Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1848-12-21
58,394,70l "a
58.24l,l67 "a

II
ending Goth of June lS49, are:
Total receipts 81, S95, 435 80
Add balance LIST of July lSiS l54,534 60
Total means 81 048 500 90
Expenditures 55,l95, 275 06
Balance Isl July, lS49 1855, 69i S4
The estimated receipts and expenditures for the
year commencing July LIST lS49, and ending June
goth, $780, are:
Total receipts 49,, 400, 900 90
Add balance LIST July, 1849 2,S53, 694 S4
Total means estimated IS ,263, 694 81
The estimated expenditures are 33,2l3,l52 70
Leaving balance Isl of July 1850 5,O40,542 II
This statement shows balance in the Treasury on
the 30th June lS49 OF s., S53 694 ST. and balence
in the Treasury the 30th June, 1850, of $5,040,
$40 H..
In the estimated expenditures for the year ending
on the Both June, $780, included balances Of APP
preparations amounting the Of $3,762, 537 %,
considerable portion OF which may not be required.
Unless new and extraordinary expenditures au-
thorized by Congress- further loans will be requI-
red, and the public debt will be reduced.
The whole nett revenue from duties during the en-
tire period of four years and three months of the
tire operation Of the tariff Of l642, (per table D }
was $l0l SOD ,653 IL, being an annual average OF
$23e95, POS 30. The nett revenue received from the
tariff oil lS46, during its entire operation from the Isl
of December 1876, to the Both Of September, lS4S,
was (per table Ed $50, 654 sos 70 an average OF
10000, 4S9 rs per annum, being an average oil ST.
007 2SO 90 more per aunum under the tariff of 1876,
than there was received under the tariff or 1912. The
for the first fiscal year under the tariff OF
1886 was (per table Az $3 ,757 070 90. (beng $757,
070 80 more than the estimate of this Department
and this amount would 90 on augmen,ing every wear
under this act, With favorable stale Of foreign com
merce and industry, in ratio at least great the
increase oil our population
As the high duties under the act of 1912 were rap
idly substituting the domestic articles and excluding
the foreign rival, the revenue must have declined
II, however, the act OF 1912 had Welded the average
revenue Received during the period of its actual oper
alton, this, we have seen, would have been annual
loss oil upwards OF seven millions of dollars COM
pared with The average revenue OF the tariff OF 1886
With such result, instead of large surplus on the
o0th Of June. 1850, there would have been an addi-
ton Of more than twenty five millions of dollar to
our national debt, which must have gone on rapidly
increasing, requiring in time OF peace new and large
loans TO be negotiated. Ii also the proceeds Of The
sales OF the public lands were taken on the Treasu-
ry for distribution among the States the augmentation
OF the debt and accommodating interest would have
been still more rapid and alarming.
1t would be most useful TO examine the Tariffs of all
nations, and ascertain how much labor in each is
thereby diverted into less productive pursuits
These tables have never yet been collected but If oil
the l,00O,O00,000 people Of the earth, the labor oil
2O0O00,OOO is thus rendered less profitable to the ex-
tent OF one cent day for each, the annual loss would
be 5000, 100000. Man was commanded TO labor, bu,
he was permitted by his Maker to employ his indus
Try IN each country in those pursuits for which it
best suited and where his labor would be less
and better rewarded. But the laws Of man by high
duties diminish the products o. his industry, thus aug
men his hours OF toll and deprive him of the time de-
signed by his Creator for the acquisition acknowledge.
These laws also while diminishing the wealth OF ma
L.
tariffs procalming war upon the industry OF all others.
Under Free Trade each nation will profit by the labor
oil every other; each will employ its industry in those
pursuits for which il is best adapted, and the surplus
OF each be thus exchanged with the others, by re-
cprocal commerce beneficial 10 all parties The true
industrial interests OF nations IDENTICAL and in ex
changing with each other the products most cheaply
produced by each, labor everywhere benefits labor
man his brother man, and nations each other and
lher only anlagonIsm is introduced by human legis-
laon The doctrine of free trade is the petition oIa
Dor 10 employ itself everywhere in those pursuits best
adapted by nature to every country and Welding
therefore IN each the largest products and highest wa
ges II looks upon our race every where as friends
as brethren, as equal in rights, and united in interest
ana destiny Rightly understood, there is perfect u
nifty OF interest between man and man. and nation and
nation, add between capital and labor.
we see the benefits OF reciprocal free trade among
all The States OF this Union; although their wages,
products, and fabrics are various as those of sepa
iae NATIONS, yet all the States lind to he their true
interest TO admit freely the products of each
The benefits of this unrestricted reciprocal com
merce constitute the great bond Of interest constantly
augmening, which keeps together the various parts
out i the protective doctrine be true il would be the
real interest OF each and Of all these States 10 impose
duties upon similar products in others for the protec-
lion Of The people oil each State Yet clear as is this
proof OF the benefits oil reciprocal free trade between The
STATES OF this Union, the principal as a question of
political economy, is the same extended 10 other States
not united with us under the same government The
difference in their political institutions cannot affect
the great principles of commerce. The local laws of
Ohio and Louisiana, of Mississippi and Massachusetts,
are more variant IN some respects than those of many
other States beyond The limits of the Union. Now,
whist we acknowledge the benfits oil reciprocal free
trade between these four States, thus differing IN their
local institutions, wages, and products the protection
lists deny that would De beneficial to establish recip-
rocal unrestricted commerce with other States beyond
our limits. Yet variant forms OF government can
make no Offence as TO the reciprocal benefits OF com
merce. Iffree trade be beneficial among all republic
canSlates, might, al least, be extended to them, al
though monarchies were excluded but none will
that nations should restrict their commerce
with each other, because they differ in their form of
government Although governments may differ we
are one race throughout the globe the tong millions
who lnhabu II have one interest, and as question
of political economy, the benefits OF free trade
be the same whether extended 10 States within or be-
Yond the limits OF the same government, and each