Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-04-09

the only resource 10 ny 10, save the proceeds OF
the public lands on which ! shall speak present
ly and which can satisfy any man is not to be
thought Of You are, therefore, to diaw this
amount Of 26,000,000 from the 100000 Of
dutable articles imported, and, to reach that sum-
at what rate per cent. must you go?
] shall here say nothing, or but a word or two,
on the subject Of home valuaon-a subject which
a friend has care Of, (Mr. SrMoNDs,) than whom
none is mere competent to its full elucidation.
lie thinks, as understand, that there can be de-
vlsed satisfactory system Of such valuation, and
| heartily wish him success in the attempt. II
will only say tkat in my opinion, il we raise but
ten millions, without any reference whatever to
protection, without reference to any thing but to
mere honesty, however small the amount may be,
we should ourselves assess the value Of the goods
on which we lay the duty, and not leave that val
ne 10 be fixed by foreigners. As things now
stand, we lay the duty, but foreigners fix the val.
ne Of the goods. Give me but the power OF fix
ing the value Of the goods, and care little, in
comparison, what may be the rate Of duty you
impose. 1t is evident that on the dd 0aLorem
principle it is the foreigner who virtually fixes
the actual amount Of the duty paid. 1t is the
foreigner who, by fixing that value, virtually leg
slates for us and that in case where his in.
terest is directly opposed to that OF our revenue.
say, therefore, that independent OF all consde-
rotons Of protection, independent Of all ends or
motives but the prevention Of those Infamous
frauds which have been the disgrace OF our Gus.
tom house-frnuds in which the foreigner, with
his double and triple and quadruple invoices,
ready to be produced as circumstances may re.
qure, fixes the value Of the merchandise taxed
every consideration Of national dignity, justice
and independence demands the substitution Of
home valuation in the place Of foreign. What
effect such change may have in the augmenta.
ton Of the revenue | am not prepared to say, be-
cause do not know the amount: think the rate
may be set down at from twenty to twenty. five
per cent. in addition to the foreign value of i'm
ports. | do not speak with great confidence
If the rate is twenty-five per cent, then it would
add only five per cent. to the rate Of twenty per
cent. established by the compromise act Or
course, if the home, be substituted for the foreign
valuation, the augmentation Of duties beyond
twenty per cent. will be less by that home valua
ton, whatever it may be- Without, however
entering into the question Of home valuation and
leaving that subject to be arranged hereafter,
shall treat the subject as if the present system OF
foreign valuation is TO continue.
| then return to the inquiry, on an importation
amounting to ninety.one millions how much du
ty must be imposed in order TO raise nett reve.
nue. Of twenty.six millions? The question does
not admit Of perfect accuracy; the utmost that can
be reached is reasonable approximation. Sup.
pose every one Of the imported articles to be sub
ject to duty Of thirty per cent, then the gross
revenue will amount to 1927, 100000. Decuct-
ing the expenses Of collection, which may be sta.
ted at $1,000 900, will give S25,7O0,000, or
100000 less than the proposed amount Of TWEEN.
ty-six millions.
But might as we'll take this opportunity to ex.
plain subject which is not we'll understood. 1t
has been supposed, when propose to fix rate
Of ad valorem duty as the maximum TO be allow.
ed, that my meaning is, that all articles, oil
every description, are to be carried up to that
point, and fixed at that rate, as on sort Of bed
Of Procrustcs. But that is not my idea No
doubt certain articles ought to 80 up to the maxi.
NUM- mean those of prime necessity belong.
ing to the class OF protected articles There are
others, such as jewelry and watches, and some
others of small bulk and great comparative value,
and therefore easily smuggled and presenting a
great temptation to the evasion Of duty, which
ought 10 be subjected to less rate. There
should, therefore, be discrimination allowed un.
der the maximum rate according to the exigency
of the respective circumstances Of each particu
!
duty Of thirty per cent, on all articles 10 give the
t amount Of twenty five millions seven hundred
! thousand dollars and since some OF them will
not bear SO high duty as thirty per cent, it fol
n lows that less than that rate will certainly not an
il swer the necessary demands Of the Government
and it may in some particular cases require a rat
e somewhat higher than that TO raise the propose
sum of twenty. six millions, But as the reserves
n fund Of two millions for contingencies will no
y require an annual revenue for that purpose, shout
d the amount Of duties levied be less than twenty
d six millions, or between twenty -four ane twenty
five millions, the reserved fund may he made u
), by accumulalions, during successive years, an
still leave an amount sufficient 10 meet an annuG
), expenditure of twenty-five millions and two mi
C lions for the public debt.
- (CoNcLUsIoN NEXT WEEK.