Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1848-05-06

compared with our domestic exchanges
His theory is that foreign commerce is an
exchange of imports for exports. Now the
facts that have referred to, in regard TO
the extraordinary decline of our exports
while our importations are going on, are
entirely at variance with any such idea;
and indeed our whole commercial history
is in conflict with this idea. His theory is
not only unsupported by fact, but is oppos-
ed to our whole commercial experience
We know that at all times when we have
had large importations this excess has been
followed by reaction and diminution OF
imports, carrying them below the ordinary
amount. But the calculation of the Secre-
tary is founded on the idea that our trade
is to 90 on increasing, that our imports are
10 increase, and of course that our revenue
is TO increase in corresponding degree
But if what have stated be true, instead
of increasing it will diminish. 1t must ne
cessarly take this course. Imports cannot
be increased without corresponding in
crease of exports.
The idea that our imports control our ex-
ports is wholly at variance with what we
see existing at the present time. They have
gone on greatly beyond our exports. The
large importa,ions for months past are the
returns for exports of proceeding years in
part, and in part the result of the crisis in
England, being sent on British account and
will produce balance against US, and this
balance must soon occasion a reaction in
our foreign trade And there is another
circumstance that is operating unfavorable
upon our revenue. The price of imports of
l.: =,
In order then to reach the ordinary amount
in value, you have to increase the quantity,
But the increase of quantity must depend
upon the ability of the country to consume.
This will operate against US, because we
must get the amount in value. The coun-
try has been told that the present revenue
system is more efficient and productive
than the one il superseded. But the fact
is not so; we ought not to deceive ourselves
or the country. 1t has been tried under the
most favorable circumstances, and found
insufficient as revenue measure. Therev-
enue has fallen off nearly four millions the
first year, although year of unusual COM
mercial prosperity. There is no getting
away from this fact; no reasoning nor SO.
phistry can get round it. The Secretary
attempts to do so by selecting certain Pc
Rod, breaking up The regular fiscal year.
He takes the period from December, ls46,
to December, lS47, period Of extraordin-
airy trade, and the first quarter of which
embracing several millions of revenue be-
longing to the proceeding year, which was
occasioned by the change in the revenue
laws. You can often select one quarter of
year in which the revenue is double that
of another quarter. The result of a limit.
ed period amount 10 nothing. You must
take series of years; you cannot deter
mine from any one year. The year from
December 1916, 10 December, ls47, was a
very remarkable year for trade, and to as.
sumo that as a standard, and to hope for an
increase from that high point under our
new system, is to suppose a result that is
contrary to the fact so far, contrary to all
sound reasoning, and to the whole past ex-
perience of the country.
If the view have taken be correct, that
our revenue must diminish, and that our
expenditures cannot in any probability be
reduced below thiriy-lhree millions, it fol.
lows that there must be deficiency of from
six TO len millions of dollars for the fiscal
year ending the 30lh June, 1910; and, as
as there will be a debt upon our hands of
about hundred millions, and we are going
on with revenue falling below the annual
expenditures, in this state of things, ii may
be asked when is our condition 10 be any
better? IF putting an end to the war ex-
penses is not 20 help US, what is 10 help US
J out of this difficulty When is this debt 10
be paidl 1t certainly cannot be paid by a
, deficient revenue. How is il to be paid!--
, Sir, this subject does not seem to receive the
r attention which it deserves. We do no,
; look at it. do not know but that we are
: in the condition of Abel Handy in the play
, His house happened to take fire, and he was
3 asked why he did not put it out. He said
. he was thinking about it, but he was wait.
ing to see if it would not 60 out of ITSELF
D Now l think that our Treasury is in con
' Stunning state, if not on fire. And this fire
{ will not 90 out of ITSELF The debt will no
be paid by declining and deficient reven
9 ue. This is not result that ever has o
I ever can follow. What, then, ought to b;
i done? We can borrow, to be sure. be
: lieve the credit of the Government is good
h But borrowing will not pay our debts
f Borrowing will not extricate a countr.
}. when its finances become embarrassed, ant
J. public debt has accumulated, and when
IS is in the unfortunate condition of having
g revenue that is below its expenditures.
!. My honorable friend from New Hamp
i shire, on introducing this measure, seeme
j TO think that by procuring loan the def
ii cheney could be supplied. do not kno,
g, what consolation 10 give my honorabl