The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-12-10

report to Congress, will communicate full state
ment of the condition of our Frances. The inn
ports for the fiscal year ending on the lhireth of
June last, we're Of the value Of one hundred and
seventeen millions Two hundred and fifty-four
thousand FIVE hundred and sixiy-lour dollars, Of
which the amount exported was fifteen millions
three hundred aud fohy-six thousand eight hun
dred and thirty dolors-leaving balance of one
hundred and one millions nine hundred and sew
en- thousand seven hundred and thirty-four dol
lars for domestic consumption. The exports for
the same yeaE were Of the value of one hundred
and fourteen millions six hundred and forty-six
thousand six hundred and six dollars; Of which
the amount of domestic articles was ninety mine |
millions two hundred and nnety-nine thousand
seven hundred and seventy-six dollars. The re-
ceipts into the treasury during the same year
we're twenty-nine millions seven hundred and
sxty-nine thousand one hundred and thirty-three
dollars aud fifty-six cents; of which, there were
derived from customs, twenty-seven millions FIVE
hundred and twenty Eight thousand one hundred
and twelve dollars and seventy cents; from sales
of public lands, two millions seventy-seven thou
sand and twenty-five dollars and thirty cents
and from incidental and miscellaneous sources,
one hundred and sxty-ihree thousand nine hun
ldred and ninety-eight dollars and fify-six cents
The expenditures for the same period were twen-
i ty nine millions nine hundred and sxty-eight
thousand two hundred and six dollars and nine
|ty-eight cents; Of which eight millions five hun.
dred and eighty-elght thousand one hundred and
fifty. seven dollars and sixty-two cents were APP
piled to the payment of the public debt. The
balance in the treasury on the first of July last,
was seven millions six hundred and fifty-eight
thousand three hundred and six dollars and
t twenty-five cents.
The amount of the public debt remaining un-
paid on the first of October last, was seventeen
!, millions seventy-fve thousand four hundred and
! forty-6ve dollars and fifty-two cents. Further
payments of the public debt would have been
: made, in anticipation of the period of its reim-
/ bursement under the authority conferred upon
the Secretary of the Treasury by the acts of
t July 2lst, lS4l, and of April fifteenth, lS42,
I and March third, lS43, had not the unsettled
state of our relations with Mexico menaced hos
tile collision with that power, in view of such
contingency, it was deemed prudent to retain in
the treasury an amount unusually large or ordi-
f f)nary purposes.
! A few years ago, our whole national debt
growing out of the Revolution and the war of
r 1872 with Great Britain was extinguished, and
: we presented to the world the rare and noble
spectacle of great and growing people who
f had fully discharged every obligation Since
y that time, the existing debt has been contract
r ed and small as it is, in comparison with the
: similar burdens of most other nations, it should
! be exngushed at the earliest practicable peri
cd. Should the state of the country permit,
D and, especially, if our foreign relations inter-
pose no obstacle, it is contemplated to apply all
9 the moneys in the treasury as they accrue be-
yond what is required for the appropriation by
: Congress, to its liquidation. cherish the hope
! OF soon being able to congratulate the country
/, on Its recovering once more the lofty position
! which it so recently occupied. Our country,
, which exhibits to the world the benefits of self
: government, in developing all the sources of
4 national prosperity, owes to mankind the perma-
: nent example of nation free from the blighting
. influence of public debt.
The attention of Congress is invited to the
Importance of making suitable notifications
' and reductions of the rates of duty imposed by
!, our present tariff laws The objects of impo-
sing duties on imports should be to raise reve-
v nue. to pay the necessary expenses Of govern
9 ment. Congress may, undoubtedly, in the ex-
+ erclse OF a sound discretion, discriminate in ar
I ranging the rates of duty on different articles;
: but the discrimination should be within the rev.
t enue standard, and be made with the view to
I raise money for the support of government.
1t becomes important to understand distinct
r ly what is meant by n revenue standard, the
maximum of which should not be exceeded in
I the rates of duty imposed. 1t is conceded, and
experience proves, that duties may be laid so
f high as to diminish or prohibit altogether the i'm
} portaton of any given article, and thereby les
sen or destroy tho revenue which, at lower rates,
would be derived from its Importation Such
: duties exceed the revenue rates, and are not
| imposed to raise money for the support of gov
! ernment If Congress levy duty for revenue
! of one per cent. on given article, it will pro-
: duce given amount of money to the Treasury,
and will incidentally and necessarily afford pro-
: lection or advantage to the amount of one per
$ cent. to the home manufacturer of n similar or
! like article over the importer. If the duty be
: raised to ten per cent, it will produce greater
S amount of money, and afford greater protection
0 If it still be raised to twenty, twenty-five, or
= thirty per cent? and if, as it is raised, the reve
nue. derived from it is found to be increased, the
2 protection or advantage will also be increased ;
but f it be raised to thirty-one per cent, and il
is found that the revenue produced at that rate
us less than at thirty per cent, it ceases to be
ioFohuo uuty. nc precise point Ill INC asCehu'
} ing scale of duties, at which it is ascertaned
from experience that the revenue is greatest, is
5 the maximum rate of duty which can be laid for
the bona .fde purpose of collecting money for
} the support of government. To raise the duties
higher than that point, and thereby diminish the
amount collected, is to levy them for protection
; merely, and not for revenue. AS long, then, as
Congress may gradually increase the rate of du-
r ty on given article, and the revenue is in
I creased by such increase of duty, they are with
} in the revenue standard. When they 60 beyond
that point, and as they increase the duties, the
revenue is diminished or destroyed, the act cen
ses to have for its object the raising of money to