The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-01-09

lent year a. expenditure which will swell III segrs-
r whist your for meeting this daft Of sixty
Millions We told By your Secretary that he
rom the public lands you may, expect a revenue Of
81. 400 900. think these calculations are be-
sond the msIk-that they are over estimated. Your
financial officer under estimates the expenditures,
vhne he ovsrestmaes his probable receipts Tho pub
c lands are set down at one million than they will
probably yield according to the actual returns Of pest
years In any event, mere estmaes to be relied
ipon Only year ago the Secretary put down the pro-
ais present estimates
"a voice from the wing sids-Fivs millions and halfl
Mr.. NILEs-Fivs millions and half believe, sir. I
know reason for this uness be the accessy on the
part Of the Secretary Of sustaining his theory He show
I'd u.s. then, that the tariff Of "a running down
Now he puts down the probable receipts from the new
law at SOS COO 0C0 three and half millions more than
h. aass.s by mon. Thsy % p1o.sy
be twenty five OF twentyeght millions instead Of
enteen or eighteen millions 80 that with the
eighteen millions Of debt already due, shall have
probably, at the end OF the debt of Of millions
4 the war continues shall perhaps continue add
to that debt some thirty millions year; and the in
forest OF this debt will be small item il goes
crsasing II seems to be the policy to carry the
by loans; but how you to make loans without ma
king provision to redeem theml sm totally opposed TO
this system If you would have vigorous
of the the first thing required invgorste your
treasury In its present state the must anguish II
can't be prosecuted with vigor. am very strongly
ncned 10 believe that the feebeness of our Condition
now in the prosecution of the is owing fee.
neness OF the treasury and TO that alone not
% WY are not your ten regiments. already called out1
why are they not now In the Geld l know OF
son put the feebeness OF the treasury aud the
qash. ncepasiy 81 the government to act with force
De removed II you 90 on in this way Your loans may
be doubled. Sin but will that be sufficient How ara
treasury notes But will that be The end Of III Those
loans must have their limits Can wego on in this way7r
rely upon making loans without providing tho msapr Of
meeting them No, sir Your government must sink,
SO, sir There example in history Of government
contracting deb,s of thirty thirtyhve millions ear
strange vsTy Of s tn.
sir this Is strange state of,hngs! yssr ago when
our with two foreign powers we're such to
thought il the obvious and 6s, policy Of the government
the only policy 10 strengthen the finances Of the
try SO as to be ready Tor the last and the
emergency But we receive q project from the Secrs.
tsry OF the Treasury for the modification OF the revenue
laws TO do what sirl To increase your tho
aston required No, sir to do such thing
1t is project 20 reduce them The President hoped
to escape from war; but all knew that the ne
was at best very uncertain. 1t is the policy OF the
chant to prepare for extraordinary demand that may
be made upon him And this is the policy Of nstious.
But here sir, after tho is declared was asonsh.
ed TO see measure introduced 10 reduce the
said then what say now, tsa would support the in
terests OF the administration, against its incli
nation No measure would DO unwisc than for tho
executive branch to call upon the Legislative to cut
traordnary unreasonable that could for
It, unless that the theory the great object
TO give up, thou gh in o state OF war My own
opinion is that act Of '46 Is not
basis for a state Of war The war could not be avoided
We were compelled to meet 1t. The hrs thing TO
a OF e@e ySS Of Ss
have ciphered out Under the present act to meet
the current expenses we must have 100000 OF in
posts. The thing 10 impossible. Let every settle
the question for himself But 1t Is not much that
have reduced the the requirements
OF peace as that we have msnacled our hands, ond tied
ourselves up by the sct of 40. We tied up,
sir, sand can't do anything. ! have objoc-
ton to the resolution. But the Secretary Of the
Treasury says must not disturb the present law.
The President says the same thing The Secretary saya
you nigh, rec Give perhaps more revenue by an addi
ton all the schedules but that this is not 10
be done. In the with Great Britain
PEELED to resort to direct taxaon the resources
laiion in this war with Mexcoit does not disturb this
source Of our revenues Our commsrce goes on, und
many believe that this Of must be
exhausted before you resort direct taxation either
for war or peace Now every body knows that an ave-
Of ~ cent hardly touches the capacity Of the
system from imports amounting TO 900.
But should like to see the experiment OF tho Chairman
Finance carried out should like to have fairly
tested in order TO have the Secretary of tho Treasury
tell how much he will get by reducing the
rates OF 46 We all recoect that ut the 40 cent stage
OF the compromise act got about Sa Of
nue. Let him, them try the reduction principle. don't
60 Tor this law By no msaDs beievethat the amount
OF revenue depends mainly upon the adaptation Of the du
ties TO secure the average of imports which be-
leve is scarcely affected by high or low tariff Tho
general average OF imports ~ Iearly the same Tho
whole scheme Of increasing the revenue by diminishing
the duties founded upon an by pothes and theory in
the face Of facts and Of history. As general fact
your tho highest when your dutiss
at the highest rates, in the year 1897. Your
duties scarcely affect the aggregate OF imports. Your
currency has far greater effect upon the inpos,ions
The experiment, them OF increasing your revenues by
reduction OF duties is already exploded There is no
against this SYSTEM and then passing to s question Of
rational debt. he asked can we do nothing IN small
way meet these expenses Are they all 10 be handed
down TO postery 10 pay Are the blessings OF nation.
oil debt OF 60 100 millions 10 DO assigned to
The thing misnomer Free trade mot sxi,t while
our policy Of supporting the government tax upon
Imports Throw the whole burden OF the govsromen Mt
upon imports, the policy is the same in the end There
be no free trade till you abandon this policy. IL
to me that the free trade policy or low taxes is to
be commenced by national debt OF at least seventy nve
milionsthis debt being the basis oil the prhcy Laugh
the wing side But you have to take caro- Of tia
debt in the meantime. How are you going to do by
reducing your Strange passing strange that
you propose TO commence this system OF equality By
national debt. Every the result Our friends
the way will succeed establishing the act Of
~ perhaps the act OF 15 am an advocate CT
no other tariff than revenue tariff but [
want tariff sulici for the expenses Of the govern
ment especially for time OF peace want to meet the
expenses of the far The presen, policy
is in every sense inconsistent with the present state Of
AFT irs Invigorate the treasury, the must Ian
guish, as all wars do when the means fail Invgorste
your tressury-increase your revenues-abandon the
specie restriction Of your subTrsasury act AMI you
prosecute the war with vgor and success to spe,
perez which caanot he done in tho present weak and
ieebled condition OF your treasury.
col RENroS soMsrHiro
to be further debated, that Ut be postponed TIL
morrow.
MIR ARcHER.-Louders sir.
Mr. BLnToN.-S Sir
MIR. ARcssR-Will the Senator raise his voice We
can't hear him.
Mr. BEsroN.-I was saying that Just waiting for
gap in the debate, to bring in matter Of business
beiore the senate that may be Of profit and
vice the country II Senator wishes to spssk, we
can upon the resolution, otherwise had better
perhaps, lay il aside for the present.
TBs TARIFF HksoLuTIoNs ADOPTED.
Nr. Johnson OF Md. proposed TO amend by inquring
Of the Secretary Of the Treasury. how far the price OF
the free articles would be enhanced to the by
an i'm position OF any given duty upon the [CIes
of Question !" Let us take the question:" WALKER 10
ready to answer"l
10 wit the ndmen of Mr. Speigh in relation tho
free list under the act OF 46and OF Mr. Lewis Ia refe-
renee to a reduction Of the duties with view Of To-
creasing the revenue and OF MIR. r. johnson ~ regard
20 the increased to the OF free articles
the imposition Of tax, which all agreed shd
the resolution nded was adopted.
The Secretary OF the Treasury therefore required to