Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1857-11-26

~ O'S us0eu billOuhI lT0m iOfby by-elgnt mli-
lions the year before; aud on the I9sh
October Of tha: year the issue Of ten mil.
lions OF treasury notes was authorized 10
supply its deficiency fOi the services Of the
Government In 1899 tbe revenues rose
TO thirty millions-twelve millions 10 two
years; and ia two years mOre sunk 10 Rf.
teen and thFee-fOurth milliOrs-another
fall Of nearly one hundred per cent. in two
years.
Thus, in the frst three years Of the
compromise act, We have the whole differ.
ence between twenty one and fosty-eighE
millions Of revenue per anbum resulting
to the treasury, aud 10 the next five yeais
the still greater difference Of decline from
fOhy-eight TO fifteen and lbree-quarter
millions. Under the operation Of the
second reduction, while the duties remain
ed the same, the customs !el of from
twenty-three and half to eleven mllious;
aud under the operation Of the third re.
duetion they rose again to tweuty.tEree
millions fluctuations 10 the revenue which
bafisd all calculation and destroyed all 70.
lance.
Steadiaess Of the reUeHue and adjustment
10 expenditure under proteciUe tariffs.
Under the tariff of 1924 the revenue
varied no more than from twenty-five to
twenty-five millions in four years; and un.
der that Of 1898 from twenty five TO CHR.
ty.twO millions by regular increase in four
years. Under that Of Is4z the customs
rose from the depressed point Of eighteen
To the steady and adequate one Of twenty.
seven and half millions in four years and
the reneipts from tie public lands raised
only fIom one and 3 third millions 10 two
millions.
The public expenditures during the
three periods of these comparatively high
tariffs were very regularly covered by tie
national income; the fst yielding Eve
millions, the second four millions and the
last thirteen millions; or from one 10 three
millions per annum more than the current
ordinary expenses Of their respective peri.
DDS OF operation; amounting annually to
10 more than such baIaLce in the treasury
as it IS prudent to hold for its incidental
uses.
Plethora Of tie Treasury under the CON-
promise act, and under tie tariff of
1916.
Under the low tariff of 1898 we have
an enormous surplus in the treasury, then
large deficiency and debt. Under that
OF l846 We have arrived at such a surplus
OF public moneys as again calls ior relief;
We Lave a balance in the treasury now Of
nineteen millions, and we are threatened
with its augmentation to the amount Of
thlrty millions in year to come.
1t is not intended by this contrast of the
steadiness of the revenue under the high.
est tariffs, and their happier adaptation to
the wants OF tue treasury against the un-
steadiness Of the income and its NAL ad.
justment to expenditure under the lower
tariffs, TO espouse the rates of duty of ths
particular systems cited of the one class, or
to condemn the systems of the other by
so sweeping generalization; but they are
arrayed here now simply to exhibit their
workings, as the facts and iQ.
ures OF their history present them to Us,
and that they may serve as data for the
inquiry before US.
Your committee are IS well aware, andfesl
IS torcibly as any Objector can,.hat where
lumber OF causes are in existence, anG CO.
operating in the result especially when sev.
etal of them are inter-dependent, aud sOme
Of them independent Of the otLers the
of determining their respective
agencies IS great in proportion to tie COM
Plexity and diversity of the forces at work:
but such difficulty, in matter of the vast
importance of that under investigation, on.
ly increases the necessity for eHdeavorino
q solution.
The fluctuations of the national revenue
during the operation of the low tariffs
and its steadiDess under the higher ones
occurring in constant connection in the
last thirty-five years of our financial expe.
rienee, seem 70 admit of q clear and in.
structIve explanation.
The following propositions, which EN-.
brace the facts involved correctly and suffi.
GENTLY to cover all the operative causes.
immediate and collateral, very fully salts.
y the inquiry.
A tariff of duties ranging generally be-
low the point of adequate protection to our
home production induces large Imports
lions by the effect of diminished prices to
the extent to which the purchasers neaus
are relatively increased, and the further
extent of supplying the vacancy OccssiOueL
BY Withdrawing from the market the
amount of commodities of home prOduc-
Iion which are SO excluded.
Undue expansion Of bank circulation IN
sepGrabls from excessive imports Of
T0retgn merchandise.
Ii has been customary with the advo.
Gates of low tariff duties to charge the in-
HatiOn of prices. the rage Of speculation.
aad the resulting revuIsions in the business
of the country to excessive n-
sues of bank paper.
The fact that such over.issues always
concur with inordinste Iise Of prices is re-
markable indeed. aud offers a plausible ez.
PLANTATION Of the mischief; but the other
fact of the invariable concurrence of great.
ly enhanced prices and excessive bank a.
sues with the reign Of low tariffs connect
these phenomena In our financial history in
a category Of relations which very clearly
shove that fhav ara IN n air uafu.. ;,.o..