The Somerset herald and farmers' and mechanics' register. [volume] (Somerset, Pa.) 183?-1852, 1846-07-14
TUESDAY, JULY IA, 1916,

LEe operation vi the warehouse system.
| consider this equally void of any certain
foundation to rest upon. do not know
how a million of money, in addition to
the present income, is to be derived from
admitting goods into the country to be
carried out again without paying any
duty whatever. really do not conceive
that the facility of carrying goods through
the country without the payment of duty,
is going TO produce us a million of dol
lars. This is a matter of which should
like to see minute details; | should like
TO see calculations made by which this re-
suit is expected to be accomplished
At present, do not see the practicability
of it.
And so in regard to the public lands;
it may be that the passage of a graduation
bill would SO enhance the disposition to
buy by reducing the price, as considera-
bly, to increase the quantity sold; but that
that increase will be so great as to produce
an overpIns of half million or any other
sum, Notwithstanding the diminution of
price, is, think, a matter Of opinion
which canno be relied upon. So that
these sources Of income appear to me 10
be rather too uncertain to be the founda-
ton of any satisfactory provisions; there
appears rather too much risk in making
mere opinions, not to say conjectures,
the basis Of legislation for revenue for the
purposes of Government.
The truth is, if this war continues, we
must have a substantial taxation, or we
must incur a public debt. We cannot
look to Treasury notes as revenue; If they
assume interest, and are payable at dis
tant day, they become of course public
debt. There must then. be substantial
tax, or there must be public debt, if the
war continues. Our expenses are very
great. do not say they are unnecessary;
| make no imputation of that sort at pres
ent. | am sufficiently acquainted with
the particulars; but | stated here some
time ago, upon the credit OF others, that
of which | am perfectly convinced, that
our expenses have been half a million of
dollars day. Forty days ago we pass
ed an act declaring that war existed and
and authorizing the calling out of fifty
thousand volunteers. Well, sir, | have
a full conviction that the military expen-
ditures of the Government, the expense
of raising, equipping, and Transporting
the force which has already been called
ont, will be found TO have cost twenty
millions, or very nearly that amount, at
this moment. Some portions of our
warlike preparations are peculiarly ex-
pensive-I mean the regiments Of mount
ed volunteers. They are necessary,
| suppose, for the nature Of the
service; but there was a document
published here-a communication, think
from the War Depariment-when Mr..
Poinsett was Secretary, IN which IT was
estimated, if | mistake not, that one regi-
ment of mounted riflemen in regular SER
vice cost the Government per annum as
much as three regiments OF infantry, each
composed of the same number Of men.
And there is good reason to believe that
these occasional regiments of volunteers
will be still more expensive. Almost
every circumstance connected with the
war is calculated TO increase the expense.
The vast distance to be traversed makes
the cost of transportation very great; and
it becomes the duty of Congress to pro-
vide Tor this extraordinary expense. l
do not say that the expense ought not
to be incurred. | only say that, from
,bo ,,,,,x.o rf ,Io ,,,o- tl,o avaDoneo ,,,vet
necessarily be very graet. And take
this occasion to say that have seen with
great pleasure the alacrity with which
volunteers have rushed to the public SER
vice. A spirit of patriotism and devotion
TO the country's interest has been mani
tested of which we may justly be proud.
But upon these sources Of revenue let
me make another remark, though perhaps
it is too obvious to require notice. For
one-half the deficiency the Government
proposes to rely on Treasury notes or
loans. Well, if this be SO, then, of course
/ suppose the idea of pressing for the
present the Independent Treasury, or
Subtreasury, must be abandoned by every
one; for, what would be the use Of
Treasury notes under Subtreasury ad-
ministratien. The issue of Treasury
notes would be perfectly inconsistent with
the Subtreasury system. ltis quite plain
that if the Government, for lis own use,
is driven to the necessity of issuing paper.
it can have no occasion to make provision
for locking up It's treasures. The Sub
treasury system makes it penal to issue
any thing but specie. They are there
fore entirely inconsistent with each other.
With respect to loans, | beseech gen
tlemen not to deceive themselves. There
is money enough in the country, it is
true, and the credit Of the Government
will be good il we lay such taxes as will
produce revenue; but, if gentlemen sup
pose that loan is to be contracted in