Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1848-12-21

the public expenditures, and TO confirm the opin. |
ion heretofore expressed on the wisdom Of the
change 10 our Revenue system, which was effec>
ted by that act. The receipts under il into the
Treasury for the first fiscal year after its enact
ment, exceed by the sun OF 5,844 403 %, the
amount collected during the last fiscal year. un.
der the Tariff act OF 1912, ending 30th June
1916. The total revenue realized from The com.
mencemcnt Of the operation, on the LIST OF De
cember, 1916, until the close OF the last quartet,
on the Both OF September last being twenty >two
months, was $50, 1854, 563 IS; being much lar.
ger sum than was ever before received from duties
during any equal period, under the action Of high.
ly protective and prohibiting duties. The reve>
nue. 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 in
creased prices or bounlies paid 10 favored classes
and pursuits.
The predictions that were made that the tariff
act OF 1916 would reduce the amount OF rev
enue below that collected under the act OF AZ,
and wholly PROSTATE their industry and business,
and destroy the prosperity of the country have
not been verefed. With an increased and in
cressing revenue, the finances are in a highly
aourishing condition. Agriculture. commerce
and navigation are prosperous, and the prices Of
manufactured fabrics, and OF other products, are
much less injurousy affected than was to have
been anticipated, from The unprecedented revul.
sions which, during the last and present year have
overwhelmed the industry and paralized the credit
and commerce Of so many enlightened nations Of
Europe. rs
Severe commercial revulSions abroad have al
ways heretofore operated 10 depress, and often TO
affect disastrousy, almost every branch Of Amer.
can industry. The temporary depression Of q
portion OF our manufacturing interests is the effect
OF foreign causes, and is far less severe than has
prevailed on all former similar occasions. 1t is
believed that, looking to the great aggregate Of
all our interests, the whole country was never
more prosperous than at the present period, and
never more advanced in wealth and population.
Neither The foreign war in which we have been
involved, nor the loans which have been brought
over so large portion OF our capital, nor the
commercial revulsion in Great Britain in 1847,
nor the paralysis and commerce throughout Eu
rope in 1848, have affected nuriously, TO any
considerable extent, any Of the great interests OF
the country, or arrested our onward march 10
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
10 The national wealth and public prosperily.-
But notwithstanding these disturbances, the oper
atoms Of the revenue system, as established by
the tariff oil 46, has been generally beneficial 10
the Government and business OF the country,
and no change in its provisions is demanded by
the policy and none is recommended. The op.
eralions OF the Constitutional Treasury, estab
lished by the act Of 9Th August 1916, in the re.
ceip, custody and disbursement OF The public
money, have continued 10 be successful. Under
this system, the public finances have carried
through the foreign war, involving the necessity
OF loans, and extraordinary expenditures, and re-
curing distant transfer and disbursements, with
out embarrassment and no loss has occurred OF
any OF The public money deposited under its pro
visions. Whilst it has proved 10 be safe and
useful TO the Government, its effects have been
most beneficial in the country. 1t has fastened
powerfully 10 secure an exemption from that in
ilaton and fiucuating OF The paper currency, so
injurious 10 domestic industry, and indeed so IN
certain in the rewards Of labor, and is believed TO
have largely contributed to preserve the whole
country from commercial convulsion, such as
often occurs under the bank deposit system. IN
the year 1S47 there was a revul>on 10 the busi>
ness Of Great Britain, of great extent and inten.
sty, which was followed by failures in tina, king
losses. This is believed 10 be the first instance
when such disastrous bankruptcies, occurring in
q country with which we have such extensive
trade and intercourse, in which we were but little
affected in our money market, and our business
and industry were still prosperous and progress
i've.
During the present year, nearly the whole con.
tinent oil Europe has been convulsed by civil war
and revolutions, attended by numerous bankrupt
cies, and by an unprecedented fall in their secu
rites, and an almost universal paralysis OF com.
merce and industry, and although our trade and
prices OF our products, must have been somewha,
unIavorably effected by these causes, we have es>
capped revusion; our money market is compare
lively easy, and public ard private credit have I'D
vanced and improved.
1t is confidently believed that we have been
saved from these effects by the salutaIy operations
Of the Constitutional Treasury. Ii is certain, that
il the twenty four millions OF specie. imported
into the country during the fiscal year ending on
the 30lh OF June, lS47, had gone into the banks
as to great extent it must have done, it would,
in the absence Of The system. have been mode the
basis Of augmented bank paper, issued probably
10 an amount not less than sixty or seventy mil
lions OF dollars, producing, as an inevitable con.
sequence OF an inflated currency. exlravagant
prices for time, and wild speculation, which
must have been followed, on the rehux OF Europe
the succeeding year, OF so much OF that specie,
by the prosIration Of the business OF The country,
the suspension OF the banks, and most extensive
bankruptcies. Occurring as this would have done
at period when considerable loans OF specie
were required Tor disbursements, and when the