The Somerset herald and farmers' and mechanics' register. [volume] (Somerset, Pa.) 183?-1852, 1845-12-09

nine thousand one hundred and thirty
three dollars and fifly-slx cenis,ot which;
| there were derived from customs, twen-
ty-seven thousand and twenty-five dol
lars and thirty cents; and from incidental
and miscellaneous sources, one hundred
and sixty-,hree thousand nine hundred
and nineiy-eight dollars and fifly-six
cents. The expenditures for The same
period were twenty-nine millions nine
hundred and sixty-eight thousand two
| hundred and six dollars and ninety eight
cents: Of which. eight millions FIVE hum
dred and eighty ght thousand one hun
dred and fifty seven dollars and sixty
two cents were applied TO the payment
of The public debt. The balance in the
treasury on the first Of July last, was
seven millions six hundred and fifty
eigh, thousand three hundred and six
dollars and twenty-five cents.
The amount of the public debt reRai-
ning unpaid on the frs. of October last,
was seventeen millions seventy five
thousand four hundred and forty-6Se
dollars and fifty two cents. Further
payments of the public debt would have
been made, in anticipation of the period
of lis reimbursement under the authority
conferred upon the Secretary of the
Treasury by the acts of July twenty-6rst,
I84l, and of April fifteenth, 1912, and
March third, 1874, had not the unsettled
state of our relations with Mexico me-
naced hostile collision with that power
In view OF such a contingency. il was
deemed prudent 10 retain in the treasury
any amount unusually large for ordinary
purposes.
A few yesIs ago. our whole national
debt growing out Of tine Revolution and
The war of 1912 with Great Britain was
extinguished, 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 existing debt has been contrac-
ted; and small as it is, in comparison
with the similar burdens of most other
nations. il should be exinguished at the
earliest practicable perisd. Should tho
state OF the country permit, and. espe
cially, if our foreign relations interpose
no obstacle, il is contemplated 10 apply
all the moneys. in the treasury as lhev
accrue beyond what is required for The
appropriations by Congress, TO its liqui
daiion. | cherish the hope OF soon be-
ing able TO congratulate the country on
its recovering once more the lofty posi-
tion which !, so recently occupied. Our
country, which exhibits TO the world the
benefits of eIfgovernment, in develop
ing all the sources OF national proSperi
ty, owes to mankind the permanent ex-
ample of nation free from the blighting
influence Of spublic debt.
The attention of Congress is invited
TO the importance Of making suitable
modiicatiors and reductions Of the rates
of duty imposed by our present tariff
laws. The object Of imposing duties on
imports should he 10 raise revenue TO
pay the necessary expenses of govern
meni. Congress may, undoubtedly, in
the exercise of sound discretion, dis
criminate in arranging the rates of duty
on different articles; but the discrimina-
tions should be within the revenue stand
ard, and be made with the view 10 raise
money for the support Of government.
II becomes important TO understand
! distinctly what is me AMI by a revenue
standard, the maximum of which should
not be exceeded in the rates of duty i'm
posed. lis conceded, and experience
proves. lha, duties may be laid so high
as 10 diminish. or prohibit altogether,
tie importation of any given arIiCe. and
thereby lessen or destroy the revenue
which, al lower rates, would be derived
from its Importation. Such duties ex-
ceed the revenue rates, and are not i'm
posed 10 raise money for the support OF
government. If Congress levy duty
for revenue, of one per cent. on given
article il will produce given amount Of
money 10 the treasury, and will inciden-
tally and necessarily afford protection,
or advantage, to the amount Of one per
cent, TO the home manufacturer of sim
liar or like article over the importer
If The duty be raised TO ten percent. it
will produce a greater amount of money,
and afford greater protection. If it be
still raised 10 twenty, twenty-five. or
thirty per cent and if, as il is raised,
the revenue derived from tits found 10
be increased, the protection or adVan-
lage will also be increased; but If it
be raised TO thirtysone per cent that
| the revenue produced at that rate is less
than at thirty per cent. 1t ceases TO be a
revenue duty. The precise point in the
ascending scale of duties at which it is
sscertained from experience that the rev.
enue is greater, is the maximum rate OF
duty which can be laId for the bona
fdc purposes of collecting money for
the support of government. To raise
the duties higher than that point, and
thereby diminish The amount collected,
/ IL. e II.