Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1847-12-16

and liberal commercial policy, arc finding new and profitable
markets abroad for their augmented products, : a,.
Our commerce Ia rBpdy increasing, aud IL extending
widely the circle OF n,otnaonai exchanges. oteat
our ports odomec products sold In foreign markets have
OuS nessating interest is emincny prosperous. Tho
number Vessels built in the United States has boon greater
to oG ' bnua derived by hose who have been
ed we'll as by those who have navigated them Should
the rao Of increase In tho number of merchant vessels
progressive and be great for the future as during the
past year the time distant when tonnage and com
moIcul moine will be arger than that of any other in the
world.
Whilst the increase of agriculture, OF commerce and Of
navigation, have boon enlarged and nygoraed it s highly
gratifying to observe TINT our manufactures ale also w
prosperous condition None oiho tunou' effects upon s
interest which apprehendcd by sumo the result OF
the operation of the revenue system established by the act OF
1916, have been experienced.
On the contrary the number OF manufactures and the
noun, Of capital invested in them, is steadily aud rapidly
increasing, aofding gratifying proofs that American enter
with no other advantages than those fairly and incidentally
nccturs FROM system frevenue dues are obundanty
able successfully all competition from Abroad ana
still derive fair and remunemtng profits go
Whilst capital invested IN manufactures is Welding ado
ounto and fair profits under the new sysem the wages Of
labor whether employed in manufactures, ngcuurc COM
mctce navigation, have been augmented Ihe toing
rnmen aud all the necessaries aud comforts of life, arc
receiving higher wages aud more steady and permanent EN-
poymen than in any other country, or at any previous peri
So "rccssN have been all branches Of our industry that
foreign war which generally diminshes the Of
nation has in no especial degree retarded onward
gress, or checked our general prosperity
successful operation of the revenue act of 1886 every consd
Grafton of public policy recommends that it shall remain
changed II hoped that the system of impos duties which
it established may be regarded as the permanent policy OF the
country aud that tho great utres az ced by may not a.
gain be subject to nuousy disturbed they have here
tofore been, by frequent and snctna sudden changes
For the purpose of increasing the revenue, and without
changing modifying the rates imposed by the act of 1876
on the dutubo articles embraced By its provisions again
recommend to your favorable consideration the eNpedency OF
levyng a revenue duty on tea and coffee.
The policy which exempted these articles from duty during
pencc and the be derived from them
needed exist when the country is engaged in
and requires the of all its ayailahe resources 1t is tax
which would be generally dused among the people, that
would be felt oppessvey by none and be complained ct by
II is believed that there not in the list Of important
,cc any which properly the subject of duties
than Tea and coffee.
is estimated that three millions of dollars would be deri-
rived annually modcrce duty imposed these articles.
Should Congress avail itself OF this additional souce OF
revenue only would the amount of the public loan
dorcd necessary by the with Mexico be diminished to
that extent but he public credit ana the public confidence ~
the ability and determination OF the government to meet AL
its engagements promptly, would be firmly established, and
the reduced amount OF the loan Wa9h II may ue necessary 10
negotiate, could probably be obtained at cheaper rates
Congress therefore called upon 10 determine whether it
is wiser oppose the duties recommended by omit
ting do increase the public deb, annually three million
Of dollars long loans shall be required to prosecute the
war and afterwards provide, in other form, to pay the
semi annual interest upon it, and ultimately to eXtngush the
Principal ~ . -, -.
and reduce the price of such of the public lands expert
has proved will not command the price placed upon them
by the government additional annual income TO the treas
MY of between half million and million OF dollars 1t is
estimated would be derived from this source 80
Should both
annual Of public debt necessary be contracted dur
ing the continuance of tho would be reduced four
million of dollars. The duties recommended to be levied on
tea and Coffee is proposed shall be lin ted in their duration
the end Of the and until the public debt rendered
cessary contracted by it shall be DISCHARGED The
mount of the public debt to be contracted should be limited
practicable sum- aud should he extingushed
y after the conclusion OF the war as the means oil the easu
~ will permit
With this it IS recommended that the
shall over all the surplus in the treasury, needed for
indispensable objects, shall constitute sinking fund,
and be applied the purchase of the funded debit and the
thorty be conferred by law for that purpose.
The the sixth of August, 1896 to establish
housing syem has been operation than year, and
in augmontng the revenue and extending the
country Whilst it has tended enlarge commerce. has
been beneficial to manufactures by diminishing forced
saos of foreign goods at low prices TO raise the
duties be advanced tbem and by checking fluctuations
The system although sanctioned by the experience of 9TH
of in some of its provisons The
Secretary Of the Treasury upon whom was devoved large
discretionary powers in carrying this into effect has
collected and is collecting the practical results of the
system in countries, where has long been established
and will report early period OF your session such further
regulations suggested by the investigation as may render it
still effective.
BY the act provide for the better aganizaon Of the
treasury the collection, safe keeping and dsbuse
of the public revenuc, all banks discontinued as
fiscal agents of the government and the paper currency ~
ed by them longer permitted TO be received In paymen;
OF P1eS ,5casury b. into
operation the first Of January last Under tho system
for dsbued by the direct agency of the officers of the
government in gold and ve and transfers ofatge
buomen without loss to the Treasury, injury
nience to the trade Of the country.
While the fiscal operations of the have been
conducted with regularity and under this SYSTEM has
had sauury effect in checking and preventing undue in
aOn of the paper issued by the banks which exist
under State charters. Requiring, does, all dues 10
government to be paid in gold and silver, its effect
strain excessive issues of bank paper by the banks disopor
toned the specie in their vaults o the reason that they
at all times called by the holders of their
for their redemption, in order obtain specie for the
of duties and other public dues
The banks therefore keep their business within pIu
dent i'm
the hazard of being compelled to suspend specie pay
mens, and be thereby discredited
The amount specie imported into the United States dur
ing the fiscal year wentyfour million hundred and
wenty-one thousand hundred and eightyone dollars
which there retained in the country twenty-five million
hundred and sevenysx thousand hundred and
ty dollars.
Had the former nuncia system prevailed, and the public
been placed deposte in banks nearly the whole OF
this would have gone into their vaults not 10 be
thrown into circulation by them but to be withheld from the
hands of the people and made the basis of
and enormous issues of bank paper.
large proportion Of the specie imported has been paid in
to the treasury for public Dues and AFTER having been to
great extent recoined at the mint has been paid out to the
public creditors aud gone into circulation currency
ation the country is larger than at any former period.
The financial system established by the constitutional
suy has been thus far emnenty successful in its operations
and recommend an adherence to all ITS essential provisions
and especially to that vital provision which wholly separates
the government from all connection with banks and excludes
bank paper from all revenue receipts
In of its details, not involving its general PRINCIPLES
the system s defective and will require modification. These
defects and such amendments as are deemed Important were
forth in the last annual report of the Secretary OF the Urea
su. These amendments again recommended to the
ly and favorable consideration of Congress.
During the the coinage at the mint and its oh
exceeded twenty millions of dollars This has cons
ted chiefly in converting the coins OF foreign countries into
mercan coin.
The largest amount foreign coin imported has
ed at New York and il branch mint established a
that city, all the foreign coin received at that port could
into coin without the EXPENSE risl
and delay of transporting 1t to the mint for that purpose,
the amount coined would be much lutger.
Experience has proved that foreign cOin and especially
egin gold corn, will not circulate extensively currency
mong the people Tho important Of extending
specie circulation both of gold aud silver and of dusng
among the people, only be effected by converting such for
egn coin Into American coin
repeat the recommendation contained in my last annua
message for the establishment Of branch Of tic mint of thu
United States ut the city of New York.
All the public lands which had been surveyed and
ready for market have been proclaimed for sale during thu
past year The quantity offered and be offered for sale
der procamatons issued the 2lst of January last
mion hundred and thirty eight thousand
five hundred and thirty -one acres
The prosperity ofte States aud territories in whc
advanced by speedy sale.
of population would be retarded, while thousands of
terpsng and mertOrous frontier population would be deprv
ed of the opportunity Of securing fIechos for themselves
their families.
But in addition TO the general considerations which render
ed the early sale of these lands proper leading oh
eot this time derive large possible iron
this source and thus diminish, by that amour, the public
loan rendered necessary by the existence of foreign
II is estimated that moi less than millions OF
the public lands will be surveyed and be in condition to
| proclaimed for sale during the year leis.
In my last annual message presented the which
in my judgment rendered il proper graduate and reduc
the price of such Of the public lands have remained
sold for long periods amer they have been offered for sale
| public auction,
Many millions of acres Of public lands lying thin the lin
its Of several Of the western States have been Offered in III