Democratic banner., 1847-12-27

las during a. le4isne s net dis
ltant' wheHs< aRd scpnmercial
marine vii tkatcf aay other
nation IN Is Sc he sinfssesis
lof a~griCuitafs and iayigssien
have been highly srasifyiEg
to observs thai hHnnfactxfes are also
in a NEUTRALITY-SUSPICIOUS.
J Meme Of tb3safi4a4 <fics hpent6espip-
~terests whiek inexperienced AF soasas
ne system, Sse5 SaS The eost5Ee-
the number f1nkzcteries and the x1suns
Eof capital invests Their, is rapidly in.
creasing, afofdhs Tying proof fhat A
merican entetpi AID skill employed in
this branrlrx site industry, with NO
other advaDtE haa those fairly and inci-
dentally aeexuge from . just SYSTEM ofrev.
enue on dHtes are ~ahnRdsptly able to neei
HccessfuRSs ~ competition from abroad.
and still d4sSss fair and remGHeraiing prof.
4;MssE|hsss, .s-ssss,xx z
is yielding adequate and fair profits under
the new system, the wages oflabor whether
employed in manufactures agriculture or
navigation have been augmented.
The toiling mill ons whose daily labor
furnishes the supplies of food and raiment
for all the necessaries and comforts of life
are receiving wages and more steady and
than in any other country or in
any previous period of our own history.
So successful have been all the branches
of our industry that a foreign war which
generally diminishes the resources of a ma
ton has in no essential degree retarded our
n ne, I'd nrnrraco nv aIooHoH onr nonoroI
prosperity.
With such gratifying evidence ofpfosper-
.ity and of the successful operation of the
revenue act of 1916, every consideration
|of puplic policy recommends that it shall
unchanged; it is d that the sys-
tenn of import duties which it established,
may be regarded as the permanent policy,
and the great interest affected by it may
not be again subjected to be injuriously dis
disturbed as they have heretofore been by
frequent and sometimes sudden changes.
For the purpose Of increasing the reve-
nue. and without changing or modifying the
rates imposed by the act Of l84i, or the du-
liable articles embraced in its provisions
I again recommended to your favorable
consideration the expediency of levying a
revenue duty on tea and coffee. The poll
Icy which exempted these articles from du-
|ty during peace ceases to exist when the
country IS engaged in war, and requires the
use of all its available resources.
1t is a tax which would be so generally
that it svuld be ASHfffss4is6l5
BY none, and be complained ofby none. 1t
lis belle we'd that there is not in the list Of
imported articles any which are more prop
erly the subjects Of the war duties. 1t is
estimated that $4,000, 600 would be derived
annually from a tax imposed on these arh-
Giles.
Should Congress avail itself of this addi-
ltional source of revenue, not only would
the amount of public loans rendered neces-
sary by the war with Mexico be diminish
ed to that extent, but the public credit and
the public confidence in the ability and de-
termination of the government to meet all
its engagements promptly would be more
permanently established, and the reduced
.rount of the l"-"s which it may be neces-
Congress is, thea
termine whether it is wiser 10 IN TO de.
war duties or by emitting to do so, increase
the public debt annually three million dol
liars, so long as loans shall be required to
prosecute the war, and afterwards provide,
lin some other form, to pay the semi-annual
interest upon it, and ultimately to extin-
? ? guish the principal. If, in addition to those
:. duties, Congress could graduate and re-
n duce the price of such of the public lands
: as experience has proved viii not command
d the price placed upon them BY government
an additional annual increase to the Irea-
. sury of between half a million and a mill
y ion of dollars, it is estimated, would be de-
d rived from this source. Should both mea-
e sures receive the sanction Ct Congress- the
annual amount of public debt necessary 70
q be contracted during the continuance OF
the war, would be reduced four millions Oh
.hldollars. The duties recommended TO De
l,Ilevied on tea and coffee, should be limited
'r in their duration to the end Of the wal and
N until the public debt rendered necessary to
be contracted by it shall be discharged
20 The amount of the public debt to be con-
or tracted should be limited to the loves