White Cloud Kansas chief. [volume] (White Cloud, Kan.) 1857-1872, 1858-12-30

has again accumulated in our large cities
The rate Of interest is there very low
Confidence is gradually reviving. and so
soon as it is discovered that this capital
can be pro6tably employed in commercial
and manufacturing enterprises. and in the
construction of railroads and other works
Of public and private improvement, pros
perity viii again smile throughout the
land. 1t is in vain, however, to disguise
the fact from ourselves, that a speculative
imitation of our currency, without cor
responding imitation in other countries
whose manufactures come into competi-
ten with our own, must ever produce
disastrous results to our domestic manu-
features. No tariff, short Of absolute pro-
hibition, can prevent these evil conse-
quences.
In connection with this subject. it is
proper to refer to our financial condition.
The same causes which have produced
pecuniary distress throughout the country.
have SO reduced the amount Of imports
from foreign countiS that the revenue
has proved inadequate 10 meet the neces-
sary expenses of the government. To
supply the deficiency, Congress. by the
act of the 23rd Of December, 1857. au-
thorized the issue of 500, 1000, 600 Of
treasury notes and this proving male
quate, they authorized by the act of June
14th, 1858, loan of $40, 900, 900, "to
be applied to the payment of appropria-
tons made by law"
No statesman would advise, that we
should goon increasing the national debt.
to meet the ordinary expenses Of the gov
eminent. This would be most ruinous
policy. In case of war. our credit must
be our chief resource, at least for the first
year, and this would be greatly impaired
by having contracted large debt in time
Of peace. 1t is orr true policy, to in
crease our revenue so as to equal our eX-
penditures. 1t would be ruinous to con-
time to borrow Besides, it may be
proper to observe, that the incidental pro-
lection, thus afforded by revenue tariff,
would at the present moment, to some
extent, increase the confidence of the man.
ufacturihg interests, and give fresh i'm
pulse to our reviving business To this,
surely no person will object
In regard to the mode of assessing and
collecting duties under a strictly revenue
tariff, l have long entertained and often
expressed the opinion, that sound policy
requires this should be done by specific
duties, in cases to which these can be
properly applied. They are well adapted
to commodities which are usually sold by
weight or measure, and which, from their
nature, are of equal or nearly equal value.
Such. for example, are the articles of iron
of different classes. raw sugar, and for
eign wines and spirits.
In my deliberate judgment, specific
duties are the best, if not the only means
Of securing the revenue against false and
fraudulent invoices, and such has been the
practice adopted for this purpose by other
commercial nations. Besides, specific
duties would afford to the American man.
ufacturer the incidental advantages to
which he is fairly entitled under revenue
tariff. The present system is a sliding
scale to his disadvantage Under it, when
prices are high and business prosperous,
the duties rise in amount when he least
requires their aid. On the contrary, when
prices fall, and he is struggling against
adversely, the duties are diminished in the
same proportion, greatly to his injury.
Neither would there be danger that a
higher rate of duty man that intended by
Congress, could be levied in the form OF
specific duties. 1t would be easy to as
certain the average value of any imported
article for series of years and instead
of subjecting it to an ad ralorem duty at
q certain rate per cemtum, to substitute
in its place an equivalent specific duty.
BY such an arrangement the consumer
would not be Injured. 1t is true, he might
have to pay little more duty on a given
article in one year but if so. he would
pay little less in another, and in a series
Of years these would counterbalance each
other, and amount to the same, SO far as
his interest is concerned. This inconve-
nience would be triaing, when contrasted
with the additional security thus afforded
against frauds upon the revenue, in which
every consumer is directly interested.
| have thrown out these suggestions as
the fruit of my own observation, to which
Congress, in their better Judgment, will
give such weight as they may justly de-
serve.
The report of the Secretary. of the
Treasury will explain in detail the oper-
stions of that department of the govern
ment. The receipts into the treasury
from all sources during the fiscal year
ending 30th June, 1858. including the
treasury notes authorized by the act of
December 23rd, 1857, were seventy mil
lion two hundred and three thou
sand eight hundred and sixty mine dollars
and fifty-nine cents, (S70,273,S6 $3.50. J
which amount, with the balance of seven
teen million seven hundred and ten thou
sand one hundred and fourteen dollars and
twenty-seven cents, (Sl7,710,11427, J
remaining in the treasury at the COM
meneement Of the year, made an aggregate
for the service of the year of eighty seven
million nine hundred and eighty three
thousand nine hundred and eighty three
dollars and eighty six cents. (SS7 $685.
9s3.S6.)
The public expenditures during the ifs
cal year ending June 80, 1858, amounted
to eighty one million FIVE hundred and
eighty FIVE thousand, six hundred and
sixty seven dollars and seventy six cents,
(SS1 ,5S5. 667.76. Of which nine million