Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1847-02-11
News Ipolf&aess 60.

the real nature Of certain financial devices is as
remarkable as the devices themselves. The
issue OF Government paper on no particular
basis IS said bY the Chairman Of the Finance
Committee 10 the Senate 10 De merely "ustici-
Dat;ng the rereruz" For the twenty eight
millions ofTressury Notes authorised by the
new bill no provision 10 nade-none whatever.
The ordinary revenue s supposed 70 be sufli-
Gent for tie ordinary expenditures Of the Coy
eminent, and for sothing more. II was upon
that principle, stle2st, and with that view, A.
declared at the time that TIE present TariH
system was established.
The condition Of the country, however at,
this luncture, demands extraordinary supplies
OF money; the ordinary Tsyesue VIII not do.
A loan OF twenty eigl, snilllons Is aulhonzed
yet no proyjsi0n " made 10 pay either the In
ierest or the principal. II the Government
shall not be able TO borrow ON ,hese terms
and of such inability there seems TO he con-
yiction--the alternative 10 allowed Of issuing
Treasury notes And this Is called "anticipa-
ting the reyenue."
or the resources ofthe country, al this mo
ment, there 10 no doubt 10 any quarter. What.
ever amount Of money the Government may
require for war purposes may be commanded,
we presume, without dithculy-f the imam
cers Of the Administration will meet the crisis
as il ought TO b. met, and not sacrifice the ma
tional credit 10 peuTile apprfhensons or TO alb
suact theories Of revenue and trade. Ii would
be spectacle not less 70 be wondered at than
10 be deplored, 70 behold great nation like
this, so abundant in means, SO powerful in re-
sources, suffering under depreciation Of its
scrip and paying an annual tar, to the amount
of such depreciation, as penalty Of financial
incompetency.
The theory Of Mr. Secretary WALxEa,--
whose views, we may remark, command far
more appreciation 10 England than AT home.
has been handled IN a plain way by Mr..
Mics, Of Connecticut From the observations
Of that gentleman 10 The Senate, on Monday
last, we quote The following, which relates 10
the Secretary's theory that low duties are the
best Tor revenue:
at is very clear tina, majority in both
Houses of Congress believe that we can raise
all the revenue required-sey ten millions :
from customs, by proper arrangement ofthe
duties and, believing this, they will not have
recourse 10 other sources OF revenue whilst this
is neglected. When the imposts are fairly ex-
hausied. then, If more is wanted, they will no
doub: consent to vote for direct taxes. Who
can doubt that more revenue may be raised by
increasing the duties ON imports. either by raj
sing the rates Of the dIfierent schedules, or by
higher duties on particular srticles2 Our own
experience, and that Of ether countries, proves
this. How is il in England There, Of
twenty two millions sterling raised from i'm
posts, nineteen came from six articles alone.
Of these sugar is one, paying twelve cents du-
~; tea another, paying forty live cents; and
tobacco, with duty oil one thousand per cent,
is another. Yet we arc referred TO England
for an example OF the efficacy Of the system Of
low duties
1--WE have one cent duty on sugar, and
they twelve cents. Does any one believe that
duty of one cent on sugar will produce as
much revenue as duty of two or three cenls7
Can any one believe that If the duty was two,
instead of one cent, that the importation would
be at all effected? So Of numerous other arti
cles which he could specify-wines and spir-
its, some descriptions OF iron, and other arti-
cles. Ten millions more may easily be raised
from imposts, with very moderate duty on
lea and coffee, which he had no doubt would
be sustained by Congress, in connection with
higher rates OF duties on such OF the taxed ar
tcles as will bear it without being burdensome
10 the people.
'But the hands Of Congress are tied up by
this absurd theory OF the chief financial officer
OF the Government; and we are driven 10 the
necessity Of relying solely on loans or Treasu-
~ notes Tor carrying on the war. What a
spectaclei We exhibit this great country 10
the nations OF Europe, and to MEXICO also. as
without any resources for sustaining the war
in which we are engaged-as being reduced
10 the last extremity Of enfee5led nations, with
no other means for prosecuting a war but bor-
rowing; and that in the form indicating the
failure of public credit--the issue Of Govern
ment paper. Why, in this respect we have
reduced ourselves to nearly the same condition
as Mexico. She is carrying on the war by
loans, to be obtained by force, and we by
loans, TO be coaxed from the people. As an
American citizen, he felt humbled at the con-
dition in which we exhibit ourselves to the
world. And yet, every one knows that the
vast resources of this great country for sup
plying the public Treasury remain almos, I'M
touched"
The very object for which Mr.. WALKER
would lay duties at all, since i, is revenue
alone which should be contemplated by a
Tariff Of imposts, according 10 his system
this very object is now to be defeated for the
sake Of adhering to a theory. To raise the
duties now might seem TO be confession Of
Wing doctrines; ii might cause the Tariff Of
1916 to look too much like the Tariff Of 1912;
II might, above all, give protection 10 domestic
industry. Rather than incur this danger the
financial credit Of the Government may be
sacrificed. In this dilemma, however, the
new phraseology comes into play, and the
Administration discovers that il can make
credit issues OF Government paper By the sim
pie device Of merely anticipating the reve-
nue.. "-Bah finer.
AMERICAN CoLosIzAros SociETY.-The
Parent Colonization Society held their Both
anniversary meeting on Tuesday evening at
Rev. Mr.. SPRoLE's Church in Washington
the Hon. ELISHA WHirTLrsEY, one of the
Vice Presidents, presiding, and Rev. Mr.. Nc.
LANE, the Secretary ofthe Society acting as
Secretary.
Mr.. McLASE read the annual Report. Ii
represented in substance that there was no dim
mutton in the general interest felt in the Socie-
", either among the colonlsts in Liberia or
with the friends Of Colonization at home. The
contributions for the year past had been much
less than during the year previous, but the re
duction was mainly in the item of legacies.-
The legacies Of 1916 We're nearly $4,000,
and IN 1916, only about 81 800 The ship
ments of emlgrants had been large, and the
Colony of Liberia is represented as growing
10 prosperity, and even now prosperous.
1t is complained that the law Of Congress Of
1919 IN regard to re-captured Africans is so
construed ihat the slaves re. captured are put
adrif upon the shores Of Africa, usually al Lii.
L L a. I