Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1847-12-10

| pCdlCI ny It's ClCCtS are visible III LlC
great and almost unexampled prosperity
which prevails in every branch of business;
While the repeal of the prohibitory and
substitution in their place of reasonable rev.
enue rates levied on articles imported &C
cOrding to their actual value, has increased
the revenue and augmented our foreign
trade. all the great interests OF the country
have been advanced and promoted.
The great and important interests OF ag-
riculture. which had been not only too much
neglected. but actually taxed under the
protective policy for the benefit of other
Interests, have been relieved of the bur-
dens which that policy imposed Oh them );
and our farmers and planters, under a more
Just and liberal commercial policy, are find
ing new and profitable markets abroad for
their augmented products.
Our commerce is rapidly increasing, and
is extending more widely the circle of in
ternational exchanges. Great as has been
the increase of our imports during the past
year, our exports of domestic products sold
in foreign markets have been still greater.
Our navigating interest is emlnently pros
porous. The number of vessels built in
: the United States has been greater than
during any preceding period of equal length.
Large profits have been derived by those
who have constructed as well as by those
who have navigated them. Should the
ratio of increase in the number of our mer-
chant 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.
Whilst the interests Of agriculture. OF
commerce, and of navigation have been
enlarged and invigorated, it is highly graf
/, flying to observe that our manufactures are
, also in prosperous condition. None of the
ruinous effects upon this interest, which
were apprehcnded by some as the result
: Of the operation of the revenue system es-
tablished by the act of 1916, have been eX-
pcrenccd. On the contrary, the number
f of manufactures, and the amount of CAPT
tai invested in them. is steadily and rapidly
t increasing. ahording gratifying proofs that
f American enterprise and skill employed in
this branch of domestic industry, with no
other advantages than those fairly and in
cidentally accruing from a Just system OF
revenue duties are abundantly able to meet
? successfully all competition from abroad
? and still derive fair and remunerating pro-
fits.
While capital invested in manufactures
: is yielding adequate and fair profits under
| the new system, the wages of labor, wheth-
f er employed in manufactures, agriculture
! commerce. or navigation. have been aug
: mented. The toiIing millions whose daily
labor furnishes the supply of food and raj
ment. and all the necessaries and comforts
of life, are receiving higher wages, and
= more steady and permanent employment
| in nth NJ
| Gus period of our own history.
So successful have been all branches OF
? our industry. that a foreign war, which gen
orally diminishcs the resC urces of a nation,
has in no essential degree retarded our on
f ward progress, or checked our general pros
perity
: With such gratifying evidences Of pros
: perity, and of the successful operation OF
the revenue act of 1916, every considera-
ton Of public policy recommends that il
! shall remain unchanged. 1t is hoped that
| the system of impost duties which it cstab-
lishfd may be regarded as the permanent
policy Of the country, and that the great
: interests affected by it may not again be
, subject to be iniuriously disturbed. as they
| have heretofore been. by frequent and some
, times sudden changes.
/ For the purpose Of increasing the reven-
ne, and without changing or modifying the
! rates imposed by the act of 1916 on the du-
| table articles embraced by it's provisions
; again recommend to your favorable
: consideration the eXpediency of levying a
revenue duty on tea and coffee. The poll
cy which exempted these articles from duty
5 during peace, and when the revenue to be
derived from them was not needed ceases
to exist when the country is engaged in
f war, and requires the use Of all its available
s resources. 1t is tax which would be sc
: generally diffused among the people, that
: it would be felt oppressively by none, and
E be complained of by none. 1t is believed
: that there are not, in the list of imported
e articles, any which are more properly the
f subject of war duties than tea and coffee.
1t is estimated that three millions of dol
: lars would be derived annually by a mode
: rate duty imposed on these articles. \
:. Should Congress avail itself of this ad-
] ditional source Of revenue, not only would
the amount of the public loan rendered ne
t cessary by the war with Mexico be dimin-
: ished to that extent. but the public credit
and the public confidence III the ability and
: determination of the government to meet
] all It's engagements promptly, would be
J. more firmly established. and the reduced
: amount of the loan which it may be neces
: sary to negotiate could probably be obtain
G ed at cheaper rates.
: Congress is. therefore. called upon to de-
t termne whether it is wiser to impose the
: war duties recommended. or, by emitting tc
: do so increase the public debt annually
# three millions of dollars so long as loans
Y shall be required to prosecute the war, and
!. afterwards provide. in some other form, to
e pay the scmi-annual interest upon it. and
= ultimately to extinguish the principal. If
: in addition to these duties, Congress should
i graduate and reduce the price of such o.
J. the public lands as experience has proved
c will not command the price placed upor
c them by the government. an additional an
n nual income to the treasury of between
t half Il million and million of dollars it j:
y estimated would be derived from thit
b source. Should both measures receive the
G sanction Of Congress. the annual amount
h of public debt necessary to be contracted
e during the continuance of the war would
:. be reduced near four millions of dollars
: The duties recommended to be levied or
tea and coffee, it is proposed shall he limit
: ed in their duration to the end of the war
e and until the public debt rendered necessa
t ry to be contracted by it shall be discharg
4 ed. The amount of the public debt to be
/ contracted should be limited to the loves
y practicable sum. and should be eXtinguish
!, ed as early after the conclusion of the wal
as the means of the treasury will permit
n With this view, it is recommended that