The New era. [volume] ([Portsmouth, Va.]) 1845-1847, 1846-12-19

The duties. the additional annual ,.v.nu. fran,
this source might be SAFELY estimated at 50 500.
600.
This duty, however, would he rendered nua,.
tory IN paii..fnr several years. unless il were i'm
posed during a very early period of the session,
and To 90 into effect at a time no, later. if pnssi.
BILE, than the LIST Of January next. Between that
date and some time early IN the spriny. large i'm
p~ortations at tea, and, Ia some extent, uf coffee.
are brought into The country. and onpht tn be srb.
Jected To the duty. IN order that revesue should
be raised from such imports. II This is not done.
and The duty is to 90 into operaiion at a mnch
later period. the tax will operate ne an enhanccd
price to the consumer, without producing a cor.
respondent value.
The stock now on hand, and that would be
imported iorthwith-namely, Of coffee from Cuba
ana 81 domingo. and some other ports and Of
tea. IN part, rom the bonded warehouses If iIm-
fope-coning IN Tree of duty, IN anticipation uf
me law, would contribute nothing To the revenue
"t me country whilst the price of the stuck On
hand here. as well as that thus brought in free of
ouiy, would be augmented nearly m the same
proportion as if The duty had actually ounr a, once
into effect. A delay. then. in imposing this dury
on tea and coffee, willis, il would tax The cunsn
tner Tor several years marty as much as il the
duty were imposed at uncc, would. dufinu ,ba,
whole period. bring very little revenue into the
treasury. Such \ delay, then, would only enable
a few individuals I" amass large fortunes at the
expense of the people. Such has been the aiinos,
uniform effect of The pusiponement of the opera
ton of laws imposing new OF additional dnties-
of which the examples are numerous under the
'arlf ct 1912, as also preceding laws. The re-
ducilon Of the loan from twenty three Ia nineteen
millions, together with the imposition Of this duty
on tea and coffee towards meeting The payment,
VIII, 1t is conceived. make a difference in the
terms on which the loan can be effected, which,
IN me period OF twenty years, would save a large
amount OF the tax 10 the people of the United
States; whereas. if no such duty is imposed and.
as a consequence, a loan for a sum so Iarue as
twenty three millions without this additional rev
enue must he made during a period of war, un
certain In It's duration, and attended with heavy
expenditures, Judging of the future by the past.
tie government may be subjected 10 a serinus loss
In negotiating the iuan, or involved in einbarrass
menis alike injurious Ia The credit and honor of
the country.
10 negotiating Tor SO large a sum as nineteen or
twenty-three millions in time of war, with heavy
expenditures, uncertain in their duration. all ex.
nerIence at home and abroad proves that a loan
tor a lung term will save a large amoun, to The
treasury, compared with one of shorter dale and
| is believed that, in this case, the loan shonld
be for a period Of twenty years. reservino The
power conferred by existing laws To purchase the
stock at the market price al any prior date, when
our means may permit, so that the debt NAV he
80 N'"h' 10 iHFSSlUlt GTU Il1U DptDIR
lis maturity, if practicable. In this way. under
ordinary circumstances, the advantages of a lnnu
ann a snort loan are To some extent combined
me hrst hall of the loan should, il is thought, be
negotiated early in the spring, payments be re.
CURED only as the money may be needed and the
remainder, II wanted. should be negotiated some
time during the preceding summer or fall. nav
tnenis only To he made, also in this case, as the
money may be required SD that no larger sum
may be borrowed, In any event, than may be de
manded by the wants of the government.
In compliance with The proviso of The first sec.
ton OF the act of the 10,h Of August last, n (nII
statement is herewith communicated (marked d.
OF all treasury notes paid under The provisions
OF that act, amounting on the first of This month
to Sl7, 446 81.
Table r.. hereto annexed, shows the payments
made since the 4ih of March. 1915, of The min
clpal and interest of the public debt up 20 the first
ot the present month. The amount of principal
thus paid was 81 ,680,60 OF. and of interest
y ! ,52o,O 42 62-making an aggregate of public
debt paid since The 9TH of March, 1916, of So,
2O8o47 "a of which (except The sum of S5l3,-
OOO) the whole amount consisted of debt. or in.
terest upon debt. incurred before the 4lh March,
lS45.
oiatement r, hereto annexed shows the amount
OF treasury notes issued under The provisions of
the act of the 22d July last, being a total of So.
o53,lO0; Of which The amount of 81 ,766.45O
bore an interest of one mill per cent. on every
hundred dolIars. and 49, s6 $50 an interest Of
hVe and two ffths per cent. per annnm.
In the same statement vii he found The amoun,
paid into the treasury on account Of the five
million loan, which. in pursuance of The public
notice hereto annexed, (marked + F) was neoo
tlaied at SIX per cent. interest, under The act of
lie 2Hd July last. either at par, or Gas was the
case for a small poriion) above par. The sum
PAID and entered on the bnoks Of the Register Of
The Treasury was, on lst December last, S3.
4ol bOO. The payments are still PROGRESSING.
The stock bearing interest only from the da,e of
The actual %deposlIe of The money in the treasury.
In the same table will be found a statement of
the public debt of every description. principal and
interest due by the United States, including
! loans. treasury notes. &r., amounting on the LIST
December last TO S24 ,256. 494 60; of which
Sl7,708.799 62 was contracted before the 4lh
March, 1915, leaving The whole debt incurred
since that date S6.467. 604 %, embracing $500.
900 of the Mexican treaty indemnity debt as
snined by Congress at lis last session
AZ the date of the repeal of the tariff Of 1912.
The revenue was declining. The receipts under
1t into the treasury were less by the sum of 1915,
444 50 during The last fiscal year terminating on
The Both June, 1916. than The receipts during the
hsca year ending on the 30th June, 1915.
That this decline was progressive, aud arose
from the prohibitory character Of the specific du.
ties, is proved by the table hereto annexed.
(marked CD from which il appears that, fr the
fiscal year ending Both June, 1914, the excess of
revenue produced by specific over ad valorem Ju
lies was S8l $50 "a, whereas; during The fiscal
year ending Both June, lS45, The adyalorem ex.
ceeded the specific duties 81 ,737, $40 81; and
during the last fiscal year the ad valorem exceed
the specific duties 1868. 534 %. As the speci
TIC duties IN their practical operation we're be
coming every day more prOhibllory, the revenue
under The tariff Of 1912 must have continued to
sink so rapidly as soon 10 have caused a great de-
hcit' even IN time Of ppace. and thus have re-.
CURED Ultimately a resort 10 direct taxes or ex.