Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1845-12-18
lIll. lllngg a GU
A.ss OF THE
PRESIDENT OF The u. STATES
TcoNcLUDED.1

>
al report to Congress, will communicate full
statement of the condition Of our finances. The
imports for the fiscal year ending on the 30th
of June last, were Of the value Of Sll7, 1854, :
504, of which the amount exported was $l5,-
SAG, S50--leaving balance of SOL 1907 ,754
for domestic consumption. The exports for
! the same year were of the value of STA, 646,-
Gg6;sof which, the amount of domestic articles
vas $99, 999,776. The receipts into the trea-
sury during the same year were S29, 769, SO
St; Of which. there were derived from customs
$27,528, IL 70; from sales of public lands,
$2,075 ,022 co. and from incidental and mis-
celianeons sources, $I63, 1898 Sc. The expcn-
ditures for the same period were $29,96s, POS
90; of which, Sc, 5S3, l57 81 were applied to
The payment of the public debt. The balance
in the treasury on the first Of July last, was
81. 65S, 306 e.
The amount OF the public debt remaining I'M
paid on lie first of Oct. last, was $l7 ,075, 445
s52. Further payments of the public debt would
have been made, in anticipation of its reim-
bursemeat under the authority conferred upon
the Secretary of, the Treasury, by the actsof
july 2lst. BAL, and of Aprilsl5th, 1912. and
March Sd. 1915, had not the unsettled state Of
cur relations with Mexico menaced hostile COL
tingency, 1t was deemed proper to retain in the
treasury an amount unusually large for ordina-
~ purposes. S.
A few years ago, our wIsole national debt
growing out ofa4he Revolutions and tie war Of
1912 with Great Britain was extingnished, and
we presented to the world the rare and noble
spectacle Of a great and craving people who
had fully discharged every obligation. Since
that time, tlle existing deht has been contracts
ed; ndssnall as il is,sin comparison wlththe
similar burdens of msst other nations. it skonld
be extinguished the earliest practicable peIi-
3D. Should the statesof the country permit,
and, especially, if our foreign relations inter
pose no obstacle, it is contemplated to apply all
the moneys in the treasury as they accrue be-
ynnd what is required for the appropriations
BY Congress, to its liquidation. i cherish the
hope Of soon being able to congratulate the
country on its recovering once more the. lofty
position which it 50 recently occupied. Oar
country, which exhibits to the world the bene-
fits of self-goyernmeut, in developing all the
sources of national prosperity, owes to mankind
the permanent example of nation free from
: the biighting influence Of public debt.
The attention Of Congress is invited to the
importance of making suitable notifications &
reductions Of the rates Of duty imposed by our
present tariff laws. The object of imposing du-
ties on imports should be to raise revenue to
gay the necessary expenses of government
Congress may, undoubtedly, in the exercise of
sound discretion, discriminate in arranging
the rates of duty on different articles; bnt the
Determinations should be within the revenue
standard, and be made with the view to raise
money for the support of government.
1t becomes important to understand distinctly
what is meant by revenue standard, the max
imum of which should not be exceeded in the
rates of duty imposed. II is conceded and expe-
riencc proves. that duties may be laid so high as
TO diminish or prohibit altogether the importa-
ton of any given article, and thereby lessen or
destroy the revenue which, at lower rates,
would be derived from its@importation. Such
duties exceed the revenue rates, and are not
imposed to raise money for the support Of gov
eminent. If Congress levy duty for revenue
of one per cent. on given article, it viii pro-
duce given amount OF money to the treasury
and will incidentally and necessarily afford a
protection or advantage to the amount of one
. Der cent to the manufacturer of similar or
ike article over the importer. If the duty be
J. raised to ten per cent, it will produce greater
amount of money, and afford greater protection.
III it still be raised to twenty, twenty-five, or
thirty per cent. and if, as it is raised, the rev.
cnue derived from il is found to be increased,
the protection or advantage will also be increas-
cd; but lift be raised to thirty-one per cent.
il ceases to be revenue duty. The precise
point in the ascending scale of duties, at which
Il ia ascertained from experience that the reve
I, nue. IS greatest, is the maximum rate Of duty
which can be laid for the bona tide purpose o.
collecting money for the support ofgovernnent
10 raise the daties higher than that point, and
thereby diminish the amount collected, is to le
" them for protectian merely, and not for reve
nue.. As long, then, as Congress may gradu
sIly Increase the rate ofduty on given article
and tho revenue is increased BY such increase
II duty, they are within the revenue standard
When they go beyond that point, and as they
ipcreaso the duties, the revenue is diminished
81 aessscFed, the oct ceases TO have for its CD