Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1845-12-04

s.yen hundred AMI thirty four dollars for HON,
csus,,,nption. The exports for III. same yea
w<r. of the valua of one hundred aud tourtce.
millions siS hundred aud forty six thousauc
AK bundled aud six dollars: of which, the
amount Of dom .s,is articles was ninety nine
millions two hundred and ninety thousand
seven hundred and seventy six dollars. The
receipts in to the Treasury during the same
year were twenty nine millions seven hun
dred and sixty nine thousand one hundred
and thirty three dollars and fifty six cents, OF
which, there were derived from customs
twenty seven millions five hundred and TWEEN.
" eight thousand one hundred and twelve
dollars and seventy cents; from sales Of public
lands, two millions seventy seven thousand
aud twenty twodollars and thirty cents; aud
from incidental and miscellaneous sources
Que hundred and sixty three thousand nine
hundred aud ninety eight dollars and fifty six
cents. The expenditures for the same period
were twenty nine millions nine hundred and
sixty eight thousand two hundred and six dol
lars and ninety eight cents; Of which. eight
millions five hundred and eighty eight thou.
sand one hundred and fifty seven dollars and
of the public debt. The balance in the trca-
sury on the first Of July lost, was seven mil.
lions six hundred and fifty eight thousand
three hundred and six dollars and twenty two
cents. -.-,,,,.
The amount Of the public debt remaining
unpaid on the FIRST of OctoSer last, was sew
eutean millions seventy five thousand four
hundred aud forty five dollars and fifty two
cents. Further payments OF the public debt
would have been made, in anticipation OF the
period of its re- endorsement under the author
ity conferred upon the Secretary of the Trea-
sury by the acts Of July twenty-first, 1911 f,
IzC 1910 anl March rr
IS43, had not the unsettled state OF our rela-
tions with Mexico menaccd hostile collision
with that power. In view Of such a cOntin-
gency, it was deemed prudent to retain i'll the
treasury an amount unusually large for ordna-
~ purposes.
A few years ago, our whole national debt
growing out of the Revolution and the war OF
1912 with Great Britain was extinguished, was
extinguished, and we presented 10 the world
the rare and noble spectacle Of great aud
growing people who hal fully discharsti every
obligation. Since that time, the exi sting debt
has been contracted, aud small as IL is IN COM
parison with the similar burdens OF most otn-
er nations, il should be extinguished at the
earliest practicable period. Should the state
of the country permit and, especially, if our
foreign relations iuterpose no obstacle. 1t is
contemplated to apply all the moneys in the
treasury beyond what is required Tor the APP
propriations by Congress, to its liquidations'
cherished the hope Of soon being able TO con.
gratulate the country on its recovering once
more the lofty position which il o recently
occupied. Our country, which exhibits to the
world the benefits oil self government i'll de-
,veloping all the sources OF national Wosperie-
ty, owes to mankind the permanent example
Of nation free from the blighting influence OF
. = public debt.
importance of making suitable modification
and reduction OF the rates oi duty imposed by
our present tariff laws. The object OF mpos-
ing dutie, on imports should be 10 raise re-
venue pay the necessary expenses oil govern
mantr Congress may, undoubtedly, in the ex-
ercise Of sound discretion, discriminate i'll
arrsnyin the rates oi duty oil different articles
but the Determinations should be within the
revenue standard, and be made with the view
TO raise money tor the support OF tie govern
= N mt,
80 IL b comes important TO understand distinc-
fly what is meant by a revenue STANDARD, the
maximum of which should not exceeded in the
rates of duty imposed. 1t is conceded, aud
experience proves, that duties may be laid 50
hi ,h az to diminish, or prohibit altogether,
the importation Of any given article, and there
by lessen or destroy the revenue which, at
lower rates, would be derived from its impor-
tation. Such duties exceed the revenue rates
and arc not imposed to raise money Tor the
support OF government. Ii Congress levy a
duty, for revenue OF one per cent on given
article, il will produce given amount OF
money to the tee1sury, and will incidentally
aud necessarily afford protection, or advantage
to the amount OF one per cent to the home
mandatory Of similar or like article over
the importer. II the duty Sc raised to ten per
Of.
and afforded greater protection. fit b. still
raised to twenty. twenty five, or thirty per
cent. and il as il is raised the revenue derived
from il is found to- be increased, the protection
or advantages will also be increased; but il il
be raised to thirty one per cent, and IL is found
that the revenue produced at that rate is less
than at thirty per cent, il ceases To be re-
venue duty. The precise point in the accord
ing scale OF duties at which il is ascertained
from experience that the revenue is greatest
is the maximum rate OF duty which can b.
laid for the bona fidc purpose OF collecting
money for the support OF government tt
raise the dates higher than that point, and
thereby diminish the amount collected, is tt
: levy them for protection merely, and not io
revenue. As long, then, as Congress may gra
dually increase the rate ot duty on given ar
ticlc, and the revenue is increased by such in
crease Of duty, they are within the rcvenu
standard. When they 20 bcyoad that poin
and as they increase the duties, tn revenue i
diminished or destroyed, the act ceases to nav
for It's object the raising OF money TO supper
government, but is Tor protection merely.
Ii does not follow that Congress should lev
the higl,es, duty ON all articles Of import whic
they will bcar within the rcvende STANDARD
for su, h rates would probably produce muc
larger amount than the economical administl
alton OF the government would req Iira. NJ
does il follow that the duties OH all article
should BE- at he same, ora horizontal rate
som: articles will bear IN lch higher revenu
duty than 9th RS. Bslos To; mix,n I'm Of t.l
revenue standard Congress may and ought I
discriminate in the rates imposed, taking Cal
90 to adjust them on different articles as
produce in the aggregate the amount which
when added to the proceeds OF sales Of publ
laals NAV he necdcd ia nay The ecannuai..