Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-04-04
SPEECH OF MIR. CLAY,
UPON HIS RESOLUTIONS CONCERNING
THE TARIFF AND OTHER GREAT OBJ
JEC rs OF PUBLIC POLICY.
Ir March 1
Concluded }

now approach the consideration of a very inn
portanl branch of the subject in its connexion
with the compromise oct.
shall not here attempt to go into the history
Of that act will only say that, a, the time ofits
passnge, il was thought right that the country
should make fair experiment of its effect and
that as the law itself met the appreciation OF all
paris OF The country its provisions ought not light
ly TO he departed from; that the principles OF the
act should he observed in good faith and that II
II be necessary to raise the duties higher than wen-
ty per cent, we ought to adhere to the principles
of the compromise then, ms far as it should he
possible To do so. have been animated, III the
propositions now offer to The Senate by the same
desire that prompted ne, whenever the act has
been asSalled by its opponents to stand by aud de-
iend it,
But it is necessary now consider what the pfin-
cipies OF tle compromise act really arc.
L. The first principle is, that there should he
fixed rate Of al valorcm duty, and determinations
below il.
II. That the excess Of duty beyond twenty per
cent. should, 10y gradual process, commencing on
the 81 of Decencer, 1888, be reduced, so that
by the Both June, 1912, il should be brough, down
to tw eniy per cent.
III. That, after that day. such duties should be
laid for the purpose of raising such revenue rs
might be necessary fer an economical adminlstra-
ton of the Government: consequently excluding
all resort to internal taxation, or to the proceeds
of the public lands. For conlemporaneously with
the tendency of the compromise act, u bill was
pending for the distribution Of those proceeds.
W. That utter the Both June, all duties should
he paid in ready money, TO the exclusion Of all
credits.
V. That, nlter 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 act should be all
mitted free OF duty, for the benefit of the manu-
Iacturng interest
These IRE the principles, and all the principles,
OF the compromise act. An impression has been
taken up most enormously that the rate of duty
was never to exceed twenty per cent. There is
no such limitation in the act ] admit that at the
time of the passage Of the act a hope was enter
tanned that IA rate Of duty not exceeding twenty
per cent. would supply an edquate revenue 10 an
economical administration Of the Governments
Then we were threatened with thut overflow of
revenue with which the Treasury was subsequent
" inundated and the difficulty was to ind urti-
Giles which should be liberated from duty and
thrown into the free class. Hence, wines, silks
aud other Injuries were rendered free But the
act, and part of the act when fairly interpreted,
limits Congress TO the iron rule OF ndherng forey-
er, and under all circumstances, 10 fixed and un-
alterabe rate Of twenty per cent. duty. The first
section is in the following Words
I" BE II enacted, &c., That from aud after the
thirty first day of December, one thousand eight
hundred and thrty-lhree, i'll all cases where du-
ties are imposed on foreign imports by the act of
the fourteenth day of July, one thousand eight
hundred and thrty-two, entitled An act to alter
and amend the several acts imposing duties on
Imports or by any other act shnll exceed twenty
per centum the value thereof one tenth part Of
such excess shall be deducted; from and after the
thirty rs day Of December, one thousand eight
hundred and thirty another tenth part there.
of shall be deducted from and after the thirty
first day of December, one thousand eight hun
bred and thirty seven, another tenth part thereof
shall be deducted from and after the thirty first
day of December, one thousand eight hundred
and thirty nine, another tenth part thereof shall
be deducted and from and after the thirty. first
day of December, one thousand eight hundred
aud forty zone, one half OF the residue of such ex
cess shall be deducted and from and after the
thrlieih day ofJune, one thousand eight hundred
and fory-two, the other half thereof shall be de-
Quoted"
The provision of that section is nothing more
nor less than that The existing duties should be- by
the Both June, 1912, brought down to twenty per
cent. What then? Were they always to remain
at that rate /? The section does hot Declare
Not only is this not expected and was mt so I'M
derstood but directly the reverse is asserted, and
was 50 ersood, if The exigences OF the Treas
ury required higher rate to provide the revenue
necessary TO an economical! administration of the
Government. The third section, which eubodies
most of the great principles OF the act, Is IN these
words:
"SEC. g. find be II further enacted, That, until
the thirtlelh day of June, one thousand eight
hundred and forty-two, the duties imposed by ex-
| listing laws as modified by this act, shall remain
| aud continue to be collected And from and after
the day last aforesaid all duties upon imports shall
he collected in ready money aud all creditors now
allowed by law, Ill the payment OF duties shall be,
and hereby are abolished aud such duties shall
| H., Lii GArf In nf pbr as
may he necessary TO All economical administration
of the Government; and, from and after the day
last aforesaid the duties required TO be pam by
law on goods, wares aud merchandise, shall be as
sessed upon the value thereof AT the port where
the same shall be entered, under such regulations
as may he prescribed Ivy law
What is the meaning OF thus language: Can
any thing he more explicit or less liable 20 miscon-
ception? II contains Two obligations. The first
is that there shall he All economical admnlslrd-
ton of the Government no waste, no exIrava-
gnnce no squandering of the public money. Ad-
nit this obligation in lis fullest force, in oil its
| length mud breadth, aud trust that my friends
with or without my aid will fulfil 1t, in letter and
spirit with The most perfect fidelity. But The sec
! unl Litigation is no less binding and Imperative
! and that is, that such duties shall be laid rs may
be necessary to raise such revenue rs is requisite
| to an economical administration of the Govern
| ment. The source OF the re-, enue is defined and
prescribed J. the foreign imports 10 The exclusion
| of all other sources The amount from the ma
lure OF things could not he specified but what
ever it may be, be it large or small, allowing us
to come below, requiring that we should 60 be-
yond twenty per cent, that amount is 10 be raised.
| contend, therefore, with entire confidence,
that it is perfectly consistent with the provisions
of The compromise acl TO impose duties TO any a
mount whatever, thirty, forty, or more per cent,
subject to the single condition of an economical
administration of the Government.
What are the other principles of the act? First,
there is The principle that Ia fixed nd rdlorem duty
shall prevail and be in force all times. For one,
atm willing to abide by tho principle. There ale
certain vague notions afloat as TO the utility and
necessity OF specific duties and Determinations
which am persuaded arise from want OF right
understanding of the subject. We have had the
dd ralOrem principle practically in force ever since
the compromise act was passed; and there has
been no difficulty in administering the duties OF
the Treasury on that principle.
Il was necessary first TO ascertain the value OF