Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1846-12-17


shown that loans arc effected upon much better
terms upon long time, than when they are reimbur'
sable At short dates.
Necessary rs this measure is TO sustain the honor
and the interests Of the country, engaged in for.
eign war, il Is not doubted butthat Congress will
promptly authorize H.
The balance in the treasury on the first Of July
last exceeded nine millions Of dollars noiwithsiand-
ing considerable expenditures had been made for
the war during the months Of May aud Jsnc pre-
ceding. But for the war, the whole public debt
could aud would have b en- extnguished within a
short period and il was part ofmy settled poll
cy, 10 do So aud thus relieve the people from lis
burden, and place the government in position
which would enable il to reduce the public expen.
ditures 10 that economical standard which is most
consistent with the general welfare, aud the pure
aud wholesome progress Of our institutions.
Among our Just causes of complaiu, against Mexi.
co. arising Of her refusal to treat for peace
we'll before as since the war 50 unustly commenced
on her part are the extraordinary expenditures in
which we have been involved Justice to our own
people will make il proper that Mexico should be
held responsible for these expenditures.
Economy in the public expenditures is at all
times high duty which all public lunctionaries Of
the government owe to the people This duty be.
comes the more imperative III period of war, when
voidable. During the existence Of the war with
Mexico all our resources should be husbanded, and
no appropriations made except such as are abso-
ucly necessary for its vigorous prosecution Of the
due administration Of the government. Objects oil
appropriation which in peace may be deemed use.
ful or proper, but which are not indispensable for
the public service may, when the country is cuga.
ged in foregn war be well postponed 10 a future
period. by the observance Of this policy at your
present session. large amounts may be saved TO the
treasury, and be applied TO objects of pressing and
urgent necessity, and thus the creation Of CORES.
ponding amount Of public debt may be avoided.
II is not meant to recommend that the ordinary
and necessary appropriations for the support Of gov
ernment should be withheld, but il is well known
that every session OF Congress appropriations are
proposed for numerous objects which may may
not be made, without materially affecting the pub
lie interests aud these il is recommended should
not be granted.
The act passed at your last session reducing
the duties on imports" not having gone into opera
ton until the first Of the present month"; there has
not been time for It's practical effect upon the rev.
enue, and the business Of the country, to be devel
oped. II is not doubted. however, that the just
policy which il adopts will add largely to our for.
eign trade. aud promote the general prosperity
Although il canno, be certainly foreseen what
il will exceed that produced by the act Of 1912
which il superseded The leading principles es.
ablished by il are. TO levy the taxes with view TO
raise revenue, and TO impose them upon the ar,i.
clcs imported according 10 their actual value.
The act Of 1912, by the excessive rates OF duty
which 1t imposed on many articles, either totally
excluded them from importation, or greatly reduced
the amount imported, and thus diminished instead
Of producing revenue BY il the taxes we're impos-
ed not for the legitimate purpose OF raising revenue
but to afford advantages TO favored classes, al the
expense Of large majority Of their fellow citizens.
Those employed in agriculture, mechanical pur-
suits, commerce aud navigation, were compelled
10 contribute from their substance to swell the
profits and overgrown wealth Of the comparatively
few who had invested their capital in manufactures
The taxes we're not levied in proportion to the val
ne Of the articles upon which they were imposed
but, widely departing from this just rule, the lighter
taxes were, in many cases. levied upon aui-
Giles Of luxury and high price aud the heavier tax.
rs on those OF necessity aud low price, consumed
by the grea, mass Of the people II was a system
the inevitable effect Of which was TO relieve favored
classes and the wealthy few from contributing their
Iust proportion for the support Of government, and
10 lay the burden on the labor of The many engag.
ed in other pursuits than manufactures.
system so unequal aud unjust has been super
seeded by the existing law which imposes duties not
for the benefit or injury Of classes or pursuits but
distributes, and, as FAR practicable, equazcs the
public burdens among all classes and occupations.
The favored classes, who, under the unequal aud
unjust system which has been repealed, have here.
iofore realized large profits, aud many Of them
amused large fortunes. at the expense cf the many
Who have been made tributary 10 them, will have
no reason TO complain il they shall be required 10
bear their Just proportion of the taxes necessary for
The support Of government So far from il, il will
be perceived, by an examination Of the existing
law, that determinations in the rates Of duty i'm.
posed, within the revenue principle, have been re-
Ianed in their favor. The incidental aid against
foreign competition which they still enjoy, gives
hem an advantage which no other pursuits possess;
hut of this none others will complain, because the
duties levied are necessary for revenue. These
revenue duties, including reghts aud charges. which
The importer must pay before he can come in COM
petition with the home manufacturer in our mar.
kels, amount on nearly all our leading branches Of
TO more than onethrd of the value Of
HE imported article, and in some cases TO almost
one'haf its value. With such advantages, it is not
doubted that our domestic manufacturers will con-
inue to prosper, realizing in well conducted esiab-
ishments even greater profits than can be derived
rom any other regular business Indeed, so far
rom requiring the protection of even incidental rev.
snue duties, our manufacturers in several leading
branches are extending their business, giving evil
ience Of great ingenuity and skill, aud of their
ibilily to compete, with increased prospect of sue
;ess, for the open market Of the world Domes-
ic manufactures, TO the value of several millions Of
dollars, which cannot find market at home, are
annually exported TO foreign countries, With such
'a'es of duty those established by the existing
aw, the system will probably be permanent aud
capitalists who have made or shall hereafter make,
heir inyestm mis- in manufactures, will know upon
what TO rely. The country will be satisfied with