Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1848-12-07

during the last HScdl year uhcef te
tariff act of 1912, ending the thirtieth Of June,
1876. The total revenue realized from the ,
Of its operation, on the first
of December, 1916, until the close of the last
quarter, on the thirtieth Of September last,
Being twenty-five months, was tifty-six mil
lion six hundred and hfty-four thousand FIVE
hundred and sixty three dollars and seventy
nine cents-~being much larger sum than
was ever before received iron duties during
any equal period under the tariff acts of is24,
1928, 1892, and ls42. Whist by the repeal
of highly protective and prohibitory duties the
revenue has been increased, the taxes on the
people have deem diminished They have
been relieved from the heavy amounts with |
which they were burdened under former laws /
in the form Of increased prices OF bounues
paid 10 favored classes and pursuits.
The predictions which were made, that the |
tariff act Of 1886 would reduce the amount Of
revenue below that collected under the act Of
1912. and would PROSTATE the business and de-
stroy the prosperity OF the country, have not
been verified With an increased and ncreas-
ing revenue, the finances in highly -four
ishing condition. Agriculture, commerce, and
navigation, prosperous; the prices OF manu-
featured fabrics, and Of other products, are much
less njnriously affected than TO have been
anticipated, from the unprecedented rcyulsions,
which, during the last and the present year,
have overwhelmed the industry and paralyzed
the credit and commerce Of so many great and
enlightened nations Of Europe.
Severe commercial reyulsions abroad have
TO affect disastrously, almost every branch of
American industry. The temporary depression
Of portion Of our manufacturing interests IS the
eject Of foreign causes, and is tar less severe
.nsn mas pre'aiied on all former simiiar occa-
IT,, !. h.,;.d A., ,oo,; % ~. ,, .aor..
cate ~ ali oar n,. ,.0s W., ~ was
never more prosperous than al the present pc
nod, and never more rapidly adv ancing in wealth
and incubation. Neither the foreisu war in
which we have been involved, nor the loans
which have absorbed so large portion OF our
capital, nor the commercial reyulsion in Great
Britain IN 1547, nor the paralysis Of credit and
commerce throughout Europe in lS4S, have af-
fected njuriousIy to any considerable extent, an
Of the great interests Of the country or arrested
our onward march TO gre atness w e altb and power
Had the disturbances in Europe not occurred
our commerce would undoubtedly have been still
more extended, and would have added still more
to the national wealth and public prosperity
But notwithstanding these disturbances the ope-
rations Of the revenue sxstem established by the
tariff act of Is45, have been SO generally bene-
fetal TO the government and the business of the
country, that no change in its provisions is de-
manded by wise public policy, and none is re-
commended
The operations of the constitutional treasu-
n
gnst 1915 in the recent custodv and disburse-
snent If tbe nphl;c mnnav have continued IN
10 s,,coassG,i TTIar ,f;s ,at a. ,.,,b,;n
essS- 49, ss 49, ene rp ace
inahee' uase zen .a .aiiieu 'hiousu ioieish
war, u'oiFihS the necessity OF loans ana ex-
uaordinary expenditures, and requiring dis
tant transfers and disbursements, without en-
barrassment and no loss has occurred of any
of the public money denosited nnder ito nrovi.
sions. Whilst IL has proved 70 he safe and
useful TO the government ito effects have
been most beneficial unon The business Of the
country.
1t has tended powerfullv 10 secure an cxemp.
ton from that imitation and fluctuation Of the pa
per currency, so injurious to domestic industry,
ana rendering so uncertain the rewards Of labor,
unu II y oeIieved mas largely contributed 10 pre-
Ga, ronn,s;nn suoI no' ,noa 'dnn ~,
hank denos;,a svsta IT, H. ,nar, sa1 ,hars
was a revuls;on in The bns;,oss ri Creat Rr;tain
Of great extent and intensity which was followed
by failures in that kingdom unprecedented in
number and amount Of losses. This is believed
TO be the first instance when such disastrous
bankruptcies, occurring IN country with which
,;, ". nave a, sueh extensive commerce, produced
rencv W. sGed ht upon our sraae u cur
money marLet and on. h,sss ~ ;.d iu ~,
were still prosperous and progress;ve'
During the present YEAR nearly the whole
continent Of Europe has been conyused by civil
war and revolutions, attended by numerous
bankruptcies, by an unprecedented fall in their
Puonc securities, and an almost universal par
aysls OF commerce and industry; and yet, al
anoush our trade and the prices Of our products
bv hes causes ,,a Sa,,, sS y au
our money market il comnarafivelv easv and
public and private credit have advanced and i'm
proved.
IL is confidently believed thatwe have been
.. - 4
ton of the constitutional treasury. ii is GER
tain, that if the twentv-four millions of snece
imported into the conntrv dur;ng the fiscal
year end;nqr ~, tho th;..;S.h 80 - ,St1
bad rono - .hn IN IN ~ a. " ~,
~ ST. i'i'o 'iie oeiihs' as 10 great ext ut
~ must nave uohe' IL Wouiu, Ill the absence
OF this system, have been made the basis OF
augmented bank paper issues, probably to an
amount not less than sixty or seventy millions
of dollars producing, as am inevitable conse-
Quence of an inflated currency. extravagant
nr;ces for n ,;na aod ,,;iJ s,,.c,,at;or 81 |
mnst h. haa,, SaI I .t IA uitn
must nave oeeh followed, on the refiux TO
Europe, the succeeding year, OF so much OF
tnat specie, by the prostration OF the business
of the country the suspension of the banks |
and most extensive bankruptcies Occur |
ring. as this would have done az n neriod |
yyhen tho c,un,r,, ,,,as anoood - n Guo;oo |
war. W. .ans;yy o W. VnsaSee ~ io,eisn
,a-,,,';.sa e I"~.N. D' ioan9 Vi 'Peeie W.
~ han,'. a.. s seren's, a'iu wnen
'ie oahks, tue ilscai agents OF Inc government, |
ana tne repositories OF its money, were sus- /
pended, the public credit must have sunk,
and many millions of dollars, as was the case |
during the war of 1872, must have been sacri- |
feed in discounts upon loans. and lIpon the
denreciated naner c,rrarc,, ,,,b;oh * -
eminent wonld have haan o,naiIod
""'' oee" eonipe'eo ~ use
Under the operations OF the constitutional trea-
sury no. dollar has been lost by the deprecia-
uUn =, ahv currency inc loans required to
by the Secrctarv Of ,ba Trsas WIZ ah neo.,a,ea
80 NS'S'"'J VI uc treasury auofe par re-