Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1848-12-08

cents, which 1t is believed will be ample for
the ordinary peace expenditures
The operations Of the tariff act Of 1916 have
been such during the past year as fully to meet
the public expectation, and to confirm the opin'
ion heretofore expressed of the wisdom of the
change in our revenue system which was ef'
fected by 1t. The receipts under il into the
treasury for the first fiscal year after its ennct
ment exceeded, by the sum Of five million for
ty-four thousand four hundred and three dol
lars and nine cents, the amount collected du.
ring the last fiscal year under the tariff act o
1912, ending the thirtieth of June, 1916. The
total revenue realized from the commence
ment of it's operation, on the first Of Decem-
Der, 1876, until the close of the last quarter
on the ihirtieth of September last being twen-
ty-two months, was ify-six million six hun
dred and fifty -four thousand five hundred aud
sixty-threc dollars and seventy nine cents
being much larger sum than was ever before
received from duties during any equal period
under the tariff acts 1924, 1923, 1882, and
1s42. Whilst by the repeal Of highly proiee-
tive aud prohibory duties the revenue has
been increased, the taxes on the people have
been diminished. They have been relieved
from the heavy amounts with which they were
burdened under former laws in the form OF
increased prices or bountles paid to favored
classes and pursuits.
The predictions which were made, that the
tariff act of 1876 would reduce the amount OF
revenue below that collected under the act OF
1872 and would PROSTATE the business and de-
stroy the prosperity of the country, have not
been verified. With an increased and increasing
revenue, the finances are in highly flourish
ing condition. Agriculture, commerce, and
navigation, are prosperous the prices Of man
ufactured fabrics and other products, are much
less injuriously affected than was to have been
anticipated, from the unprecented revulsions
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 revulsions abroad have al
ways heretofore, operated to depress, and often
to affect disastrously, almost every branch of
American industry. The temporary depression
of portion of our manufacturing interests is
the effect of foreign causes, and is far less Sc
we're than has prevailed on all former similar oc-
casions.
1t is believed that, looking to the great aggrc-
gate of all our interests, the whole country was
never more prosperous than at tho present peri
cd, and never more rapidly advancing in wealth
and population. Neither the foreign war in
which we have been involved, nor the loans
which have absorbed SO large portion of our
capital, nor the commercial revulsion in Great
Britain in 1s47, nor the paralysis of credit and
commerce throughout Europe III 1890 nave al
fected inuriously TO any considerable extent any
of the great interests of the country, or arrested
our onward march to greatness, wealth, 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 opera
tons of the revenue system, established by the
tariff act of 1876, have been SO generally ben
efcial 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
recommended.
The operations of the constitutional treasury
established by the act of the 9Th of August 1886,
in the receipt, custody and disbursement of the
public money, have continued to be successful.
Under this system the public finances have been
carried through foreign war, involving the ne
cessity OF loans and extraordinary expenditures,
and requiring distant transfers and disburse-
ments, without embarrassment, and no loss has
occurred of any Of the public money deposited
under its provisions. Whilst it has proved to be
safe and useful to the government its effects
have been most beneficial upon the business of
the country. 1t has tended powerfully to secure
an exemption from that initiation and fuctuaton
OF the paper currency so injurious to domestic
industry, and redering so uncertain the rewards
of labor, and il is believed has largely contribu-
ted to preserve the whole country from serious
commercial revulsion, such as often occurred un-
der the bank deposite system. In the year 1S47
there was a reyulsion in the business Of Great
Britain, of great extent and intensity, which was
followed by failures in that kingdom unprece-
dented in number and amount Of losses. This
is believed to be the first instance when such
disastrous bankruptcies, occurring in country
with which we have such extensive commerce,
produced little or no injurious effect upon our
trade trade or currency. We remained but lit
tie affected in our money market, and our bust
ness and industry were still prosperous and pro-
gressve.
During the present year, nearly the whole
continent Of Europe has been conyulsed by civil
wars and revolutions, attended by numerous
bankruptcies, by an unprecedented fall in their
public securities, and an almost universal paral-
ysis Of commerce and industry and yet, al
though our trade and the prices Of our products
must have been somewhat unfavorably affected
by these causes, we have escaped revulsion,
our money market is comparatively easy, and
public and private credit have advanced and
improved.
Il is confidently believed that we have been
saved from their effect by the salutnry opera
ton of the constitutional treasury. 1t Is certain
that of the twenty -four millions of specie inn
ported into the country during the fiscal year
ending on the Both of June, l647, had gone in
to the banks, as to a great extent Il must have
done, il would, in 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, pro-
ducing, as an inevitable consequence of an in
flated currency, extravagant prices for time
and wild speculation, which must have been
followed, on the refiux to Europe, the succeed
ing year, of so much of that specie, by the
prostration of the business Of the country, the
suspension of the banks, and most extensive
bankruptcies. Occurring, as this would have
done, at period when the country wns engng
ed in foreign war; when considerable loan
Of specie were required for distant disburse
ments, and when the banks, the fiscal agents Of
tho government, and the repositories of its mo
ney were suspended, the public credit must
have sunk, and many millions of dollars, al
was during the war OF 1912, must have been
sacrificed in discounts upon loans, and upor
the deprecated paper currency which the gov
eminent would have been compelled TO use.
Under the operations of the constitutions
treasury, not dollar has been lost by the dep
recitation of the currency. The loans require,
to prosecute the war with Mexico were negoci
ated by the Secretary of the Treasury abov