The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-01-06

Financial Matters Tmposf Tea and Cdfee-Ihe
Losn- Sources Of Repenns-Exeise-Rspscl Of the
Specie Clsase-IGgher Duties on LurwIes-Mr Went.
vorth's Proposition-7Ae West and the Sssth- Tsras
fond Santa Fe-7He Lieutenant Generaf-Rtsmors-Tns
Consular System.
The passage of Mr. Wentworths resolution yesterday
was the most important event Of the session. far It is
mpos on tea and coeea declaration Of its decided hos
tlty to the measure and, the Bowery boys say no.
thing else tits by be looked upon as an in
dication Of hos y to the administration or to tho war
Far from it. Men voted for Mr. Wentworths resolution
who are well disposed towards both. duty on tea and
coffee has always been opposed the democratic party
Mr. Polk himself made of his best speeches against IT,
Mr.. Walker voted against it Mr. Buchanan voted
against it; the prominent members Of the demo-
cratic party in the Senate and the House voted and
spoke sgsinst it, in ls4l and 1912; and has always
been looked upon by the party AZ measure, that it
was legitimate, expedent and patriotic to oppose. But
nevertheless Mr.. Walker recommended it a mea-
sure of necessity as a war measure ony-and solely
with view to create specific for the gradual
extngushment Of the interest and principal of the loan
which it il necessary to contract for the of
the war The necessity Of the case forced him to
commend the measure contrary to his own long ssab
shed objections to II az Of permanent policy
He recommended in good aithas If not the only Ger.
tainly the most feasible Of creating revenu
There is other likely to afford Immediate so GER
tain, full revenue.
But the House, in which must originate all measures
for the production of revenue have by very strong
and decided vote-ll5 to 4s-decsrsd their hostility to
the There is. of course, no possibility of 70.
vvng it, No bill has been introduced but to introduce
bill to impose such duty in the face of significant
vote, would be madness few votes less would
not alter the present position Of things The actual
suit cannot be changed
l am persuaded Mr.. Walker will not press the mea-
sure further. He has done his duty in recommending
and urging it, but to make further efforts procure its
adoption would be useless.
But revenue must be created. The necessity fort
loan Is urgent end how is the loan TO be negotiated
without some ostcnsibe Of paying the interest
II cannot be done. In the absence Of some source
revenue specifically created lat present their exist
none for the purpose of paying the interests loan
can be negotiated with foreign capitalists and the
petition among our own is too small to give any pros.
pect of its negotiation reasonable terms II is now
the duty of the House of Representatives to devise
some means of raising revenue. They have taken
upon themselves the responsibility, advsedly and de-
iberately Of rejecting the means proposed by the
Secretary Of the Treasury They will not they cannot,
refuse loan bill but loan bill is absolutely much
waste paper unless they first provide to enable
the government to negotiate the loan. They have taken
the responsibility, and they must not shrk it am
convinced Mr. Walker will do all in his power TO aid
them in devsing some expedent Notwithstanding their
rejection Of his first recon nendston. Let the COM
mitee of ways and means 60 energotically to work,
and endeavor to strike upon plan to create
excise system has been proposed, but doubt if it
would be found to answer the purpose. A long time
would be necessary TO arrange its machinery, and 1t
would besides be expensive in its operation and the col
o(r hot od.o
trAing and unsatisfactory If it could be at brought
into practical operation without the delay and nconve
nience incident to tho first trial Of all ~ stems,
might succeed in yielding sufficient to partially
at least the interest OF the loan But such thing
Is impossible Every new plan financial above all
others-require time for their proper development, and
time what we can least spare at present. for
cessities are immediate.
repeal Of the specie clause OF the sub-treasury act,
Mr. Walker is not prepared recommend, although he
will not oppose such measure. This might afford some
relief and il is not improbable that some such PROPOSE
ton will be introduced.
Another suggested, is to raise the duties on lux.
uries But Il is would not produce IN immediate
| and doubt if it would produce sufficient revenue
Some il will be, however, necessary to adopt
and that Immediately. The operations of our army are
depending this loan, end until il il procured, DO efec
| tual blow can be struck in Mexico.
believe the House must be aware Of this fact know
there is every disposition the part Of the majority
that body to do every thing in their power TO facilitate
the operations of the army have heard said that MIR
Wentworth proposes 10 raise revenue by laying high
duty luxuries, at the same time that he woult
pledge the public lands security for the amount Of the
loan. understand IL 10 be his intention to introduce
such proposition In the House at an early day. The
measure is certainly deserving Of consideration.
At all events the opposition to tho impost tea and
coffee arose from desire to obstIuct the negotiation Of
the oan-snd confident that If the President asked
for fifty millions irstead of nineteen would have been
cheeriully granted.
The report that was fabricated, time since that
the anavery provso would be attempted to be insert
cd in the loan BILL is without shadow of foundation
There is such scheme thought OF. But the determi
nation ofthe Northern and Western men is as firm as
ever to insert such clause in the two millions appro.
priaon bill or any other having respect to
the acquisition of Southern South Western terrific
The North and West desire to have California FREQ il IL
should become portion Of national domain, and
the say ay,t be for that bill for the acquisition
Of that territory pass &c sute without the pIoYiso
believe tina. California will be free. Thors is nothing
present. in the prospect Of the future to Indicate
the contrary The people who about to m that coun-
try such apt to desire the existence OF sa
very amongst them. To any man who reflects calmly
on the subject II will appear Utmost, II not wholly impos
sblc that slavery exist in California The West
says caeated out Of half of Oregon ny tho SOUTH
and II must have California for equivalent SO WILL
IL only have patience and not sot oolishly in tho mat
ter. It should be that one half of tho science OF
diplomacy consists in knowing how to wait
There are others besides those who desire that Caor
MIA should be free who would do we'll to bear this truth
In mind The Texans already claim Santa Flo as por-
ton Of their territory simply because they pronounce
the Rio Gandc from its to Its mouth their boun
Diary line 1886 They had possession of Santa
Felt conquered by them-t never, in effect
belonged TO them But have no doubt the General
Government al the close Of the war, will be willing to
recognize the claim Of Texas because in all Of dis
pued boundary between tho United States and part
cuar State has heretofore happened that the general