The Arkansas banner., 1845-12-24

one hundred and sixty-three thousand nlhe hundred and ninety-eight dollars and hi'y- six cents. The expenditures for the same period were twenly-nine millions nine hum dred and sixty-eight thousand two hundred and six dollars and ninety-eight cents; oI which. eigh millions five hundred and eigi- ty-eightthousand one hundred and fty-seVeh dollars and sixly-two cents were applied to the payment of the public debt ile balance in the treasury on the first ol ,'oiy last. was seven millions six hundred and ilty- eight thousand thee hundred and SIX dol- lars and twenty-two cents.
 Tine amount of lhe public debt remaining unpaid on the first of October last, was seventeen millions seyenty-iIve thousand four hundred and forty-tive dollars ana my two cents. Further payments oi the PuDiic debts would have been made, ln anticipation of the period of it's reimbursement under the authority conferred upon the Secretary oi the Treasury by the act of July 2l lo4l; and of April 10th 1872, and March 3d, lo43 had not the unsettled state of our relation with Mexico menaced hostile collision With that power. In view of such contingency, it Was deemed prudent 10 retain in the trea- surv an amount unusually large for ordinary purposes.
 4 few years ago uuf whole national debt growing out of the revolution and the war oi l8I2 with Great Britain, was eXtIngaIshed' and we presented to the world the rare and noble spectacle of great aud growing people who had fully discharged every obIigatlod. Slace that time. lire existing debt has been coatracled: and small as il k, in comparison with the similar burdens oI most other nations, Il shonld be exliaguished al the earliest prac- ticabIe period Should the state of the coun- try permit, and especially, fl our foreign re- latlons inlerpose no obstacle, 1t Is contem- dated 10 apply all the moneys iu tine trea- ,urv as they accrue beyond what IS required for the appropriations by Congress, to lts liquidation 1 cherish the hope of sooa being able to congratulate the country on lis recovering once more the lofty position which it so recently occupied. Onr conn try. which exhibits to lhe world the benefit. of self-government, in developing all the sources of national prosperity, owes 1t mankind the permanent example ola nation free from the blighting influence oi pub lie debt
 The attention of Congress is invited 10 tho importance ol making suitable modiiieaiions aud reductions of the rates ol duty nl- posed by the present tariff laws. The object of imposing duties OH imports should be to raise revenue to pay the necessary expenses of government. Con- gress may undoubtedly, in the exercise oi a sound discertioH discriminate i'll arranging tI, liH tipp hHt tue observation-disclosures should be within the revenue standard, and be made with the view to raise money for the support of govern ment
 IL becomes important 10 understand dis tinetly what IS meant by il revenue standard, themaximum of which should not be exceed- ed in the rates of duty imposed. Il is con ceded, and experience proves, that duties may be laid so high as to diminish, or prohibit altogether, the importation etany givenartiele aud thereby lessen or destogy the revenue winch, al lower rates, would be derived from it's importation. Such duties exceed the revenue rates, and are not imposed to raise money for the support of government Il Congress levy duty for revenue, of one per cent on given article, 1t will produce q given amount of money te the treasury, and will incidentally and necessarily afford pro- teeion, or advantage, to the amount ol ono per cent to the home manufacturer of siml- lar or like article over the importer, If the duty be raised to ten per cent, II will pro duce d greater amount oi money, and lilord greater protection. If it be still raised to twenty, twenty-five, or thirty per cent and Il l oS lp fl ir I |, : 1 found to be increased, the protection or ad- vantage will also be increased, but if il b1 raised to thigty-onc per cent, and Il IS found that the revenue produced at that rate IS less 1 than at thirty per cent, It ceases to be a re- venue duty. The precise point in the ascen- 1 ding scale of duties al which 1t is ascertain od from experience that the revenue is greatest, is the maximum rate ol duty
 which can be lad for the boRa fdt
 purpose ot collecting money for the supppr
 ot government To raise the duties hlghe
 than that point, and thereby diminish tho amount collected, Is to levy them Tor pro lection merely, aad not for revenue, As long then, us Congress may gradually increase tn
 rate of du,y on a given article, and the re venue is increased by such increase oi duty they are within the revenue standard. Nhei they go beyond that point, and, as they in crease the duties, the levenue Is diminished or destroyed, the act ceases to have for it object the raising ol money to support gev esHmant hut Is for protection merely.
 l. does not follow that Congress shoult levy the highest duty on all articles of mpor ] which they will not bear with the revenu, standard; for such rates would probably | produce much larger amount than the econ
 omical administration of the governmen
 would require. Nor does il follow that tht duties on ali articles should be at he same ] or horizontal raie. Some articles will bea d much higher revenue duty than others
 Below the maximum ot the revenue staadart Congress may and ought To discriminate il the rates imposed, taking care so to adjus them on different articles as to produce in ih, aggregate the amount which, when added tC the proceeds of sales of public lands, may b, needed 10 pay the economical expenses 0 1 the government.
 In levying tariff of duties, Congress exer else the taxing power, and for purposes O revenue may select the objects of taxation They may exempt certain articles altogether and permit their importation free of duly.- ] ca others they may impose low duties In these classes should be embraced such ar