Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-03-14

the naval TO severn which latter was as great
diminuticn as could be made, II the desired ex-
periments upon steam power were carried out, and
especially 1t the marine corps were enlarged, as
il had been generally admitted, for n long time
past, II ought TO lie. by thus reducing these and
other appropriations, he hoped to make TWENTY-FIVE
millions answer for the efficient administration Of
the government during the present year. 1t was
necessary, however, to raise two millions more, to
pay the interest upon the public debt and two more
besides, as The ordinary contingent fund. Here
were twenty millions to he raised, aud that by
duties upon imports, for he thought no public man
would run the risk OF proposing direct tax. And
II became necessary to ascertain upon what these
duties were to he levied. lie had proceeded upon
The Faith Of the law that imports ard exports must
he equal On an average, and had taken The amount
Of our exports from &c TO al, as the criterion of
our prohule imports this year. The exports Of
those years had been SGD 900, 000-ayoragng
| Sl03,50O,OUO per annun. Estimating the profits
al 10 l-2 per cent. (Which was very large, the
mount in all WINS S l9,000,060 - deductng from
which $4,000 600 as the amount OF debts abroad,
there was found to be $l00,000000 worth of goods
imported III year. In casual conversation with
the chief Clerk OF the Treasury Department, he
had found that the estimate made there, founded
uron comparison of imports, amounted TO near
" the same sum. From this, however, SIS 100000
Of Iee articles should he deducted, .oaving only
S9l OOO COO rom Which the duty to lie ralsed.
lin HE FREQ list he had included tea and coffee,
which he hoped would yet he made TO pay du-
ty) But upon the above estimate duty OF 80 per
cent. would ialse only about twenty five millions
aud half, exclusive Of the expenses OF collection
so that 10 get the net revenue prupoced, II would
lie necessary to raise the duty TO II little above 80
per cent.
lie did not propose to say much in regard TO
The subject of home valuation. That matter was
The hands of n Uipnb him Mr. EVnus \
who was emineuy capable Of doing ii the most
ample justice, and who had, he believed, pr 0pared
system which lie was confiden, would succeed.
He would merely say that he thought we should
always fix the value of dntiabe articles ourselves,
instead OF leaving it to foreigners. lf he could fix
the value OF nm article at The custom house. he
would cure bur lille What al valorem duty was
laid upon it. He would not 90 again into The Of
ten told history Of the compromise act. lie would
merely say that lie animated by The spir-
it which had acuaed him that the time Of the
passage of that act Its principles were that there
should he II fixed rate of al valorem duties, and
discrimination below it; that there should he a
gradual reduction TO the rate of 20 per till
certain time; that there should he home valua-
ton; that The duties should he paid in cash that
certain articles should be free, for the benefit of
the manufacturers; and that such duties should
he raised from imports after The Both of June, 542
as should be necessary for an economical admin
isiratiOn OK the government.
The last mentioned principle was as binding as
any other clause Of the act. Ii was true that when
II was passed, II was presumed that duties abov o
twenty per cent. would not I've required but it was
not upon such an understanding that the agree
lnent was based. On the contrary, they had
right under the compromise, if they found il ne
cessary, to raise duties to 80, 49, So or even 100
per cent. The ad valorem principle had been,
substantially, in operation ever since the passage
Of the act. This was the best form of levyng dti-
ties, and most agreeable to justice. He admitted
that the fluctuations of opinion in regard to value
made this system more difficult; but still, accor-
ding TO the scheme Of his friend from Rhode Isl
nnd MIR. Simmons) he believed It was perfectly
practicable, and as little liable fraud any 9TH
or. lie believed the legislators Of Great Britain
were giving up the system of specific duties, which
SO many in this country so slurdy adhered 10.
In reference to the repeal of the clause of the
and-dstrbuion act, which requires the discon-
tInuance OF the distribution, when it shall become
necessary TO raise the duties above 20 per cent
he said The recall OF the land fund would only re-
duce The rate of duties from say 80 to % 2 per
cent. But il the land fund should be estimated
at $3000000 instead of S. 100000, ms il was last
year, ii would reduce it to 26 2 or 81 per cent.
He put il to Senators whether they would unsetlle
great question which he'd long been n subject of
controversy, ard which had Just been put rest,
and show an example of such fearful instability of
counsel, for the sake of Two or three per cent of
duties?
He believed all would recognize the truth of the
resolution which urged The wisdom and necessity
of Ielrenchneni, aud in commencing tina; system
they owed it to themselves to begin ut home, aud
to reduce the expenses OF Congress.
az, in