Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-04-16

RIFF AND OTHER GREAT OBJECTS OF
PUBLIC POLICY.
In SENATE, March 81.
(coNcLuDED.)
Inow approach the consideration of
very important branch of the subject in its
connexion with the compromise act.
shall not here attempt to go again into
the history of that act. | will only say
that, at the time of its passage, it was
thought right that the country should make
a fair experiment of its effect; that, as the
law itself met the appreciation of all parts
of the country, its provisions ought not
lightly to be departed from; that the prin-
cipes of the act should be observed in good
faith; and that, if it be necessary to raise
the duties higher than twenty per cent,
we ought to adhere to the principles of the
compromise, then, as far as it should be pos
sible to do SO. have been animated, in
the propositions now offer to the Senate,
by the same desire that prompted me,
whenever the act has been assailcd by its
opponents, to stand by and defend it.
But it is necessary now to consider what
the principles of the compromise act really
are.
l. The first principle is, that there should
be fixed rate of ad valorem duty, and
determinations below it.
III. That the excess of duty beyond
twenty per cent should, by gradual pro-
cess, commencing on the 3lst December,
1888, be reduced, SO that by the 3Oth June,
1912, il should be brought down to twenty
per cent
III. That, after that day, such duties
should be laid for the purpose of raising
such revenue as might be necessary for an
economical administration Of the Govern
ment: consequently excluding all resort to
internal taxation. or to the proceeds of the
public lands. For, contemporaneously
with the tendency of the compromise act.
a bill was pending for the distribution OF
those proceeds.
Nv. That, after the Both of June, 1912,
all duties should be paid in ready money,
to the exclusion of all credits.
v. That, after the same day, the assess.
ment of the value of all imports should be
made at home and not abroad.
vi. That, after the same day, list Of
articles specified and enumerated in the &C,
should be admitted free of duty, for the
benefit of the manufacturing interest.
These are the principles, and all the prin.
ciples, of the compromise act. An i'm
preston has been taken up most errone
ously that the rate of duty was never t.
exceed twenty per cent. There is no such
limitation in the act. l admit that, at thu
time of the passage of the act hope wa
entertained that a rate of duty not exceed
ing twenty per cent. would supply an ade
quate revenue to an economical admins
tration of the Government. Then w,
were threatened with that overflow of rev
enue with which the Treasury was subse
qucntly inundated; and the difficulty wa
TO find articles which should be liberate,
from duty and thrown into the free class
Hence, wines, silks, and other Iuxuries wer
rendered free. But the act, and no part o
the act, when fairly interpreted limits Cor
gress to the iron rule of adhering forever
and under all circumstances, to fixed an
unalterable rate of twenty per cent duty
The first section is in the following words
"Be IL enacted, &C., That from and after III
3lst day OF December, 1888, in all cases wher
duties are imposed on foreign imports by the a.
Of the 18th Of July, 1882, entitled, AN act
alter and amend the several acts imposing duti
on imports, or by any other act, shall excet
twenty per centum on the value thereof one ten
part Of such excess shall not be deducted; fro
and after the 31st day Of December, 1885, a
= other tenth part thereof shall be deducted; fro
and after the 3lst day OF December, 1887, a.
other tenth part thereof shall be deducted; fro
and after the 31st day of December, 1885, a
other. tenth part thereof shall be deducted; al
from and after the 3lst day of December, 1874
one.half Of the residue Of such excess shall
deducted; and from and after the 3Oth day
June, 1912, the other half thereof shall be Z
ducted,"
The provision of that section is nothil
more nor less the existing duties should
by the goth june 1912, brought down
twenty per cent. What them Were tn
always to remain at that rate! The Sc
ton does not so declare. Not only is Il
not expected, and was not so understoc
but directly the reverse is asserted, a
was SO understood, if the exigencies of I
Treasury required higher rate to provi
the revenue necessary to an economical a
mipistraiion of the Government L