Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-01-10

~ high for the revenue and also afford reasonable
encouragement TO home producers oi the articles.
AS to these, therefore, the object Of the net OF 1883
will be accomplished, its provision for home val
uation be carried out by Congress. But he still
supposes That there are several descriptions ofim-
ported manufactures and produce, which would
we'll bear higher duty than twenty per cent. up
on the home value, and thus yield a greaier reve-
nue. 10 the Government, while, in regard 10
some of them, il will be found that, without much
increased duty, the labor of large classes engaged
In producing similar articles, will be greatly de-
pressed, If not entirely supplanted
1t s unquestionably true, and well worthy of
remark that the net of 1888 was avowedly con-
seryaiye in its objects and character; and, while
II was designed to. remove what was esteemed a
grievance by one part of the country it wns not
intended that the interests of any other should be
sacrificed by 1t. On the contrary, reasonable
security was Intended for all. lis true spirit,
therefore, will be carried out Ivy acting, under any
new state OF circumstances, with reference to the
same great objects, and doing justice alike to ALL
The great principle of TINT ret was moderation
and cancellation, md this should never be lost
sight OF. But The measures proper and necessary
TO carry out that principle nay be changed, ifthe
altered circumstances Of The country call for such
change, without any departure from The principle
itself
Nothing Is more established by our experience
and the experience OF other nations, than that the
augmentation of duties does not augment, IN an
equal degree, the cost OF the article 10 he con
sutner. In many cases il appears not to increase
that cost at ull.-Very often the price 10 the con-
sumner is kept down, notwithstanding an increase
OF duties, partly by the greater supply Of the home
production, and partly Ivy the reduction Of the
price IN The foreign nurket.-lt is believed, ill.,
deed, that there have been cases IN which the
joint operation of the two causes has occasoned
prices TO fall lower than they were before The in
crease Of duties was hid.
i his result in the operation Of trade and hils.
ness might readily he traced TO its CAUSES but
full exposition Of those causes, and the modes of
Their operation, would too much swell this report.
sulhce II TO say, TINT when un additional duty is
lhid on an article, IN a country in which the article
10 extensively consumed, the burden always falls IN
pari, and sometimes, rs experience has shown, al
together, upon the foreign producer. The for
eign producer must sell and il, in the place Of
safe, he finds all article produced oil the SPOT
which comes into advantageous competition with
ms own, by reason of paying no duties, he still
must sell; and, for the sake OF being able TO do it,
he must pc content 10 bear the burden of The dI-
ties himself. The duty borne by the foreign pro-
ducer in such cases is like the charge for trans
porIation- it is something which is necessary to
bring him into the market of competition. Annlo-
gous instances occur in domestic trade. The
wheat grower of Indiana, who ncurs heavy ex-
penses in conveying his 1our to an Atlantic port,
expects no higher price for it when he arrives
mere than is paid for -four of the same quality 10
producers IN the immediate neighborIood The
cost oil transportation therefore, does operute
SO much TO raise the price at the place of sale us
TO diminish il at the place Of production.
Now the great law which regulates prices, by
demand aud supply, is sernIy observed in cases of
foreign Importation, as in the instance Of domes-
tic trade. The undersigned cannot forbear 10
add, that vastly the greater portion OF the ngricu-
tural population Of The United States is obliged to
rely mainly upon the home market for sale of
its products, although large part of those
products (wheat for instance,l in such as often
enters extensively into the consumption of the
world. The quantity of -four and Indian corn
exported from this country is altogether inconsid-
cradle, in comparison with the quantity consumed
in the large cities and manufacturing towns.
which have either entirely grown up or added
largely TO their population under The influence of
laws Of Congress- passed since the end OF the last
war, upon domestic labor aud Industry.
The immense interchange of products, all be-
ing the result of labor, which now takes place be-
tween producers of subsistence nnd the popula-
ton above mentioned, shows the advantage which
one class is the other, and the essential import
ance to both of preserving their existing relations.
If the consumption of -four and grain in the
manufacturing districts, especially The North and
East decline, to that extern there is an absolute
loss to the wheat and corn growers since the
quantity consumed by them will find market no
where else. To say nothing, in this connection,
of the incalcuable importance OF home marke.
10 the producer OF the great article of cotton, and
limiting his remarks 10 The grain growers alone,
the undersigned cannot hut fsuade hnise that
all will see and acknowledge the great value to
that class Of producers Of the Northern and East
ern Inarkei-the only considerable mark ct, In
deed, which is permanently open to them upon
the face OF the earth
So long as the policy of other countries shall
continue TO exclude the products of our agrlcu.
ture from their ports, and thus deny 10 the ad-
vantage of fair reciprocity in trade il would mp
pear TO be equally the dictate Of policy and of
justice to Our people to secure TO them, as far as
may be reasonable aud properly done, market of
consumption for their produce in their own coun-
try.
The undersigned is of opinion that the condi-
ton of the Treasury and of the country demands
nm augmentation %! the revenue. 1t cannot but
I've The true policy of Government to extngush
the amount of debt now existing rs soon as prnc-
tcabc, and to avoid increasingly. The creation
OF debt, by onhs and other resorts for revenue TO
supply deficiencies Of re ular incomes cannot but
he regarded, in time OF peace, us nudcious and
Objectionable. The generaicredit Of The Govern
ment, always good, has been greatly raised both
at home aud abroad, by the fact that il has fully
paid off and discharged the debt created by the
and wars with The Indian tribes. The preserva-
ton of this high credit is Of the utmost import
ance. Ii must be the necessary reliance of the
Government, it, in the vicissiIudes of human af :
fairs, sudden war should come upon us, requiring
large and immediate expenditures Exact pune
tualiy in the payment of interest, while the debt
shall continue, and It's payment arrives as well as
the known ability aud honor Of the Government,
are the means of inspiring that general confidence
which shall al all times enable us 10 use its credit
to the greatest advantage.
The estimated expenditures Of the Government
for the coming yenr will exceed It's probable in
come by Sl42ls,570 66. Should Congress an
thorze n reissue OF Treasury noes The amount of
$5,000000 ard the balance Of the loan lie dispos-
ed OF, there will remain defcit of 9 1850 for
which provision must be made by law. But it is
not supposed thai Congress will deem it advisable
to restrict the income Of the Government TO the
precise amount of its expenditures. There ought
to be surplus OF nt least two millions, 10 meet