The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1858-12-11
No statesman would advise that we should
"a on increasing the national debt to meet

This would be a most ruinous policy. In
case Of war our credit must be our chief re-
source, at least for the first year, and this
would be greatly impaired by having con-
tracted large debt in time OF peacc. 1t is
our true policy to increase our revenue SO
as to equal our expenditures. 1t would be
rsirous to continue to borrow. BESIDES 1t
may be proper to observe that the incident
al protection thus afforded bv revenue IL.
riff would at the present moment, to some
extent, increase the confidence of the man
ufacturing interests, and give fresh i'm
pulse TO our reviving business. To this.
surely, no one viii object. IT e..
In regard to the mode Of assessing and
collecting duties under strictly revenue
tariff, | have long entertained and often ex-
pressed the opinion that sound policy re-
| Guires this should be done by specific duties
in cases to which these can be properly APP
/ piled They are we'll adapted to commodl-
1 ties which are sold by weight or measure,
and which, from their nature, are OF equal
or Of nearly equal value. Such. for exam
| pie, are the articles of iron Of d fierent clas
ses, raw sugar, and Of foreign wines and
spirits.
/ In my deliberate Judgment, secfic duties
| are the best, # not the only means Of Sc
curing the revenues against false and fraud
ulent invoices, and such SIS has been the
practice adopted for this purpose by other
commercial nations. Besides, specific du-
ties would afford to the manufacturer the
| incidental advantage to which be is fairly
entitled under q revenue tariff The present
system is a sliding scale TO this advantage.
1 Unner il, when prices are high and business
prspostereus, the duties rise in amount
when nc least requires theta aid. On the
contrary, when prices fan, and he is .trus
glisg against adversely, the duties are di-
ninished in the same proportion, greatly 10
hi injury.
Nal,hsr would there be danger that a
higher rate OF duty than that intended by
Congrss. could be levied in the form OF
specific duties. IL would ne easier to as
certain the average vhne of any importsd
article for series o. years; and, instead OF
snhjecting it to an sd valorem duty AZ Ger.
tam rate per ceutum, to subst tate in ts
place an equivalent sp.cinc duty.
BY such an arrangement the consumer
vii not be injured. 1t is true, he might
have TO pay iltt'e more duty on giv.r
! article III one year but If 50. no wou'L
paw q little less IN another, ans: IN serie,
! OF wears these would coua.erSalance each
! other, and amount TO the same thing, a,
nj. interest IS concerned. This incon,en
with the additional security thus atfGrd,o
) acaiss, frauds upon the revenue. 10 whiet
every Consumer is directly interested.
have thrown oss thes. suggestions a.
ne fruit Of my own observation, IN whici
Congress, in their better judgment VII CIV.
such weight "a they nav iA>tiy deserve.
The report of the Secretary OF the Treas
ury Nil explain in detail the operations Z.
that department of the government Toe
; receipts into the Treasury from al, sources
during the tsCa! year ending goth June 81,
inc udin. the treasury notes author Zing Dy
the act OF December -, 1877 were seventy
million two hundred and seventy tire.
thousand eight hundred and sky nine dol
lars and Elry nine cents s7J, 213. SEQ J.
which AMOUNT, WIZ the balance OF seyeH
teen mill ons seven hundred and ten thou
sand on. hundred and fourteen dollars an
twenty ssvca cents sIT,TlU, ia Gt re
manning 10 the treasury a: the coIsJnenc 6
ment OF the year, made an aggregate Tor the
d service OF the year G! elCntr-seyen million
nine hundred and eicity-three thousand
nine lur arsd and eighty three dollars nm!
eighty-six cents 80 $50, ass So
The public expenditures during the rs
c. year ending June -, 1913, amounted to
eichty-one million five hundred ana eighty
five thousand tx hundred and sJtY-s.ven
dollars and seventy-Sjx cents s .JoJ. 66I
a. OF which mae millions six hundred a:.d
eighty four thousand five hundred ard thjr-
iv-seven dollars and nncty-riue cents 81,
6Sl, J3I 9+D we've applied 10 TIA payment OF
the public debt, and the red II YtioI. Of treas
urv notes With the interest thereon, leaving
in the II, ury july !, ISIS, being the
commencement of the present fiscal year,
SIX million three hundred and ninety oIgi t
l.. = - - L.
and ten cents, 1854, 3lG 10.
The receipts into toe treasury, daring the
first quarter o! the prescn. fiscal year. com
rnencing the Ir>t Of July. IS :, including
one half of the loan Of twenty mill ons OF
dollars, with the premium upon it, suthori-
zed by the act Of l4th June, 1858, were
twenty ii We m ion two hundred and thirty
thCusaad eight hundred and seventy nine
dollars and torty-siS cents, SO, $50, $40 ~
and the estimated recCIps for the remaining
three quarters 20 the 3Jth June, 1859. ircm
ord nary sources are thirty-si -ht million five
hundred thousand dollars, tS3S, 100000 }
making with the balance before stated, on
aggregate of seventy million one hundred
and twcnty-nine thousand one hundred and
ninety five dollars and fifty-six cents, $50,
1919, 1919 so
The expenditures, during the first quar-
ter Of the present fiscal year, were twenty
one million seven hundred end eight thous-
and one hundred and nine;y-e!ght dollars
and iifty-onc cents t$2l, 1OS, 1913 oil y OF
which one million and ten thousand one
hundred and fortv-two dollars and Thirty
seven cents l.oI0,l 42 80 were applied
10 =. payment Of the public debt and the
,--7emp,ion OF treasury notes and the inter-
est ,he,.nn The estimated expenditures,
1nr;rr the rero,;',i7c three quarters to Both
June, 1859, are ffty-,,-o million three hun,
dred and fifty-se7cn ;teusa,,. six hundred
AID nine,y-eight dollars and fert,-.,,,ss,h'
cents, go, 357, COS 49,, making al aggre-
gate eff seventy-four million sixty-fve
thousand eight hundred and ninety six dol.
lars and ninety -rinc cents, (ST4 ,0G5, 500 9a),
being an excess Of expenditures, beyond
the estimated receipts into the treasury
from ordinary sources, during the fiscal
year to the 30th June, 1859, of three mil
lion nine hundred and thirty six thousand
seven hundred and ore dollars forty three
cents 90, 1886, 70l 43). Extraordinary means
are placed by law within the commands of
the Secretary Ct the Treasury, by the re-is-
sue of treasury notes redeemed, and by no.
gotiating the balance on the loan authorized
by the act OF l4th Jane, 1858, to the extent
OF eleven millions Of dollars, which, if reali-
zed during the present fiscal year, will leave
a balance in the treasury, on the first day
of July, 1859 of seven million sixtythree
thousand two hundred and ninety bit dol
lars and fifty-scven cents (S7, Q 63,2 9S SO
The estimated receipts during the next
fiscal year ending Goth June, 1860, are six
ty-two million of dollars (s62, 600, 0OO),
which with the above estimated balance of
seven millions sixty three thousand two
hundred and ninety eight dollars and tifty-
seven cents s7,0G3, 29S 80, make and ag-
gregate for the service of the nett fiscal
year of sixty-nine millions sixty three thous-