Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1857-02-25
THE TARIFF.
SPEECH OF HON. w. w. B0YCE.
OF SOUTH CAROLINA.

In the House Of Representatives, FEB. III, 1851
The House being in Committee of the Whole
on the state OF the Union, and having under con-
sideration the bill (H. R. No. 556) to reduce the
duty on Imports, and for other purposes
Mr.. BOYCE said:
Mr.. CHAIRMAN: shall speak upon the tariff
The surplus now in the Treasury amounts to
over $l9,000,000, and this in despite of the ex.
travagant appropriations made during the last
few years. Tie surplus on the Both of june
1858, as estimated by the Secretary Of the
Trcasuary, will be S43,995,7l0 g. These TACT:
indicate radical defects in our existing tariff, and
toreshadow great disasters unless 4 timely RENE
dy is applied. They indicate that more money
has been taken from the people than the wants
of the Government require; than which moth
ing can he more unjust or unwiSe, especially
when we consider the fact that a large portion
of our taXaton as being tax on consumption,
falls upon that class Of our people who have
but limited means, or no means other than their
labor as that class constitute a great majority
of our population, a class who emphatically live
BY the sweat of their brow, who are compelled
to practice Il severe economy, and necessltated
to undergo great privations.
But there are other objections to these surplus
accumuations Their natural tendency is to
nut at hazard the business relations Of the
country BY the withdrawal from circulation of
such vast SlllnS oi money, in specie, the curren-
cy required by the SubTrcasury law. The
imminent danger from this source is obvious,
when we consider the peculiar nature of our
currency, consisting as it does so largely OF pa
per credits, and resting on very narrow specie
basis. In January, 1856, the total indebted
ness of the banks in the United States, ,inclu-
ding notes in circulation, bank credits. and in
dcb,clncss lo each other, was S4Il ,rI@,33I,
while the specie in their possession was only
$50 3l+, ,0G::''. Now, as long as confidence coll
tinues, no disasters may result from having so
much specie locked up in the vaults of Govern
mcnt; but let financial crisis arise, and it is
difficult to estimate the fatal consequences.
The Secretary Of the Treasury, speaking on
this point, says, in his last report:
9The Independent Treasury may exercise a
fatal control over the currency, the banks, and
the trade of the country, and will do so when
ever the revenue shall greatly exceed the ex-
penditures. There has been expended, since
the 18th of March. 1853, more than S45 ,52o, 600
in the redemption OF the public debt. This
debt has been presented from time to time, as
the money accumulated in the national Treasu-
ry, anil caused Striagency in The money market.
Ii there had been no public debt, and no means
of disbursng this large sum, and again giving
it to the channels nf commerce, The accumulated
sum ,could harc acicd fatally on the banks and on
trade"
The national debt is now so nearly extinguish-
cd that we cannot rely upon it further as
T ,,,l- ft1rth1r
develop this point; business men will readily
comprehend its magnitude; nor is it necessary
for me to do more than allude to the fact, that
keeping S43,0O00O0 idle in the Treasury in
wolves an annual loss of $3,000,000 in the sim
gle item of interest; this being bonus, sup
pose, which we pay for the chance of producing
financial crisis.
The objections to these surplus accumulations
do not rest here; they increase in magnitude
the more we consider them. Their natural
effect is to infame the zeal of parties, corrupt
the Government, and induce to the most cx-
travasant appropriations. With all these con-
seouences staring us in the face it would seem
there would he but one opinion a$ TO the ne
ccssitv of reduction of the tariff Why, tllen
is it not done? 1t has been for several years
urgently recommended by the President OF the
United States and the Secretary of the TreaSu-
ry. Under ordinary circumstances, it would
seem that nothing would be more popular than
to reduce the taxes. and that the contest would
he as to who should have the merit of perform
ing so acceptable an office. If we were the
legislators of S ate, we would proceed to this
duty with the most sovereign alacrity; why,
then. do we, the legislators Of the Union, de-
cline to act upon the subject? The reason is
obvious. 1t Is because of our indirect system
of taxation, and the protective features OF our
tariff
But it is to be hoped that the obstacles aris-
ing from these causes will not be insurmounta-
bic, and that we will not terminate our mission
as legislators without having reduced taxation,
in the face Of vast and increasing surplus, cs-
pccially when we remember that if we neglect
to act in the matter nothing can he done for
another year, during which time the accumula-
tions in the Treasury will be constantly and
rapidly increasing.
At one time, Mr. Chairman, l was willing to
accept the present tariff as correct in principle,
and rest satisfied with pro rata reduction Of
duties. But greater reflection upon the subject
has satisfied me that the existing tariff is radi-
callv defective in detail and III principle. |
will now alludc to some Of the defects i'll the
present tarif-Therc arc too many schedules:
the one hundred per cent, the forty per cent.
the thirty per cent, the twenty-five per cent,
the twenty per cent, the fifteen per cent. the
ten per cent, and the live per cent, schedules.
besides the free list. The effect Of so many
schedules is to lead to unnecessary complexity
and expense in the collection of the revenue.
must not. however, he understood as being III
favor of horizontal tariff, which all experience
and tho laws of political economy utterly reject.
Further, the articles brandics and cordials,
embraced in schedule A, (tle one hundred per
cent, schcdulc,) are subject to too high rate
of duty. These duties are above the revenue
standard; for there is no doubs but that, at
lower rate of duty, s,y thirty or fifty per cent,
thcv would yield Il larger revenue, and there
can lie no excuse for having them above the
revenue standard-that point at which they
would produce the most revenue. The effect
of these high duties is necessarily very much
to cripple our trade with France, result great
" to he regretted, for there is no country with
which it is more desirable to cultivate CONNER
cial relations than France, even upon the prn-
ciplcs of the protectionists for the exports from
France do not come in competition with the
products of this country besides, there is "a
great sympathy of feeling between the people
of France and this country, which ought to bo
cherished as we have much TO gain, not merely
commercially, but otherwise, by close relations
with peope so remarkable as the French peo-
ple are for great ideas and noble impulses.
Another defect in the present tariff is, that
the duties on articles of prime necessity, such
as cotton, wooden, and iron manufactures, and
sugar, are too high. These articles are lndls,