The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-07-31

operation, and therefore cannot be charged as among
It's fruits. The four-month notes given in March
by our mercantile men were met with great difficul
~ at the beginning OF this month by many, and q
number OF extensive houses have been compelled 70
yield TO suspension. Much the larger portion oil
the Jobbing business being done at six and eight
months, the months Of September and November
II Is feared, will prove still more trying
Public notice is given by the State treasurer that
ne will commence the payment OF the semI-annual
interest on the State debt on the first day of Al.
gust at the Bank Of Pennsy yania in this city This
i as it should bel and we cannot in giving pubci.
" TO the announcement, Withhold our commentator
OF The interchangeable exertions made by the State
treasurer TO accomplish his wishes, and save the
credit Of the Common wealth. 1t is greatly TO be
desired that the legislature viii take care that the
revenues Of the State such to all doubt
Of the payment Of interest.
From the n, T. Evening Post
THE PASSAGE OF THE TARIFF AND THE OPINIONS
OF MR. Clayton ITS PRINCIPLES.
The work is done, and the triumph complete. A
most unjust law Is repealed and It's substitute has
received the approval Of both houses Of Congress,
and doubtless before this the signature ofthe Pres.
ldent II takes effect on the first day Of Deeem.
Der.
The most important distinction between the two
bills, 10 the abolition Of that feature OF the act of
1912, which made Il so unjust and oppressive This
was the mode Of estimating the duty on a great
number Of necessary articles, either upon the guam
uty OF the article, or upon over.vauation OF it.
equal in many cases, 70 three four times its ac-
tual cost The present law directs that the duty
shall be estimated the actual cost Of the article
the importer, when the merchandise comes into his
possession.
Here is the point at which the chief objections Of
the whig senator's were directed. This Imposition
Of all duties on the actual cost Of the article is the
feature Of the bill which they declared to be so nov
el, alarming, and dangerous, and which they pro-
dicted would open an avenue to the most unparal-
eled frauds. Such is what the wing members Of
the Senate have said IN their places in that body
within one week. Yet within the last four years
Mr. Clay, the great leader and repres entatve of tho
sentiments OF the wings, rose in his place in the
same body, and declared, in the presence Of these
very senator's that the ad valorem system Of duties
titled to the preference over the system Of specific
duties He asserted "that in theory in according
TO every principle Of justice the ad valorem mode Of
taxation is entitled TO the preference" With re-
gard to the danger Of fraud under this system Of
which the wing senators expressed such fears last
week he told these very men expressly thai, in his
opinion, the system would "be liable to those
chapces only Of fraud which are inevitable under
any and every system" He said that since the
foundation OF the government "the articles from
which the greatest amount Of revenue had been
drawn have all been taxed on the ad vaorem prin-
cIPle, and there has been difficulty in the opera
ton" And he concluded by saying, 81 am willing,
repeat, to adhere TO this great principle as laid
down in the compromise act"
Now how do these wing senators appear In what
light are such groundess assertions as they hay We
made within week to be viewed