The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1848-03-21

If be matter of Boosting to exhibit to the
country at large the value of this improve
ment in our financial system, the new tariff.
why let it pass. But, if it is intended to lead
US to the inference that this increase of rev.
enue is to continue, beg to dissent altogether
from any such conclusion.
Sir, a comparison has been made between
the year ending December 1St, 1916. and the
year ending December LIST, 1917. For what
purpose Is the fiscal year abandoned, and the
computation of time made from the 1st OF
December in one year, to that period IN the
next year? Doubtless for the purpose Of ex-
hibiting The operation of the new tariff, which
went into operation on the 1St December,
1916. But, as have already remarked, the
revenue belonging to the latter part Of the
year 1916 was thrown upon the succeeding
months, when the new tariff bill went into
operation, and this presented an accumula-
ton of revenue during those months. Other
circumstances combined 10 swell the rev.
enues at the close of that year. The peculiar
state Of thin5sin Europe, the extraordinary
demand for our productions, and the in
creased importation consequent on the expor-
tation of those productions, tended to throw
upon the latter part Of the year large in
crease. In short, the year between Decem-
Der /, 1916, and December /, 1S47, with the
aid of the warehouSing system, borrowed the
revenues Of the preceding year, and, in conse
quence of the excessive importation, growing
out Of our increased expectations, anticipating
the future wants Of the country, it anticipated
the revenue of the succeeding year. Are we
to suppose that, because there was an increase
of duties during that year, that increase
is TO continue? a moments attention to the
liect lorbids any such conclusion. What
causes are cooperate? In the first place,
when this great importation took place the
country was prosperous. money WIS flowing
in from abroad notwithstanding this great
importation, there was balance Of money
coming into the country to the extent Oi'
twenty or thirty millions of dollars. What Is
the condition Of the country now? Instead
Of having 4 surplus Of capital, you find 4
stringcncy in the money-markct. Instead Of a
a surplus Of capital, the surplus of period Of
prosperity has sought investment III various
ways. \ vast amount has been invested, and
is in process OF investment, in railroads-liijy
millions. it Is computed, i'll New-England
alone; in manufacturing enterprises, and in
YOUR pub lie debt Il vast amount is absorbed
by goods on hand a rigid curtaiment ofthe
currency and stringency in the money
market. almost Unprecedented, has ensued
Sir, are we seriously 10 calculate, in this state
Of things, upon the continuance of the same
commercial activity, the same state of reven-
ue?
| But this Is not Ill., The unusual imporia-
tons, stimulated BY our increased demand for
our productions, have thrown into the country
a greater quantity of goods than were wan
ted. There is surplus Of goods. The I'M
portatiOns increased some thirty or forty mil
lions Of dollars. Well, if there is Il surplus to
this amount, there is no inducemcnt to I'M
port and, as have already remarked. we
are not able to purchase. Nor is this all. If
the course of trade threw into the country d
greater importation than the present demand
warranted, your warehouse system furnished
resource by which the importer was saved
from the necessity Of advancing the amount
Of the duties upon his importation until there
was a market for tic goods. The importat:ons
hereafter viii 20 into the warehouses, and you
viii get no duties until the goods are wanted
for consumption.
| Sir, there seems to be a strange idea enter
tanned in regard to this matter. and, although
strange, it seems TO be Z favorite idea-it Is,
that our expectations are to be governed by
our impOrtaiions, and that we may increase
our expectations by Increasing our impOr;a-
ticas. This, sir, believe is contrary TO all
experience. 1t Is a theory winch IS calculated
10 bankrupt the public treasury, or to ruin
the fortunes of any private individual who a
dop:s and acts upon it. Sir, my theory Is the
reverse of this. Your explorations should
govern Your importaions. You should buy
only what yo can pay for. / suppose that
our importations must depend. to a very great
extent, upon the amount Of our cxporta-
tions.
What has enabled US to increase our I'M
portations? The demand for our breadstuils,
which has now ncarly ceased; the famine
and distress abroad. which has now passed by,
and, Whatever may be the ability Of other na-
tions 10 purchase our productions they viii
not buy what they do not need. There must
be falling of of your explorations; and. rs
a necessary consequence, falling oil OF I'M
portations and of revenue also. Sir, the az
crage rate Of duty under the present tariff IS
such as to require at least one hundred and
/ fifty millions OF importations to raise thirty
millions of revenue. believe my honorable
friend from Rhode Island estimated it at one
! hundred and seventy millions. lie includes
in his estimate the gross amount OF importa-
tons, Including free goods; my estimate is Of
zbOiS Univ II tNNbiitN iF-'-ef N'AN
average rate of the existing tariff is twenty
two or twenty-thrce per cent Now, such an
importation exceeds the ability of,he country
Such is our present situation; and what are
we to expect for the period included between
this and the lst Of July, 1919? Your neeessi-
ties for money, your oxorbiiant demand for
loans, combined with the operation OF the
Sub-treasury ard its specic-clause, pressing
with combined action upon the money-IlarAet,
must perpetuate this state OF Things.
Sir, have been comparing tie estimated
receipts for the current year with those Of the
last have remarked that in these calcula-
tons the data are derived fpm the results OF
of the past, from the estimates Of previous
wears and have remarked, further, that du-
ring the year 1917 great part Of the re-
ceipts consists of returns which properly be-
long to a former period. Now, ask, on what
ordinary calculations in view OF these circum-
stances, does the honorable Secretary RAISE his
estimates OF the receipts from twenty-four, the
actual receipts last year, to thirty-one millions
of dollars: What considerations furnish