The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-03-26

in fixed and higher rate ofduy and to commute it oI
that rate The difference betv home and foreign
value is yarously computed at from twenty TO thirty
per cent advance upon the foreign cost Let take
the mean, and suppose it to be equal to twenty Five
per cent. advance on the foreign cost. This would
be equivalent to adding five per to the rate OF
duty, and would give a fixed duty of twenty-five per
cent. as the fair measure OF home valuation, with a
twenty per cent. rate of duty Let this rate of duty
them be substituted the equivalent of home yaua-
ton, and feel strong persuasion that it would yield
both adequate revenue to the Government and sat
isfactory protection to domestic industry In the est
mate of the Hon. Senator from Kentucky, Mr. Clay, y
which has been followed by most of the gentlemen
who have addressed the Senate this side OF the
chamber, 81 millions of dollars were assumed the
average amount of dutIabe imports for series of years
to cannot but think that estimate is too low
In the tables accompanying he annual report OF Mr.
Ewing at the extra session of Congress, find the
gross amount of imports for series of years ter
minating with 1910, averaging annually l44 millions
During the same period, the exports averaged annu-
ally 1877 millions. Upon this basis, he assumed l4O
millions as the probable annual average amount OF
imports for series OF years to come. Then dAductng
about fifteen millions for free articles, there remained
one hundred and twenty-five Millions upon which he
calculated duty of 20 per cent. in the estimates
submitted by him to Congress In the face of these
exhibits, think it would be quite safe to assume the
round sum OF 100 millions of dollars the probable
annual amount of dutiable imports for series of
years to come That, believe, will be found to be
the point to which dutiabe imports will gravi-
tate for some years-sometimes, possibly, lit
tie below, but more generally above. Assessing,
then, duty OF 25 per cent (Which | suppose to be
the fair equivalent of home valuaton) upon that
amount we have gross revenue OF % millions OF dol
lars. Deducting 100000 dollars for expenses of
collection, estimated by the Senator from Ken
lucky, Mr.. CIay) and there would remain ss23, AGO.
600 (twenty-three millions four hundred thousan d
dollars to which, adding three millions the estimated
annual average amount Of the land sales we should
have aggregate oftwenty six millions four
hundred thousand dollars, exceeding by four hun
bred thousand dollars the sum which the honor
able Senator estimates necessary for the current
penses of the Government and the gradual discharge
of the public debt Thus by restoring the Land fund
to the National Treasury, and carrying out, in good
faith, the principle Of home valuations by giving i,
fair equivalent for it, the compromise is pre-
served intact in all its parts, adequate revenue OBJ
tanned for the Government and incidental to it due
protection, should trust would be iven to all the
great interests of domestic labor and production while
that stability of legislation, which s above every
thing else essential to the prosperity of industry and
trade would be secured by adherence to a Solemn
Legislative adjustment of conflicting interests, which
has been hitherto respected and would continue to be
respected by all parties. would, them respect
fully appeal to honorable gentlemen who repre-
sent the manufacturing interests of our country
on this floor, whether, in view of all these consdera-
tons it is not better for them to abide fair trial of
the Compromise act, on the principles have VEN
tured to submit and if it be found on experiment
that any of those interests which have grown up
the faith of former legislation cannot lire, to
phrase somewhat technical under the reduced scale
applied by the Compromise act then the instinct Of
common interest and the spirit of fraterna concord
which animaes and holds together this glorious Union
of ours, will hasten, doubt not to do them full and
equal justice. But have already extended these
hurried observations further than intended, when
rose and asking pardon of the Senate for the tres
pass, beg leave to present the resolutions hold IN
my hand-and move that they be printed for the con-
sideraton of the Senate.
The Resolutions were then read as follows:
Strike out the second third, fourth and fifth reso-
lutions of Mr.. Clay, and substitute the following:
]. Resolved, That, in the present embarrassed
condition of the national finances, and at moment of
critical uncertainty in the foreign relations of the
country, it is of paramount Importance to the inte
rests Of the whole Union that the General Govern
ment should have the aid Of all the sources Of reve-
nue. with which it has been heretofore endowed for
the maintenance of the public credit and the eficien
cy of the public service.
g Resolved, That the distribution of the proceeds
of the public lands among the States having, by the
terms Of the law which enacted it, been made express
" dependent on the continued limitation of the du
ties foreign imports to rate not exceeding 20 pei
cent, provided for by tie Compromise act, and il
being apparent that that rate OF duty on foreign
imports will not produce revenue enough for the
wants OF the government, WltnOuL tne ala OF the
land fund, the principles and conditions which the
Distribution law enacted as well as the exigen-
cies of the public service require that its operation
be for the present suspended
g. Resolved, therefore, That SO much Of the act en-
titled can act to appropriate the proceeds of the
public lands and to grant presumption rights" APP
proved on the 4th day of September, lS4l appro-
pirates those proceeds to the States and Territories
and the District of Columbia ought to be suspended
until the national debt already contracted or which
may be contracted, shall have been paid, and that, in
the time, the said proceeds be set apart
and pledged as fund for the payment of the inte-
rest, and the gradual extinguishment of the prnci-
pal, of such debt.
A. Resolved, That, in any new adjustment Of the
tariff of duties foreign imports which may become
necessary the principles and provisions of the act of
the I'd of March, 1888, commonly called the Com
promise act should be adhered to and maintained, as
far practicable, consistently with the necessary de-
mands of the Government economically admins
tered and with the equal justice due to every interest
and portion of the country.