Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1846-07-04

to S5,534,057 OF additional revenue may be
produced by the modification Of the tariff
herein proposed, namely: TO adopt as a ba.'
sis the bill reducing the tariff, reported BY
the committee OF Ways and Means TO the
House Of Representatives on the 14th OF
April last, together with the augmented and
additional duties now proposed and sumner.
ated in schedule A. This change Of the bill
reported by the committee, emitting the
fourth seeing, would make an addition to
The revenue 10 be produced by that bill Of
$4,o34,057.
After very careful examination Of the
additional date which it has been in my pow.
err 10 obtain since the month OF February
last, it is my conviction that the bill OF the
committee will produce nett revenue Of at
least twenty.six millions OF dollars. II 10
This be added the additional duties proposed
10 be leyisd in schedule A. the bill Of the
committee, With the notifications embraced
in that schedule, would produce nett rev.
enue Of S3o,o34,O57. This would maks On
addition Of 1854, O57 TO the revenue that
would be produced under the act OF the 30lh
of Augus, 1s42. If, then we deduct this
S5,534,O57 from the deficit above estlmatedy
it would still leave deficit OF SI4,o86, 4O6.
If, in addition to the modification Of the
tariff above suggested, the warehousing sys-
tenn were adopted as RECOMMENDED in my
annual report Of December last, it would
make an addition to the annual revenue
from customs of one million OF dollars,
which, deducted from the above deficit,
would leave deficiency still remaining OF
| i3,O86,406.
1t is true that the introduction OF the
wrehousing system might diminish the rev.
enue during portion Of the first year sue
ceeding its adoption; but that il would add
one million Of dollars per annum to the per-
manent annual revenue from customs is not
doubted.
1t is believed also that the reduction and
graduation of The price Of the public lands
| in favor of settlers and cultivators, as recon.
mended in your message Of December last,
would make annual addition OF half million
of dollars TO the revenue, derivable from the
proceeds OF the sales of the public lands, by
bringing into market many millions of acres
of the public domain which are wholly I'm.
saleable at the present minimum price es-
tablished by law. Deductng, this sum OF
half million of dollars from the deficit last
above mentioned, would leave still unprovi-
ded for the sum Of $l2,5S6,4O6, which must
be met by loans, treasury notes, direct tax
alton OF excuses.
In addition to the strong objections which
HAYS been urged against direct taxes and
excuses, it would be difficult to put in oper-
alton such system IN all the states and
territories so as 10 realize the required
amount in cash before the 30th of June,
1847. A system Of direct taxes and excls.
es it is believed, would not meet the sane.
ton OF the people, unless in the emergency
Of war with some great maratime nation,
exposing our commerce to great hazard, and
greatly reducing the revenue from duties on
imports.
The only remaining means for supplying
this deficit within the required, period is BY
oans or treasury notes, and accordingly
recommend, with view to the most vigor.
Gus prosecution OF the existing war with
Mexico, so as to bring it to a speedy and
honorable termination, that contingent
authority should be vested in.ihis depart
ment, with your sanction, to issue treasury
notes, or effect loan Of a sum in the aggre.
gate not exceeding the last above mention.
ed deficit Of $l9,586,4O6.
| think it would be most advantageous 10
the government that portion Of this money
should be raised by the treasury notes, and
the remainder by loans, limiting the inter-
est in both cases to rate not exceeding six
per cent. per annum, and forbidding the no.
gotiaton in either case below the par value.
If the authorities were limited so as to GOV.
or this deficit, and the power given to re.
sort to loans or treasury notes, or both, 40
the emergency might require, the money
might be raised at e much lower rate Of in.
terest than il the Department we're confined
either 10 loans alone or to treasury notes.
The experience Of the government has de-
monstrated that there are periods when
loans are most available, and that there are
occasions when treasury notes are much
better adapted to meet the emergency, and
the power 10 select both or either from time
TO time, would render the negotiation more
certain, and probably save very largo
amount Of interest 10 the government. If
the war should DO speedily terminated, it 10
possible that resort TO loans or treasury
notes might not be required; or, il 80, for an
uncomfortable amount. The same power
that is now given by law TO redeem tho
loan, even before its maturity, whenever
the funds Of the government will permit, 20
az to liquidate any public debt as speedily
as possible, should be continued; az also
the authority for the reissue OF the treasury
notes, as heretofore provided by law, a.
we'll as for their receipt in revenue pay.
ments.
The additional duties designated in sched-
MI l.