Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1847-01-30
THE PUBLIC FINANCES

Senate on Monday last on the Loan Bill, which
should have appeared on the first page of this paper
Mr. NILES said that he regretted to dean the Senate at
this late hours but the remarks OF his friend from Arkansas,
Mr.. SEyIER) and of the Senator from Alabama, (Mr.
LEWIS, rendered it necessary for him say few words in
reply He not in the habit of receiving rebukes from
any in regard to his here without repeng them
and defending himself The Senator from Arkansas said
that there can be question presented to loan the
finances but it gives occasion speeches upon the tariff from
certain gentlemen who attribute all financial difficulties
the repeal of the act of 1912 He said he understood the
object OF these gentlemen very well it was not the condition
OF the Treasury which troubled them, but their object
obtain the restoration Of the odious tariff of 1912,
give fat profits to the manufacturers Sir (said Mr. NJ if
the gentleman alluded to any thing have said to-day
days since the resolution of the honorable Senator
from Pennsylvania, (Mr CAMEnoS) he has done great
injustice The Senator from Alabama made the same mpu-
tation in offensive Sir, these gentlemen know
ought know that have not advocated defended the
act Of s42, the defects of which have expressly admitted
But sad Mr.. N deny that have entered any dis
cussion Of the tariff question have confined my remarks
now, and the occasion referred to- the state of our
finances, and what in my judgment ought be done place
them in condition which the exigency Of the Treasury and
the country require.
The Senator from Arkansas said we were attempting to de-
ceve the country and to lead the people believe that our
financial difficulties had from the passage of the
1916 No such attempt had been made by him he had the
contrary attempted set public sentiment right and point
the true source of our financial endorsements and difficulties
He had not charged them upon the of for whatever
may be the merits defects of that act as financial measure
It had not been in operation long enough to test its merits
Tor to have had any influence the Treasury way
the other But while he did attribute the present embar-
easements IN finances to the law of 1896 he did ascbe
them chiefly to the theory and the policy by which that act
was recommended and from which have emanated
What is this theory That low duties will produce
venue than duties at higher rates This the doctrine of the
chairman of the Committee Finance and of the Secretary
OF the Treasury According to this theory increase the
revenue you must reduce the rates of duties This has been
hue the
taons, except few articles it claimed that we shall re-
ceve much accrued under the of 1872 This
may be So although doubt it. But if true only supplies
the revenue equal to the wants of the Treasury time of
peace But the question is how provide re-
venue for war This is the present difficulty. How are we
to increase the TO the exgences of war; Will
you raise the duties That according principles of the
Secretary OF the Treasury and the chairman of the Committee
on Finance, would diminish the revenue Will you reduce
the rates of duties still lower That has been
ed and probably deemed little hazardous How then
can you increase your from mposts duty on tea
and coffee has been recommended but has met with favor
No other means OF raising additional is proposed
Why is this sit not because this theory of the Secretary
Of the Treasury stands in the way How he propose to
raise additional revenue from impos It impossible unless
he abandon his theory.
And here is the difficulty II very clear that majority
both Houses OF Congress believe that we can raise all the
revenue Iequired-say ten mions-rom customs by pro-
per arrangement of the duties and believing this they will
not have recourse TO other Of whilst this
wanted they will doubt for direct
taxes Who doubt that revenue may be raised by
increasing the duties ON Imports either by raising the Of
the different schedules, BY higher duties particular ar
Giles Our experience and that of other countries proves
this How is it in England There of twenty-five mil
lions sterling raised from mposts nineteen from six ar
cles alone o these sugars paying twelve cents duty
tea another, paying sents and tobacco with duty
OF one thousand per cent? another Yet referred
England for example the efficacy of the system of low
duties We have cent duty sugar, and they twelve
cents Does any one believe that duty of sugar
will produce much duty of two three
Can any believe that if the duty instead Of
cent that the importation would be all affected So Of
other articles which he could specfy-wnes and
Spirits descriptions of ron and other articles Ten
millions more may easily be raised from mposts, with very
moderate duty tea and coffee, which he had no doubt
would be sustained by Congress- in connexon with higher
rates OF duties such Of the taxed articles will bear
without being burdensome to the people.
But the hands of Congress tied by this absurd theory
of the chief financial officer Of the Government and we are
driven to the necessity Of relying solely loans Treasury
notes for carrying the What spectacle We ex-
hbt this great country to the nations of Europe and to
Mexico also, as without any for sustaining the
which we engagedas being reduced TO the last
tremy Of eneebed nations with other means for prose-
cutting war but borrowing and that in the form indicating
the failure of public cedthe issue Of Government paper
Why in this respect have reduced ourselves nearly the
condition Mexico She is carrying on the war by
loans to be obtained by ce and by loans to be coaxed
from the people, As American Citizen he felt humbled at
the condition in which exhibit ourselves to the world
And yet every knows that the OF this great
country for supplying the public Treasury remain almost
untouched.
But the chairman Of the Finance Committee says that in
this loan only anticipating Anticipating
what revenue your than sufficient for the
peace establishment No pretends that tits What
venue them have you anticipate to pay the interest or p
cpa OF this loan II is apparent that there none. Until
you adopt system Of adapted to the and ext
gences OF the country you have nothing anticipate but
embarrassments and difficulties which will go on
increasing until they become overpowerng that il will
quire system of taxation and overcome
them. The must anguish whilst the Treasury remains
weak and enfeebed Has already langushed from the
weakness of the Treasury You may raise ten additional
regiments, or twenty, and if you have money pay them
il will avail but little.
The chairman Of the Finance Committee has challenged
comparison of the financial policy of the Secretary Of the
Treasury with that of those who opposed to it. Mr. N
had wish to touch that subject he felt other than the
most friendly feelings for the Secretary But he should like
TO be informed what his scheme for providing
nue. His system may supply the ordinary of the Trea
suy but what are its capabilities for Does il admit Of
xpansion and enlargement afford augmentation
Of revenue IT. so why is it not proposed 1t is clear this
cannot be done without abandoning the principle of the sys
tenn II low duties will raise revenue than higher
rates. then clear that have for from
mposts and must have other taxes II this is the
view OF the Secretary, why does he propose taxation in
some other form Does he think Congress will no, sustain
him Then his system has down, and its resources
failed Borrowing, them is the only resource and this war
Is to be carried without dollar of to meet its
expenditures Every must where such course will
end Our difficulties must become greater day. and
the continues, the public credit sink and bring upon
the Government and country the accumulated evils sacrifices