Wisconsin herald. [volume] (Lancaster, Wis.) 1846-1849, 1847-12-11

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! that further loan of 10000, 600 will be re
ouirgd for the fiscal year, ending on tina
day. in case no duty be imposed on tea ant
coffee, and the public lands be not reduced
and graduated in price, and no military con
tributions shall be collected in Mexico. /
the duty on tea and coffee be. imposed, ant
the lands be reduced and graduated in price
as proposed, the loan may be reduced Z
$l7.000,OO0, and will be subject TO be still
further reduced, by the amount OF military
contributions, which may be collected il
Mexico. 1t is not proposed, however, t,
ask Congress for authority to negotiate Thu
loan for the next fiscal year, as 1t IS hoped
that the loan asked for rhe demands of thu
present fiscal year, aided by military coniri
! buttons which may be collected IN Mexico
may be sufficient. If contrary TO my fx
pectations, there should be necessity Tor u
! the fact " i'll be communicated TO congress
| in time for their action during the present
session. In no event will a sum exceeding
sc. OOO. 900 of this amount be needed before
the meeting of the session OF Congress OF
1918. The act of the 30ih July, 1916, re-
ducing the duties on imports has been III
! force since the lst of December last, and
am gratified to state, that all the beneficial
effects which were anticipated from It's ope-
rations have been fully realized. The pub,
| lie revenue derived from customs during the
| year ending LIST December, Si7, exceeded
| by more than $1,000 90 the amount receiv-
ed in the proceeding year. under the act O.
1912, and which was superseded by it; it,
effects are visible in the greater and almos
unexampled prosperity which prevails il
almost every branch of business.
While the repeal of the prohibitory ant
restrictive duties of the act of 1872, and the
substitution in their place of reasonable rev
enue rates, levied on articles imported ac
| cording to their actual value, has increased
the revenue and augmented our foreign
trade, all the great interest which had beer
not only too much neglected, but actual,
taxed by the protective policy, for the bene
fit of other interests, have been relieved O
the burden which that policy imposed, ant
both farmers and planters. under new ans
more liberal policy, are finding new an,
profitable markets abroad for their aug
mented products. Our commerce has rapid
ly increased, and is extending more widel,
by reason Of these International exchanges
Great as has been the increase of our i'm
| H"''S N''''S 'hS past yChis WI NNPoitS u
domestic products sold at foreign market
has been still greater.
Our navigation interests are eminentl,
prosperous the number of vessels built il
the United States is greater than during an,
tpsriod ofequal length. Large profits hav'
been derived by those who have conStruc
ted as well as by those who have navigate'
them. Should the rate of increase in thu
number of our merchant vessels be progress
Sive, and be as great for the future as durin!
the past year, the time is not distant whei
our tonnage and commercial marine will b.
larger than that Of any other nation in tn
world. Whilst the interests of agriculture
of commerce, and navigation have beel
enlarged, it is highly gratifying to observ,
that our manufactures are also in prosper
Gus condition.
None of the ruinous effects upon these in
| terests which were apprehended by some a
the result Of the operation Of the presen
system, established, bnt the contrary til,
number of manufactures and the amount o
capital invested IN them, is rapidly increas
ing, ailording gratifying evidence that Am
ericau enterprise and skill employed in thu
branch of domestic industry, with no othe
advantage than is fairly aud incidentally &C
icruing from just system OF revenue du
ties, are abundantly able to meet all compe
htion from abroad, and stiH derive remune
rating profits.
Capital invested in manufactures is yield
ing adequate and fair profits under the new
system, the wages of the iaborer employee
in manufactures, agriculture and commerc
have been augmented.
Toiliug millions whose daily labor fur
niSheS the support, food aud raiment for a
the necesSarieS and comforts of life, are re
ceiviug wages and more steady and bette
employmentthan in any other country, 0
In any former period in our own history.
So successful have been all the branche
Of our industry, that foreign war, whic
generally diminishes the resources of ma
ton, has in no essential degree retarded on
progress or checked our general prosperity
IL is gratifying evidence of prosperity an
of the wholesome operation of the revenu
act of 1916, every consideration of publ
| policy recommends that it shall remain uu
changed it is hoped that the system of i'm
port duties now established may be reGarde
as the permanent policy of the country, an
that the great interests affected by it ma
not again be subjected to be injuriou>ly di.
turbed as they have heretofore been by fire
Qnent and sometimes sudden changes.
For the purpose Of increasing the reve
nue., and without changing or modifying tn
rates imposed by the act of 1913, on the du
table articles embraced in its provisions,
again recommend 10 your favorable cousid
Grafton the eXpediency of levying revenu
duty on tea and coffee. The policy whic
exempted these articles from duty durin
peace, ceases to exist when the country
engaged in war and requires the use OF a
its available resources.
j II is a tax which would be so general
dliIused that il would be felt oppres>ively b
none, and be complained of by none. 1t
believed that there is not in the list of in
ported articles any which are more properl
the subjects of war duties. 1t is estimate
That $3,000,000 would be derived annual,
from tax imposed on these articles
The financial system, established by the corstit
tonal Treasury, has thaS far been eninentIy success
fui in its operation, and Recommend an adhereu,
to all its essential provisions, and especially to tn
vital provision which fully separates the governme
som all its connection with the banks, and exclude
bank paper from all re venue received.
{ In soms OF its details, not Involving its gener
principles, the system is defective, aud will reaui
modification. These defects and such amendments
are needed and deemed important were set forth
the last report of he Secretary of the Treasury
Those amendments are again recommended to Il
early and favorable consideration of congress.
During the past year the coinage at the mint and