The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-06-20


e NAMED 10 force l also desire 70 say thai nave
nor overlooked the pafual provision III ,he aet oi
, 1917, requiring auues on WoonenS 70 DC pau ~
CASH, OF III stofodI oAacuhs htotosto "" uio HusSs,
me introduction OF cash payments ,oi uuties,
y hough believe II Is geheraiiy coheeded 10 nave
operated faVorahy as far as the government - con
cerned so much SO that lew any are desrous OF as
turbing u, at least bY renstating the old system OF
eredits bears heavily on the mercantile interest ~
{ comparison with the latter The foroearance OF
payment py inc government was, III pracuoe, equiv
alent 70 cash capital Tor inc merchant 70 une
amount OF the duties during the ume ior whieh 'he
circuit or toroearahce OF payment "nS granted'
J was, uDquesuohsoiy, valuable nercanlie "a
cnity TOT those VINO hau inc oeneht OF IL anu he
l discretion 10 employ II Judclously' but IL had It's
} pubic lnconvenienees ana II was very properly
! aoolSned' u was however, toreseeh ana ioreipiu
AZ .he uiie the enanse was inauel tnat great huu-
snip woulq DC hkeiy 70 result rom IL, uniess pro
Vson was maue Tor spnhg Booup i0r ntniteu Pc
noo, anu iorDeainy curing ha' Pep9a 70 exae' inc
payment oi INC uupes. Dq, " ~ srS 'T
pnd one whicn not easily 70 DC accounted lot on
any prihePe OF pubic uuii'y " cohvehenoe-eh
wnen INC extraordinary ana violent transiuon took
p'eoo ilon' sr0a'es .otsh Hnyipsne
r'ne uu'lns ~nien vas "
mann III s,ore'pehno a'to~roop 10 u'o uuue'' III
> stead OF oe'ng enlarged, as one would suppose y
phoulu hsse oeehi OF a. leas, % as II .len
sA'S'oul was ao'uaiIy reuueou, SS mas Ooon Soc"
rom nine months 10 ohe-thifa OF uat Penou' anu
TOT most tnTIchahdise 70 s," sho''er u'ne' ihe
ehanse look Piace, 700, al uhe very momoh,
"hen lhe rates Oh uuty were enormously ineIeaseu
on large e'ass OF imports rom ~ PEI cent, .he
maximum uhuer the COMPROMISE act OF 1919. Inc
stringent measure OF casn payment was Ien ~
'ho'e Ssr'hsen' oy snu''aneous "oIoeso VI ''e
ra'es VI uu'y' ana oy IgPlnihg ue 'o''o', " a
great eHteht! o' 'he iao'nty U, P'"'ns Hs s'lt
s"re, 'iie importation sn"u s nna nun
70 pay he- uuties W CASH Inns PrN"oss, ~,l'ou i'
pnuef inc system OF creoits, was OF no sIId'
eh peheht IN extensive operauons, "ouu' ufue'
the system OF cash payments have been iacihiy
Of considerable value 10 importers OF mooeiae
means ana would nave enabled them 70 eon'ehu, VI
limited heid' al least WIN large capiAnss' wno'
u general opinion be true have now engrossed, IN a
great measure, the business Of Importation and will
continue to do so under exlsrng laws from their ability
| TO furnish readily the means OF meeting the pay
ment OF duties IN cash on large chrsoes: sun, II
the time allowed for merchandise TO remain IN store
under the act OIL 1893 had not been diminished would
have been too limited to accomplish all the objects
anticipated from a wsrehousIng system, especially
so fsrlas such system may lead to the storage OF
goods for expectation.
\ will now state wherein the bill before the SEN
ate proposes to amend existing laws, pointing out as
proceed in what respects il viii change the pyac.
ucal operation OF the present system; and shall
conclude by brief summary of the advantages ex-
pected to result from It, have already said thar the
i bill is, with the exception OF few amendments,
transcript OF the 18th and 18th sections Of the act
Of Goth August, 1912; and IN stating and explain
/ ing the amendments, | shall cover all the ground
i which is new. !tln,.l-. 30 -s...
II The first amendment proposed, Is to allow goods
4 10 remain in store for period not less than two
nor more than three years, Congress may deter
! mine, instead of sixty and ninety days, with the
privilege Of withdaw wing them at any time during
that period on the payment of duties and charges
This amendment embraces two new provisions; LIST,
VI an extension of the time during which goods are
n permitted to remain in store; and I'd, remission
of the interest now exscted on the duties from the
date Of the entry to the time Of Withdrawing from
the public stores the merchandise on which they
? are charged, These provisions so distinct IN
character that viii be necessary consider them
separately. ma, r... .
A. l. As 10 The extension Of fins.The Senate will
perceive TINT The number Of years during which the
bill proposes to allow goods to remain in store, is
i left in blank. will at proper time, move TO fili
Il the blank with three years, though am not AUTHOR
lied 10 say that shall be sustained in this motion
ii by the Judgment of the committee. There are, in
my view Of the subject, some strong considerations
Il in favor Of selecting that period Of time. It is the
period fixed by the British system, which has been
10 successful operation for more than forty years.
aud it may be reasonably supposed that, after SO
full trial, 1t has been retained from considerations
J, is not for this reason alone IA The term of three
years Is the period during which imported goods
may, under existing laws, be entered for exporta-
r ton with the privilege of drawback; and the term
thus fixed in one case would seem to indicate prop
err Limitation in the other especially as storing goods
for expectation WILL in all probability, become very
important and extensive branch Of business, if this
bill should become law. Should the Senate be Of
the opinion that the term Of three years is too long
and that shorter psriod is dictated by any urgent
considerations of public convenience or utility,
can only say that shall submit cheerfully it's bet
ter judgment, but with the strong hope that less
time than two years will not be thoughtof, as am full
" persuaded that it is the least which would be su
fcient accomplish effectualy the objects in view
Commercial and financial reactions not supposed
ordinarily to run their course in much less time;
and if that period is allowed for goods to remain in
store, the will be able to avoid the nconve-
nence and loss on the one hand Of re-exporting
them unnecessarily, and, the other, the sacrifice
Of throwing them upon the domestic market when
the demand is limited, or the ability to purchase inn
paired by arrangements in the pecuniary or mercan-
D Tile transactions of the country.
2. As 10 The remission Of The interest.-nterest is