Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1847-12-10

IN"
dus,ry, that a foreign war, which generally siml,.
isiies the resources Of a nation, has In no essential
degree retarded our onwerd progress. or checked
onI general prosperity.
WITH such afatiiy ing rsidences Of prosperity
and Of the suceessiul operation of the revenue aci
o. ioeu, every confederation Of public policy re-
nommends that il shall remain unchanged. filis
hoped that the system OF impps, dnliea which Ii ~.
tablishcd may be- regarded aa the permanent nnIic,
OF the country, aud that the great intcrrsts AFFECT.
ed by u may nat again be subject 10 be inIuriousIy
distorted, as hey have heretofore been, by FREE
quent and someu,pes sudden changes.
For the purpose Of Increasing the revenue, and
without changing OF modifying The rates imposed
oy the aei OF 1886, On The dulisble anicles enihtac.
ed by rs provisions, | sgnin recommend 10 your
favorable consideration the expedieDcy Of levying
a revenue duty on tea and coffee. The policy
which exempted these articles from dutv during
peace, and when the revenue 10 be derived fron;
them was not needed, ceases 10 exist when the
country 10 engaged 10 war, and requires the use Of
all is avaiiabie resources. Il Is q tax which would
be so generally diffused among the people, that Il
would be felt oppressively BY none, and be com.
planned Of by none. Il Is believed that there are
not, In the list Of imported articles, any which are
more properly The subject Of war duties thar ten
and coffee.
II is estimated that three millions Of dollars
posed on these articles.
Should Congress avail itself OF this additional
source Of revenue, not only would the amount Of
the public loan rendered necessary by thr war with
Mexico be diminished TO that extent, but the pub
lie credit, and the public confidence ia the ability
and determination Of the government 10 meet nll
~ engagements promptly, would be more firmly
er,.biishrd, and the reduced amount Of the loan
which a may be necessary to negotiate could pro-
badly he obtained al cheaper rutes.
Cuugreas 10, therefore, called upon 10 determine
whether IT Il wiser 10 impose The war duties rrcnm-
tnended, OF, BY emitting 10 do so, increase the pub
lie debt annually three millions Of dollars, so long
- loans shall be required 10 prosecute the war, and
afterwards provide, in aome other form, 10 pay the
SENT annuai interest upon il, and ultimately 10 ex.
unguish the principal. II, IN addition 10 these du.
ties, Congress should graduate and reduce the price
Of such Of the public lands as experience has prov
ed will mol ommsnd the price placed upon Them
by the government, an additional annual income
10 the Treasury o. between half a million and a
million Of dollars, il is estimated, would be derived
from this source. Should both measures receive
the sanction Of Congress, the annual amount Of
public debt necessary 10 be contracted during the
coatinuauce OF the war would be reduced nearly
four millions of1ollars The duties recommended
% be levied on tea and coffee, y 10 proposed shall
be limited IN their duration 10 the end Of the war,
and until the public debt rendered necessary 10 be
contracted BY Il shall be discharged. The amount
OF the public debt 10 be contracted should be limit
ed TO the lowest practicable sum, and should be ex-
tinguished as early after the conclusion Of the war
- sHN W hNE tlNNN1Ny Will UEINAiA
With this view, il is recommended that as soon
az the war shall be over, all the surplus IN the
Treasury not needed fof other Indispensable OBJ
jects, shall constitute a sinking fund, and be sp-
Piled 10 the purchase Of the funded debt, and that
authority BE- conferred by law for that purpose.
The act Of tho 9th August, 1876, 40 establish
a ware. housing ays,em has been in operation for
more than q year, and has proved 10 be an impor-
tant auxiliary 10 the tariff act Of 1876, in augment
ing the revenue, and extending the I'M Of
the country. Whilst il has tended to enlarge COM
merce, u has been beneficial 10 our manufacturer,
BY diminishing forced sales ct auction Of foreign
goods 81 low prices, to raise the duties 10 be sd.
vanced on them, and by checking fluctuations in
The market. Tn system, although sanctioned by
The experiences OF other countries, was entirely new
IN the United States, and Is susceptible Of improve
meni in some Of its provisions. The Secretary Of
the Treasury upon whom was devolved large dis
creuonsry powers in carrying the measure into ef
feet, has collected, and is now collecting the prsc-
teal results Of the system in other countries where
u has long been established, and will report at an
early period Of your session such further regula-
tons suggested BY the Interrogation as may render
u still moro effective and beneficial. ftI fIft
By the act 10 " provide for the better organiza-
ton Of the treasury, and for the collection, safe
Keeping and disbursement OF the public revenue"
all banks were discontinued as fiscal agents Of the
government, and the paper currency issued BY
them was no longer permitted TO be received in
payment o publ dues.
The constitutional treasury created by this act
went into operation on the lst Of January lasi
Under the system established by II, the public mon
eya have been collected, safely kept, and disbursed
BY the direct agency oCofiicers Of the government,
ia gold and silver; and transfers of large amounts
have been made from points Of collection 10 points
Of disbursement, without loss TO the treasury or in
jury or iuconvenience 10 the trade Of the country.
While the fiscal operations Of the government
have been conducted with regularity and sase, un-
der the system, i has had a saIutary effect in check