Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1846-08-27


lowanees for what might perhS have /,
been better, this is an achievement on
which any statesman may LOOK back
with some satisfaction. Allshrops
feels this. The adviees which ome
to us by the last arrival fionbe-
You'd the Atlantic show that, mhe
judgment of the continent, Engmd !;
has yielded to US. Our diplomay
never stood higher than at this monaet
before the world! In this view ou|
Politics, in the eonduc, of our forel On,
relations, have risen to the height Of
our destiny. Witness the fact that
what MIR. Monroe proclaimed as theory
In 1923, and what the present Presi-
dent repeated in 1845, has now become
established and manifest truth. There
IS no longer room for further European
colonization on the North American
continent!
The programme Of democratic poll
cy in our internal affairs, sketched out
by the President in his message, and
by the Secretary ofthe Treasury in his
report, at the opening of the session,
was comprehensive and complete. 1t
embraced the establishment of Just
revenue system in place of the great
protection scheme of l842-the sepa-
ration Of the finances of the govern
ment from the fluctuations of bank is
sues, by the establishment ofa consti
tutional treasury-,he establishment of
the warehousing system-and the fair
and just graduation of the prices of The
public lands, according to their value
and 10 the length oftime during which
they had remained in the market un-
sold. OF these four great measures,
the three first have been fully and hap
PLY consumma'ed by the Legislation of
Congress. The graduation bill has,
indeed, for time, failed to become a
law. But the principle upon which it
IS based has been fully recognised by
both houses, and early in the next SEES
sion of Congress, it will doubtless take
its place upon the statue book.
We have heretofore spared no pains
to make fully known our views ia ref
ence to the new tariff. We lock upon
it, and we entertain no doubt that the
country will look upon it, as a relief
and reform most just and neces-
sary. 1t STANDS strong in its sound,
equitable, constitutional principle. -
Under the name, and In The exercise of
the power of a revenue tax, it lays bona
tide tax for revenue. 1t makes tina.
tax as light as may be upon the peo-
pie, with view to its revenue object.
1t confines its protective agency rigo-
rously within that revenue limit, to
which the constitution confines the
protective poeoer of Congress. These
great recommendations will carry the
new tariff home to the hearts of the
people. They form its permanent Gre
dentials to popular favor. If expert
ence shall prove hereafter that this law
is in some of its details susceptible Of
amendment, such amendment will
doubtless be made in conformity with
its essential principles. But these
principles, as we believe, will not hence
forth be changed in the revenue policy
of the country. We have run the
round of high tariffs since 1915, and
have tried during the latter years of the
compromise act tariff comparatively
low. We have at least settled upon a
just and moderate revenue tariff, and
from this established position the pub
lie sentiment of the country cannot, as
we believe, be withdrawn. The pres
ent tariff is founded upon the revenue
principle. 1t abolishes all fictitious,
deceptive minimumS, and all specific
duties, and is estimated alone by the
ad ualorens standard.
In connexion with this subject, the
warehouse bill, so carefully prepared
and so ably and perseyeringy pressed
to its consnmmation by the senator
from New York, must not be forgotten.
The clause which restricts the period
of warehousing to single year, INSTEAD
of three years, as proposed in the orig.
inal bill, may be found to deprive the
law of some portion Of its benefits. =
But this defect may at any time be
remedied by farther Legislation. and
in favor of the cause as it stands, this
at least may be said, that under 1t we
enter upon the experiment of thu ware
housing system in spirit of fautlous
moderation. In the law as It stands
we recognize an affective auxiliary to
the new tariff system, and A wise and
just provision for the exteAslon of our