The northern galaxy. [volume] (Middlebury, Vt.) 1844-1848, 1846-06-30

The TARIFF AND FINANCES. The Wash
ington correspondent of the New Yord Ex-
press the following summary 10 the message
prthc President to the Senate, which cover
ell Mr. Walkers report upon the finances.
By the concluding paragraph of the mes
sage, il would seem a protracted warfare
with Mexico is not expected.
Washington, June 16. The Senate have
received the two reports to-day which were
expected yeeterday-a financial message
from the President, and a financial report
from the Secretary Of the Treasury The
President says-It is probable that the ex-
penses during the fiscal year mayfalI consid-
erahly below the estimates submitted, which
are for larger number OF troops than have
yet been called into the field. As precau-
lionary measure, he has submitted the larg-
est estimates which any state in the service
may require. The President says-lI will
be perceived, from The report Of the Secreta-
" OF the Treasury that Il considerable por.
lion Of The additional amount required may
be raised by modification of the rates Of
duty imposed by the existing tariff laws
The high duties levied on many articles
entirely exclude them from importation,
whilst the quantity and amount OF others,
which are imported, are greatly diminished
BY reducing these doues TO a revenue
standard, it is not doubted that larger
amount ofihe articles on which they are i'm
posed would be imported, and correspond
ing amount of revenue received.
MIR. Polk dlsceuIses at further length l
favour of revenue duties, and then add, that
Independent OF The high considerations which
induced him in his annual message TO rec
ommend a modification of the tariff, he re.
CARDS il as just TO all the great interests o.
the country that the reduction should takt
place. The country requires additional
revenue for the prosecution of the war
1t may be obtaineI' 10 a great extent by re.
ddcing the protective and highly protective
duties imposed by the existing laws TO reve.
nue. rates, by proposing revenue duties or
the free list, and by modifying the duties or
other articles.
The recommendations Of the Secretary o.
the Treasury in December last, applied 10 &
state Of peace, and the additional dulles nov
suggested by him may be reduced or abol
ishcd alter the war.
1t Is not apprehended that the existing
war with Mexico will materially effect oul
trade and commerce with the resi- OF The
world. On the contrary the reductions rec
commended would increase the trade anc
augment the rev, nue..
When the country is in a state Of war, M
contingency should occur in which there
could be deficiency in the Treasury, for III,
vigorous prosecution of the war; and tc
guard against such an event, it is recon-
mended that contingent authority be giver
10 issue Treasury notes or 10 contract loar
for limited amount, reimbursahIe at any
early day, Should no occasion arise 10 ex
ercise the power, still it may be important
that the power should exist should there be
a necessity for it,
It is not deemed necessary 10 resort 10 di
rect taxes or excise,-the means recommend
I'd being deemed preferable as means Of in
crossing the revenue.
Il. is hoped that the war with Mexico,
vigorously prosecuted, as is contemplated
may be OF short duration shall be al al
times ready 10 conclude an honorable peace
whenever the Mexican government shaI
manifest like disposition The existing
war has been rendered necessary bv IN.
acts of Mexico, and whenever that nowe
shall ne ready TO do US justice. we shall, bt
prepare 10 sheathe The sword and tender Il
her The olive branch OF peace.
JAMES K. POLK.
washington, June 10Th, 1896"