Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1848-03-10

could be withdrawn upon payment OF inc reduc-
ed rate of duties under the new act. Under
these circumstances, a very great portion OF the
importatons of the latter part of 1916 were
thrown over for the payment OF the duties to the
month of December The result of it was, that
there was a 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, 1917 The
receipts for the months of July, August, and
September, 1915 amounted to eight millions
eight hundred and siXty-two thousand dollars.
! The receipts for the same months in the year
1916 fell TO six millions one hundred and fifty
four thousand. making difference Of two mill
lions seven hundred and eight thousand dollars
in the three months constituting the first quar-
ter of the year ending 3D,h June, 1917. This
is shown more fully in the following table :
Receipts for July, Aug. Per month.
and September, 1915. SIS, S6l ,932 or . 1888 77
Same months in 1896 6,l53.S26 or 2,O5l ,275
Difference o7US. lO6 or 9O2 7O3
Receipts for first quarter
of fiscal year '46-7. 6,l53, S26 or 9 ,05l 977
Receipts for October and
| Nov, 1916. less, 1870 or SAL 10
|
Difference, l,207,S37
! Why was this Was there any thing in the
commerce Of the country to produce this decline
in the revenue! Was not the country advan-
cling in prosperity during those years 1t was
unque>,Ionably the effect of the measures to
which have alluded. The revenue fell off be-
cause the importatons were placed in wnre-
houses to be entered upon payment OF reduced
duties. Well, what next ? In the months of
October and November your receipts fell to one
millions six hundred and lightweight thousand
dollars, or an average of eight hundred and
eighty-four thousand dollars per month. During
the months of July, August, and September the
duties averaged two millions filty-one thousand
and fraction. The effect of these measures,
then, was precisely what had been predicted on
this floor 1t was most extensive falling oifn
the income of the country. unit, the period of
the first of December, 1876 arrived, and then
your revenue increased, and that increase of re-
venue has been thought of sufficient Importance,
not only to be presented to us very formally by
the Secretary of the Treasury, but to be twice
repeated in the Presidents message.
II II he a matter OF boastDI to exhibit to the
country at large the value of this improvement
IN our financial system. the new tariff why let it
pass. But, 1T is intended TO lead Us to the in
ference that the increase of revenue is to CONT
nue., beg to dissent altogether from any such
conclusion.
Sir, comparison has been made between the
year ending December lst, 1916. and the wear
ending December lst, 1917. For what purpose
is the fiscal year abandoned, and the computa.
ton of time made from the LIST of December. in
one year to that period in the next year! Doubt
less for the purpose of exhibiting the operation
of the new tariff which went into operation on
the LIST December, 1876. But, as have alread,
remarked, the revenue belonging to the latter
part OF the year lS46 was thrown upon the sue
cccding months when the new tariff bill wen
into operation, and this presented an accumula
ton of revenue during those months. Othc
circumstances combined to swell the revenue
at the close of that year. The peculiar state o
things in Europe, the extraordinary demand 70
our productions and the increased importation
consequent on the expectation OF those pfodnc
tons, tended to throw upon the latter part OF TN
year large increase. In short, the year De-
tween December /, 1916, with the aid OF TIN
warehou>ing system, borrowed the revenues Of
the preceding year, and, in consequence OF u,
excessive Importation growing out OF our IN
creased expectations anticipating the future
wants OF the country it ntcipated the revenue
OF the succeeding year. .A'e we to suppose tina
because there was an increase OF duties during
- that year That increase is to continue n mo
ment 5 attention to the subject forbids any suct
conclusion. What cause, are to operate II
'~''
place, the country was prosperous none!
was flowing in from abroad Notwithstanding
this great importation tlerewas a balance o.
money coming into the county, TO the extent o
some twenty or thirty mliulsoi dollars. Whi
is the condition of the coultr now lnsteat
of having "A surplus of capfalyon find a strin
gency in the money maTkd. Instead of a sur
plus of capital, the surplus of Icriod of pros
perty has sought investment in various ways
4 h. .,,l
cess of investment in railroidi-tl millions, il
is computed, in New England alone; in manu-,
featuring enterprises and in y,ur pubic debt a
vast amount is absorbed by goods o, hand q
DO rigid curtanent of the currency ami strn
gency in the money market almost unorc,edcnt
DO I'd has ensuel. Sir, are we serou-l' to Calcu
- late in this state OF things upon the continuance
10 of the same commercial activity, the zane state
Of revenue!
90 But this is not all. The unusuI importa
- tons, stimulated by the increased emand TO
orr productions, have thrown into tht country
greater quantity of goods than wee wanted
90 There is II surplus OF goods The Importation
- increa sed some thirty or forty millions OF dollar;
IT. Well, if there is surplus to this amount theT
% is no induccnent to import and, as have a
mt ready remarked, we are not able TO purchas
Nor is this all. il the course of trade tire
n
Is present demand warranted, your warehouse sy
'e- ten furnished a resource by which the import
ne was saved from the necessity of advancing Il
'e- amount of the duties upon his importation uni
I'm there was market tor lie gojls The import
~ tons hereafter will 90 iuto the warehouses, al
)rt YOU will get no duties until the goods are wan
ur ed for consumption.
he Sir, there seems to be strange idea ene
se tanned in regard to this matter, and, althou.
ne strange, il seems TO be iavorc idea-lt Is, III
les our expectations are TO be governed by our II
Is porta,ions, and that we may increase our eXpC
m tatons by increasing our lmportations. In
nat SIR believe is contrary to all experience. 1t
in theory which is calculated To bankrupt /
IT, public treasury or to ruin the fortunes oil IA
I'm private individual who adopts and acts upon
yer Sir, nv theory is the reverse OF this. Your .
he portations should govern your importallons \
Us should buy only what you can pay tor. ST
OF pose that our lmportatlons must depend TO va
Mt, great extent upon the amount OF our eXpor
ed tons.
he What has enabled us to increase our imp
by tations The demand OF our breadstull' WA
he has now nearly ceased; the famine and dlstr'
lay abroad which has now passed by; and what
9TH or may be the ability OF other nations TO p
ng chase our productions, they wIl not buy WI
an. they do not need. There must be falling
ith of our expectations and, As a necessary &C
for sequence, falling off of OR importalions a
OF revenue also. Sir, the average ra'e OF III
ice under the present tariff such as 10 require
de- least one hundred aud fny millions OF inp'
IN tati,nS a., raiaa thiT,u millions OF revenue.