The voice of freedom. [volume] (Montpelier, Vt.) 1839-1848, 1848-03-23
Difference,

, Receipts for October and
November, 1916, 1,GSS4S0 or SAL
Difference, $1,2O7S;
Why was this? Was there any thing in tt
commerce of the country to produce this decline
the revenue? Was not the country advancing
prosperity during those years? 1t was unquestior
ably the effect of the measures to which have allr
ded. The revenue fell off because the importation
were placed in warehouses to be entered upon til
payment Of reduced duties. Well what next?
the months of October and November your receipt
fell to one million six hundred and eighty-eigh
thousand dollars, or an average Of eight hundre
and eghty-four thousand dollars per month. Dun
ing the months of July, August, and September, tn
duties averaged two millions fifty one thousand am
fraction. The effect of these measures, then, wa
precisely what had been predicted on this floor. |
was most extensive falling of in the income of thu
country, until the period of the first of December
1916, arrived, and then your revenue increased ant
that increase Of revenue has been thought of sufi
cient importance, not only to be presented to IL
very formally by the Secretary of the Treasury
but to be twice repeated in the Presidents message
If it be matter of Boosting to exhibit to the
country at large the value of this Improvement il
our financial system, the tariff, why let it pass
But, if it is intended to lead to the inference thai
this increase of revenue is to continue beg to dis
sent from any such conclusion.
Sir, comparison has been made between
the year ending December 1st, 1916, and the
year ending December LIST, 1S47. For what
purpose is the fiscal year abandoned, and the
computation of time made from the LIST of
December, in one year, to that period in the
next year? Doubtless for the purpose of ex-
hibiting the operation Of the new tariff, which
went into operation on the LIST December,
1916. But, as | have already remarked, the
revenue belonging to the latter part Of the
year 1916 was thrown upon the succeeding
months, when the new tariff bill went into
operation, and this presented an accumulation
of revenue during those months. Other cir
cumstances combined to swell the revenues
at the close of that year. The peculiar state of
things in Europe, the extraordinary demand
for our productions, and the increased impor-
tation consequent on the expectation Of those
productions, tended to throw upon the latter
part of the year large increase. In short,
the year between December /, 1916, and
December l, 1S47, with the aid of the ware
housing system, borrowed the revenues of the
preceding year, and, in consequence of the
excessive importation, growing out of our in
creased expectations, anticipating the future
wants Of the country, it anticipated the re-
venue Of the succeeding year. Are we to
suppose that, because there was an increase
of duties during that year, that that increase
is to continue? A moments attention to the
subject forbids any such conclusion. What
causes are to operate In the first place,
when this great importation took place the
country was prosperous, money was flowing
in from abroad; notwithstanding this great
importation, there was a balance of money
coming into the country to the extent of
some twenty or thirty millions of dollars
What is the condition of the country now -?
instead of having a surplus of capital, you
find strihgency in the money market. In
stead Of surplus of capital, the surplus of a
period of prosperity has sought investment
N various ways. A vast amount has been
invested, and is in process of investment, in
millions, it is computed in
New England alone in manufacturing en-
erprises, and in your public debt; vast
is absorbed by goods on hand a rigid
,urtailment Of the currency and a strngency
II the money market, almost Unprecedented,
has enSucd. Sir, we are seriously to calcu-
ate, in this state of things, upon the continu-
NEE Of the same commercial activity, the
ame state Of revenue?
But this is not all. The unusual importa-
ions, stimulated by the increased demand for
'ur productions, have thrown into the coun-
ry greater quantity of goods than were
wanted. There is a surplus of goods. The |
increased some thirty or forty
Millions of dollars Well, if there is a sur
,luS to this amount, there is no inducement
o import; and, as have already remarked,
We are not able to purchase. Nor is this ALL |
f the course Of trade threw into the country
greater importation than the present de-
nand warranted, your warehouse system fur
ished resource by which the importer was
aved from the necessity of advancing the
of the duties upon this importation
ntll there was market for the goods. The
nportations hereafter will 80 into the ware
ouses, and you will get no duties until the
GODS are wanted for consumption.
Sir, there seems to be strange idea enter
aimed in regard to this matter, and although
rangc, il seems to be favorite idea-it IS
hat our expectations are to be governed by
ur importations, and that we may increase
ur expectations by increasing our importa-
ons. This, sir,I believe is contrary to all
Experience. 1t is theory which is calculated
} bankrupt the public treasury, or to ruin
he fortunes of any private individual who ;
iopts and acts upon it. Sir, my theory is
lie reverse of this. Your expectations should
overn your importations. You should buy l
My what you can pay for. l suppose that
ar importations must depend, to very great $
xtent upon the amount of our expectations. J
What has enabled us to increase our i'm
ortations? The demand for our breadstuffs, !
hich has now nearly ceased; the famine and a
stress abroad, which has now passed by G
Id, whatever may be the ability of other ma +
ons to purchase our productions, they will a
, falling off of our expectations; and, as a t
9cessary consequence, falling off of impor- a
tons and Of revenue ais Sir, the average l
tie of duty under the present tariff is such c
to require at least one hundred and fifty S
illions of importatons to raise thirty mil P
ms of revenue believe my honorable b
lend from Rhode Island estimated it at one Ii