The daily union. [volume] (Washington [D.C.]) 1845-1857, 1857-02-20
CONGRESSIONAL.
SPEECH OF HON. w. w. Royce.
OF SOUTH CAROLINA,

/
OF SOUTH CAROLINA,
On the tariff delivered in the House of Representatives,
February 10, 1857.
The House being in the Committee of the Whole the
state Of the Union and having under consideration the
bill H X No. 5a6) TO reduce the duty on mPorr and for
other purposeS-
Mr.. BoYCE said:
Mr. CHAIRMAN shall speak upon the tariff The surplus
now in the treasury amounts to $l900o0OO and this
despite OF the exavagant appropriations made during
The last lew years The surplus the 90h of june 1888
as estimated by the Secretary of the Treasury will be $43
9957l0 b2. These facts indicate radical detects in
" remedy applied They indicate that money has
been taken from the people than the wants Of the
ment require than which nothing be more unjust
unwse especially when consider the fact that large
portion Of our taxation, as being tax consumption,
falls upon that class of people who have but limited
means, or other than their labor, as that class
constitute great majority of our population class who
emphacally live by the sweat OF their brow, who are COM
Reled to practise severe economy and neccssiated to
| undergo great privatons.
But there are other objections to these surplus
laons Their natural tendency is to put at hazard The
business relations of the country by the withdrawal from
circulation of such vast Of money in specie the cur
rency required by the sub-treasury law The imminent
danger from this is obvious when consider the
peculiar nature of currency consisting as 1t does
largely of paper credits, and resting very narrow
specie basis In January 1856 the total Indebtedness Of
the banks in the United States including notes in circula
tion bank credits and Indebtedness to each other
337 while the specie in their possession only
$593l4063. Now as long confidence continues dis
may result from having much specie locked up in
the vaults of government but let financial crisis arise
and is difficult to estimate the fatal consequences The
Secretary OF the Treasury speaking on this point says in
| his last report: t
The independent treasury may exercise fatal control
will whenever the shall greatly exceed the
There has been expended since the 4th Of
public This debt has been from time time
as the money accumulated in the national treasury and
no public debt and no means dbursng this large sum-
and again giving to the channels of commerce. the
mulatea Doald hare acted fatally the 6anks and
| trade"
The national debt is now SO nearly extingushed that
cannot rely upon it further a saieyvalve. think
it unnecessary further to develop this pont business men
will readily comprehend its magntude nor is it necessary
for to do than allude to the fact that keeping
$43OO0000 idle in the treasury involves annual loss of
$3oooo0o in the single item Of interest; this being
bonus suppose which we pay for the chance Of produ
| cling financial crisis
The objections these surplus accumuations do MOI;
| rest here; they increase in magnitude the
slider them Their natural effect is to infame the zeal Of
parties corrupt the government and induce to the most
exravagant appropriations With all these consequences
staring in the face it would there would be but
opinion the necessity Of reduction of the tariff
Why then is not done? II has been for several years
urgently recommended by the President of the United
States and the Secretary o the Treasury Under ordinary
circumstances it would seem that nothing would be
popular than reduce the taxes and that the would
ceptable Office IL we the legislators Of State
would proceed to this duty with the most sovereign
alacriiy why them do We the legislators Of the Union
decline upon the subjcct2 The is obvious
1t because of our indirect system OF taxation and the
| protective features of our tariff.
But it is to be hoped that the obstacles arising from these
causes will not be nsurmountable aud that will
terminate mission Legislators without having
duced taxation, in the face OF vast and increasing
plus, especially when we remember that if we neglect to
act in the matter nothing be done for another year
during which time the accumulaons in the treasury will
be constantly and rapidly increasing.
i AT one time, Mr.. Chairman willing 10 accept the
wit
pro rata reduction of duties But greater reflection upon
the subject has satisfied that the existing tariff is radi
cay defective in detail and in principle. will now al
lude of the defects in the present tariff There
too many schedules the hundred cent the forty
per cent the thirty per cent the twenty-five per cent? the
twenty per the fifteen per cent the per cent and
the five per cent schedules besides the freest The eec,
of many schedules is to lead to unnecessary complexy
and expense in the collection Of the must not
however be understood as being in favor Of horizontal
tariff which all experience and the laws of political
my utterly reject
schedule A. the one hundred per cent schedule subject
to high rate of duty. These duties are above The
standard for there doubt but that at lower
rate OF duty say thirty or fifty cent? they would yield
larger revenue and there be for having
them above the revenue standard-hat point at which
they would produce the most The effect Of these
high duties s necessarily very much TO cripple trade
with Francea result greatly to be regretted for there
country with which it is more desirable to cultivate
mercal relations than France upon the principles
the protecons for the exports from France do not come
in competition with the products of this country besides
there great sympathy of feeling between the people
France and this country which ought TO be cherished
have much to gain, not merely commercially but 9th
erwise by close relations with people remarkable
French people for great ideas and noble impulses
Another defect in the present tariff is that the duties on
articles of prime necessitysuch cotton woollen and
iron manufactures, and sugar-are too high These ar
ces indispensable to the great OF people,
the great mass of our people the aborng classes The
duty upon these articles ranges from twenty-five to thirty
per cent producing $2845627 35 of revenue for the R
cal 1885, being nearly oneha of the total
that the result of which is that portion the
burden OF taxation Is thrown upon the laboriug classes
whereas little possible should be thrown upon them
The effect OF these high duties upon these articles of prime
necessity by enhancing their price, is the
duce these duties would be- the other hand to increase
the wages OF labor; for though they would nomnay
main the same, they would buy more and leave larger
surplus For the interest then, of the laborng classes
insist that these duties should be reduced and If done
would not be inappropriate enttle the BILL IA bill
reduce the duties articles of prime necessity to
crease wages'a result, apprehend, which would be
rey satisfactory to every in the United States who
has to earn his bread by the sweat Of his brow.
Another defect in the present tariff is that the
is derived from too high rate of duties What NEAR
is evident when state that the year 1853 900
sxsevenths of the entire revenue derived from d
ties OF twenty-five per cent aud upwards Experience hal
demonstrated that upon the generality of articles twenty
percent duties Is the Standard that if
the duties beyond that point you less pro
hibit imporatons and diminish the 1t is diff
fcul therefore, understand how the collection of six
OF the a rate Of duty five per abov
the revenue standard must operate nurousy upor
the exchanges of the country by diminishing the imports
and by consequence the exports In the interest then
the exchanges of the country insist reduction Of
!, present high rate Of duties
In thus pointing out the defects of the present tariff
ha