Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1847-12-15

asked for the remainder Of the pre- sent fis-
cal year, aided by the military contribu-
tions which may be collected in Mexico,
may be sufficient.
II, contrary to my expectations, there
should be necessity for it, the fact will
be communicated to Congress in time for
their action during the present session. In
no event will sum exceeding Sc, ,O0O,O 900
OF this amount be needed before the meet
ing OF the session ofCongress in December,
ls46.
The act of the 30th July, reducing the
duties on imports, has been IN force since
the first of December. last, and am graft.
fed to state that all the beneficial effects
which were anticipated from its operation
have been fully realized. The public rev.
enue derived from customs during the year
ending on the 1st Of December, ls47, ex-
ceeds by more than $e,0Oo,0 600, the a.
mount received in the proceeding year,
under the operation of the act OF 1912,
which was superseded, and repealed by
it. Its effects are visible in the great
and almost unexampeled prosperity which
prevails in every branch Of business.
While the repeal Of the prohibitory and
restrictive duties of the oct Of l542, and
tho substitution in their place Of reasona-
BILE revenue rates, levied on articles impor-
ted according to the actual value, has IN
creased the revenue and augmented the
foreign trade, all the great interests of our
country have been advanced and promo
ted.
The great and important interests Of
agriculture, which had been not only neg
lected, but actually taxed under the pro-
tective policy. for the benefit of other in
ter ests, have been relieved of the burdens
which that policy imposed on them, and
our farmers and planters, under the
more just and liberal com mercial policy,
are finding new and profitable markets a.
broad for their agricultural products.
Our commerce is rapidly increasing, and
is extending more widely the circle of in
ternational exchanges, great as has been
the increase of our imports during the past
year, our exports of domestic products,sold
in foreign markets, have been still greater.
| Our navigating interest eminently pros
porous. The number Of vessels built in
the United States has been greater than
during any preceding period ofequal length
Large profits have been derived by those
who have constructed them, as we'll as by
those who have navigated them. Should
the ratio of increase in the number Of our
merchant vessels be progressive, and be as
great for the future as during the past year,
the time is not distant when our tonnage
and commercial marine will be larger than
| IL. tbar in ho world
Whilst the interests of agriculture, of
commerce and navigation have been en-
larged and invigorated, it is highly graft.
fying to observe that our manufacturers are
also in a prosperous condition. None ol
the ruinous effects upon this interest, which
were apprehended by some as the result OF
the operations of the revenue system, es
tablished by the act Of le46, have been ex-
perienced.
On the contrary, the number of manu-
factories, and the capital invested in them,
is steadily and rapidly increasing, afford
ing gratifying proof that American enter
prise and skill employed in these forms of
domestic industry, with no other advanta-
ges than those fairly and incidentally ac-
cruing from just system of revenue du-
ties, are abundantly able to meet success
fully, all competition from abroad, and still
derive fair and remuneraling profits.
While capital invested in manufactures
is yielding adequate and fair profit under
the new system, the wages of labor, wheth-
er employed in manufactures, agriculture,
commerce or navigation, have been aug.
mented. The toiling millions, whose dai.
ly labor furnishes the supply Of food and
raiment and all the necessaries and CON-
forts of life, are receiving higher wages
and more steady employment than in any
other country or in any previous period ol
of our history.
So successful have been all branches of
our industry, that foreign war, which
generally diminishes the resources of ma.
ton, has in no essential degree retarded
our onward progress, or checked our gen.
eral prosperity.
With such gratifying evidences ofpros-
perity, and of the successful operation OF
the revenue act of le46, every considera-
ton ofpublic policy recommends that it
should remain unchanged. 1t is hoped
that the system of import duties, which is
established, may be regarded as the per-
| mane0L pOlICy VI tHo Coonti ~ 0hu eiot IHo
great interests affected by it may not again
be subjected to be injuriously 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 1846, on
the dutiable article embraced by its pro-
provisions, again recommend to your ia
vorable consideration the expediency of
levying 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, ceases to exist when the country is
engaged in war, and requires the use ofall
/ its available means.
1t is tax which would be so generally
difused among the people that it would be
felt oppressively by none-and be COM
planned Of by none. 1t 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 {, 100000 dollars an
nually may be collected by moderate du-