The daily union. [volume] (Washington [D.C.]) 1845-1857, 1845-12-03
THE TREASURY REPORT.

We laid before readers, last evening, the
message of the President of the United States. In
conncxion with it, we now lay before our readers
the annual report of the Secretary of the Treasury
1t is probably the next most important document Of
all the large mass of state papers which will be
submitted to the new Congress by the new admin
istration. The Secretary had great duty to dis.
charge in relation to a system Of finance, and
especially the tariff; and we are happy to find that
he has the energy, the moral courage, well as the
wisdom and sagacity, to discharge the duty in the
proper spirit. II requires no ordinary nerve to
propose an important revolution in the financial
affairs Of great nation-a new organization
Of the tariff which is to effect the interests of the
whole community, as well as to control, in some
degree, the strong wishes of powerful class
But, great as the responsibility is, Mr.. Walker
has met it as becomes his character, and the ele-
waited Office which he now fills under the government
His report bears the mark Of unusual industry
1t is founded upon large body Of statistics, which
il has cost him much pains to collect. We under
stand from the members Of his department.
who are the best acquainted with the char
acter of these documents no report from
the treasury has ever been laid before Con-
gress which was accompanied by more Solu-
minous and important documents. The report
is very long in itself, as it was expected to be-
very carefully compiled--and contains many bold
and important propositions. That great reform
wanting in the system of our finance, is felt by
every man who is acquainted with the great prnci-
Piles ofpoitca economy, or with the defects Of the
present lawA-who knows the extraordinary circum-
stances under Which it was forced upon the peo-
ple--who sees its partial operation-and who knows
how oppressive it has proved to be upon the great
body ofthe consumers-how important is, even for
the manufacturers, to have uniform and stable rate
of duties--how important for the treasury-and
how necessary reform in the customs is to ad :
vance the prosperity and secure the tranquility of
the country. Under these circumstances, we arc
excellent report.
1t will speak for ITSELF and we cannot doubt that
it will receive the attention Of the people But it
may be well TO lay before them brief analysis and
summary its principal positions. 4
The great question discussed in the report crises
out of the second proposition, which is as follows:
''That no duty be imposed on any article above
that lowest which will yield the largest amount
Of revenue"
This position is fully discussed, and maintained
on constitutional principles, as well as upon the
grounds ofequal rights and justice.
Two new constitutional arguments are presented
against protective duties. =.
The first is based upon the words of the consti-
tuition granting the power to lay and collect taxes,
duties, imposts, and excuses" All these taxes are
= /.
the same--and all must be laid only that they may
be collected and, if they imposed, they can
not he collected, in whole in part, by making the
duty SO high as to amount TO total partial pro-
hibition any reduction Of the revenue Such duty
10 considered violatve Of the authority given in
this clause Of the constitution TO collect taxes, duties,
&c.
The second position is based also on the words OF
the constitution, requiring every tariff to originate
"for raising revenue" That is deemed the only con-
s,i,ona Object of such bill, and not the protection
of classes or their pursuits.
IL is shown, that the protective system does not
increase the wages Of lsbor--that the system is to
augment the profit of capital, and not the wages Of
labor--and that the result Of the system must be,
in series Of years., as the power Of manufacturing
capital s augmented from time to time, 10 bring the
wsges Of labor under its CONTROL and ultimately to
reduce those wages, so ns TO increase the profit OF
capital $3.50
Mnimums and specific duties arc proposed to be
abolished; and their effect illustrated in making the
duty much higher on the cheaper article consumed
by the poor, and much lower on the finer article