The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-12-13
Report Of the Secretary of the Treasury.
(COuclitsiou)

(Coacl,.sion.)
Among the of improving the revenue the dnties
on tonnage and light money, heretofore collected have
peaed except to the vessels Of those countries that i'm
duties goods and tonnage discriminating between
their vessels and In respect to those nations
counter discriminating duties on our part still remain
They vary in amount but their annual produce on an
average Of the last twelve years is about sixty thousand
dollars although for the last year less than thirty
thousand dollars is respectfully submitted whether It
would be expedent direct that this duty COL
ected should be applied to the relief Of sick and disabled
seamen in aid Of the hospital fund Although this amount
would furnish adequate provision for this mertor
class of citizens yet in connection with other proyi
sions hereinafter suggested would to agreat extent re-
Congress from the appropriations ordinarily made to
supply the deficiency in that fund. The advantage OF
snch arrangement would be to avoid the distressing
contingency Of inability to meet the cases OF suffering
appropriation
Considering the disadvantages under which our ma.
ygation now suffers from various causes. the I'M
dersgned is not disposed to recommend the resto-
ration OF the general tonnage duty. But 1t is deemed
worthy of consideration whether the vessels enjoy
ing the benefits Of our very extensive lighthouse es-
Enlistment ought not in justice to contribute to its
maintenance The light duty repealed at the same
time with the general tonnage duty and is believed for
the same the abundance OF revenue then existing
That has ceased to exist Our is not ade
quate to the ordinary expenses of the Government A
duty OF six cents upon all vessels engaged in the
foreign trade to he paid upon each entry into our ports
except that not than duty shall be required LOT
any month"; and like duty annually upon vessels
gagged in the coasng trade and fisheries would produce
sand dollars less than onehnli Of the average annual
pcnse Of the lighthouses The annual duty would be so
light as scarcely to be felt and other suggestions con
tanned III this report by which the interests Of our nav
cation may be promoted should receive favorable consid
| Grafton they will be more than remunerated for the
| amount Of duty now proposed.
1t is worthy of consideration whether the revenue
might not be improved and the navigation of the country
augmented by the imposition Of transit duty upon i'm
ported merchandise on its passage from one OF our ports
to the dominons OF foreign State Immediately adjoining
wsaeuer aeed n ncS sases to
places to the southwark or westward of Louisiana The
facility afforded by the OF our interior com
muncatons and by the application OF steam for the rapid
and safe OF goods from our own seapots TO
the British dominions together with the early closing OF
the ports OF the latter by ice and the late periods at
which they open would ordinarily induce preference to
that mode of supply end at seasons would be
large portion Of this carrying trade besides giving add
tonal employment to our ships The policy which has
in effect prohibited this trade doubtless from the
prehension that might afford opportunities for the ILL
cit introduction into this country of the goods thus
ported. 1t was adopted at the time when the whole
amount Of duties collected merchandise with deduc
ton ofone per cent refunded on its transportation
It is submitted whether the introduction of the just and
udicious principle of retaining much larger per centage
ofhe amount of drawback and the imposition of duties in
the colonial ports have not changed to great extent the
ground ofthis policy is not perceived what motive OF
interest exist to smuggle into this country goods
which have paid this transit charge and these duties ra
Their than the merchandise which under existing laws
may be re-eXported to Halifax and carried from thence
into the same dominions. Whatever apprehensons may
moved by adequate guards, Among these may he sng-
gested the designation of the ports from which only the
transportation might be permitted and the production Of
official evidence that the same goods had been received
entered and paid duties in the acent British domnions
to which they were re-exported. 1t cannot be doubted
that such measure would tend greatly ia the increase OF
our tonnage and to restore to ships trade of
which our policy has to great extent deprived them
In the last annual report from this Department the at
enton of Congress invited the warehouse system
and various communications from customhouse officers
and intelligent merchants were submitted 1t is certainly
worthy ofnqury whether the time during which import
ed goods are permitted to remain in the charge OF custom
house officers not be extended as to relieve the
&c Itfinc xub
now obliged to make before the amount is realized by
sales ofthe goods The frequency of the
between our shores and those Of Great Britain and their
surprising regularity have doubtless mitgated the bur-
den of these advances upon own citizens as the
housed there and shipped according to the supposed
demands of the market. Bnt it may be well to inquire
whether this mitigation not in fact destructive oil that
portion of the importing business four citizens upon
which operates by transferring it to those upon whom
tails and able command money at much lower rates Of
interest than citizens, British merchants can
the duties upon such they send to The adj
vantages in their favor exist also in respect merchandise
imported from the continent and other ports oithe world
In the absence of regular and speedy the
stocks OF this description must be ordinarily large and
the advance odutes upon them must absorb capital and
cause very serious inroad upon the profits oil business
represented that the importing trade is chiefly in
the hands Of the agents Of foreign houses Independent
of other considerations which will suggest themselves,
the consequences to navigation to the building OF
ships and to the employment of our seamen, OF CIV
ing subjects Of other countries the selection of the
Of conducting commerce with us may be very
r1ous. And will not escape intelligent Legislators to
inquire how far is ntrnscally just to demand OF ono
class OF citizens the advance to the Government OF
portion of their capital while it not required from any
other class. The importers are, in fact the coec,
cogent public policy should exist
compel them to pay over beioer they had collected
The general opinion to be derived from the correspon
dcnce communicated to Congress in the report before
mentioned that the revenue from customs would be
of the greater facility that would be given
to mporations and OF fair and increased competition
and consequently probable reduction in prices that
fluctuations in the amount Of imports would be prevented
and that commercial marine would be increased by
rendering this country the entrepot for merchandise des
tined to other markets. In these views am inclined to
repose great confidence The better opinion would seem
be- however that the system of warehousng should be
restricted to prominent articles of considerable bulk and
paying high specific duties such wines liquors, sugar
moasses, IRON &c. Doubtless the effect would be to
postpone collection of that portion the duties which
would accrue on the warehoused articles This Temporal
r effect must be met whenever the system shall be adopt
ed and may well be encountered at any other
time II the consequence would be, as anticipated, an
augmentation Of tho revenue could not well happen too
soon. The temporary deficit which might be created
borrow.
The loan Of seven Millions which has been previously
amount of Treasury outstanding wers a1thor
zed lone by reissue VI notes the other by loan
stock Tor not more than ten years. The notes ousand
ing the passage Of the act amounted to 81 49,
OF which more than eight millions fell due before the LIST
Of July ls3 and the residue in the ensuing months The
hazard Of demand for money being created by any sud-
ueH WhlCn Wlght ne prouuCeu Ny contingent
cies in other countries by which had
no control, seemed to require that amount equal to
wothirds of our annual revenue should not be left
in condition to be thrown upon the Treasury, and
thus absorb the means of carrying the Government
Nothing appearedto justify the belief that there would
he such extraordinary increase in revenue for
years to come as would be necessary to meet snch de-
mand 1t was therefore deemed advisable to put beyond
the reach of accident such portion of this large out
standing debt would relieve the Department from any
apprehension of Inconvenience danger from the resi-
due The great plenty of money which might be tempo
invited to such at oil events
a considerable amount of interest The state of things
actually existing contemplated by the third section Of
the act referred to- loan accordingly made under the
direction of the President Of the United States of
millions Of dollars upon ten years stock bearing
erest OF five per cent per annum, payable semtannuay
at the rate of one hundred and dollars and
for every hundred dollars Of stock for nearly the whole
small portion having been taken terms still more ia.
vorable The persons to whom and the terms which
the stock awarded and the and proposals OF