The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1842-04-05
SPEECH OF NNAs. CLAY
UPON RESOLUTIONS CONCERNING THE TARIFF
AND OTHER GREAT OBJECTS OF PUBLIC poLiTY.
(Concludedl
March /
IN SENATE,


now approach the consideration OF u very i'm
portan branch Of the subject in its connection with
the compromise
Ishall not hero attempt to go again into the his
tory OF that act. j will only say that at the
time of its passage, it thought right that
the country should make fair experiment ofits eff
feet; and that, the law itself met the approba-
ton OF all parts the country, its provisions ought
lightly to be departed from; that the principles
of the act should be observed in good faith; and
;hat, If IL be necessary to raise The duties higher
than twenty per cent, we ought TO adhere to the
principles of the compromise, then, far it
should be possible to do so. | have been ANNA
ted in The propositions now offer to the Senate,
by the desire that prompted me, whenever
the act has been assaed by its opponents, to stand
by ami defend it.
! But il is necessary to consider what the
principles of the compromise act really are.
]. The first principle is, that there should be a
fixed rate of ad yalorem duty, and Determinations
below it,
| ii. That the excess of duty beyond twenty PEI,
| cent. should, by gradual process, commencing on
the 3lst of December, 1888, be reduced SO that by
the Both June, lS42 it should be brought down to
twenty per cent.
Ill. That, after that day, such duties should be
! laid for The purpose of raising such revenue as
might be necessary for an economical admnistra-
| ton Of the Government: consequently excluding
all resort to internal taxation, or to the proceeds OF
the public lands. For, contemporaneously with
the tendency Of The compromise act, bill was
pending for the distribution Of those proceeds
Nv. That after the Both of June, lS42, all duties
should be paid in ready money,to The exclusion OF
all credits
v. That, after the same day, the assessment 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 net should be al
nted free OF duty, for the benefit OF the manuiac'
! turing interest.
These ire the principles, and all the principles
of the compromise act. An impression has been
taken up most erroneously that The rate Of duty
was never to exceed twenty per cent There is
| no such limitation in the admit that at tie
time of the passage Of :he act hope was oEter-
tanned that late OF duty not exceeding twenty per
cent. would supply an adequate revenue 10 an eco
nomica administration Of the Government. Then
we threatened with that overflow of revenue
with which the Treasury subsequently, mum
dated; and the difficulty was to find articles which
should be liberated from duty and thrown into
uries rendered free. But tho act, and no
part OF The act, when fairly interpreted, limits Con
eIess TO the rule OF adhering for ever, and
der all circumstances. 10 fixed and unalterablo
rate Of twenty per cent. duty. The first section Is
| in tho following words
| "Be it enacted, &c, That from and after tho
| thirty first day of December, thousand eight
hundred and thirty three in all cases where duties
are imposed on foreign imports by the act of the
! fourteenth day of July, one thousand eight hun
dred and thirty two, entitled 'An act to alter and
amend the several acts imposing duties on i'm
ports, or by any other act, shall exceed twenty
per centum the value thereof, one tenth part oil
such shall be deducted; from and after the
thirty first day of December, one thousand eight
hundred and thirty five, another tenth part thereof
shall be deducted; from and after the thirty frs
day Of December, one thousand eight hundred and
thirty seven another tenth part thereof shall be de
Quoted; from and after thirty fist day Of December
one thousand eight hundred aud thirty nine, anoth
er tenth part thereof shall be deducted; and fiom
and after the thirty first day Of December, one
thousand eight hundred and forty one, one hal
of the residue of such excess shall be deduced;aud
trOm Inf ha tieth nv Dc an hon
sand eight hundred and forty Two, the other hal
thereof shall be deducted"
The provision Of that section is nothing more
nor less that the existing uties should be- b,
the 30th June ls42, brought down 10 twenty pei
cent What then? Were they always to remain
at that rate? The section does DECLARE
Not only is this not expected, and was not so I'M
derstood, but directly the reverse is asserted, unt
was understood, if the exigences Of the Treasu
ry required higher rate 10 provide the revenue
necessary to an economical administration of ih'
Government. The third section, which embodie
most of the great principles of the act, is IN thes
words: .etta
"SEc. 8. And BIZ i, further enacted, That, unit
The thirtieth day of June, one thousand eight hun
drod and forty two, The duties imposed by existn.
aws,as modified by this act, shall remain and con
inue to be collected And liom and after the da,
last aforesaid all duties upon imports shall be collie
ted in ready money; and all credits now allowed
BY law in the payment of duties shall ean1 here
Eby are, abolished; and such duties shall be laid 70
the purpose OF raising such revenue as shall be nc
cessary TO an ecommical administration of Tho gov
eminent; and from and after the day last aforesaid
the duties repaired to be paid by law sucI
, goods, wares and merchandise, shall be assessed
upon The value thereof al the port where the sam
shall be entered, under such regulations as may b.
prescribed by law. ...., A,
What is The meaning of this language? Can an.
thing be more explicit or less liable TO misconcep
ton? II contains two obligations. The first is
that there shall be an economical administration
of the Governments no waste, no extravaganza, NJ
squandering of the public money. admit this Oh
legation, in It's fullest force, in all its length an'
breadth, and trnsi that my friends, with or with
out my aid, will iul6 1t, in letter and spirit, will
the most perfect fidelity But the second o6iiga-
ton is no less binding and imperative; and that il
7 that such duties shall be laid may be necessar,
to raise such revenue is requisite to an economi
cal administration OF the Government. "The source
of the revenue is defined and prescribed-the for
eign imports to the exclusion OF all other sources
J The amount from the nature of things, could no
be specified; but whatever it may be, be it large
small allowing us to come below,or requiring ina