Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-03-28
examine them before / rose to address

could not examine them before rose to address
the Senate.
| will now show you tina, the exports from
1886 to 1S4l nclusve-a period OF six years
amount to S62i 004, I25, being an average annual
amount of Sl03500,6S7. That take as present.
ing safe ground of calculations for the future.
To this propose to add fifteen per cent for prof
its--in which do but follow Mr.. Ewing, the late
Secretary, in his report Mt the extra session. It's
certainly a great profit, Il include OF course all
expenses aud charges of every kind aud with
this addition the annual amount will he SllS-
957, 1S7-say ll9 millions. Dedncting for the
interest and principal of the American debt ten
millions per annuni, it will leave a net amount of
100 millions There can he no dispute as TO the
propriey of such reduction; the debt exists it
must be provided for and my fear is that this D.
mount will prove too small TO meet it. | think
that much more may probably lie needed; but
certninly none oil eci to the reserve of ten
millions. We thus get, ms ] said II net balance
from our annual exports, including profits, Of 100
millions.
OF this amount OF importation, how much is
now free from duty? The free goods including
teo and coffee, amount to 300O0000 from wllirh
amount deduct for tea aud coffee, assuming that
they will BE- subjected TO moderate duties, l2000-
900, leaving the amount Of free articles ut lS,000-
600; deduct this from 100 millions, the amount Of
exports, md Il will leave balance oi 81 millions,
which may he assumed n the amount OF dutabie
How, then, out of these 40 ar 81 millions 81
dutable goods uro we to raise Il revenue oi 70
millions? No man, ] presume, viii RE here in
his place and say that we IRE To rely either on di
rect or internal taxes. Who has the lcmerity to
meet the waves of popular lndgna'ion which will
How round md bury him, whoever IIr may he,
that shall propose, IN time Of peace, 10 raise
revenue by direct taxation? Yet this is HE only
resource To fly TO, save the proceeds of the public
lands, on which shall speak presently, and which
can satisfy any man is not 10 he thought Of
You are, therefore, TO draw this amount OF rs nil
lions from the 81 millions Of duiub.e articles i'm
ported, and, to reach that sum, III what rate per
cent, must you go'
shall here say nothing, or but n word or TWO,
on the subject of home vhluaon--l subject which
II friend has care of, MIR Siinmohs.) than whom
none is more competent to it's full rlicidaoD-
He thinks as understand, that there can be devi-
sed a satisfactory system OF such valuation, aud
heartily wish him success in the attempt ! will
only say llat, in my opinion if we raise but len
millions, without any reference whatever To pro.
lection, without reference 10 any thug tut to
mere honesty, however small the amount may he,
we should ourselves assess The vnlue Of the goods
on which we lay the duiy and not leave that val
ue TO he fixed Ivy foreigners. As things low
stand, we lay The duty but foreigners Tx the
value Of The goods. Give me hut this pnwer Of
fixing the value of the goods aud care little, in
comparison, what may he tIe rate OF duty you
impose. Ii is evideIt that ON the a uGtorem prin-
cpe il is the foreigner who virtually fixes the
tudl amount Of the duty paid It is the foreigner
who, by fixing TINT value, ,rlua " cgisates for
us and III case where his interest is directly
opposed 10 TINT of our revenue. / say, therefore
that independent of all considerations OF prOteL-
ton, independent of all ends or motives but the
prevention of those infamous frauds which have
been the disgrace OF ourcu.Iom house frauds in
which the foreigner, with his double aud triple
and tt,In ENa .f
merchandise iaXed-every consideration Of ma
tional dignity, justice, aud independence demands
the substitution OF home valuation III The place OF
foreign Villa, effect such change may have in
the augmentation of the revenue am not pre-
pared to say, because do not know the amount ::
! think The rate muy he sci down at from twenty
10 twenty-five per cent in addition 10 the foreign
value OF imports. do not speak with great con-
fdence. II the rate is twenty five per cent, then
il would add only five per cent. 10 the rate OF
twenty per cent, established by the compromise
act. OF course, fthe home lie substituted for the
foreign valuation, the augmentation OF duties be-
You'd Nv enty per cent. will be less than home val
uation, whatever it may he. Without, however,
entering into the question Of home valuntion and
leaving the subject 10 be arranged hereafter, shall
treat the subject MS if The present system OF lore
ign valuation is 10 continue.
then return TO the inquiry, on an importation
amounting 10 ninety one millions, how much duty
must he imposed in order to raise net revenue Ul
twenty-six millions? The question does not
admit Of perfect accuracy the utmost tint can
| he reached is reasonable approximation. Sup.
pose every one of the imported articles 10 he
subject toa duty of thirty per cent, then the gross
revenue will amount TO S27, 100000. Dcductng
the expenses of collection, which may be stated
at 81 100000 or three hundred thousand dollars
less than the proposed amount OF twenty six mil
lions
But might MS well take this opportunity 10 OK
plain subject which is not well understood. 1t
has been supposed, when | propose 10 fix II rate
of udvalorem duty MS the maximum to he allowed,
that my meaning is, that all articles OF every de.
scription are to be carried up to that point, aud
fixed nj that rate, on sort OF bed OF Procustes.
But that is not my idcn. No doubt certain altcIes
oug 10 90 up 10 the mnximun-l mean those of
prime necessity belonging to the class OF protect
ed articles. There ME others, such as Jewelry
and watches, and some others of small bulk and
great comparative value, and therefore easily
struggled, and presenting great temptation 10
the evasion OF duty, which oug to be subjected
10 less rate. There should therefore, be dis
elimination allowed under tho maximum rate ac-
cording TO the exigency of the respective crcum-
stances Of each particular interest concerned. -
Since il will require duty Of thirty per rent. on
all articles 10 give The amount of thirty five mill
ions seven hundred thousand dollars, aud since
some of Them will not bear so high duty rs thr-
~ per cent. follows that less thun that rate will
certainly not answer the necessary demands of
the Government, and il may in some particular
SEES require rate somewhat higher than thar, in
order 10 raise the proposed SUN Of twenty six
| millions. But the reserved fund oil Two mill.
ions for contingencies will not require an annual
revenue for HAT purpose, should the amount OF
duties levied be less than twoniy-sx millions, or
even between twenty four and twenty-five uIlI-
ions, The reserved fund nay he nude up by arcu-
mutations, during successive years, aud sill
| LAM In al
penditure of twenty-five millions aud two millions
tor the public debt.
Remainder neri iceek
| APPOINTMENT BY THE PRE- SIDENT,
BY aud 10Th The adpice and consent Of The Senate,