The New era. [volume] ([Portsmouth, Va.]) 1845-1847, 1846-11-05
From the Union.
THE REVENUE PRINCIPLE.

The democratic party support the tariff of 1916.
The federalists nail upon their flag the tariff OF
1912. Mr.. Webster gave out the cue word in
the Senate chamber. of :" Repeal Mr.. Clay
declared the other day at his own Preside $50 says
the correspondent Of the " North American")
" lei your cry be RESTORATION. One C42) isa
positive good, which the people have feIi-ihe
other viii as surely prove a positive evil which
they have yet to realize"
In other words, the tariff Of 1912 runs up The
dividends Of The rich manufacturer to 90 or 80
per cent. The other reduces their gains one.
fourth, and sometimes one, half. One compels the
farmers to purchase their cloths and iron at an
enormous price-the other enables them to con.
sumo those necessary articles, whether purchased
at home or abroad, on more moderate TERMS.
The last act C46) takes less out of the pockets OF
the farmers, and puts less into the pockets oil The
lords Of the loom. And this is what Mr.. Clay
would call I" positive evil"
The tariff Of 1912 is a tariff principally for
pr0iection-the last is a tax for revenue. The
former taxes the consumer enormously under nc
titlous mlnimums, and unequal specific duties
The tariff of 1916 lays the duty according TO the
value Of the goods-the true principle of taxation
(Which Mr.. Clay himself once advocated as The
true course)-aDd abolishes minimums and specl.
fc duties. The duty is still sufficient to extend
considerable protection incidentally iothe greatest
"'i'"S w bdliIldCtuitIo-dTU SUktCleil w W.
This, however, Mr.. Clay would now contend to
be a " positipe eUit," and calls out for " resioIa'
tlon." Has the tariff produced any ruin to the
manufacturer None. Has il extinguished the
IRE of the forges, or arrested the revolution OF me
wheel2 No. On the contrary, the factories are
still going on. and making money and new manu-
factories are rising in all directions. Indeed, the
impression in now becoming common that the
present duties are too high, rather than too low.
Yet, the infatuated manufacturers win cry ont tor
+" Restoration and {" repeal ,, and The federal
politicians of Massachusetts in their recent con
veniion denounced the new tariff bill as "adopt
ing new and vicious principles in our revenue
system, and IS a Portentous experiment threaten
ing disturbance and injury to the great Interests
OF The country"
Is this trne7 The Boston Post, with its ac'
custofDed ability, joins issue with the protection
lists, and refntes their allegations. We adoptis
argument, as follows:
"Tbe new and vicious principles are the ad
volorem principle, Chat is, taxation upon value
instead Of specific taxation on articles without re-
gard TO valued and the doctrine that revenue
shall be raised sufficient to meet the expenses Of
the government, and not merely to give bouoiIcs
to particular occupations and investments, without
regard either to a prohibition which shall pot an
end to revenue, or an excessive tax that shall en-
bance prices and prodDce a surplus revenue Oy
Indirect taxation, to be exacted from the people
and distributed among the States.
Both these principles are as old as The forma,,
Ton OF the government. One Of - tbs ~
yalOTem prlnciple-has run through every ianh
that has been enacted since the adoption OF 'ne
constitutions. Tbs tariff Of 1916, which is clam