True Democrat. (Paulding, Miss.) 1845-18??, 1845-12-24

incidental ana miscellaneous sources,
$l63,998 Sc. The expenditures for the
same period were 1929, ,206 90; of
which, $S,56S,l5 62 were applied to the
payment of the public debt. The balance
in the treasury on the first of July last, was
$7,658,3O6 22.
The amount of the public debt remain.
ing unpaid on the first of October last, was
SI7,075,445 SO. Further payments of
the public debt would have been made, in
anticipation of the period gifts reimburse
ments under the authority conferred upon
the Secretary of the Treasury by the acts
of July 21st, lS4l, and of April Is, 1912
aud March 3d. 1913, had not the unsettled
state of our relations with Mexico MANAGED
hostile collision with that power. In view
of such contingency, it was deemed pru-
dent to retain in the Treasury an amount
unusually large for ordinary purposes.
A few years ago, our whole national
debt growing ont of the Revolution and
the war of 1912 with Great Britain was ex-
tingushed, and we presented to the world
the rare and noble spectacle of great and
growing people who had fully discharged
every obligation. Since that time, the ex.
isting debt has been contracted; and small
as it is, in comparison with the similar bur.
deus of most other nations, ii should be ex-
tinguShed at the earliest practicable Pc
Rod. Should the state of the country pei
| NIT, and especially, il the state of our TO-
reign relations interpoSe 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, to its liquidation. cherish the hope
OF soon being able 10 congratulate the couu-
try 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 devel-
oping all the sources of national prosperity
owes to mankind the permanent example
of ration free from the blighting inlu-
ence of public debt.
The attention of Congress is invited TO
the importance of making suitable modif.
cations and reductions of the rates of duty
imposed by our present tariff laws. The
Object ofimposingduties on imports should
be 10 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; bu: 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 to understand dis
tlnctly what is meant by a revenue stand
ard, the maximum of which should not be
exceeded in the rates Of duty imposed. II
is conceded, and experience proves, that
duties may be laid so high as TO diminish
or prohibit altogether, the importation of
any given article aud thereby lessen or de-
stroy the revenue, which, at lower rates,
would be derived from its Importation
Such duties exceed the revenue rates, aud
are not imposed TO raise money for the sup
port of government Ii Congress levy a
duty, for revenue, of only one per cent. on
a given article, il will produce n given n
mount of money to the Treasury, and will
incidentally and necessarily afford protec-
ton, or advantage, 10 the amount of one
per cent TO the home manufacturer Of
similar or like article over the importer. If
the duty be raised TO ten per cent, it will
produce greater amount Of money, and
afford greater protection. lit be still rails
ed to twenty, twenty five, or thirty per CT,
and #, as ii is raised, the revenue derived
from il is found to be increased, the protec-
ton or advantage will also be increased
buff it is raised TO thirty one per cent, and
II is found That the revenue produced az
that rate is less than AT thirty per cent, it
ceases TO be revenue duty The precise
point in the ascending scale Of duties at
which il is ascertained from experience
that the revenue is greatest, is the maxi.
mum rate Of duty which can be laid for the
bona fide purpose of collecting money for
The support Of government TO raise the
duties higher than that point, and thereby
diminish the amount collected, is 10 levy
Them for their protection merely, and not
for revenue As long, then, as Congress
may gradually increase the rate Of duty
on given article, ami the revenue is in
creased by such increase Of duty, they are
within the revenue standard. When they
20 beynd that point, and, as they increase
Inc duties, the revenue is diminished or de-
'iroYed, the act ceases TO have for its OBJ
ect the raising Of money to support gov
eminent, but is for protection merely.
Il does not follow that Congress should