Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-12-29

mentioned must necessarily be increased TO the amount %
probably three to four millions of dollars, in redemption OF
issues under the act OF 3st Augas But for the purpose
OF guarding against unforeseen contingencies is further
recommended that the existing authority, reissue Trea-
say notes. should be extended to the 30sh June, lsa4
The loan Of S5,6129s6 50, borrowed under the provi.
sions of the act Of the sst July lS4 will be redeemabe
the LIST Of January lSi5; and the assumption that
reissue of Treasury notes. above suggested shall be
thorizcd by Congress- the whole outstanding
together with that OF the Issues that be hereafter made
under the of the 3st August last, will fall due prior
the Both June, lSi5 Although payment of those
may not be at once demanded when due and the time OF
payment OF the loan Of S4 placed the pleasure of Co
vcrnment yet the liability pay those several amounts must
exist and the provide for the exgency be e
fordcd only by further legislation.
The present tariff its main features, resembles
~ the bill submitted Congress by the Department the
9Th May last that the views expressed in the report which
accompanied the bill be considered applicable, to
great the OF duties established. The
period within which the tariff has been in operation has been
much short TO furnish any decisive evidence to its
permanent influence upon importaons The foreign trade
Of the county has continued decline, and importaons
have been comparatively small since the passage the
How far this things have been influenced by the
existing system of duties it Is impossible To determine The
smaness of the mpoatons be well accounted for by
the embarrassed condition of the country and extremely him.
tied of purchase The amount Of foreign commod
mand and the fall in the prices OF merchandise since the LIST
September is supposed 10 be- not less than
10 per This fact will be found verified in letter from
the collector ~ " annexed hereto to which reference is
respectfully made and is deemed conclusive 70 show that
the decline in the mportaons the LIST September
Justly be referred of dutcs and that the
effect of the existing tariff remains to be determined by
further and more satisfactory experience.
The importance of adequate provision for revenue can
not be too often strongly urged upon the attention OF
Congress The resources OF the country are abundan In
ea taxation, either direct indirect has not OF late years
been found necessary, and is still believed that system
of custom house duties be made sufficiently comprehon
sve TO yield income commensurate with all the wants OF
the
There are various articles of import several of them of
large and consumption, present untaxed,
subject duties extremely low and some of which with
out, perhaps, in any considerable degree, essening the
of their consumption, might bear imposts yielding
aggregate addition the accrng under the
listing laws OF tless than S3O00000 These offer them
selves for selection and with the wisdom OF Congress
make that selection, adopt other mode of
ing the receipt of such of shall be
sufficient meet the expenses OF an economical admnisa
ton of the Government, and afford the means OF sustain
ing necessary for the defence of the country end
the maintenance OF the public credit.
This last object is OF infinite importance. The L- u
the country its serespec the pride which every ciu
feel in the high character of Its Governments all
these require that the public faith and the credit OF that Co
vernmeni, should be placed above doubt question.
Deemng highly probable that the policy oi establishing
warehouse system, might engage the deliberations OF Con-
gess the present session, the attention OF collectors and
other officers various ports, called 10 this subject by
circular issued from the Department on the 21h Novem
Der last, copy of which, together with the answers
cevcd, and table OF exports OF foreign merchandise,
annexed IL has been thought advisable Also Tor the sake
reference in OF such general interest,"
attach this report copy Of the statute OF the Sd and
4th William w., which embodes the warehouse system Of
Great Britain in form mstured by long experience In
with this will be found copy of regulations
abshed under authority of the above mentioned by
the Commissioners of the Treasury which will afford
satisfactory view OF the practical operation OF the system
it now exists in that country.
| am, very respectfully, sir,
Your obedent servant,
w. FORWARD,
Secretary Of the Treasury.
Hon. WILLIE p. MASGuN, President Of the Senate.