The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-03-26

in hxe ed and higher rate oiduty and TO commute for
that rate The difference between home and foreign
value is variousy computed at from twenty TO thirty
per cent advance upon the foreign cost Let us take
the mean and suppose il 70 Ice equal TO twenty-five
per cent advance on the foreign cost This would
be equivalent adding five per cent to the rate Of
duty, and would give fixed duty OF twenty five per
cent as the fair measure OF home valuation with a
twenty per cent rate of duty Let this rate of duty
then, be substituted as the equivalent of home valua-
ton, and feel strong persuasion that II would yield
both adequate To the Government and sat
sfactory protection to domestic industry In the esti-
mate Of the Hon. Senator from Kentucky (Mr. Clay
which has been followed by most of the gentlemen
who have addressed the Senate on this side of the
chamber, 81 millions of dollars assumed as the
average amount of dutabe imports for series of years
TO come. cannot but think that estimate is too low,
In the tables accompanying he annual report of Mr..
Ewing at the extra session of Congress find the
gross amount OF imports Tor series OF six years ter
minating with 1910, averaging annually IN millions
during the period the exports averaged aunu
ally l37 millions Upon this basis, he assumed 10
millions as the probable annual average amount of
imports ioI series Of years 10 come. Then deucting
about fifteen millions ior free articles, there remained
one hundred aud twenty-five millions, upon which he
calculated duty Of ~ per cent in the estimates
submitted by him TO Congress. In the face Of these
exhibits, think il would be quite safe to assume the
round of 100 millions Of dollars the probable
annual amount of dutiablc imports for series Of
years to come. That, believe will be found to be
tate for some years-sometimes possibly, lit
tie below, but more generally above. Assessing,
them n duty OF % per cent. (Which suppose to be
the fair equivalent Of home yaliation) upon that
amount, we have gross revenue oil % millions OF dol
lars Deductmg 60 100 dollars for expenses oil
collection, estimated 10y the Senator Ken
lucky, Mr. Clay, and there would remain $23 ,4OO,-
600 (twenty-three millions four hundred thousand
dollars, TO which, adding three millions, the estimated
annual average amount OF the land sales, We should
lay W. IN iuxa to mlip
hundred thousand dollars, exceeding by four hun
dred thousand dollars the sum which the honor
able Senator estimates as necessary io the current ex
penses OF the Government and the gradual discharge
OF the public debt Thus by restoring the Land fund
to the National Treasury, and carrying out in good
faith, the principle Of home valuation, by giving o
fair equivalent for il, the compromise is pre-
served intact in all its parts, adequate revenue OBJ
tanned for the Government, and incidental to il due
protection, should trust, would be given TO all the
great interests OF domestic labor and production while
that stability Of legislation which IL above every
thing else, essential TO the prosperity Of industry and
trade, would be secured by adherence TO solemn
legislative adjustment of conflicting interests which
has been hitherto respected and would continue TO be
respected, by all parties would then, most respect
fully appeal 10 honorable gentlemen who repre-
sent the manufacturing interests of our country
on this floor, whether in view of all these considera
tons il is not better for them to abide fair trial Of
the Compromise act, the principles have ven
tured to submit and if il be found, experiment
that any of those interests which have grown UP
the faith of former legislation, cannot lire, to use
phrase somewhat technical, under the reduced scale
applied by the Compromise act then the instinct Of
common interest and the spirit Of fraterna concord
which annates and holds together this glorious Union
of ours, will hasten, doubt not, to do them full and
equal justice, But have already extended these
hurried observations further than intended, when
rose, and asking pardon of the Senate for the tres
pass, beg leave TO present the resolutions hold in
my hand-and move that they be printed for the con
slderaton of the Senate
The Resolutions were then read as follows
Strike out the second, third fourth, and fifth reso-
lutions OF Mr. Clay, and substitute the following
/. Resolved, That, in the present embarrassed
condition of the national finances and at moment of
critical uncertainty in the foreign relations of the
country It IS OF paramount Importance to the ine-
rests of the whole Union, that the General Govern
ment should have the aid of all the sources of reve
nue. with which it has been heretofore endowed for
the maintenance Of the public credit and the ecien
cy of the public service.
. Resoired That the distribution of the proceeds
of the public lands among the States having, by the
terms Of the law which enacted it, been made express
ly dependent on the continued limitation Of the du-
ties foreign imports to rate not exceeding 20 per
cent provided for by tie Compromise act, and it
being now apparent that that rate Of duty on foreign
imports will not produce revenue enough for the
wants of the Government without tho aid of the
land fund, the principles and conditions on which the
Distribution law was enacted, well the eyigen-
cies of the public service, require that its operation
be for the present suspended
3 Resolred therefore, That so much of the act en-.
titled IAN act TO appropriate the proceeds of the
public lands, and to grant presumption rights" APP
proved on the 4h day of September, lo4l, appro-
PIRATES those proceeds TO the States and Territories
and the District of Columbia ought to be suspended
until the national debt already contracted, which
may be contracted, shall have been paid and that, i'll
the mean time, the said proceeds be set apart
and pledged as fund for the payment of the mite
rest and the gradual cXtinguishmen of the princi-
pal of such debt
4. Resoired, That, in any new adjustment of the
tariff of duties on foreign imports which may become
necessary, the principles and provisions of tho act of
the I'd of March, 1888 commonly called the Com
promise act, should be adhered to and maintained, as
far as practicable, consistently with the necessary de-
mands of the Government economically admins
tered and with the equal justice due 10 every interest
and portion Of the country.