The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1845-12-16

not bestow upon some favors and privileges
which all others may not enjoy. II was the
purpose Of lis lustrious founders to base the
institutions which they reared upon the grea.
and unchanging principles of justice and
} equity, conscious that if administered in the
spirit in which they were conceived, they
would be felt only by the benefits which
they diffused, and would secure for themsel-
yes defence in the hearts Of the people,
more powerful than standing armies, and all
the means and appliances invented to sustain
governments founded in injustice and op-
preston.
The well-known fact that the tariff act of
lS42 was passed by majority of one vote
in the Senate, and two in the House of Re-
presentatives, and that some of those who
felt themselves contrained, under the pecu-
liar circumstances existing at the time, TO
vote in its favor, proclaimed its defects, and
expressed their determination 10 aid in its
modification on the first opportunity, affords
strong and conclusive evidence that it was
not intended TO be permanent, aud Of the cx-
pedicncy and necessity of its thoro' revision.
In recommending to Congress reduction
of the present rates of duty, and a revision
and modification Of the act of lS42, | am far
from entertaining opinions unfrendly to the
manufacturers. On the contrary, l desire
TO see them prosperous, as far as they can
be SO, without imposing unequal bIrtbens on
other interests. The advantage unde. any
system of indirect taxation, even within The
revenue standard, must be in favor of the
manufacturing interests; and Of this no other
interest will complain.
| recommend TO Congress the abolition of
the minimum principle, or assumed, arbitrary,
and false values, and of specific duties, and
the substitution in their place of ad ualorem
duties, as the fairest and most equitable in
direct tax which can be imposed. BY the
ad paloren, principle all articles are taxed ac-
cording to their cost or value. and those which
are of inferior quality, or Of small cost, bear
only the just proportion of the tax with those
which are of superior quality or greater cost.
The articles consumed by all are Tax ed
at the same rate. A system of ad ealorcm
revenue duties, with proper determinations
and proper guards, against frauds,
in collecting them, it is not doubted,
will afford ample incidental advantages to the
manufacturers, and enable them 10 derive as
great profits as can be derived from any
other regular business. 1t is believed that
such system, strictly within the revenue
standard, will place the manufacturing inte-
rests OH stable footing, and inure 10 their
permanent advantage; while it will, as near
y as may be practicable, extend 10 all the
great interests of the country the incidental
protection which can be afforded by our
revenue laws.
Such system, when once firmly establish
ed, would be permanent, and not be subject
to the constant complaints, agtations, and
changes, which must ever occur when duties
are not laid for revenue, but for the "p:otec
ton merely" of favored interest.
In the deliberations of Congress on this
subject, it is hoped that spirit of mutual
concession and compromise between conflict
ing interests may prevail, and that the result
of their labors may be crowned with the
happicst consequences
BY the Constitution of the United States
it is provided that no money shall be drawn
from the treasury but in consequence of ap-
preparations mlde by law" A public treas
ury was undoubtedly contemplated and in
tended TO be created, in which the public
money should be kept from the period of
collection until needed for public uses. In
the collection and disbursement of the pub
lie money, no agencies have ever been
employed by law, except such as were ap-
pointed by the government, directly respon-
sble to it. and under its control.
The safe keeping of the public money should
be confded to a public treasury created by law,
and under like responsibility and control. II is
not to be imagined that the trainers Of the Constl
tuition could have intended that treasury should
be created as place of deposite and safe-keeplng
Of the public money which was irresponsible to
the government. The first Congress under the
Constitution, by the act of the second September,
1889, - to establish the Treasury Department."
provided for the appointment of a Treasurer, and
made it his duty I" to receive and keep the moneys
of the United Staes," and "at all times to submit |
to the Secretary OF the Treasury and the Comp
toer, or either of them, the inspection OF the mo-
neys in his hands.n
That banks, national or state, could not have
been intended to be used as a substitute for the
Treasury spoken ofin the Constitution, as keepers
of the public money, is manifest from the fact,
that at that time there was no national bank, and
but three or four state banks of limited capital
existed in the country. Their employment as de-
postories was at first resorted to- to limited ex-
tent, but with no avowed intention of continuing
them permanently, in place of the Treasury of the
Constitution. When they wero afterwards from
time TO time employed, it was from motives Of sup
posed convenience.
Our experience has shown, that when banking
corporations have been the keepers of the public
money, and been thereby made in effect the trea-
sury, the government can have no guaranty that
it can command the use of its own money for
public purposes The late Bank Of the United
States proved to be faithless. The State banks,
which were afterwards employed, were faithless
But few years ago. with millions of public
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