Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-03-26

tlOD. auG "a IDB tI2t 5AHjo11 ~ 20 AA'1b5CS
hereafter, | shalltreat the subject as il the pres
en-, system Of foreign valuation Is to continue.
then return 10 the inquiry, 90 al importation
amounting to ninety one millions, how much du-
~ must be imposed IN order TO raise a nett reVe-
nue. of ,wenty-six millions? The question does
not admit of perfect accuracy; The utmost that
can be reached is u reasonable approximation
Suppose every one OF the imported articles 10 be
subject TO u duty OF thirty per cent, then the
gross revenue will amount 10 So ,3O0,UOo.-
Dcducling the expenses OF collection, which may
be stated at 81 100000, VIII give so, 10000,
or three hundred thousand dollars less than the
proposed amount of twenty-six millions.
But | might as well take this opportunity TO
explain a subject which Is not well understood
II has been supposed, when | propose to Tx a rate
Of advaIoFem duty az the maximum 10 be allowed,
that my meaning is, that all articles, OF every
description, are TO be carried up 10 that point,
and fixed at that rate, as on a sort OF bed OF Pro-
crustes. But that is not my idea. No doubt Ger.
tain articles ought TO 90 up to the naxlmum-
| mean those OF prime necessity belonging to the
class of protected articles. There are others:
such as lewelry and watches, and some others Of
small bulk and great comparative value, and there
fore easily Struggled, and presenting a great temp
tation to the evasion Of duty, which ought 10 be
subjected 10 a less rate. There should, therefore,
be IL discrimination allowed under The MAXIMUM
rate according to the eXlgcncy OF the respective
circumstances Of each particular interest conceEn-
ed. Since IT will require "A duty Of thirty per
cent, on all articles 10 give the amount OF TWEEN
ty five million, seven hundred thousand collars,
and since some Of them will not bear 50 hugh a
duty as 30 per cent, 1t follows that less taan that
rate will certainly not answer tho necessary de
mands of the GJvernment, and 1t may IN some
particular cases require Il rate somewhat higher
than Tint ~ order TO raise the proposed sum 81
jweuty-siX millions. But as the reserved iund OF
TWO millions for contingencies wall not require an
annual revenue for tha, purpose, should the a
49, T~.t-l - 49, shA,- txy1, - ,v
millions, or even twenty four and twenty-five
millions, the reserved fund may be made up by
accunulations, during successive years, and still
leave an amount sufficient To meet an ann0a! eX-
penditure Of twenty two millions and two millions
for the public debt.
Inow approach the consideration Of a very i'm
portant branch Of the subject IN lis conneHion
with the compromise act
| shall not here attempt to % ngaIn INTO the
history Of that act. viii only say that, at the
time Of its passage, II was thought rtghtthat The
country should make a fair experiment ut It's Ell
feet: and that, as the law itself met the apPr0ba-
ton Of all parts of the country, its provisions
ought not lightly TO be departed from; that the
principles Of tho act should tic observed IN good
faith; and that, if 1t be necessary 10 raise the dn-
ties higher than twenty per cent. we ought to adj
here to the principles Of the compromise, then,
as far as 1t should he possible To do so. | have
been animated in the propositions | now Offer 10
the Senate, by the same desire that prompted me,
whenever the net has heon erSerled Ivy 's "P9A-
nents, to stand by it and defend IT.
>, But il Is necessary now 10 consider what the
principles of the compromise act really are.
/. The first principle Is, that there should DO A fixed rate
Of al valoren duty, and determinations below II.
IL. That the excess Of duty. beyond t"enty per cent,
shodIl, by Il gradual process commencing On te Jist ![t-
cember, 1888, be reduced, 50 tlat by tn 5j-h Jaae, ISL
= it sholld be brought down to twenty per cent.
; III. That. after that daT, sfct G4tfs st3'oI 5e |la iA
the purpose OF rais.ng slr1 rcv9Aia a. m'Et o' Meets
: sary for an economical adminj='Taao OF the Government
consequently oNclniins al resort I ,a''sl'ai t'NoSo2' o.
t to the proceeds OF the public lands TO, coh'em 'f'Hea'7
~ with the tendency Of the compromise aet, a bill was PEN
f ding foe the distribution Of those pTo,ee'7; ,
= N. That, after the 3Jta June, 1872, all The duties saouh
, be paid in ready money, 70 the exclusion Of all credits
Il V. That, after the same day, the assessment OF 'Ne va,
n nc Of all Imports should be made Al home anu no' a"f''
VI. That, after the srne day, n list Of articles specific
! aud enumerated in the oct should be admitted iee oil duty
II fur the benefit of the manufacturing interest.
J These are the principles, and ali tho principles
: If 'ha compromise act An impression has beer
{ taken up most enormously that the ratio of dutt
Z was never to exceed twenty per cent Their
; is no such limitation IN the act. ] admit mat y
the time Of the passage OF the act, n nope wa
entertained tina, a rate OF duty not eAceed!n.
twenty per cent. would supply an adequate reV
y enue to an economical administration OF the Gov
eminent. Then we were threatened with tba
- ol erii3w Of revenao with which the lreasnF,
- was subseQ lent!y lnGndated; and The diIileu.i.
: was TO fad articles which should be liberated iron
duty and thrown into the free class. Hence, wines
" silks. and other luxuries were rendered free. b.
:, moi the act. and ne part OF the act, when taIrl.
= Interpreted, li1sits Congress to the iron rule OF ad
: herring forever, aud under all circumstances, to
-. fixed md unalterable rate OF twenty per cent. du
' ". The first section is IN the following words
.Be II enacted, Sc. That, from and after the thiTy-f,
10 dav of December, one thousand eight hundred and ta4rtt
=, taree, in all cases where duties n5e imposed 81 i1retEA ta
n ---t. nv the a-taf The fourteenth aav Of Jlly, one thaas7a
Il eight hundred and thIr;y-tvo, entitled An act % alter al
- amend the several acts imposing duties on imports, or :
70 any other act. shall exceed twenty per centIh On the va-l
:, thereof, one leath part Of such excess SHALL be det1''ea
le from and after the ~t7jrty-Grst day Of December, one ta7-
m sand ef-ht-hundred and tairtv-dvc, another tenth part i7e1i
- Of shall be deducted; from ard after Inc iHtFty-hfst day
December, one thousand e5-ai nua5Eet an iairty seEe-
y another tenth part thereof shal! be deducted from and as
! the thtrty-hrst day Of December. one tl'as ant eight hHr
=, '.ea aud thirtv-ains, another tenth FaEt thereof snail
Of dfdus's'i ~ ~, n- ~ - - -. ~ fs-x- NJ, a,a b5Ff