Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1846-12-17

cnCe, bolh Mt home and abroad, has shown that
loans are effected upon much better terms upon
long tilne than when they rernbursaDle at short
dates.
Necessary this measure is, 10 sustain the hon
or and The interests of the country, engaged in
foreign war, it is not doubted but that Congress will
promptly authorize II.
The balance in the treasury on the first Of July
last exceeded nine millions Of dollars nowithslau
ding considerable expenditures had been made for
the war during the months of May and June pre-
ceding. But for the war, the whole public debt
could and would have been extnguished within
short period and it was part OF my settled poll
cy 10 do so, and thus relieve the people from its
burden, and place the government in n position
which would enable it to reduce the public eXpen-
dures to that economical standard which is most
consistent with the general welfare, ind the pure
and wholesome progress of our institutions.
Among our Just causes of complaint against
Mexico, arising out OF her refusal to treat for peace,
well before since the unjuslly conf
menced on her pnrt, are extraordinary expenditures
in which we have been involved. Justice to our
own people will make it proper that Mexico should
be held responsible for these expenditures
Economy in The public expenditures is OF all
times high duty which all public funclonarics of
the government owe to the people. This duty be-
cones the more imperative in period of war; when
large and extraordinary expenditures become una.
vo dable. During the existence of the war with
MEXICO, all our RESOURCES SlOuiu ne anu
no appropriations made except such as are abso-
lutely necessary for its vigorous prosecution and
the due administration Of the government. Objects
Of appropriation which in peace may be deemed
useful and proper, but which are not indispensable
for the public service, may, when the country is en-
gagged in a foreign war, be well postponed to lu
ture 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 pres
sing and urgent necessity, aud thus the creation of
a corresponding amount Of public debt may be a
voided.
1t is not meant TO recommend that the ordinary
and necessary appropriations for the support Of
government should be withheld, but it is well known
that at every session of Congress, appropriations
are proposed for numerous objects which may or
may no, be made, without materially affecting the
public interest; and these it is recommended should
not he granted.
The act passed ut your late session "reducing
the duties Oh Imports not having gone into opera
ton until the first OF the present month"; there has
not been time for lis practical effect upon the rev
enue, and the business of the country. to be deve
loped 1t is not doubted, however, that The Just pol
| icy which it adopts will add largely TO our toegI
trade, and promote the general prosperity. Although
it cannot be certainly urescen what amount of rev.
enue it will YIELD it is estimated that it will exceed
that produced BY the act of 1912, which it superse
/ ded. The leading principles established by 1t are
to levy the taxes with view 10 raise revenue, and
TO impose them upon the articles Imported accord
| ing to their actual value.
! The act of 1912, by the excessive rates of duty
which il imposed ON many articles, either totally
excluded them from importation, or greatly reduced
the amount imported, and thus diminished instead
OF producing revenue. BY It the taxes were I'M
posed for The legitimate purpose of raising rev
cnue but tn afford advantages to favored classes, al
the expense Of "A large majority OF their fellow cit
liens. Those employed in agriculture mechanical
pursuits. commerce aud navigation, were compelled
10 contribute from their substance to swell the prof
! It's and overgrown wealth of the comparatively few
who had invested their capital In the manufactures
The taxes not levied IN proportion to the val
ne Of the articles upon which they were imposed
but, widely departing rom this just rule, the light
er taxes were, in many cases, levied upon articles
of luxury and high price, and the heavier taxes or
those of necessity and low price, consumed by the
great mass of the people. 1t was n system the in
evitable effect of which was TO relieve favored elias
SEES and the wealthy few from contributing their jus
proportion for the support of government, and Il
lay the burden on the labor OF the many engaged
in other pursuits than manufactures.
system so unequal and unjust has been super
seeded BY the existing law, which imposes dulie
not for the benefit injury of classes or pursuits
but distributes, and as far as practicable equaze
the public burdens among all classes and occupa
tions. The favored classes, who, under the une
Qudl ana unjust SYSTEM WHICH HuS UetU TepGuleu
have heretofore realized large profits, and many o
them amassed large fortunes, at The expense of til,
many who have been uade tributary to them, vii
have reason to complain if they shall be rcqur
cd to bear their Just proportion Of the taxes neces
sary for the support of government. So far frou
it, ii will be perceived, by an examination of thu
existing law, that determinations in the rates o
duty imposed within the revenue principle, have
been retained in their favor. The incidental all
against foreign competition which they still enjoy
gives them an advantage which Other pursuits
possess; but OF this none others viii complain be
cause the duties levied are necessary for revenue
These revenue duties, including freigbts and char
ges, which the importer must pay before he ca
come in competion with the home manufacture
in our markets. amount, on nearly all our leadln
branches of manufacture, TO more than one third q
the value of the imported article, and in some cas-
es TO almost one half its value. With such ndvan
tages, 1t is not doubted that our domestic manutac
turers will continue to prosper, realizing in we
conducted establishments even greater profits iha
can be derived from any other regular business.
Indeed so far from requiring the protection Of eve
incidental revenue duties, our manufacturers IN sew
eral leading branches are extending their bushes:
giving evidence of grea; ingenuity and skill, an
of their ability to compete, with increased proSpec
of success, for the open market OF the world. Do
nestle manufactures, to the value OF several mi
lions of dollars, which cannot mad a market a
hIme, are aunnay exported TO foreign countries
With such rates Of duty as those established by TIN
existing law, the system will probably be perma
nenl; and capitalists, who have made or shal, here
AFTER make, their investments IN manufactures, vii
know upon what to rely. The county VIII be sat
islicd whh these rates, because the advantage
which the manufacturers sill enjoy, result uecessa
ry from the collection Of revenue for tho supper
of government. High protective duties, from thei
unjust operation upon the masses OF the people
,.. al t., aN sislIl IL I'm
aud compliant, aud To constant efforts 10 change U
repeal them, rendering all investments IN manutac
lures uncertain and precarlous. Lower and mur
permanent rates OF duty, at Inc same Tine that the
will yield to the manufacturer far ana rcmunera
ting profits, will secure han against tie danger q
frequent changes IN the system, which capnot Ia
to rulnousiy affect his interests
simultaneously with the relaxation of the re
slrclive policy by the United States, Great Britain
,ulla.L. LNanln LnrLN.l In. I'm