Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1847-12-21

lished may be regarded as the permanent
policy and the great interests affected by it
may not be again subjected to be iniuri.
ously disturbed, as they have heretofore
been, by frequent and sometimes sudden
changes.
For the purpose of increasing the rev.
enue, and without changing or modifying
the rates imposed by the act of 1916 on
the dutible articles embraced in its pro-
visions, again recommend to your favor
able consideration the expediency oflevy-
ing a revenue duty on tea and coffee
The policy which exempted these articles
from duty, during peace, ceases to exist,
when the country is engaged in war, and
requires the use of all its available resour-
.ces. - 90,
1t is tax which would be so general
ly diffused that it would be felt oppres-
sively by none, and be complained of by
none. 1t is believed that there are no ar
ticles more properly the subject Of war
duties.
1t is estimated that three millions of
dollars would be derived annually from
tax imposed on these articles. Should
Congress avail itself of this additional
source OF revenue, not only would the
mount of public loans, rendered necessary
by the war with Mexico, be diminished to
that extent, but the public credit and the
public confidence in the ability and deter
mination of the government to meet ali
its engagements promptly, would be more
permanently established, and the reduced
amount of the loans which it may be nee
essary tn negotiate, could be obtained at
cheaper rates, ,-... .r .....-l. r
Congress is therefore called to deterul-
inc upon whether it is wiser to impose
the war duties, or, by emitting to do so,
increase the public debt annually three
millions of dollars, SO long as loans shall
be required to prosecute the war and al
forwards provide in some other form to
pay the semi-annual interest upon it, and
ultimately to extinguish the principal
If, in addition to these duties, Congress
could graduate and reduce the price of
such of the public lands as experience
has proved will not command the prices
placed upon them by government, an 0d-
ditional increase to the treasury Of be-
tween half million and a million of dol
lars, it is estimated, would be derived from
this source. Should both measures re-
ceive the sanction Of Congress, the annu-
al amonnt Of public debt necessary to be
contracted during the continuance of the
war would be reduced four millions of
dollars. The duties recommended TO be
levied on tea and coffee should be limited
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 amount Of the public debt
to be contracted should be limited to the
lowest practicable sum, and should be ex-
tingushed as early after the conclusion of
the war as the means Of the treasury will
permit.
With this view it is recommended that
as soon as the war shall be over, the sur
plus in the treasury not needed for other
indispensable objects, shall constitute
sinking fund, and be applied to the pur-
chase ofthe funded debt, and that author.
ty be conferred by law for that purpose.
The act of 9th of August, 1916, to es-
tablish warehousing system, has been in
operation more than q year, and has pro-
vedto be an important auxiliary to the ia
riff act Of 1916, in augmenting the reve-
nue., and extending the commerce of the
country. While it has tended to enlarge
our commerce, it has been beneficial to
our manufactures, by diminishing forced
sales at auction of foreign goods low pri-
ces to raise the duties to be advanced on
them, and by checking fluctuations in the
market. The system although sanctioned
by the experience of other countries, was
entirely new to the United States, and is
susceptible of improvement in some of its
provisions. The Secretary of the Treas
ury, upon whom was devoved large dis
cretionary powers in carrying this meas
ure into effect, is now collecting the prac-
teal results of the system in other coun-
tries where it has been long established,
and will report, at an early period of the
session, such further regulations, sugges-
ted by these investigations, as may rem
der il still more effective and beneficial.
BY the act to provide for the better or
ganization ofthe Treasury, and for the
collection, safe-keeping, and disbursement
ofthe public revenues, all banks were dis.
continued as the fiscal agents of the gov
eminent, and paper currency was no long
er allowed to be received in payment of
public dues.
The Constitutional Treasury created by this act
went into operation on the 18th of January last
Under the system established by it the public
moneys have been collected, safely kept, and dis
bursed by the direct agency of the officers of the
government, in gold and silver, and transfers of
large amounts have been made from points ofcol-
lection to the points of disbursement without loss
to the treasury, inconvenience to the traffic of
the country,
While the fiscal operations Of the government
have been conducted with regularity and ease, un-
der this system, it has had salutary effect in