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


visions of the existing law of twenty mill
lions of dollars between this time and the
first of July next year. That is the OBJ
lect. The first suggestion in the COM
muncation from the Executive Govern
ment is, that five millions and half may
be produced by reducing the rates of du-
ties on certain imported articles, and by
laving new taxes on certain other articles
now free of all duties; meaning principal
| ly, | suppose, by those articles now free,
and which are to be taxed, tea and coffee.
There is also an intimalion or an opinion
expressed by the Secretary of the Treas
ury that a million of dollars will accrue
to the Treasury under the operation Of
the warehouse bill, if that bill should be-
come law. In the next place, it is es-
tImated that, if the bill for graduating the
price of the public lands shall become a
! law, the augmentation of the sales of the
public lands will so far counterbalance
any losses incurred in the reduction Of
price as on the whole to produce half a
million Of dollars more than would other
wise be obtained from that source
These several sums put together would
leave balance of Sl2, $4,000 still TO be
provided for and a provision for this bal
ance is contemplated either by loans or
by an authority to the Treasury to issue
Treasury notes, or both, with distinct
recommendation and preference, howev-
er, for the authority to issue Treasury
notes.
Now, sir, with an anxious desire that
the country shall be led into no mistaken
policy in regard to this very important
subject Of revenue-a snbject always i'm
portant. and intensely important in time
of war-I will take occasion to suggest
for gentlemen's consideration what occurs
10 me as worthy of being suggested, in
very few words, upon these several top
les.
In the first place, there is no doubt that
a tax properly laid upon tea and coffee
will be productive of clear positive rev.
enue; but this will depend upon two
things: first, upon the amount of the tax;
and, secondly, upon the mode of laying
it. The first is obviously matter for
consideration, and in regard TO the second
| suspect that gentlemen who are desi-
rous of raising revenue by this means
VIII find their calculations fallacious un-
less they make the duty specific. In my
opinion an advalorem duty will disappoint
their hopes of any considerable amount
. # / IL Il,
a system it will be soon found that teas
made up in Canton for the New York
market will become wonderfully cheap.
A specific rate per pound will undoubted-
ly make the duty productive Of revenue.
doubt not that Treasury notes may
be available for the uses of the Govern
menl to a considerable extent. | do not
mean as revenue or iucome, but as instru-
ments or facilities for the transfer of bal
ances, and as proper to be used in antici.
/ patton of taxes or sources of income. In
regard TO this, | would say, simply, that
if ii be the purpose of the Government, as
has been intimated to us for some time,
to resort TO the issue of Treasury notes,
think the loss of single day, especially
the loss of a single week, will turn out to
be quite inconvenient; that is, if the issue
of Treasury notes is considered the best
and safest, if they can be used by the
I Treasury under authority of law, before
the money in the possession of the Gov
ernment is exhausted. All wish to say
is, that | earnestly recommend TO the
Committee on Finance to bring in bill
by itself for the issue Of Treasury notes
Immediately. believe it has been as
usual as otherwise for such laws to orgin-
ate in the Senate; there is no cons tuition
al impediment to such a course; and
hope that these and other important meas
ures, such as the modifying Of taxes and
LAYING new ones, will not be suffered to
lag along through Congress in general
omnibus bill. Where the subjects are
distinct, they shonld be kept separated;
and where they are simple and plain,
, they should be acted on promptly.
Having said this much of those two
sources of assisting the revenue, the tax
upon tea and coffee, and the issue of
Treasury notes, both of which | admit to
be efficient, and probably certain in their
operations, have now to say that other
matters, suggested and relied on in the
communication have referred to, | con-
slider conjectural, uncertain, and not fit TO
be the basis of provisions incumbent on
us to mako before weleave our seats here
to place the executive in proper condi-
ton to carry on the war. Isuppose the
! calculation will be that a considerable
amount will be secured by reduction of
the duties upon articles already taxed,
upon the supposition that the importation
will be so much increased as 10 increase
the aggregate receipts. will not say
that this is not well founded opinion.
have all proper respect for the sourse