Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1851-01-02

time safely admit a larger Importation than in
former years, yet the experience of the last year
has shown that our imports have been greatly
beyond our exports, which last must be regarded
as the true measure of our ability TO consume,
for any given number of years.
If upon the large importaiiors of the past year
the increase should continue at the same ratio
as that oil the past quarter, which as already
stated, is SlS,OO0CC0, the aggregate amount for
the current fiscal year, ending 3Uth June. 1881,
will not fall much short OF SlJO,OCOOO0. A
survey of the markets of the world, 1t is belicv-
ed. furnishes no reason to expect that our expor-
tations will exceed those of the last year, which,
we have seen, were a fraction less than l52 mil
lions. This would leave, on the trade of the
current fiscal year, with foreign countries, an al
arming balance, which could not fail TO be felt
in results fatal to all branches Of business at
home. and highly injurious to the revenue OF sue
ceedmg years.
These considerations, forced by the existing
state of things upon the earnest attention of tins
Department, are submitted to the wisdom OF
Congress, IN the belief that they present reasons
of the most Imperative character for the uodlii-
cation of the present revenue laws. The large
irrespective inpurtatons should be checked by a
higher rate of duties, SO as TO bring their aggre-
gate amount within the lmit of our caplbilty TO
pay. II the exports Of the last year define that
limit, then our imports for the ensuing year
should lot greatly exceed Sl52.0t0ttO 1t ~
believed, however, that We may calculate safely
upon an export of gold, for several years to
come, Of at least from ten TO fifteen millions an
maly, exclusive Of what goes abroad direct from
California, without any detrimental effect upon
the currency or business Of our people. J he
supply Of this metal from our own mines may at
present be estimated at Sj0O0o,UOO annually,
including That sent directly from California to
other countries and this supply, It Is believed,
wall not be- likely ID diminish Ia amount for the
next two or three years.
IT, then, We can afford TO spare the above a.
mount ~ the prncinus metals, m payment of for
elpu merchandise, Il my be fairly assumed that
our exports including all articles, will be- equal
to about one hundred and sXiy-ive millions,
supposug always the trade of the world TO re-
main unaffected by any disturbing causes In
the opinion of this Department 1t would be TN
safe 20 assume an amount of imports as basis
upon which 20 levy duties for revenue beyond
this latter sum.
If the present rates of duties be applied TO
tlat amount, we should received from customs,
only 33.J0CCO, and the amount OF revenue re-
CURED for the present and succeeding years
would fall short Of the estimates for the current
year. by a fraction over seven millions.
Il cannot be doubted that a rate of duty high
or on many articles than that paid 10y the present
law mirbt be established without niicctno miu-
riouslv The revenue The extraordinary influx
of fn'icrn merchandise for the last year and the
first quarter of the present ONE must be- regard
ed as conclusive proof that an increase of duties,
SD .,. q, advance tbe nuonpt of revenue seven
millions on tho Same amount OF imports. Is en-
freely Drtcnca5ie
That such incrass, will be found necessary 20
the demands or the Tlos-ulv. is believed % be-
beyond doubt. unless Conerc.s ,hall discontinue
many of ia. ohIusts Of expenditure which of.gI-
n4fed in Our recent Territorial ACQUISITION. and
this. ll tae opinion of the Department. would be
eoulliv upoI tic aud unjust
From dc ioro.,oin.r Conscientious. The Dc
rartment would submit tse following u8d.fea-
tous of ,le,.rsent revenue llus:
l. A chance .n The pr,.cnt AID valoram svs-
tenn. which should mnoae snecifc duties upon
ALI articles which such dnfios may be .aie.v
sunni. ol Witb home valuations unuu aH such as
are nee. ssar.i, subject 10 ad paiofem ratios.
II. II tie pr.nci1le of sueri6c dutles shan not
be adopted, that he home valuation. instead of
tha foreign, should then be applied 10 ll IMPORTS
subject to ad v5lorem duties.
Ill If neither of the ioregn;re, chances shall
be thought pfoner then IL Is deeinrd h,,biy no.
cossory that the pgesen. rates of dutlc. s6auld
be increased on great variety ct articles winch
it Will be found could bear such increase with
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