Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-12-28

-P9eut fetuiu OF prosperous Times.
Inc foregoing estimates contemplate dehciene,
u the means Of the goverRmenf which. hy the sol
June $500 viii amount 20 the sam Of 81, 9i4 575
ProSision should be made By Cougress at is prese6
session to supply The deficiency. 10 What nsnue,
shall Il be done loan for tAis purpose is no
deemed adVissoi IN view Of the addition already
made 10 the public debt. A revision Of the fariF 4,
1857, snd the imposition Of additional duties i IT,
only remedy, unless Congress shall take some action
90 relieve the treasury from portion Of the expsp.
! ditures it Is nov required % meet.
In revising the tariff, the sane PRINCIPLES should
direct aud control the actien Of C0Byress that would
J be considered IN the adoption Of an SEigiaal act
/ do net deem tproPer to enter into any extend.
cd discussion Of the theorsiie principles o. which
] tariff aci should be framed
They may be briefly stated. Such duties should
Be laid as will produce the required reseRae By I'M
posing On the people ct hrgs the smallest asd most
equal burdens.
Il is Obvious thai this ia most efeeinaly done 81
taxiss IN prsfseoss to others. such articles 81 ere
M produced in this o0uniry and among articles
produced here, those iE which the bone product
bears the least proportion 70 the Quanty Imported
are he hnesE for taxation. TEE reason is that IN
king articles not made in the coGstry The whole
sum taken nom the consumer goes lt0 the treasury
while in The other eass the consumer pays the en-
haReei ysiue not only the eusntiiy import ed but
Oh he quantity made al home This last tax IS paid
not 10 The TIeIsury, but 70 the manufacturer, there
By rendering such duty not Only more burdensome,
but grossly uuequal the home producer Being bens-
fitted 81 the expense Of the consumer a4
II these principles ara sound Il isobEioUs that DO
tariff, strictly for revenue, has yet been enact
cd in The Uni'cl States.
Tee early legislation Of The country orn lsnplaiss
other objects, such as fostering oar thea infant
manufacturer. AMI encouraging the predaSlien Of
indispensable articles 50 as 70 render 0auntry
independent o. foreigo governments in case Of var
The objects which OrginlnJ Ie1 to cur systt II Ct
duties have long since been attained; but uudsr
that system, Urge Interests have eroWR or, Bhfeh
have always claimed snd received such considerations
from Congress 10 prevent TIE Abandonment Of the
idea Of Profession
do not expect chats tarsR viii be nov framed On
rigid revenue principles, but in eli changes an effort
should be made at least IL avoid further departure
from them.
Assuming that the general principles Of The pres-
ent tariff act viii be adhered to- ali viii adlaif that
having ssefrisinCd the additional revenue reqoired
accurately Jssbe, the least increase Of daily
that viii raise the sum is The proper rate 10 bs
adopted 4
Ia determining. however, on what articles the
dufy is to be increased strong appeal wiz doubt-
less be made to discriminate to afford relief
eerlaie interests said 70 be unusually depressed
In period Of general financial distress, such Is
have net yet entirely passed each interest % the
ecuutry naturally feels he want Of any aid hat
would relieve its embarrasEmsnts and restore its
prosperity. In responding to such demand care
Should beiakeu not % afford the required relief at
the expense Of another interest equally In Want Of
assistance and equally entitled receive il at the
hands Of the government. When general calani-
ty has parays Sod the hand Of industry and crampsd
the energies 81 the people IL Is unfortunate that ct
such time, when the country is least sole to bear
IT, the wants Of the goVernmsnt ahould force in
crease Of taxation. In yielding 10 the necessity
which eompels the imposition Of the burden LEI il
be done with that spirit Of justice which regards
with equal care and protection, ell the yarisdintSr
esis Of the country. .fe ..--r +
In connection with this branch Of ire subject, I
would respectfully refer - the views presented in
my last annual report TO Congress. D
Il is $50 a subject Of regret That public neces
siiy requires revisoRof The tariff act Of 1896, be-
fore sufficient time has elapsed 10 test is legi /.
mate effects upon the business Of the country as
well as the revenues Of ihs government FsI.e i'm
pTessiOns as 70 desperation must be carefully guard
ed against. The fact that this act went ino opera
lien on the LIST Of July 1851 and was folioWCd 90
soon BY the dltasrols revulsiops Of hat year has
induoed many persJns 20 believe thatths one vas
the necessary cause OF the other. The a6vscstfs Of
high protective iatif have not failed 10 avail them
selves Of this circumstances 10 press upon the pubie
mind tbeir peculiar system Of afording relief 10 q
distressed people by increasing their taxes Every
in erestin the country which suffered in the gener-
al calamity has been earnestly appealed to, ard no
Efforts have been Sd Ared TO induce each and all 70
believe that their misfoFu8es have been produced
By the passage Of the tariff Of 1852 There is, how
ever, one Important Point il the argument, where
thu logic Ct the protectiOniats is wholly 81 fault
The reTui sion was net eoBfaed 10 the United States
or even 10 this continent. Il swept over the world
and was felt viii equal, il not greater severity in
other countries than cur oWn. These results have
been too universal to have been brOugbt about By
reduction Of about 20 per eent upon ths rates Of
duty in The United States, being reduction Of abOui
five per cent upon our impOFtatious The argument
Of the prosctionsts IS that reduction Of our duties
stimulates the foreign trade; anl in this instance
its legitimate effect shonld have been 10 relieve The
embarrassmenis Of thecountries with whom we trade
By opening a large market for their productions
They charge that the increased importation Of for
eiFn goods into the country dssstross 20 The bust
ness 81 the home producer and manufacturer, By
deprvinR them Of the markets Of theIF own country
Let US apply to it the facts which have tran pred
under the operations Of the tariff Ct 1857.
The foreign producer and manufacturer have not
been bensfIIsd By the reduction. Alal events they
have not been preserved from the general calamity
which has come upon the producers and msuufaetur-
ers Of similar articles in 90 own country
The impossaiions for the hsesl year ending June
80 1885, the first and only year OF The pres tariff
amount 10 1882 8lS 100 being SIS, 276 99l less than
the impOrtaGons Of the last year Of the tariff Of
1876.
These two facts alone furnish strong Tefutation
Of the theory We combating
For the purpose, however Of more th0roBgh ex-
animation Of the question: propose to consider the
operations ofthe iron interest during the same period
have eeleCted iron for two reasons first il is
Of the most important Interests in the country, de-
serving the care and protection Of the government
TO as great extent as any other, aud, secondly,
because it has suffered much, II rot more than
any other interest from the recent reTulsiOn
BY reference 10 table 6, appended 10 this report,
it viii be seen that the Importation Of iron and steel
of all kinds amounted in the year ending June 80,
1857, 10 S25, 954 Ill In the year ending June 80,
1885, it amounted 10 Sic 22s OS9; being redactioh
mart by the reduced prices, Of the last yesF; but
there Is shroWn by the same table large reduction
in the amount Of imported iron sud 81 manufaotnf
ers Of iron. Whatever cause, therefore, may have
produced the great depression Of the iron interest
during the last year, it is very clear that Il is net
owing to an increased importation OF foreign iron
under the act Of 1857 IT, as alleged, the price Of
iron in this country has been reduced by the IN
creased importations eaused By the reduction Of
duties then the price Of the articles in those cOuu
tries from which We import ought 10 have been bene
fcialy Affected comparison Of the prices In this
and foreign countries during the last year, viii show
that such was not the fact the price fell not only
in the United States, but 10 Europe also. The price
Of piz-iron on board at Glasgow, on Dscem0sr 81,
1856, was T4s Cd on December 81, 1857, 52s. 3D.
beiag a decline Of tWeuty.Rias per centnm The
average price ct New York, for January, 1857, vas
SIS 90 fo= January, 1883, vas $50 so; Showing .
decline Of eighteen per centum The difference be-
tween the highest and lowest pricesin New YORK for
the year 1867 being S3l in APRIL 1851, and S28 in
December. is less than twenty Elk per cent, whilst
the difference between The highest sad lowest foE the