The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1847-12-18

| profits have been derived by those who have
constructed as well as by those who have
navlgnted them. Should the ratio ofacrease
| IN the number ofour merchant vessels be as
great for the future MS during the past yenr,
the time is not distant when our tonnage and
commercial marine will he larger than that
of nny other nation in the world.
| While the interests of agriculture, ofcom-
merco, and ofnnvigution lave been enlarged
aud invigoratcd, it is highly gratifying 10 OBJ
| serve that our manufactures arc also in II pros
! porous condition. None Of the ruinous ci-
iects upon this interest," which were nppre-
hended 10y some, as the result ofthG revenue
! system established by the act Of 1916, have
! becn experienced. On the contrary, the
number Of manufactures, and the amount of
capital invested in them, is steadily and rap
! idly increasing, afiording gratifying proofs
that American enterprise and skill employed
/ IN this branch Of domestic industry, with no
other advantages than those fairly and Incl
! dcntaIly occurring from just system ofreVe
nue. duties are abuudnnlly able to meet sue
cessiuIIy all competition from abroad, and
still derive fair and rcmuucrating profits.
| While capital invested in manufactures is
| yielding adequate and fair profits under the
new system, the wages labor, whether en-
| ploycd in manufactures, agriculture, COM
| merce, or navigation, have been augmented.
The toiling millions, whose daily labor fur
nishes the supply oflood and raiment, and all
the necessaries and comforts oflie, are re-
celvlng higher wages, and more steady and
! permanent employment than IN any other
country, or at any previous period ofour own
history.
So successful have been all our branches Of
industry, that foreign war, which generally
dimlnlshes the resources of Il nation, has in
no essential degree retarded our onward
] plt do,
| With such gratifying evidences of prosper
Iiy, and ofthe successful operation oftho rev.
onue act of 1916, every consideration ofpub-
lie policy recommends that it shall remain
unchanged. 1t is hoped that the system ofiu-
post duties which it established may be re-
gardcd as the permanent policy of the coun-
try, and that the great interest affected by it
may not again be subject to be injuriously
disturbed, as they have heretofore been by
| frequent and sometimes sudden changes.
For the purpose Embarrassing the revenue, 81
without changing or modifying tho rates i'm
posed by the act of 1916 on the duliablc arli-
Giles embraced by it's provisions, ] again rec
ommcnd to your favorable consideration the
cXpedlency Of leYying revenue duty on tea
and coffee. The policy which exempted
these articles from duty during peace, and
when the revenue to be derived from them
was not needed, causes do exist when the
country is engaged in war, and requires the
use of all its invaluable resources 1t is n tax
which would he so generally diffused among
the people, that it would be felt oppressively
by none. 1t is believed that there IRE not in
the list of imported articles, any which are
more properly the subject ofwur duties than
tea and coffee.
It's estimated that three millions ordollars
would be derived annually by moderate du-
ty imposed on these articles.
y "
tional source ofrevenue, not only would the
amount oftho public loan rendered necessary
by the war with Mexico be diminished to that
extent, but the public credit, and the public
confidence in the ability and determination
OF The government 10 meet all its engage
ments promptly, would be more firmly es-
tabllshed, and the reduced amount oi'lhe loan
which il may be necessary to negotiate could
probably be obtained at cheaper rates.
Congress is, therefore, called upon to de-
termine whether it is wiser to impose the war
duties recommended, or, by emitting to do so,
increase the public debt annually three mil
lions of dollars so long as loans shall be re-
CURED to prosecute the war, and afterward
provide, in some other form. to pay the semi
annual interest upon it, and ultimately to ex-
tinguish the principal II, in addition 10
those duties, Congress should graduate and
reduce the price of such ofthe public lands
us experience has proved will not command
the price placed upon them by the govern
ment,an additional annual income TO the treas
ury of between half a million and million
of dollars, it is estimated, would be derived
from this source. Should both measures re-
ceive the sanction of Congress, the annual
amount of public debt necessary to be con-
tracted during the continuance of the war
would be reduced near four millions ofdol-
lars.
The duties recommended TO be levied on
tea and coffee, it is proposed shall be limited
in their duration TO the end of the war. and
until the public debt rendered necessary 10 be
contracted by it shall be discharged. The
amount of the public debt 10 he contracted
should be limited 10 the lowest practicable
sum, and should he eXtingushed as early after
the conclusion of the war as the means ofthe
treasury will permit.
With this vieW,it is recommended that, as
soon as the war shall be over, all the surplus
in the treasury, not needed for other indls-
pensable objects, shall constitute q sinking
fund, and be applied TO the purchase of the
funded debt, & that authority be conferred by
law for that purpose.
The act OF the sixth of August, 1916, ''to es-
tablish warehousing SYSTEM" has been in
operation more than a year has proved to he
an important auxiliary TO the tariff act oflS46
in augmenting the revenue, and extending
the commerce ofthe country. Whilst it has
tended to enlarge commerce, it has been BEN
eficial to our manufactures, by diminishing
forced sales at auction of foreign goods at low
prices, to raise the duties to be advanced on
them, and by checking fluctuations in
the market. The system, although sane
toned by the experience of other countries,
was entirely new in the United States, and
is susceptible of Improvement in some of its
provisions. The Secretary of tile Treasury,