The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-12-06


not yet resulted in formal treaty, yet prop.
osition made by the Government of Portugal
for the final adjustment and payment of those
claims. has recently been accepted on the part
of the United States. 1t gives Inc pleasure to
say that Mr.. Clay, to whom the negotiation on
the part of the United States had been entrus-
ted, discharged the duties Of his appointment
with ability and discretion, acting always with
in the Instructions of his Government
1t is expected that a regular convention will
be Immediately negotiated for carrying the a.
grecmcnt between the two Governments into
effect.
refer you to the report of the Secretary of
tho Treasury for detailed statement of the f.
nance.
The total receipts into the Treasury, for the
year ending 3Oth of June last, were iortyseyen
million four hundred and twenty-onc thousand
seven hundred and forty-eight dollars and nine
ty cents, (s47,42l, ,74S 90)
The total expenditures during the same Pc
riod were forty three million two thousand one
hundred and sixty eight dollars and ninety
cents, (s43,OO2, 1863 90)
By the 10Th section of the act of 2Sth Janua-
ry, ls47, the proceeds of the sales of the pub
| lie lands were pledged for the interest and prin-
cipal of the public debt. The great amount OF
these lands subsequently granted by Congress
for military bountics will, it is believed, very
nearly supply the public demand for several
years to come and but little reliance can, there
fore be placed on that hitherto fruitful source
of revenue.
Aside from the permanent ANIMAL expendi,
lures, which have necessarily largely increased,
4 portion of the public debt, amounting to eight
million seventy-fve thousand nine hundred and
eighty-six dollars and ftty-nine cents (SS, S,075,-
9S6 59) must be provided for within the next
two fiscal years. 1t is most desirable that these
accrung demands should be met without re-
sortiug to new loans.
All experience has demonstrated the wisdom
and policy of raising largeporton ofrevenue
for the support of Government from duties
on goods imported. The power to lay these
duties is unquestonable, and its chief object, of
course, is to replenish the treasury. But if, in
doing this, an Incidental advantage may be
gained by encouraging the industry of our own
citizens, it is our duty to avail ourselves ofthat
advantage.
A duty laid upon an article which cannot be
produced in this country-such as tea or coffee
adds to the cost of the article, and is chiefly
or wholly paid by the consumer. But a duty
dupon an article which may be produced here
stimulates the skill and industry of our own
country to produce the same article, which Is
brought into the market in competition with the
foreign article, and the importer is thus COM
pellcd to reduce his price to that at which the
domestic article can be sold, thereby throwing
a part of the duty upon the producer of the for
eign article. The continuance of THE process
creates the skill, and invites the capital, which
finally enable US to produce the article much
cheaper than it could have been procured from
abroad, thereby benefiting both producer and
consumer at home. The consequence OF this
is, that the artisan, and the agriculturist, are
brought together, each affords ready market
for the produce of the other, the whole country
becomes prosperous; and the ability to produce
every necessary Of life renders US independent
in war as well as in peace.
A higher tariff can never be permanent. 1t
will cause dissatisfaction and will be changed.
1t excludes competition, and thereby invites the
investment of capital in manufactures to such
excess, that when changed it brings distress,
bankruptcy and ruin upon all who have been
rnisled by its fatllless protection. What the
manufacturer wants, is uniformity and perna-
ncncy that he is not to be ruined by sudden
changes. But to make tariff uniform and per-
manent, it is not only necessary that the law
should not be altered, but that the duties should
not tluctuatc. To effect this, all duties should
should be specific, wherever the nature of the
article is such us to admit OF it: Advalorem
duties fncuatc with the price, aud offer strong
temptations to fraud and perjury. Specific du-
ties, on the contrary, arc equal and uniform in
all ports, and at all times, and offer strong i'll
ducement to the importer to bring the best ar
liclc. rs he pays nomore duty upon that than
upon one of finieriorquality. | therefore strong
" recommend modification of the psescnt
tariff, which has prostratcd some OF our most
important aud necessary manufactures, and that
Specific duties be imposed sufficient to raise
the requisite revenue, making such dscrimna
ton in favor of the industrial pursuits of our
own country as to encourage home production,
without excluding foreign competition. 1t is
also important that al unfortunate provision in
the present tariff which imposes much higher
duty upon the raw material that enters into our
manufactures than upon the manufactured art-
Gle, should be remcdicd
There being no mint in California, | am in
formed that the laborcrs in the mines are COM
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