Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-06

To NEE, the deficiency in the year 1872 amounting to
Si4.els.57O CT, respectfully recommended to Con
gress 10 authorize
An extension ofthc term within which tho sesdaA.
yet akcn Of the loan already authorized shall be- ~
decmablc. amounting to, say S55ooUo0
2. The reissue Of the Treasury notes heretofore
thorized by law, amounting TO s. 100000.
3. The balance still, required, Of 81 900 900. "a sur
plus deemed necessary in the Treasury to meet encgcn
cics OF the public scryice.) to bc supplied from nposts
upon such foreign articles imported may be selected,
with due regard 10 rigid restriction in to the -
tual wants OF the Government, and proper economy in
its administration.
III. Re-adjusimen. cftie Tariff.
The last reduction of duties imports provided fr
by the Of the I'd March, 1888 will take effect in.
datey after the 30lh June next from thatday no duty
will exist any imported article exceeding twenty por
cent ad yalorem and certain other legal provisions Of
the same act Of great Importance arc t, iato ope
ration at the fame time.
Ono Of them is the enactment which. after that perod
requires all duties 10 be paid in ready money thus put
ting end to system Of credits which has prevailed
from the first establishment of this Government a sys-
TEN which, however necessary OF Convenient in the in
fancy ol our commerce, when the mercantile capital Of
the country nconsderabc. and strong desire Wa
felt foster and encourage foreign trade by all practicable
means may at the present day well yield to the important
objects 10 be secured by cash payments.
Another, deemed at the time essential pro.-
OF the act is that which declares HAT after June
1912. all duties imported articles shall he assessed up
the value Of such articles the port where the sao
shall be entered, under such regulations shall be pre-
scribed by law. Hitherto throughout the whole history
Of the Government, the cast or vane IN the foreign
kci has been assumed tho basis ff the calculation Of
ad vaorem duea. and this cost Ylue certain add
have been made. supposed to be equivalent to the
charges OF importation. Blu, under valuations abroad
frauds real or surpassed, IN invoices, and the unjust ayan
agos which wore believed To exist i'll the handso reign
manufacturers, Who had become. fact Themselves tho
importers into the country ola large proportion of the ina
uiactured goods from Europe led Congress 10 lock TO
home valuation for security well 10 the American I'M
porting merchant the revenue and 10 the producers
Of similar articles III the United States
The legal effect OF the act of Il 81 would seem to be-
10 abolish the practice after june 3h. OF assessing du
tics upon invoices foreign valuation and. therefore. II
Congress shall moi ut this session prescribe regulations
oi asso ssng duties upon valuation To he ma,le at the
port OF entry. pass sno law modifying the act Of lS3
II may well be questioned whether any nd yaorem duties
can be co.,c,cd after the 3uth fJnne The language
Of the law seems explicit II IS that, from and after
the day las, auressld tlunc 30th. 1Sl2) ..ic duties
required be paid by law roods wares animtrcha
die, shall be assessed upon the valoc theeod the o
where the shall be entered under such regulations
shall be prescribed by law And il is further de-
elarcd, that much oanv Other act IS nc rsistcat
with that act shai be aud i, repealed.
The assessment Of duties. after tie day limited. on tic
basis OF the foreign COST value, snensi,cn with tie
act and the law autl fizng IL aus Il ercirc ASH would
seem, be considered - repealed
The act Of 1883 mus, he obvious 10 all. conle,n
plates other than ad yaorcni ut after June ls32;
Tor although. IN gwen case, specific duty may net
amount to ~ per cent the cos Of tho article YET tina,
fact cannot be ascerlaned without referring price or
vauc-things constantly lluctuatmg-ant murh unc,r-
ainy and perhaps conilsion wonld arse as chan..s
in the market price OF articles mlaht carry the duty
beyond the limit AT one period, thonob within il al
mother.
Indeed, there can be little f ioubi that il WIS in
the contemplation OF Congress- the pas ing OF the act
uuiies imports should exist the country after
June, 1912, but ad vaorem duties. II must be admitted
that this wasa very important change IN the Whole sys
TEN OF imports into the United States. srce il has hero
oioe been regarded the dictate o high prudence and
the teaching Of long experience that for the prevention
Of frauds and the security OF The reyenue duties ought,
far practicable, TO be made not ad yalorem, but
specific.
OF the essential poremp,y pro, sions Of the act,
there two, which, is 10 be DISGUISED,
tended stand towards each other in the relation OF
quyaents or mutual considerations These are the re-
duciion Of all duties to twenty per cent ad yaorem, and
the assessment Of those duties upon home valuation.
II is impossible 10 read the act ITSELF and still iln-
possible to advert to the history OF the times without
irving at the most perfect conviction thai the home salu
wasresorted 10 for the purpose OF guarding the
against fraud and protecting American manufactures
against under valuations There could be other pos
sblc object III this prov son II is part o the act, there
fore connected with another part aud inserted for tho
purpose Of qualifying essentially the operation of that
ihor part
But it is highly proper to look at The circumstances
which led to the passage Of the az, 1t le3, and regard
the motives in which It appears 10 have had It's origin
II was the result of spirit Of compromise and cohea-
ton, AT time when considerable agitation existed and
diversity Of opinion prevailed Ii shall appear to
make ary reconsider read the provisions
OF that law, all proceedings towards thai end should La
conducted under the Influence Of the spirit The
undersigned is most deeply impressed with the force of
these convictions. while Offering suggestions Congress
on the subject He is constrained admit that it has
appeared TO him that the interests OF The country required
some modification of the act of 1888 In support OF this
opinion he would first mention the great, II net insur
mounable difficulties Of Establishing home valuation
various ports, without ncurine the risk Of produ
cling such diversity in the estimates Of value should
only lead great practical Inconvenience, but interfere
in effect, with the constitutional provision that duties
imports shall be equal in all the States ii such should
be the opinion Of Congress, then il is clear that
quvaen to be provided for the home valuation, else
the whole basis upon which the act expected rest.
as a measure of compromise and adjustment, is taken
way displaced There ceases in that be the
mutually compromise of interests evidently intended
to be produced by placing home ylnation as equvs
lent against reduction Of ad vaioyem duties II
mains for the wisdom Of Congress cteTmine whether
such equivalent can be found.
But, the second place. if Con. should tie Of
pinon either that home valuation practicable, that
equivalent and proper substitute may be found for it,
the undersigned will not disguise his opinion that
not be regarded Wise, by any porson Of The country
permanent system OF policy, b Augment the
of revenue when further exigencies may require such
augmentation. by raising duties all articles, including