The voice of freedom. [volume] (Montpelier, Vt.) 1839-1848, 1847-01-21
Correspondence Of the Journal of Commerce
WAsHINGToN Thursday Jan. 9TH.
Interesting Debate on the FL.
nNnCRS.

Mr. Cameron made more remarks in the
Senate, on his resolution calling on the Sec
Rotary Of the Treasury to state on what articles
the duties may be increased, so as to afford,
the greatest amount Of revenue. lie made
statements as to the loss of revenue on iron,
coal and refined and other sugar; on these
articles increased duties might be imposed, in
such manner, as to benefit the revenue; and
promote domestic industry.
Mr. Breese said that the Secretary of the
Treasury had admonished us that nearly half
the session was gone and that nothing had been
done. 1t was already well known what were
the views of the Secretary and that in
his opinion, the revenue could not be aug
mented by increasing the duties on the ar
ticles mentioned by the Senator from Pennsyl-
vania.
Mr. Speig hit moved to amend the resolution
by adding an inquiry what articles on the free
list might be taxed, and to what extent and
what revenue could be obtained therefrohI.
Mr. Sewer said that the revenue could be
increased by diminishing duties. There were
many articles in the tariff of 1916, the
duties on which were too high for revenue.
lie hoped that if tie inquiry was made, it
would embrace the effect Of the diminution,aS
well as increase of duties on the revenue.
Mr. Niles said that his view of the law of
$40 had been fully given at former time.
He should not 90 into that subject. As it
was the law Of the land he wished it TO re-
main so until it was fairly tested. He would
not disturb its principles nor It's details but he
would like to know five were to be so tram
meled by that law as to be powcrless over tie
whole subject Of revenue, at time when the
country was engaged in an expensive war.
The Secretary had tied up the House to the
meagre and limited means Of increasing the
revenue by duties on the list Of free articles
in which there are only two articles worth
namng-tca and coffee He would not op-
| pose that tax, but there was no chance for it
and he believed it to be altogether made
quate. Standing alone, that source Of rev.
enue was not worthy Of any considera-
| ton
In what situation were we? After the
commencement of a war, the finances of
the coutry ought to be put in position cores
ponding with the increased expenditures
Did gentlemen believe that the credit of this
government would be sustained under pres-l
cnt circumstances. The estimates Of So mil
lions for expenditurcs were understUted We
might put down the expenses of the current
year. if anything decisive we're to be dom
at 60 millions. The receipts were over
stated-as to lands and customs. The form
or was a million too much, and the latter was
greatly exaggerated being stated at twenty
eight millions.
Their estimates were overrated by the
sum of seven millions. When in connection
with the moderated expenses, it was certain
that the debt at the end of the wear would
be So millions. Every subsequent year
would add thirty five millions at best to the
debt The President seemed to intend TO
carry on the warby loans. He (Mr Niles)
was in favor prosecuting the war, but we
could not do it without success, while the
Treasury is in its present feeble condition.
The war had lauguished for want of means.
Why were not the ten regiments called out
before and in time to act this winter ? 1t
was for want of means But loans must have
their basis Money could be borrowed of indi-
viduals capitalists while the independent
Treasury act remained in force. That was
the opinion of business men, and was his own
opinion.
The Credit of the Government could not
be sustained unless means were provided to
pay the interest of the loans. On the eve Of
the war the Executive recommended re4
duction of the revenue. He probably ex-
pected to escape both wars. But it must
have been wiser to wait for the event Even
after we had declared war the measure to
reduce the revenue. was pressed upon us
by the executive. Nothing would have been
more amiss in a time of war, 1t was q thing
90 extraordinary that he could not account