The Davenport gazette. [volume] (Davenport, Scott Co., Iowa) 1841-185?, 1847-12-21

du,iabIe articles embraced in its provisions,
again recommend To our favorable con-
sidcra,ion the cxpcdicncy Of levy ing rev.
cnuc duty on tea and coffee. The policy
which exempted these articles from duty
during peace censcs to exist when the coun-
try is engaged in war, and requires tho use
Of i! lis available resources.
il is u tax which would be So generally
diliuscd TINT i, would be felt oppressingly
by none, md be complained of by none.
II is believed that there is not in the list Of
imported articles any which are more prop
ery the subjects Of the war duties. Il is
estimated that 100000 would be derived
annually from tax imposed on these arti-
clcs.
Should Congress avail itself of this addi-
,ional source oil revenue not ouly would the
amoun, Of public lunns render il necessary
BY the war with Mexico he diminished tn
that extent, but the public credit and the
public confidence ia tho ability and deter
minaiion OF the government to meet all its
engagements promptly would be more per-
mancn.Iv established, aud the reduced n.
mount of The loans which il may be neces-
sary to negotiate could be obtained at
cheaper rates.
Congress is, therefore. called upon TO
determine whether il is wiser to impose the
war duties or by emitting TO do So, increase
the public debt annually $4,000, 900, SO
long us loans shall be required TO prosecute
the war, and afterwards provide, in some
other form, TO pay the seini annual interest
upon il, aud ultimately TO extinguish tho
principal. II, in addition 10 those duties,
Congress could graduate and reduce the
price Of such Of tho public lands rs expert.
cncc has proved will not command the
price placed upon them by government, an
additional annunl increase To the Treasury
Of between half million and million Of
dollars. il is estimated, would be derived
from this source. Should both measures
receive tho sanction Of Congress, the annu-
al amount Of public debt necessary TO he
contracted during the continuance Of tho
war, would be reduced Si,OO0.OOO. The
duties recommended to e levied on ten and
coffee, should be limited in their duration
10 the end Of the war and until the public
debt rendered necessary to be contracted
BY shall he discharged. The amount Of the
public debt 10: be contracted should be linn
tied to the lowest practicable sum, and
should lie extinguishcd rs early after the
conclusion Of tho war, as the mems Of tho
treasury will permit.
With this view, il is recommended that
rs soon as the war he over the surplus in
the Treasury not needed or other indispen-
sable objects, constitute sinking fund to
be applied TO the purchase Of the funded
debt, mud that authority be conferred by
law for that purpose.
The act Of the 9th of August, 1916, to
establish a warohousing system, has been
in operation more than year, md hna
proved 10 be m important auxiliary To the
tariff Get Of lsiG, in nugmcn.ing the rcve-
nue. nnd extending the commerce Of tho
country. Whist j. has tended TO enlarge
our commerce il has been beneficial to our
manufactures by diminishing forced sales
At auction Of frcinn goods Mt low prices,
10 cause the duties to be advanced on them,
and by checking iluctnalion in the market.
The system, although sanctioned hy tho
experience Of other countries, wns entirely
new in the L. s., and is susceptible of i'm.
provcments in some Of its provisions. Tho
Secretary q. tic Treasury, upon whom was
'icvolsed large discretionary powers in car
rNing this measure into effect, is now COL
Letting the practical results Of the system
in other countries where il has long been
established, and will rcpor. at nm early pc
rIod of your session such further rcgula-
tions suggested hy these investigations, NJ
may render il still more effective and ben
eical.
By the act 10 provide for the better or
ganiza,nn Of tho Treasury and for tho col.
lection, safe excepting and disbursement Of
the public revenues, all bnnks were disc0n.
tinued as the fiscal agent Of the government
and paper currency was no longer allowed
to be received in payment. Of public dues.
The Constitutional Treasury, created by
this at went into operation on the 4lh Of
January last, and under the sy stem cstub.
lishcd by il, the public mnncys have been
collected, safely kept, and disburscd by the
direct agency Of tho officers Of the govern
ment, in gold md silver; and transfers Of
large amounts have been madc from points
Of collection to the points of disbursement,
without loss to the Treasury or inconyeni-
cnce to the traffic Of tho country.
While the fiscal operations Of the gov.
crnmcnt have been conducted with rcru.
lar,y and case, under the system. il has
had sautary effect in checking M undue
Initiation Of the paper currency issued from
tho banks which exist under State charters.
Requiring, Us il does, all dues TO the gov
eminent 70 be paid in gold md silver, its
effects is 10 restrain excessive issues Of