Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1848-12-14

been such during the past year as fully to meet
the public expectation, and to confirm tho ooph-
ion heretofore expressed OF the wisdom OF the
change in our revenue system wnlch was enect-
ed by It. The receipts under Il INTO the treasu-
ry for the first fiscal year aGer lis enactment ex-
ceeded nv the sum of five million forty four
Thousand four hundred and three dollars and nine
CENTS the amount collected during the last fiscal
wear under the tariff of 1912, ending the Thrift
eth of lime. 1916. The total revenue realized
from, tho commencement Of its operation, on the
first of December, 1876 until the close of the
las, onarter, on the thirieth of September last,
being twenty two months, was fifty six million
six hundred and fifty four thousand five hundred
and sixty three dollars and seventy nine CENTS
being much larger sum than was ever before
received for duties during any equal period I'M
While by the repeal OF highly protective and
prohibitory duties the revenue has been increas-
ed, the taxes on the people have been diminish
ed They have been relieved from the heavy
amounts with which they were burdened under
former laws in the form of Increased prices of
bountles paid to favored classes and pursuits.
The predictions which were made, that the
tariff act of 1876 would reduce the amount of
revenue below that collected under the act of
1912, and PROSTATE the business and destroy the
prosperity of The country, have not been verified
With an increased and increasing revenue, The
finances are in highly nourlshng condition.
Agriculture, commerce and navigation, are pros
porous; the prices Of manufactured fabrics and
OF other products are much less iniuro,isly af
lccted than was to have been anticipated, from
the Unprecedented revolsons, which, during the
last and the present year, have overwhelmed the
industry and parayzcd the credit and commerce
OF so many great and enlightened nations of Eu-
rope
Severe commercial revulsions abroad have al.
why's heretofore operated to depress, and often
to affect disa,trously, almost every branch Of A.
merican industry. The temporary depression o.
a portion of our manufacturing interests is the
effect of foreign causes, and is far less severe
than has prevailed on all former similar occa.
slons
1t is believed that, looking to the great aggre-
gate Of all our interests, the whole country was
never more prosperous than at the present peri
cd, and never more rapidly advancing in wealth
and population. Neither the foreign war in
which we have been invoked nor the loans
which have absorbed 50 large a portion of our
capital, nor the commercial rcvulslon in Great
Britain in 1917, nor the paralysis Of credit and
commerce throughout Europe IN 1913, have af.
iected injLrlonsy to any considerable extent any
OF the great interests of the country, or arrested
our onward march 10 greatness, wealth and pow
er.
Had the Disturbances in Europe not occurred
our commerce would undoubtedly have been
stlll more extended, and would have added still
more to the national veal and public prosnerity
But notwi hStandlng these Disturbances the OBJ
era'lons OF the revenue system established by the
tariff act of 1876 have been 80 generally benef
ciaI to the Government and the business OF The
country, that no change IN its provisions is de-
mandpd by a wise nuhlic ntNrv md mana 10 -,
Inc operations of the constitutional treasury
established by the act of the sixth of August
1916, In the receipt, custody, and disbursement
of the public money, have continued TO be sue
cessiul Under this system the public finances
have been carried through foreign war, involv-
ing the necessity Of loans and extraordinary ex-
pendIlures, and requiring distant transfers and
disbursements, without embarrassment aud no
loss has occurred of any OF the public money de.
posted under its provisions.
While 1t has proved to be safe and useful TO
the government, its effects have been most ben.
eiicial upon the business of the country. II has
tended powerfully TO secure an exemption from
that imitation and lluctuaiion OF the paper cur
rency so injurious 10 domestic industry, aud ren-
derlDg so uncertain the rewards OF labor, and II
is believed has largely contributed to preserve
the whole country from a serious commercial
revulson, such as often occurred under the bank
deposit system. In the year 1917 there was u
Revision in the business of Great Britain OF
great extern, and intensity, which was followed
by failures IN that kingdom unprecedented III
number and amount Of losses. This is believed
to be the first instance when such disastrous
bankruptcies, occurring in country with which
we have such extensive commerce, produced
ttle or no injurious effect upon our trade or cur
rency. We remained but lutte affected lin our
money market and our business and industry
were still prosperous and progressive.
During the present year nearly the whole con
tinent of Europe has oeen couvulsed with civil
war and revolutions, attended by numerous bank
ruptcies, by an Unprecedented fall in their pub
lie securities, and an almos. universal paralysis
of commerce and industry; and yet although
our trade and the prices of our products must
iuve been somewhat unfuvorably affected by
these causes, v, have escaped q revision, our
money market is comparatively easy, and public
and private credit have advanced and improved.
1t Is confidently believed that we have been
saved from their effect by the snutary operation
ct the constitutional treasury. 1t is certain that
IT the twenty four millions of specie imported
into the country during the fiscal year ending on
the thlrtieth OF June, 1917, had gone into the
banks, as tn great extent it must have done, it
W 'ud IN the absence of this system, have been
m de the basis of augmented hank paper issues
pr badly TO an amount not lees than sixty or sew
eny millions of dollars, producing as an newt.
able consequence of an inflated currency, ex.
travngnnt prices for Il time, and wild speculation,
which must have been followed, on the reflux 10
Eur pe, the succeeding year, Of so much of that
specie, by the prostratlon of the business of the
country, the suspension Of the banks, and most
extensive bankruptcies. Occurring, as this
would have done, at period when the country
was engaged IN foreign war; when considera
BILE sums OF specie were required for distant dis
bursements, and when the banks the fiscal a.
gents o! the government, and the repositories OF
lis money were suspended, and The public credit
must have sunk, and many millions of dollars as
was the case during The war of 1912, must have
been sacrificed IN discounts -upon loans, and up-
on the deprecated paper currency winch the
government would have been compelled to use.
Under the operations of the constitutional
treasury not dollar has been lost by The depre.
clatioh OF me currency. The loans required to
prosecute The war with Mexico were neoocIa,od
by the Secretary Of The Treasury above pnr. ro.
allzlng large premium 10 The government,
The restraining effect of the system upon the
tendencies to excessive paper issues by banks
has saved the government from heavy losses, and
thousands OF our business men from bankruptcy
ana rum. The wisdom of the system has Geen
tested, by the experience of the last two wears :
and II Is the dictate of sound policy that il should
remaln undsturbed. The modihcations in some
oi the deiails OF this measure, involving none OF
its essential principles heretofore reconnondad