Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1845-12-04

] imports for the fiscal year ending Of, the sh;s.
!: tieth June last, were Of the value Of one brr.
dred and seventeen millions two hundred nj
Efltyifoar thousand i've hundred and sixty-foar
dollars, Of which the was amount exported 81.
/ teen millions three hundred and forty-six ihop-
Island eight hundred and thirty dolIars-lcayinc
la balance Of one hundred and oneImilljons nina
lhunHred and seven thousand seven hundrea an,
Ithirty-four dollars for domestic consumption.
| The exports for the same year were Of the saius
of one hundred and fourteen millions sir hum
dred and forty-six thousand six hundred and six
dollars ; Of which, the amount Of domestic ar,i-
Giles was ninety mine millions two hundred and
ninety-nine thousand seven hundred and seyeu-
ty-sx dollars. The receipts into the treasury du-
ring the same year were twenty-nne millions
seven hundred and sixty -1ine thousand one hun.
bred and thirty-three dollars and fifty-six cents,
OF which, there were derived from customs,
!tweh,y-seven millions Eve hundred and twenty.
eight thousand one hundred and twelve dollara
and seventy cents ;sfronl sales Of public lands,
two millions seventy thousand and twen4
ty-swo dollars and thirty cents and from incl
dental and miscellaneous sources, one hundred
and sixty-three Thousand nine hundred and
ninety. eight dollars and iiity-six cents The
iexHenditurcs for the same period were twenty.
nine millions nine hundred and sxty-eight
thousand two hundred Six dollars and ninety.
eight cents Of which, eight millions FIVE hun.
dred and eighty eight thousand one hundred and
hty-seven dollars and si&ty-two cents were ap-
! piled 70 the payment of the ps bic debt. The
balance infthe treasury on the first of July last.
, was seven millions six hundred and fiitv.eieht
thousand three hundred and six, dollars and
, twenty-two.cents. as
The amount Of the public DEBT remaining
unpaid on the first Of October last, was seven-
o.. Al. q.
dred and forty,tfve dollars and Eiiy-two cents.
Further payments Of the public debt would
have leen made, in anticipation of tile period
Of his reimbursement under the authority con-
ierfed upon the Secretary Of the Treasury by
the acts Of July twenty first, ls4l, and Of A.
/ prl fifteenth, 1912, and March tlird, 1919, had
not the unsettled state Dc relations with Mexi-
co enlnced hostile collision with that
power. III view Of such n contingency, il
was deemed prudent to retain in3the treasury
an amount unusually large for ordinary pur-
! poses. +
4 few years ago, our whole national debt
growing oat OF. the Revolution and the war Of
1912 with Great Britain was extiguished and
WEI presented to the world the rare and noble
spectacle Of a. great and growing people who
had fully discharged every obligation Since
4 that time the existing debt has been con-
tracted; and small as it is, in comparison with
the similar burdens Of most other nations,
it should De extinguishea at the earliest practi-
cable period. Should the state Of the country
permit, and, especially, II our foreign relations
lnterpose no obstacle, III is contemplated to APP
ply all the moneys in the treasury as they ac-
crpe beyond what is required for the appro-
prlations by Congress, to its liquidation. l
cherish the hope of soon being able to
4 congratulate the country on its recovering once
more the lofty position which it SO recently oc-
coupled. Our country, which exhibits to the
world the Ibenetits of self-goYernment, in de-
veloping all the soarceso of national pros perty,
loves TO mankind the permanent example Of q
nation iree>lroin the blfghting influence OF 4
: pablic debt
. ! The attention Of Congress is invited 10 the
importance of making suitable notifications
f and reductions Of the rates OF duty imposed BY
-FOUR present tariff laws The object Of impos-
ing duties on imports should be to raise reye.
nae to4pay the necessary expenses OF govern
ment. Congress may, undoubtedly, in tile ex-
, erciseof sound discretion, discriminate in ar
ranging the rates Of dity ondfferent articles
but the discrimination shouDd be within the re-
4 venue standard, ard he made with the view to
raise money for the support Of the govern
ment.i j
Illbecoles impoftantIto understand distinctly
| w2ati il meant bya revenue standard, the maxi
mum of which should not be exceeded 10 the
rates Of duty imposed Il is conceded and !.
i experience proves, that duties may be laid so
high as to diminish, or prohibit altogether the
importation Of any given articles, and thereby
lessen or destroy tie revenee which, at lower
rates, would be derived from its limportation.-
/, Such duties exceed the revenue rates. and are
, npt imposed e raise money for the support Of
government If Congress levy duty tor reye-
{ nue. Of one per cent. ON given articles il will :
pfoduce agivcnamountofm money to the treasu-
ry. and viii incidentally and necessarily afford
protection, or advantage, to the amount Of ono
{ per cent. To the home manufacturer Of a SINH
lar or like article over the importer. 1.-THE du.
ty be raised to ten per cent, twill produce a
greater amount of money and afford greater pro-
lection. Ii il be still raised TO twenty, twenty
five, Or thirty per cent? and If as it is rasedthe
J revenue derived from It is found to be increas-
ed, the protection or advantage will also be in.
creased but if it be raised to thirty -one per
, cent, and it is found that the revenue produced
at that rate is less than at thirty per cent, it
ceases TO be. a. revenue duty. Tile precise
TIointlin the aseendngscale Of duties which it
n y aseertainedirom experience that the revenue
]. i greatest, is the maximum rate of,duty which
e Gan Be laid for the bo,la fdepnrpose.o Of collect
: ing money Tor the SUPPORT Of government. To
I raise tie duties higher than that point, and
D. thereby diminish tie amount collected, is to le-
c w them for protection merely, and not for re-
i venue. \ ~
r AN long, then, as congressmay gradually in
: crease the rate Of duty on a given article, and
2 the revenue is increased BY such. increase Of
& duty, they are within the revenue Standard
5 When they 20 beyond that point and, as they
e increase the duties, the revenue is diminished
DESTROYED the act Cpaeps IN have for ife nh.