The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1842-05-24
29,593,335 90
Total, 9S,3S9.360 u

1t will be seen that among the estimated re-
ceipts into the Treasury, the fund accruing
from the sales of buplic lands is included =
The duties proposed in the bill submitted be-
ing in many instances higher than 20 per CT.
IFS passage WILL under the terms of the distri
button act, restore the income from the public
lands TO the National Treasury.
Annexed to the letter is schedule design
ed TO show the amount of importations in 1910
Of the dutable articles included in the present
bill, and of the revenue which would accrue
from each, at the rates of duty now proposed.
The importations assumed as the basis of
revenue are seen TO amount 10 S93,Sl7, 1856,
yielding gross revenue of 2,6O3, 335; from
which deduct estimated amount of drawback
on merchandise exported, on refined sugar and
spirits pckeled fish and expenses of collection
S5,l60,0OO. Leaving net revenue of S27,-
443,335.
In regard to duties on our staple productions,
che Secretary thus remarks; 81 desire howev.
er, that the principle in view of the Depart
ment in fixing the rates of duty upon wool,
cotton, hemp, iron and the manufacturers of
each Of those materials. as well us from leath.
er, should be distinctly understood. They
were regarded as objects of great national con-
Germ, and their permanent supply at home es.
sential to our real independence. Although
1t is admitted that an entire home supply can.
not be Immediately attained without actual or
al least possible prejudice TO the interests of
portion of the American people, yet the impo-
sition Of duties at such rates as shall tend grad.
ually but certainly to increase such supply,
while they no more than meet the absolute
wants of the Treasury in the mean time, is
deemed to be not only expedieut in itself, but
entitled TO rank among the obligations of
government to the whole country. There are
other articles which, though not strictly clas-
sed among the absolutely nesessaries of life, or
means Of national defence, are yet of great
convenience and Importance; and the extent
and variety Of labor employed in their produc.
ton are such as TO call for the favorable notice
of Government"
Specific duties are proposed in nearly all
cases where practicable.
Cash duties are also strongly recommended,
as follows:
In order to appreciate the advantages of
cash system, it may be well 10 premise that
more than one half of the imports from Europe
and considerable portion of those from 9TH
er countries are On foreign account. In some
branches of The import business, (silk for in.
stance, american merchants have given place,
almost entirely, to foreigners. The causes
which have induced this state ofthings are
various, and may not be equally operative. 1t
is believed however, that, among these causes
our credit system may have not been without
some influence. But. waving all discussion
on this point at present, the fact that so large
nm amount Of the import business is now IN
foreign hands, and that the advantages, if any.
OF the credit system, accrue tn great meas
Ure 10 them. Is u consideration not to be dis
regarded. Another consideration of great
weight IN this matter, is the circumstance that
the fluctuations and revulsions so frequently
experienced IN our great marts of foreign
commerce, the eflecs of which have been so
often felt throughout the whole country are to
be ascribed, TO some extent, 10 the facilities
afforded by our system of custom house credit.
They are, for all practible purposes, a loan of
money TO the amount of the duties bv the gov
eminent TO the importing merchant. The
credit itself besomes capital in trade, and
serves TO stimulate and progressively enlarge
that portion of the import business which rests
wholly on a fictitious basis.
Among the direct advantages expected to
arise from the cash system is its tendency TO
check overtrading, and to restrain importaions
within limits indicated by the wants of the
country, and the probable amount of its ex.
changeable surplus. 1t needs no labored ar
guments or research to prove that the present
embarrassment in all our departments of labor
and enterprise, have arisen very much from
overtrading, and reckless adventure has been
favored by the system of Custom House cred
its.
Another advantage of the cash system, no
less obvious is the reduction of expenses incl
dent 10 the collection ofihe revenue. The
number of custom house bonds outstanding and
unpaid is very great and the amount OF mo.
ney lost through the bankruptcy of importers
and their surities must amount 10 some NIL
lions Add 10 this the expenses of litigation,
which in many cases are enormous.
The Warehousing system is disapproved of;
inasmuch rs TO be uniform it must be univer-
la; and if universal, necessarily very expen.
s:ve.-Troy Whig.
II. CLAY.-The Knoxville (Tenn.) Post
says, the manifestation disposition on the
part of the wing party in the Union 10 advo-
cate the election of Mr.. Clay TO the Presden-
cy, are so strong, that no fears need be enter
tanned of split in our ranks in the selection of
candidate. There is scarcely a state in the
Union where his popularity is not greater than
any other individual whose claims have been
spoken of. II many other states his friends
constitute an overwhelming majority, and in
others( Tennessee for example) there is scarce
ly whig in the country, whose first choice is
not Harry of the Vest In our own stale,
there is no difference in opinion upon this SUBJ
lect, all tire united all are resolved TO do battle
for their country under the broad banner of
Clay and III" constitution. - Albany Daily |
Id