The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1842-03-29
For appropriations not included in the
estimates,
100000
a22 100000
Milking en- aggregate Of,

may be effected
Well, then, having fixed the amount AT twenty
two millions for the ordinary current expenses OF
Government, | have supposed 1t necessary ana
proper 10 add two millions more 10 make proyi-
sion for the payment OF the exisung Natonai Depl
which is in the event of The loan being taken up,
| Sc venteen millions And then 60 on to add two
millions more a reserved fund, to meet contin-
gences SO that, should there be a temporary rise
OF the expenditures beyond twenty millions,or any
sudden emergency should occur which could not
be anticipated or calculated on, there may be the
requisite means in the Treasury to meet It. MOI
has there been single Secretary at the heaa OF
the Treasury since the days of MIR. Gallain, lnclu
ding the respectable gentleman from New Hamp.
shire opposite, (Mr Woodbury. who has not held
and expressed the opinion that reserved iund Is
| highly expedient and proper Tor coniingencles,-
Thus propose shat twenty two millions shall be
Appropriated for ordinary expenses, TWO millions
more to provide for the public debt, and other two
millions reserved fund TO meet contingencies;
making IN all twenty six millions. ,
! The next inquiry which presents ITSELF Is, now
this amount ought TO be raised? There are Two
modes of estimating the revenue 10 DO derived
from foreign imports, and either oil them presents
only ground for conlecturai result; out SO uuAiu-
atng is tho course oil commerce, that every one
must see il be impossible 10 estimate, win pre-
csion tho exact amount that IL VIII yieid' In FORM
ing my estimate, have taken the amount OF ex-
ports as presenting the best basis OF caicuiaton-
But here let me add, that at the Treasury they
have taken the imports as the basis; and am graz
fled 10 be able state that, understand, on com
lions were made without concert, those OF the sec
rotary to be very nearly, u not exactly the
same with those to which l have been conducted
will here state why is have taken the exports
as the ground of my calculation, adding thereto
fifteen per cent for profits The exports are one
means of making foreign purchases. iher value
is asccrtaned the ports of expectation, under
the acl of 1920, and the returns generally present
the same value The price OF cotton, as an exam
pie, at home, is always regulated by The price Ia
The Liverpool market. 1t follows therefore, that
by taking the value Of any commodity at the place
OF its export, you reach its true valuej ior, II the
price realized abroad be sometimes above and some
times below that amount, the excess and deficiency
will probably neutraiize each other. This is the
farest mode for another reason II In any one year
more foreign goods shall be purchased team the ex
ports of that year would pay for, credit is crea-
ted abb Dad which must be exnguished by The ex
ports Of some succeeding year.
! TMr. Buchanan here inquired If any deduction
! had been made by MIR. Clay from the exports, to
| pay the interest az on American debt held abroad!
Mr.. G.. replied that the Senator would presently
see that he hal.
ming that the exports form a moro correct and re
! liable standard of estimation than the imports
However that may be, the accidental coincidence
between the results arrived at in either mode or'i
fies and proves the calculation itself TO have been
founded in correct principles. Those results, as
shown by the Secretary oil the treasury, are now,
eeye in The House; and regretted could not
examine them before | rose to address The Senate
1 will now show you that the exports from 1886
TO 1871, inc lusive-a period Of six years-amount
to 1921 00I 1875, being an average annual amount
Of s. 03 500 Csc. That take as presenting safe
ground Of calculations for the future. To this
propose to add fifteen per cent. for pIohts--in
which do but follow MIR. Ewing, the late Secre
tary, in his report at the Extra Ses>op' IL Is GER
taniv great profit q include of course all expen
ses and charges of every kind,) and with this adj
di,ion, the annual amount will be $llS ,05I, lS7-
say II 10 millions Deducng, for the interest and
principal of the American debt abroad ten millions
4 will n amount
lions. There be no dispute as To the propriety
OF such deduction: the debt exists: II must be pro
vided for; and my fear is that tins amount wi'I
prove too small TO meet it. l think that much more
may probably be needed; but certainly none can
object TO the reserve of ten millions We thus get
as said q net balance from our annual exports,
including profits, of 100 millions.
OF this amount oil ImrOftations how much Is
now free from duty? The free goods, including
tea and cufiee, amount TO 30 900 900; from which
amount deduct from tea and coffee, assuming
that they will be subjected to moderate duties, IL,
600 900, leaving the amount offree articles at le,
600 600: deduct this iom 10Y millions, the amount
Of exports, and it will leave balance of 81 mil.
lions, which may be assumed as tho amount OF
! dutiabe articles for some years to come.
| How then out OF these 30 or u millions OF dua
BILE goods are TO raise revenue OF 26 millions:
No man, presume, will rise heie IN his place and
say that are 10 rely either on direct or Internal
taxes Who has tho lemerity to meet the WAVES
of popular indignation which Will How round ana
bury him, whoever he may be that should propose,
in peace, TO raise revenue ny ulTecI
lion? Yet this is :he only resource 10 fly to, save
the proceeds of the public lands, and which can
satisfy any man is not to be thought Of. You are,
therefore, to draw this amount oil 26,UUU,UUu from
the 81 900 600 OF dutiable articles imported, and,
to reach that sum, at what rate per cent must you
go?
shall here say nothing, or but word or tive,
on the subject of home valuation-a subject which
q friend has care of (Mr Smmons,l than whom
none is more competent to its full calculation
He thinks, as understand, that there can be dew
sed satisfactory system Of such valuation, and
heartily wish him success in the attempt. 1 will
only say, that in my opinion, if we raise but ten
: millions, without any reference whatever 10 pro-
teciion without any reference to any thing but to
mere honesty, however small the amosnt may De-
on which we lay the duty land leave that value
1 to be fixed by foreigners AS things now stand
we lay the duty, but foreigners Tx the value OF the
f goods Give me but the power of fixing the value
OF the goods, and care little, in comparison, wha
may be the rate of duty you impose, IL is evident
that Oh the ad ualorsm principle it is the foreign
v er who virtually fixes the actual amount OF the du
$ ty paid 1t is the foreigner who, by liking tina
cnr md in haf ga