Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1857-04-18

toms, to diminish the surplus that is accu-
mulating in our Treasury, | may say there
never was period when it could be done
with greater safety to all those interests
which have been heretofore considered as
protected by the operations of our revenue
laws. say there has never been period
when it could be done with greater safety,
because it is evident that the rate of profit
Of production is rising all over the world. =
| affirm that rate to be rising, because, with
the acknowledged fact before us of great
increase of money, the rate of interest is
constantly rising all the world over, which
could not be but for an increase in the rate
OF profit, which causes a demand fer money
greater than til supply, great as that is
growing 10 be. We are living in that re-
gard in remarkable period of the history
Of the world. Heretofore, in times of peace,
and when the productive industry of the
world was active, the accumulation of COM
modities received an artificial check from the
fact that the quantity Of specie was constant;
and soon, from the increase of commodities,
their price began to fall, and the profits of
production, too, to sink. But now the pro-
duction of money, which measures the val
ues of all these commodities, has gone OH
pari passu with the production Of thcm.--
The consequence has been that the rate of
profit has not only been continued but there
is reason for believing that it is increasing i;
and if it is increasing, surely this must be a
safe period at which to make some reduction
in the duties. 1t is safe for all the interests
that are concerned. 1t is not only eminent
ly desirable for the consumer, but it is safe
for those great branches Of productive In
dnstry which have grown up, as they sup
pose, under the shadow Of protective legis-
lation.
| might add in reference to the financial
view of the case, that if, instead of resort
ing to some such scheme as this, We COLI
linue to hoard the specie, and if a contrac-
ton aud reeulson should come, the first
force Of that blow will fall on the country in
which the vacuum is produced by its reye-
nue. system, and that country viii be ours
for there is none other in which they are
withdrawing the specie of the State merely
to hoard it idly in the vaults Of the Irea-
sury.
Il. then, it he true that there IS this press
ing necessity for reducing the revenue, and
that it can be done with so little injury even
10 those interests that are called the protect.
ed interests, the question arises, in what
way is it to be done 1t is obvious that, in
, the short period Of the session which is LEFT
: to us, there is no mode in which it can be
effected except to take some established idea
in the public mind and modify that II
seems by general consent to have been tho
and in that | concur, that the only plan OF
moulding measure which would pass would
be to take the tariff of 1916 and modify its
schedules --not that the tariff of 1916 was a
perfect measure, yet it performed great
Office in It's day but interests and invest
ments have grown up under it, and il is our
duty 50 to proceed in modifying it as to re-
sreet those interests and provided We can
make sensible step in the right direction,
and reasonable approach to the true poll
ey, then to proceed slowly and gradually 50
| as to protect from sudden injury the inter-
) ests which have thus grown up. Iudepen-
IDENTIFY of considerations of justice, the die
tates of policy should prevent us from doing
: anything to PROSTATE those interests By a
; sudden blow, as their ruin would lead to q
, general commercial rovusion, and bring dis
aster upon all.
The question then arises, Mr., President
In SO modifying these schedules. what is the
true policy to which we should direct our
efforts? ! say that the proper system to
which We should endeayor to come is sys-
tenn Of duties laid for revenue alone, and
laid according TO the true principles of tax
i.tlE Il. 90, Ill al
that the imports would furnish according to
this system, we should find that duty which
would mike each article Yield the greatest
revenue. Having ascertainod those duties
If We did not desire to obtain all that il fur
nished---we should modify the duties RAJ
tally, SO as to give us what we wanted but
at The same time we do this we must do i;
according to the true principles Of taxation,
which require that we should lay the tax,
net on production, but on consumption. -
That Is principle adopted i'll all countries in
which there is wise sytem of legislation
and it is adopted because. if you lay the tax
upon production the people have to pay a
great deal more than ever goes into the Irea-
, sury and because, when you lay it in that
mode, you run the danger of disturbing the
equilibrium Of the great industrial pursuits
! of the country and turning some which are
naturally profitable out OF their usual and
. accustomed channels; whereas, when you
I lay the duty on the article when ready for
consumption, the Government gets MI the
duty, minus the expenses Of collection.
To illustrate, let me refer to the argu-
ments that were used during the war be-
tween England and France, under Mr.. Pitt
ministry, when it was proposed to lay an
excise duty on pig iron. 1t was opposed on
the ground that 1T was unwise legislation to
lay any duty ON production--opposed on the
ground that, for the Goo, geo sterling
which mightthus be carried into the treasury
: the people would have to pay q 600 600;
: and to show that something like this might
happen, without pretending to answer for
the precise accuracy of the figures, I will
: suppose case. Suppose they had laid a
: duty on raw cotton; it is manifest, that
: when the spinner twisted that pound of cot
ton, and sold it to the weaver, the duty
t would enter into the cost as an element OF
price, and upon it he would put profit and
: interest for the capital invested in the duty.
When the weaver turned it over to the prin-
ter, he would put on the duty thus com
pounded with interest, another profit and
, interest: and when the printer turned it