Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-03-10

goods shall be purchased than the exports OF that
year would pay for, a cred is created abroad |
which must be extinguished by the exports OF
some succeeding ysan
MIR Buchanan here inquired if any deduction
had been made by Mr. Clay from the exports, to
nay the interest, Sc. on American debt held abroad
nr y. replied that the Senator would presently see
that lie hadl
think the Senate will agree with me, in assum
ing that the exports form and reliable
standard OF estimation Than the imports; however
that may DC, the accidental coincidence between the
results arrived ut in either mode forti6es and proves
the calculation itself TO have been founded in
rect principles. Those results, as shown by the
Secretary ofhe Treasury, now, believe, in the
House; aud regretted that could not examine
them before l rose TO address the Senate.
will now show you that the exports from 1886
10 1871, inclusive, period of six years, amount to
S62l ,OOi, lbs, being an average ansual amount oil
slO3. 9OO,6S7 That take as presenting n safe
ground Of calculations for the future. To this I
propose TO add heen per cent. for prohts-ia which
! do but follow MIR Ewing. the late Secretary, it,
his report at the Extra Session. IL is certainly q
great profit, Il include Of course all expenses and
charges OF every kind,) and with this addition, the
annual amount will be Sis. 9Ss iS7, cay Ii9 mill
lions. Dcducng, for the interest md principal of
the American debt abroad, ten millions per annuu,
It will leave nett amour, of 100 millions. There
can be no dispute as TO the proprety of such lie.
duction the debt exists; Il must be provided for;
and my fear IS that this amount will prove too small
| 10 meet 1t. think that much more may probably
&c nccucu; out certainty none can object the
| serve OF ten millions. We thus get, as I said,
nett balance from our annual exports including
profits, OF 1909 millions.
or this amount of importation how much is now
tree from duty| The Tree goods, including and
coffee, amount to 30 millions; from which amount
deduct for tea and coffee. assuming that they " in
be subjected To moderate duties IL millions. leaving
the amour, OF free articles at Is millions; deduct this
| from lO9 millions, the amount of exports, and il
will leave balance of 81 millions, which may bc
assumed rs the amount OF dutiabe articles for some
years TO come
How, then out Of these 90 or 81 millions Of iuta.
bic goods are we TO raise revenue OF &c millions
NO man, presume, will rise here in his pace md
say that we rev either on direct or internal
taxes. who has the ,emer,y 10 meet the waves of
popular Indignation wiich will flow round ard bu
~ INN, whoever he may I've, that should propose in
time OF peace, 10 raise revenue by direct taNation7
Yet this is the only resource to Ay to- save The mo
eeeds 81 tho public ands. on which shall speak
presently, and which can satisfy any man is not
10 DC thought OF. You are, therefore, to draw this
amount o. 20 millions from the 81 millions of du-
table articles imported; ANIL 10 reach that sum- at
wnat rate per cent must you eo7
snail mere say nothing, or but word or two, on
the SUBJECT of home vnluaticn-n subject which
,senu mas care OF, Mr Simmons. than whom none
IS more competent TO lis full eucidaton. He thinks
% understand, that there can lie devised satislsc-
rory system OF such valuation, and heartily wish
Nun success IN the attempt. will only saw That, in
NV oFihion IL we raise but 70 millions, without any
reference
To any thing but TO mere honesty. however sinai
the amount may be, we should ourselves assess tho
value OF the goods on which we lay the duty and
MOI e've that value TO be fixed by foreigners. AZ
lungs now stand, we lay the duty, but foreigners
hS the value of the goods. Give me hut the power
OF hNins the value OF the goods and care little in
comparison, what may I've the rate Of duty Won i'm.
pose IL IS evident that on the dd raiorem principle
II IS the foreigner who virtually fixes the actnal
amount OF the duty paid. IL is the foreigner wLo.
ny hNinS that value, virtually lecislates for us: and
tVat IN case where his interest is directly opnosed
10 tnat OF our revenue. say, therefore, that indie
Penieh. o, a.! considerations OF protection indie.
peHuent oi all ends or motives but the prevention of
those infamous frauds which have been the DISGRACE
OF our custom house-frauds IN which the foreisner
wiz, ms double and triple and quadrupe invoices |
teacy 10 DC produced as circumstances may require
H&es the vaus at the MERCHANDISE taxed every
consideration Of national dignity, Justice and indie.
pen iercc demands the substitution of home yaluo
'on IN the place of foreign. What effect such A |
chnnse may have m the augmentation of the reye-
nuo am not Prepared to say, because do no,
know the amount: think the rate NAV he SO, ,lovr
al from twenty to twenty five per cont. in addition
70 me foreign value of imports. | do no, sneak
WIN great confidence. II the rate is twentv.6ve
per cent, then it would add only five per ccnt 10
inc rate oi twenty per cent established by the
compromise act. OF course, If the home be sub,ti.
ued Tor the foreign valuation, the augmentation of
duties beyond twenty per cent will be less bv tbnt
nome valuation whatever 1t may be. Without,
A.
Aon, and leaving tina, subject To be arranged here
aiier shall treat the subject as il the present svs
tenn OF foreign valuation is To continue.
then return TO the inquiry, on an importation
amounting to ninety one millions, how much duty
must be imposed IN order 10 raise nett revenue of
twenty six millions1 The question does mol ndnni,
OF perec. accuracy; the utmost that can lie reached
$ !. reasonable approximation. Suppose every ono
u the imported articles to be subject TO dutv orl
hirtv per cent, then the gross revenue will nnoun,
o ez' ,SOO,OOO. Deducing the expenses of colec
ION, which may be stated Of 81 SOC, 600 will give
,25 900, or three hundred thousand dollars less
nan the proposed amount of twenty sly millions
But might well take this Opportunity IN ev- I
'iain subject which is not we'll understood. II
las been supposed, when propose to fix a rate NJ
"a vaIorem duty as the maximum TO he allowed
nay my meaning - ina! oil articles, Of every de-
cnpion, are TO be carried up TO that point and fly
d at that rate, as ona sort OF bed Of Procustes
'ut that Is not my idea. No doubt certain articles
usht to 20 up to the maximum-I mean those OF 9
Tme necessity belonging 10 the class of protected
ftcieS. There are others such as iewslrv md y
watches, and some others Of small bulk md orso, !
comparative value, and therefore easily smuesI.d o
nd presenting great temptation TO the evasion NJ
NY "hich ought 20 be subjected TO a less rata
Ihere should, therefore, be discrimination aIIo,v
d under the maximum rate according to The eY;o.n i
Of the respective circumstances of each uRriicu.
~ interest concerned. Since IL will require duv
y lhirty per cent. on all articles 10 give the amount
! t"ehty hVe million seven hundred thousand dol :
duty as thirty per cent, it follows that less than
nat rate viii certainly not answer the necessary
demands OF the Government, and il NAV ir some
, rteuar cases require rate somewhat higher
han that IN order 10 raise the proposed sum NJ
"eniy.sN millions. But rs the reserved fund OF
"o mI''ions Tor contingencies will not require an
nnunl revenue Tor that purpose, should the amount
duties levied be less than twenty. six millions or
wen between twenty-four and twenty FIVE mil {
ions, the reserved fund may be made IN bv nccu
during successive years, and still leave
IN amount sufficient to meet an annual oxpenditure
II twenty-five millions and two millions for the
public debt '''
II now approach tho consideration of n very i'm
Dorlant branch Of the subject in its connexion with
he compromise act.
shal not here attempt 10 go again into the his
oiY OF that act | will only say that, nj the time
u us passage, Il was thought right that the country
should mako fair experiment OF its effect. and
hat, MS the law itself met the appreciation OF aU
parts OF the country, its provisions ought not lieht
" TO be departed from; that the principles OF Inc
ict should be observed in good faith; and that If IL
be necessary TO raise the duties higher than twenv
per cent, we ought 10 adhere to the prineipes ~
he cotnpTomisc, then, far II should be possib
% do 80. have been animated, in the prnpo.itions
now offer TO the Senate, by the same desire tbat
prompted me, whenever the act has been nssniled
by It's opponents, TO stand by il and defend H.
But II IS necessary now TO consider what the
principles Of the compromise act really arc.
/. The first principle is, that there should l., .
tx ID rate OF cd valofem duty, and discrimination
below H..
II. That the excess OF duty beyond twenty 70,