Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-03-26

thls amount ought 10 De raised! There are two
modes OF estimating tho revenue to be deriy.
ed from foreign imports, and either Of them. pre-
seats only ground for a conIectural result; but so
fi1ctua'ing Is the Course Of commerce, that every
ono must see IT 10 be impossible to estimate, with
precision, he exact amount OF what II VIII yicld.
In forming an estimate, have taken the amount
OF exports as presenting the best basis OF calcHla-
ton. But here let me add, that at the Treasury
they have taken the imports as the basis; and
am gratlfied TO be able 10 state that, understand,
on comparing the results arrived at, although the
calculations we're made without concert, those OF
tho Secretary turn out TO be very nearly, If no,
exactly, the same with those 10 which have been
conducted. ] will here state why it Is have
taken the exports as the grounds Of my calcula-
tons, adding thereto fifteen per cent, for profits.
The exports are one means Of making inrelgn
purchases. Their value Is ascertained at the
ports Of expectation, under the act Of 1920, and
the returns generally present the same value.
Tho price OF cotton, as an example, at home, IS
always regulated By The price in the Liverpool
market. 1t follows, therefore, that by taking the
vnluo Of any commodity at the place ct lis ex-
port, you reach its true value: for, If the prlco
realized abroad be sometimes above and some
times below that amount. the excess and deficIen-
cy viii probably neutrallZe each other. This IS
tho faifest mode for another reason II 10 any one
year more foreign goods shall be purchased than
tho exports Of tina, year would pay for, a credit is
created abroad which must be extIngulshed b.
the exports OF some succeeding year.
Mr.. BUCHANAN here inquired if any deduction
had been made by Mr.. CLAY from the exports, to
pay the interest, &c, on American debt held
abroad. Mr.. T.. replied that the Senator would
presently see that he had.
think the Senate will agree with me, IN as
Stunning that the exports form a more Garrett and
reliable standard Of estimation ;han tho imports;
however that may be, the accidental coincidence
between the results arrived at IN either mode
iorliiics and proves the calculations Itself to have
been founded III correct principles. Those results
as shown by the Secretary OF the Treasury, are
now, | believe, in the House; aud | regretted that
! could not examine them before | roso 10 address
the Senate.
| will now show you that the exports from 1886
10 1911, InclHsivo, a period OF SIX years, amount
to Sj2l 90 ,l2o, being an average annual amount
OF r 1903, 300, 6~7. That | take as presenting n
safe ground OF calculations for the future. To
This propose to add fifteen per cent, for profits
~ which | DO but follow Mr.. EWING, the late Sec
Rotary, IN his report at the Extra Session. 1t is
certainly a great proiii, & include of course ali
expenses aud charges OF every kInd,} and with
this addition, the annual amount will DO, Sis
95s, l1S, say 40 millions. Daducting, for the
interest and pGincipal Of the American debt a
broad, ten millions per aunun1, 1t Will leave a nett
amount Of 100 millions. There can be no dis
puto as to the proprIety OF such a deduction: the
debt exists: II must be provided tor; and my lear
is that this amount will prove too small 10 meet
it. think that much more may probably be
HCGbCo, u I'tiIIS hPi.t pbJCAi ~ iiS ~ Ft
Of ten millions. We thus get, rs | said, IA nett
balance from our annual exports, including profits
of l09 millions.
OF this amount ofimportation how much is now
free from duty? The free goods, i%ucludlng tea
and coffee, amount To 30 millions; from which q
mount ! deduct for tea and coffee, assuming tina
they win be subjected TO moderate duties, II mil
lions, leaving tho amount OF free articles a, /
millions; deduc. this from 100 millions, the a
mount OF exports, and it will leave a balance o
81 millions, which may be assumed as the amour
of durabie articles for some wears to como.
How, then. out of these 80 or 81 millions n
durable goods are we to raise Il revenue OF -
millions? NJ man, | presume, will rise here Ii
his place and say that We arc to rely ciiher OF
direct OF internal taxes. Who has the termerit.
10 meet the waves of popular Indignation VINE
will flow round and bury him, whoever he ma
be, that should propose, IN time of peace, 10 rais
" ravon,a ~ a..aS, ."~~s;o"e You sou 'uiS Is III
only resource 10 fly to, save tho proceeds of tn
public lands, on which | shall speak presently
and which | can satisfy any man is not 10 b
thought of. Yet we are, therefore, to dtaw this
mount OF % millions from the 81 millions OF d.
table articles imported; and, 10 reach that sun
At what rate per cent must you 60.
/ shall here say nothing, or but a word or tw'
on the sutiect of home vaiuatIon-a subJeC
which a friend has care OF, (Alr- SINMoNs,) tina
whom none is more competent TO its full elucid;
ton. He thinks. as | understand that there ca
be devised Il satisfactory system Of sucn Ha!uA
uon and heartily wish hun success In the a
tempt. Twill only say that. in my opinion, If "
raise but ten millions, without any reterenc
whatever TO protection. without reference to an
thing but 10 mere honesty, however small the
mount NAV be. we should ourselves assess III
value of the goods on which we lay the duty
and not leave that value To be fixed by toreIg'
ers. As things now stand, we law the duty, b.
foreigners fix The value Of tho goods. Give m
but the power of fixing the value of the good
and care little, in comparison. what may be II
rate Of duty you impose. 1t is evident that c
the al ralorcm principle it is the f%oreIEner wi
virtually fixes the actual amount Of the Gut
paid. 1t is the foreigner who, by fixing that va
ne, virtually legisla,os for US; and that in ca
where his interest is directly opposed n that