-
t,sts of The whole people of these United States.
And it NAV be important in that adjustment,
not only TO rociprocate or fair and equal prln-
ciplcs, and in liberal spirit, the concessions
which may be accorded to cur commerce by
foreign nations, but also 10 do justice to our
own citzens by meeting in Ike equal spirit
any haavy exaclions or prohibitions which Tor
eign nations may think fit TO impose upon The
importation of our simple Productions.
Some legal provisions are also required 10
correct inequalities between the duties on su-
gar AMI molasses, and the drawbacks upon re.
fne,! sugar and rum, manufactured or distilled
from foreign materials. The relation between
The duty and the draw back was adjusted by the
acts of January 2lst, 1929, and May 29th'
1880, since which time the duties have been
diminished, while the draw backs remain the
same. And provision OF law declaring maj
ali non enumerated articles which bear slmil-
tu4!e to any enumerated article chargeablc with
duty, shall pay the same rate Of duty win Inc
articles which il most resembles, would save
large sum annually 10 the revenue, and prevent
much annoyance ard litigation between the
importer. and the officers charged with The col
lection Of the customs.
OF TIE PCBLIC DEBT.
But il is not expected that any modification
eff the revenue laws will be operative TO supply
the immediate wants of the Treasury, and TO
pay the debts which fall due in the present and
10 the ensuing year. A further loan is neces-
sary 10 ctIt CT these objects, and the only ques-
lions that can arise are as 10 the mode of pro-
curing the loan, the character of the securities
and the assumed duration of the debt.
1t would, in the opinion of the undersigned,
be unwise 10 charge upon the commerce or the
resources of the country, IN any form, the bur-
den of paving at once, or at all hastily, the ma
iional debt. Before that is done, measures OF
II siora;ion and relief are required. The cur
rtncy OF lie country should be restored, add
commerce and industry relieved from their
present state of embarrassn ent and depression,
AMI be nian and liberal policy On the part of
the General Government should cal forth once
more Tie hardy industry and active enterprise
Of cur eoPe, and the vast resources of our
county.
five assume The period offrom five 10 eight
wears rs that within which This debt can be PAID
without Inconvenience and embarrassment, and
tie time appears 10 be short enough-we have
one Of the most essential clemens on which 10
form our Judgment as 10 the best and most
convenient mode in which the loan can be kept
up, and TIE credit ofthe government sustained.
In Ike inception and during the progressive
increase Of 4 national Cebi, the issues Of Treas
nry notes, though dangerous and delu>ive, have
YET their advantages. They need not be issu
e,i faster than The actual wants of the Treasury
require: and The power TO issue any given sum
is, for all effective purposes of immediate cx-
ps nditure. fund in the treasury available to
il.at amount. But, when the debt has ac9uir.
I'd lis maximum ard ceases 10 accumulate, or
when Il becomes larger than the amount ne
ccssary TO be kept Gu hand to meet the current
wants OF the Treasury, these advantages disap-
pear. This mode of loan then becomes to the
government what Tie sale in market of new
promissory notes, for the purpose of raising
xonay to take up old promissory notes, is to an
Individual. Il is the Issue of Treasury notes to
take up other Treasury notes year after year in
succession; and under these circumstances, it
is inconyenient and expensive.
But tie raising of money by the Issue oi
treasury notes is Objectionable because it is dc.
ccPiiye; by this means heavy debt may be
raised & fastened upon the country,the amount
Of new issues being involved with the payment
Of the cid; while the people. and even those
who administer the finances, may not be i'm
pressed with the impoftan, fact that national
debt is created or in TIE process ofereation.
Therefore. in the opinion OF the undersigned