Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1855-01-08
LYNCHBURG VIRGINIAN.
MONDAY MORNING. =. JAN'Y 3. 1850

MONDAY MORNING. .JAN'l Z. 1s55.
MODIFICATION OF THE TARIFr.-The Secre-
tary of the Treasury recommended. at the last
session OF Congress, modification of the Tariff.
TIL. Committee of Ways and Means reported a
bill whice did not meet the views of the Secreta-
ry. Tbs Boston Courier specifies the following
points Of difference: The Secretary agrees with
the committee in retaining the 100 per cent. rate
it exists in the present law. but rejects all the
other, and imposes duty of 25 per cent on all
other articles not made free. Most of tie arti
cles IN ID, I'D. and per cent. schedules he adds
10 the free list. In his report the Secretary say
that, upon mature reflection be is fully sntis-
fled the 40 per cent. schedule should be retained,
keeping in il wines not made free. and adding to
1t silks of all kinds, laces of all kinds millinery
of all kinds land other sumptuary articles" Thus
modified the project of the Secretary proposes
to make three schedules of 100 10 aud p per
cent. The Secretary proposes TO reduce the rev
enue mainly by increasing the free llstwhilst the
committee propose TO reduce IL by diminishing
the existing rntes on the articles which now pay
dnties of 40, 30, and p per cent. The Secretar,
recognizes, in his report, 1.-THE principle that du
ties should be levied for revenue and not for pro-
lection" but he considers it no departure from
the principle to counteract t e Legislation of 9th
er countries, and make the same articles free nn
der our laws that are free under theirs" The
Committee Of Ways and Means recognize the
same principle. and consider that 1t will be best
preserved by conforming the reductions TO the
policy of the act of 1916 There is prospect
that the present tariff will be changed during the
presauf Tho i'nnriar
BY the existing tariff The amount Of duties for
the year ending June, 80 1888 was $5s,672.-
600 the average amount during the six prece-
ding years was sI0907.7IS29. BY the Secre.
taey's project the amount for the wear ending
June 80, 1888, would have been Si7 700, 800 81,
and the average for six years S30.6i3,O iS %. By
the committees bill the amount for the wear end.
ing June 30 1853, would have been Si3757, OILS
10 and the average for six yeart $40. 3B3,3Il.75.
Ii will be seen thpt the reduction proposed by the
Secretary for the year would bc SIO,I2, 069 -;
by the committee, SAB 800 III; the average
reduction for six years proposed by tho Sccre.ta-
ry Is s1,27 9.36, and by the committee $40
574376,5i.
The well informed correspondent Of the Phil
adeiphia North American writes that the indica-
tons are becoming stronger that the Committee
81 Ways aud Means and large majority Of the
iuling party in the House Of Representatives are
disposed To carry through some plan for the ma
terial modification of the present system. and he
ADDS TINT The worst project vet suggested seemed
To hnd most favor. This is the bill reported last
summer by the MINORITY of the Committee on
Ways and Means. "a substitute for TINT sub
mitied by the Secretary of the Treasury The
report accompanying the former bill was signed
by Mr.. liavcDs, of of New York a Nhip. Mr.
Robbins, of Pennsylvania and Mr. Appleton. of
Boston presented another report and bill, which
IN a Wing House would probably br adopted as
the basis Tor whatever might be done ON the sub
yeol' ne expenditures last yenr, inclusive Of
twenty Tour millions Of the public debt, were
seventy -four millions of dollars The estimated
expenditure OF the present year, exclusive of
the redemption of the public debt are sixty. four
millions. 1t is, however most manifest thnt tbc
expenditures for this year are under estimated
ne Navy Department wants nine more stenm-
ers. This will take S1,5OO.0OO. Mr. Davis asks
Tor four II .dltonal regiments of troops Tint
Item VIII add Sl,o0o.OU 10 this years expenses.
30 that the usual and ordinary expenditures will
not tall below S70.00O,O00 for the year The
revenue Is falling off at the rate of 50 COG, 900 n
month"; an i the entire decrease from this year. ut
the present rate, will be Sl7 0OO, 600 and may go
TO twenty millions. The receipts of the whole
year therefore, cannot be calculated at over
Soo0oo' 900, allowing for full sales of public lands
Soo,ooo'oOo is not below the true mark There
VIII oe' then, an actual deficit of means rising
within the year and the present surplus of S25,.
ooo'ooo will he reduced TO SIC, 900 900 upon the
LIST OF July next