The northern galaxy. [volume] (Middlebury, Vt.) 1844-1848, 1847-12-14

unuer more Just ana nDerh commercial pol-
J icy, are finding new and profitable markets a.
:, broad for their augmented products.
! Our commerce is rapidly increasing, and is
extending more widely the circle of interna-
tional exchanges. Great as has been the in
crease of our imports during the past year, our
exports of domestic products sold in foreign
markets have been still greater.
Our navigating interests is eminently pros
| porous The number of vessels built in the
United States has been greater than during
any preceding period of equal length Large
profits have been derived by those who have
constructed as well as by them who have nav
{ igated them. Should the ratio of increase in
the number of our merchant vessels be pro-
gressive, and be as great for the future as du-
ring the past year, the time is not distant when
our tonnage and commercial marine will be
larger than that of any other nation in the
world.
Whilst the interests of agriculture, of COM
T merce, and of navigation have been enlarged
and invigorated, it is highly gratifying to OBJ
serve that our manufacturers are also in a
prosperous condition. None of the ruinous
effects upon this interest, which were appre-
hcnded by some, as the result of the operation
of the revenue system established by the act
of 1916, have been experienced. On the con-
trary, the number of manufactures, and the
amount of capital invested in them, Is steadily
and rapidly increasing, affording gratifying
proofs that American enterprise and skill en-
? ployed in this branch of domestic industry,
with no other advantage than those fairly and
incidentally occurring from just system of
revenue duties, are abundantly able to meet
successfully all competition from abroad, and
still derive fair and remunerating profits
Il
yielding adequate and fair profits under the
new system, the wages of labor, whether en-
ployed in manufactures, agriculture commerce
or navigation, have been augmented The
toiling millions, whose dali labor furnishes the
. supply of food and raiment, and all the neces-
saries and comforts of life, are receiving hi CHER
wages and more steady and permanent EN-
ployment than in any other country, or at any
| previous period of our own history.
So successful have been all branches of our
; industry, that foreign war, which generally
diminishes the resources Of a nation, has in no
) essential degree retarded our onward progress
or checked our general prosperity.
With such gratifying evidences OF prosperl-
ty, and Of the successful operation of the reve-
nue. act of 1916, every consideration Of public
{ policy recommends that it shall remain I'M
changed. 1t is hoped that the system of i'm
post duties which it established, may be re-
garled as the permanent policy Of the country,
and that the great interests affected by it may
not again be subject to be injuriously disturb
ed, as they have heretofore been, by frequent
and sudden changes.
For the purpose of increasing the revenue
and without changing or modifying the rates
imposed by the act OF 1916 on the dutiable ar
ticles embraced by its provisions, again rec
ommend to your favorable consideration the
expedency Of levying a revenue duty on tea
and coffee. The policy which exempted these
articles from duty during peace, and when the
revenue to be derived from them was not
needed, cease to exist when the country is en-
gagged in war, and requires the use of available
resources. 1t is tax which would be so gen.
!, orally difiused among the people, that it would
be felt oppressively by none, and be complaint
cd of by none it is believed that there are not
in the list of imported articles any which are
more properly the subject of war duties than tea
and coffee.
1t is estimated that three millions of dollars
: would be derived annually by moderate duty
imposed on these articles.
| Should Congress avail itself of this addition.
al source Of revenue, not only would the a.
mount Of the public loan rendered necessary by
the war with Mexico be diminished to that ex.
tent, but the public credit, and the public con-
, fidcnce in the ability and determination of the
government to meet all its engagements prompt
| ", would be more firmly established, and the
reduced amount of the lean which it may be
necessary to negotiate, could probably be OBJ
tanned at Il cheaper rate.
Congress is, therefore, called upon to deter
mine whether it is wiser to impose the war du.
t ties recommended, or, by emitting to do so, in
r crease the public debt annually three million.
: of dollars so long as loans shall be required t.
prosecute the war, and afterwards provide il
: some other form, to pay the semi-annual inter
c est upon it, and ultimately TO extinguish thu
4 principal. If, in addition to these duties, Con
G grcss should graduate and reduce the price o
: such of the public lands as experience has pro
: we'd will not command the price placed upor
: them by the government, an additional annua
S income to the treasury of between half a mill
r ion and million of dollars, it is estimatet
: would be derived from this source.
Should both measures receive the sane
ton of Congress, the annual amount O
public debt necessary to be contracted du
ring the continuace OF the war would b,
, re luced near four millions of dollars. Tn,
/ duties recommended to be levied on tie;
anu I"hcO, IL 10 PioPoscu Shdii NC iiiHitcu
in their duration to the end of the war
: and until the public debt rendered neces
sary to be contracted by it shall be dis
charged. The amonnt of the public deb
to be contracted should be limited to the
lowest practicable sum, and should be ex
, tingushed as early after the conclusion o
the war as the means of the treasury vii
permit.
" it'll this view it is recommended tina
as soon as the war shall be over, all the
surplus in the treasury, not needed for 9th
er indispensable objects, shall constitute
; sinking fund, and be applied to the pur
chase of the funded debt and that authori
ty be conferred by law for that purpose.
The act of the 9th of Aug, 1916, "tt
establish warehouseing system, has beer
: in operation more than a veal, and ha