Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-12-12

any surplus which may at any time be In the Treasury APP
plcable 10 that purpose. After the establishment of peace
with Mexico is supposed that considerable surplus will
exist and that the debt may be extinguished in much
shorter period than that for which may be contracted The
period OF twenty years. that for which the proposed loan
may be contracted, In preference to shorter PERIOD is
ged because all experience both at home and abroad has
shown that loans effected upon much better upon
long time than when they reimbursabe short dates
Necessary this is to sustain the honor and the
interests of the country engaged in foreign war; it is not
doubted but that Congress will promptly authorize it,
The balance in the Treasury the first Of July last
exceeded nine millions Of dollars notwithstanding consdera
BILE expenditures had been made for the during the months
of May and June preceding But for the war; the whole
public debt could and would have been extnguhed within
short period and it part OF my settled policy to do So
and thus relieve the people from its burden, and place the
Government in position which would enable it reduce the
public expenditures that economical standard which
consistent with the welfare and the pure and wholesome
progress of our institutions.
Among just of complaint against Mexico, ars-
ing out Of her refusal to treat for peace well before since
the unustly commenced her part the
binary expenditures in which have been involved Justice
people will make proper that Mexico should be
held responsible for these expenditures
Economy in the public expenditures is at all times high
duty which all public funconaries of the Government owe
the people This duty becomes the imperative pc
Rod of when large and extraordinary expenditures become
unavoidable During the existence Of the with Mexico
should be husbanded and no
made except such absolutely necessary for its vigorous
prosecution and the due administration of the Government
Objects Of appropriation, which may be deemed
full proper but which not indispensable for the public
service may when the country engaged in foreign war;
be well postponed to future period BY the observance of
this policy present session. large amounts be
ed the Treasury and be applied objects of pressing and
urgent necessity, and thus the creation Of corresponding
amount of public debt may be avoided.
is not meant to recommend that the ordinary and
say appropriations for the support of Government should be
withheld but is well known that every OF Con-
gess appropriations proposed for objects which
may may not be made without materially affecting the pub
lie interests and these it is recommended should be
granted.
imports having gone into operation until the first Of
the present month"; there has not been time for its practical
effect upon the revenue and the business of the country to
be developed 1t is doubted, however, that the just
policy which adopts will add largely foreign trade
and promote the general prosperity. Although it cannot
be certainly oreseen what amount of it will YIELD
is estimated that will exceed that produced by the of
1872 which superseded. The leading principles estab
ished by it are levy the taxes with view raise
enue and impose them upon the articles imported accord
ing to their actual value.
The of 1912, by the excessive of duty which it
imposed many articles either totally excluded them from
imporaton greatly reduced the amount imported and
thus diminished instead of producing BY it the
imposed not for the legitimate purpose Of raising
revenue but afford advantages favored classes the
expense OF large majority OF their fellowcZens Those
employed in agriculture, mechanical pursuits, commerce.
and navigation compelled to contribute from their sub
stance to swell the profits and overgrown wealth Of the
paravely invested their capital manulac
lures The taxes were not levied in proportion to the value
of the articles upon which they imposed but widely
departing from this just rule, the lighter were many
levied upon articles of luxury and high price, and
the heavier taxes those of necessity and low price,
sumed by the great of the people, 1t was a system
the inevitable effect of which relieve favored classes
and the wealthy few from contributing their just proportion
for the support of Government and lay the burden the
labor OF the many engaged In other pursuits than manuac-
lures
system unequal and unjust has been superseded by
existing law which imposes Duties not for the benefit
Jury of classes pursuits distributes and as as prac
cabe equazes the public burdens among all classes and
equations The favored classes who, under the unequal and
unjust system which has been repealed have heretofore real
lied large profits and many OF them amassed large fortunes
at the expense OF the who have been made tributary TO
them, will have to complain if they shall be
CURED to bear their just proportion of the necessary
for the support of Government Solar from Ii will be per-
ceved by examination of the existing law that discrim
nations the of duty imposed within the revenue pn
cipe have been retained their favor The incidental aid
against foreign competition which they still enjoy gives them
advantage which other pursuits possess But of this
others will complain, because the duties levied
cessary for These duties including freight
and charges, which the importer must pay before he
in competition with the home manufacturer in markets.
amount nearly all our leading branches of manufacture
than onethd Of the value Of the imported article in
almost onehaf its value With such advan-
tage is not doubted that domestic manufacturers will
continue to prosper realizing, in we-conducted establish
men greater profits than be derived from any
regular business Indeed, far from requiring the pEoec
ton of incidental duties manufacturers in
several leading branches extending their business giving
evidence OF great ingenuity and skill and Of their ability
compete, with increased prospect Of success for the open
ket OF the world Domestic manufactures the value of
several millions of dollars which find market at
home annually exported to foreign With such
Of duty those established by the existing law the sys
tenn will probably be permanent; and capitalists who have
made who shall hereafter make their investments in manu-
facures will know upon what to rely The country will be
satisfied with these rates. because the advantages which the
still enjoy result necessarily from the collection
of for the support of Government High protective
duties, from their unjust operation upon the OF the
people, cannot fail to give rise dissatisfaction and
complaint and to efforts change or repeal them
rendering all investments manufactures uncertain and pre-
carous Lower and permanent Of Duty the
time that they will yield the manufacturer fair and remu
nerang profits will him against the danger Of frequent
changes in the SYSTEM which fail runousy affect
his interests.
simultaneously with the relaxation OF the restrictive policy
by the United States Great Britain from whose example
derived the SYSTEM has relaxed hers She has modified Der
laws and reduced many other duties to moderate
rates. After ages experience the country
have been constrained by necessity, and by public
opinion having its deep foundation in the suerngs and
OF impoverished millions to abandon system the effect of
which to build up immense fortunes in the hands Of the
few and to reduce the laborng millions pauperism and
misery Nearly in the ratio that labor depressed
capital increased and concentrated by the British protec
tive policy.
The evils of the system in Great Britain were at length
rendered inoerae, and has been abandoned but with
struggle the part of the protected and favored
classes to retain the unjust advantages which they have
long enjoyed 1t TO be expected that similar struggle
would be made by the classes in the United States