The voice of freedom. [volume] (Montpelier, Vt.) 1839-1848, 1845-12-18
J. F. MCCLELLAN, Printer.

three hundred ana SIX uOlidIS bNu tNeuiy-
two cents,
The amount of the public debt remaiu-
ing unpaid on the first of October last.
was seventeen millions seventy five thou
sand four hundred and forty five dollars
and fifty two cents. Farther payments of
the public debt would have been made, in
anticipation Of the reimbursement under
the authority conferred upon the Secretary
OF the Treasury by the acts Of July TWEEN
ty first, l84I, and of April fifteenth, 1912,
and March third, 1913, had not the un-
settled state of our relations with Mexico
menaced hostile collision with that power.
la view of such contingency, it was
deemed prudent 10 retain in The Treasury
an amount unusually large for ordinary
purposes.
A few years ago, our whole national
the war OF 1912 with Great Britain was
exlinguished, and we presented TO the
world the rare and noble spectacle of a
great and growing people who had fully
discharged every obligation. Since that
time the existing debt has been contracted;
and small as it is, in comparison with the
similar burdens of most other nations, i:
should Je extinguished at the earlist prac>
ticable period. Should the state OF the
country permit, and, especially, if our for
eign relations inlerpose no obstacle, it is
contemplated to apply all the moneys in
the Treasury as they accrue beyond what
is required for the appropriations by Con,
gress, 10 its liquidation. l cherish the
hope of soon being able to congratulate
the country on its recovering once more
the lofty position which it so recently oc-
cupied. Our country, which exhibits to
the world the benefits Of self government,
in developing all the sources of national
prosperity, owes 10 mankind the perma>
nenl example of nation free from the
big hlipg influence of a public debt.
The attention of Congress is invited 10
the Importance OF making suitable modii.
cations and reductions Of the rates of duty
imposed by our present Tariff laws. The
object ofimposi6g duties on imports should
be to raise revenue TO pay The necessary
expenses Of government. Congress may,
undoubtedly, in the exercise of a sound
discretion, discriminate in arranging the
rates Of duty on different articles; but the
Determinations should be within the reve.
nue. standard, and be made with the view
to raise money for the support Of govern
ment.
Ii becomes important 10 understand dis.
tinctly what is meant by revenue stand
ard, the maximum of which should not be
exceeded in The rates of duty imposed. IL
is conceded, and experience proves, that
duties may be laid SO high as to diminish
or prohibi. altogether, the importation Of
any given article, and thereby lessen or
destroy the revenue which, al lower rates,
would be derived from its importation.
Such duties exceed the revenue rates, and
are not imposed to raise money for the sup.
port of government. If Congress levy
duty, for revenue, of one pc. cent. on
given article, it will produce a given a.
mount of money 10 The Treasury, and will
incidentally and necessarily afford protec.
tian, or advantage, 10 the amount OF one
per cent. 10 The home manufacturer OF
similar or like article over the importer.
If the duty be raised 10 ten per cent. it will
produce greater amount of money, and
afford greater protection. II it be still
raised to twenty, twenty five, or thirty per
cent. and it, as it is raised, the revenue
derived from it is found 10 be increased,
The protection or advantage will also b.
increased; but il il be raised 70 thirty one
per cent and it is found that the revenue
produced at that rate is less than at thi rly
per cent. it ceases to be revenue duty.
The precise point in the ascending scale
of duties at which it is asceriained from
experience that the revenae is greatest, is
the maximum rate Of duty which can DO
laid for the bssG fde purpose of collecting
money FOR the support Of governments
~ 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 Com
gress may gradually increase the rate of
duty on given article, and the revenue
is increased by such increase of duty. they
are within the revenue standard. When
hey so beyond tina; point, and, as they in
crease the duties, The revenue is diminish,
ed or destroyed. the act ceases 10 have for
its object the raising Of money TO support
government, but is for protection merely.
1t does moi follow that Congress should
levy The highest duty OIL all articles OF i'm.
port which they will bear within the rev.
enue standard for such rates would prob.
ably produce much larger amount than
the economical administration OF Inc gov
eminent would require. Nor does it fol-
low that the duties On all articles should
be at the same, or horizontal rate. Some
articles will bear much higher revenue
duty than others. Below the maximum
OF the revenue standard Congress may
and ought TO discriminate in The rates I'M