The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1847-12-18

900 900, the amount received in the preceding
year, under the act of 1912, and which was super.
ceded by it. Its effects are visible in the great and
almost unexampled prosperity which prevails in
almost every branch of business.
1 While the repeal OF the prohibitory and %restric-
tive duties of the act oflS42, and the substitution,
10 their place, of reasonable revenue rates, levied
on articles imported, according TO their actual val
ne, has increased the revenue, and augmented our
foreign trade. All the great interests have been
advanced and protected; the great and important
interests which had been not only too much neg.
lected, but actually taxed by the protective policy.
for the benefit of other interests, have been reliev-
ed Of the burdens which that policy imposed upon
them; and our formers and planters, under the more
just and liberal commercial policy, are finding new
and profitable markets abroad for their augmented
products. Our is rapidly increased, and
is extending more widely the circle of information
al exchanges. Great as has been the increase oil our
imports of the past lear, our expotrs OF domestic
products, sold al foreign markets, have been still
greater.
Our navigation interests are eminently prosper
Gus, the number of vessels built in the United
States is greater than during any period of equal
length. Large profits have been derived by those
who have constructed, as well as those who have
navigated them. Should the ratio of increase, in
the number ofour Merchant vessels, be progressive,
and be as great for the future as during the past
year, the time is not distant when our tonnage and
commercial marine will be larger than that Of any
other Nation in the World. Whist the interests
OF agric ulture, of commerce., and of navigation
have been enlarged, it is highly gratifying to OBJ
serve that our manufactures are also in a prosper
Gus condition.
None of the ruinous effects upon those interests,
,,h,,h L.. " .
tile operation of the revenue system established by
the act OF 1916, have been experienced. On the
contrary, the number of manufactures, and the a.
mount of capital invested in them, is rapidly in
creasing; affoIding gratifying proof that American
enterprise and skill, employed in this branch of do
nestle industry, with no other advantages than
those fairly and incidentally accruing from a Just
system OF revenue duties, are abundantly able to
meet successfully all competition from abroad, and
still derive fair and remunerating profits.
While capital invested in manufactures is YIELD
ing adequate and fair profits, under the new sys-
TEN, the wages of labor, whether employed in
manufactures, agriculture, or navigation, have
been augmented.
the supplies Of TODD aud raiment, and all the neces-
saries and comforts of life, are receiving higher
wages, and more steady and permanent employ
ment. than in any other country ;or in any previous
period of our own history.
So successful have been all the branches of our
industry that a foreign war, which generally d.
minisheS the resources of a nation, has in no essen
tial degree retarded our onward progress or check
ed our general prosperity.
With such gratifying evidence of prosperity,
and of the successful operation of the revenue act
ofISl6, every consideration ofpublic policy recon-
mends that it shall remain unchanged. Its hoped
that tho Sysfpm pf i'm most bufiac yuhirb - os,,bI;.b
ed may be regarded as the permanent policy; and
the great interests affected by it may not be again
subjected to be injuriously disturbed, as they have
heretofore been, by frequent, and sometimes,
changes.
For the purpose of increasing the revenue and
changing or modifying the rates imposed
by the act of 1916, or the dutiable articles en,bra.
ced in its provisions, / again recommend to your
consideration, the expediency ofleyyiDg
A revenue duty on tea and coffee. The policy
exempted these articles from duty, during
peace, ceases to exist when the country is engaged
in war, and requires the use of all its available re.
sources.
1t is a tax which would be so generally diTused,
it would be felt oppressively by none, and be
complained Ofby none 1t is believed that there
IS not in the list o fimported articles, any which are
more properly the subjects of the war duties.
1t is estimated that three millions of dollars
would be derived annually from a tax imposed on
these articles.
Should Congress avail itself of this additional
source Of revenue, not only would the amount of
loans, rendered necessary by the war with
Mexico, be diminished to that extent, but the pub
lie credit and the public confidence, in the ability
and the determination of The government, to meet
all its engagements promptly, would be more per.
m~anently established; and the reduced amount of
the loans which it may be necessary to negotiate,
could be obtained at cheaper rates.
Congress is, therefore,, called upon 10 determine
whether it is wiser to impose the war duties re-
commended, or, by emitting to do so, increase the
public debt annually three millions of dollars so
long as loans shall be required to prosecute the
war. and afterwards provide, in some other form j.,
to pay the semi-annual interest upon il, and ulti-
mately TO eXtinguish the principal. If, in addition
10 these duties, Congress should graduate and re-
duce the price of such public lands as experience
has proved will not command the price placed up
on them by the government, an additional annual
income to the treasury Of between half a million
and a million of dollars it is estimated would be
derived from this source.
Should both measures receive the sanction of
Congress, the annual amount of public debt neces-
sary to be contracted during the continuance of
the war would be reduced near four millions OF
dollars. The duties recommended 10 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 to be contracted by
it shall be discharged. The amount of the public
debt to be contracted should be limited TO the low
est practicable sum- and should be extinguished as
early after the conclusion of the war as the means
of the treasury will permit,
With this view, it is recommended that, as snon
as the war shall be over, all the surplus in the
treasury, not needed for other indispensable OBJ
jects, shall constitute a sinking fund, and be applied
to the purchase of the funded debt, and that au-
thority be conferred by law for that purpose.
The act of the 9Th of August, 1916. "to establish
a warehousing system" has been in operation
more than a year. and has proved to be an impor-
tant auxiliary to the tariff OF 1916, in augmenting
the revenue, and extending the of the
country. Whilst il has tended to enlarge COM
merce, it has been beneficial TO our manufacturers
by diminishing forced sales at auction of foreign
goods at low prices, to raise the duties to be ad-
vanced on them, and by checking fluctuations in
the market.
The system, although sanctioned by the expe.
rience of other countries, was entirely new in tie
United States, and is susceptible of Improvement
in some Of its provisions. The Secretary of the
Treasury, upon whom was devolved large discre-