Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1848-03-16
VOL. XIII, NO. ls.---wHoLE NO. 2leI.

retaining the duties upon them until they could
be Withdrawn upon payment Of the reduced rate
Of duties under the new act. Under these cir
cumstances, a very great portion Of the importa-
tons of the latter part Of 1876 were thrown over
for the payment of the duties to the month Of
December. The result Of il wus that there was
very great falling off in the amount of duties
received in that portion of the year 1876. Sir, |
have an estimate which will show you the effect
of these two measures upon our revenue for the
year ending June, 1S47. The receipts for the
months of July, August and September, l645,
amounted to eight millions eight hundred and
sixiy-two thousand dollars. The receipts for
the same months in the year 1876 fell TO six
millions one hundred and fifty four thousand,
making difference of two millions seven hum
dred and eight thousand dollars in the three
months constituting the first quarter Of the year
ending Both June, l647. This is shown more
fully in the following table:
Receipts for July, Aug, Per month.
and Sept'r, 1S45, $8,56l 1892 or $2,953y77
Same months, 1876, .6,I53,826 or 2,05I ,275
Difference, 2,708,l06 or 902,702
| Receipts for first quarter
Rec. for Oct. g. Nov.'46, l,686,450 or S44, lao
Difference, $l,207, 1877
Why was this Was there any thing in the
commerce of the country to produce this decline
in the revenue? Was not the country advanc.
ing in prosperity during those years {? 1t was
unquestionably the effect of the measures to
which have alluded. The revenue fell off be-
cause the importations were placed IN ware
houses to be entered upon payment of reduced
duties. Well, what next? In the month of
October and November your receipts Tell TO one
million six hundred and eighty thousand dollars,
or on an average Of eight hundred and eioh'r
four thousand uulIars month. During the
months Of July, August and September the du-
ties averaged two millions ffty-one thousand and
a traction. The effect of these measures, then,
was precisely what had been predicted on this
floor 1t was a most extensive falling off in the
income of the country until the period of the
first of December, 1916, arrived, and then your
revenue increased, and that increase Of revenue
has been thought of sufficient Importance not
only to be presented to us very formally by the
Secretary of the Treasury, but 10 be twice re-
peated in the Presidents Message.
If it be matter of boasting to exhibit 10 the
country at large the value of this improvement
in our financial system, the new tariff, why let
1t pass. But, if it is intended to lead us to the
inference that this increase Of revenue is to con-
tinue, beg to dissent altogether from any such
conclusion.
Sir, comparison has been made between the
year ending December LIST, 1876, and the year
ending December LIST, lS47. 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 exhibiting the operation of the
new tariff, which went into operation on the LIST
December, 1876. But, as have already remark
ed, the revenue belonging to the latter part oil
the year lS46 was thrown upon the succeeding
months when the new tariff bill went into opera
ton, and this presented an accumulation Of rev.
enue during those months. Other circumstances
combined to swell the revenues at the close OIL
that year. The peculiar state of things in Eu
rope, the extraordinary demand for our produc
tons. and the increased importation consequent
on tho expectation Of those productions, tended
TO throw upon the latter par! of the year large
increase. In Short the year between December
], 1876, and December /, lS47, with the aid o
the warehousing system, borrowed the revenues
OF the preceding year, and, in consequence o.
the excessive importation growing out of our in
creased expectations anticipating the future
wants of the country, it anticipated the revenue
OF the succeeding year. Are we to suppose tina
because there was an increase of duties during
that year that that increase is to continue? 4
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 none,
was flowing in from abroad; Notwithstanding
this great Importation there was balance o
money coming into the country to the extent o
some twenty OF thirty millions of dollars. VIVA
Is the condition of the country now /? Instead o
Of having surplus Of capital you find strin
gency in the money market. Instead of sur
plus of capital, the surplus of period of pros
perlty has sought investment in various ways
A vast amount has been invested and is in pro
cess of investment in railroads-fiily millions,
is computed, in New. Eng land alone in manu-
featuring enterprises and in your public debt;
vast amount is absorbed by goods on hand
rigid curtailment of the currency and s,ringen
cy in the money market almost unprecedente,
has ensued. Sir, are we seriously to calculate il
this state of things upon the continuance of tn
same commercial activity, the same state of rev
enue?
But this is not all. The unusual importations
stimulated by the increased demand for our pro
auctions, have thrown into the country create
quantity of goods than were wanted. There
surplus OF goods. The importations Increases
some thirty or forty millions of dollars. Well,
there is a surplus TO this amount, there is no in
ducement to import and, as | have already re
marked, we are not able TO purchase. Nor
this all. 1.-THE course OF trade threw into tn
country a greater importation than the presen
demand warranted, your warehouse system fur
nished resource by which the importer wa
. saved from the necessity of advancing the a
mount of the duties upon his importation unit
} there was market for his goods. The impor
talions hereafter will 60 into the warehouses
and you will get no duties until the goods ar
wanted for consumption.
Sir there seems to he strange idea enter
tanned in regard to this matter, and, athoug
strange, it seems 10 be fayorte idea-it il
that our expectations are to be governed by on
importations, and that we may increase our exPor
talions by increasing our importations. This, Sill
| believe, is contrary to all experience. II IS
theory which is calculated to bankrupt the pubI
t Treasury or to ruin the fortunes Of any privat
individual who adopts and acts upon it, Sir, m
theory is the reverse OF this. Your expectation
should govern your importations. You shoul
buy only what you can pay for. suppose tina
our importations must depend to a very grea
extent upon the amount Of our expectations.
What has enabled US to increase our imporla
tons The demand for our breadstufs, whic
has now nearly ceased the famine and dslres
abroad, which has now passed by; and, whatev
err may be the ability of other nations to Purchas
our productions, they will not buy what they d.
not need. There must be falling oil oil GU
expectations and, as necessary consequence
falling off of importations and OF revenue also
Sir, the average rate of duty upon the presen
ac ira af