The Arkansas banner., 1845-11-19

poltations are too large, the export of specie will check them The present system has not prevented the export of specie; it has : been exported why then adhere 10 il for any such imaginary virtue? Besides, merchants do not require the guardianship of Congress to prevent them from over-trading, any more than manufacturers or planters require il tc prevent the building of too many mills, ol the planting of too much cotton and tobac- f co.
 "3Fd. That the construction of great Gov. erument Warehouses, al vast expense, W oul be necessary for carrying out the System
 " RePiy. No such necessity exists nay any building, or hiring of Warehouses, by fhe Custom House. or Government, would n practec, be less necessary, than under the present system and any such proceeding is particularly to he deprecated There Is nc objection 10 throwing open the sWarehousing business 10 private competition, as 1t is in Liverpool, for instance, where, in l8z2, theTe were 349 private Warehouses, or receplae- les, licensed for bonded goods ;-the Coz ernment having nothing te do in the matter, butto license Warehouses, when required, if properly secured according to law. and to put their own locks upon them and <eepthe keys, the rate of storage being an aaail be- tween the owner of the Warehouse and the owner of the goods, and in which, neither the Governmentnor any of it's officers, ought to be permitted 10 be interested In fact, I consider the opening of the bonded slor- age business to private competition, pafte- ularly desirable.
 .4h That t would only lend more and more to aeerandize the city of New l orIs.
 " Rcpig. have already said enough to show, that this is particular effect of the present, and certainly would not be of the proposed system.
 '' IL is unnecessary to go into the de.uls of a Warehousing Bill in this place but, n them, as in the sciences, few first principles will sloye great many questions, and par icuiady the principle, that the duty i5 on the consunption.'
 .' Is interest to be changed on the duty, from the tifae of warehousing, to the time ot payment? Nc for the duty is on the con- sumption, and the goods are supposed to go into consumption when i is paid
 '' If the duty is 20 per cent. when the goods are warehoused, and only 10 per cent when they are entered for consumption which rate 5 to be paid The rate existing at the time of payment, because the duty is ou thc consumption.
 Should goods, warehoused ill New | orz, be allowed to be sent under bond 10 Boston. to be reWafehoused there, that the Boston man may pay the duty OH them, in Boston, when he choses, or oXporthem from Boston : Should transfer of ownership of goods in warehouse be sanctioned and recorded by the Cust6m-liouse, from tie importer to the dealer, or retailer, that the latter may pay duty, lrem time to time, on such portions as he wishes to have under his own coutrol3
 The answer 10 both is: eS; for the duty is oa the consumption.
 Another principle of tie system Is, that the merchant, having the oPaon of bonding, q. e. Wasahoasing,) or paying duly, must abide by the consequences of his own choice; and, therefore duty once paid, is never refunded. If goods are burnt in a bonded Warehouse, or fl they are lost or destroyed at sea, when going under bond to anofaer place, TO duty is eXac!cd on them; bat if they are piltefed while Hader bond, daty !s eXac,oa on the deficiency. h the former cases, they have not gone into consumption; ; but, ia the latter, the pillesad portion pfoba- bly, has.
 "Question upon question might be staftel, and answered but have written enqIgh already to furnish examples.
 will, however, say few words more
 The duty to be paid being at the rate existing al the time of payment, the importer, or dealer, however high tha existing rate may be, can hold his stocks a bond, with out fear of being entraPped by a reduction of duty while, on the other hand, .he present system, by exposing the holder of large stocks, lueeessarily dutv-pad,) to the risk of Joss from reduction of duty, causes, and must always cause. the stocks of hieh-dutiad zoe $ to be inexpediendy small. The Government may indeed make provision for returning the duty in saeh cases, but this would give much trouble, cause expense, create confusion, and lead to frauds; while, under a Narehoasag System, such reiundngs of duty are nractic- ally unnecessary
 "Again Suppose have ordered cargo of tea from China, and duty of 10 cents per pound Is imposed before 1t arrives: l should, under the present system, complain yeiy much of having to pay such duly in cash before landing it; for might be com tNlNNtf O4 tfc OUtidA oi money, tO m3kG sales before ihe full effect of the duty had been felt in the market ptiee, But under q Warehonsing System, should have no ground for complaint, because could then refrain from selling my tea. without any more inconvenience, than il 1t lad remained free of duty. We can sec here, how the self inter- est of merchants lea,ls them, +and they may be scarcely conscious of it themselves to give erroneous views to Government upon : questions of commercial policy, mainly in consequence of the particular operations of the present system of collecting duties. I "From all that ! have said, think it fol- lows conelusively, that the Warehousing i System is emiaeniy fitted for a country Ike onrs, where progress and change are so rapid. that alterations must necessarily be made in the rates of duty. Under is operation, such alterations can be made without paralznr general trade. The revenue can De sooner increased, whenever desirabe,-and sooner 1 decreased. in order 10 avoid the many dan gers arising from surplus revenues: and, ill tba hfNia | Il.