Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1858-12-15
WHOLE NO. ssos.


world could not have been controlled by
the legislation of any particular country;
but the effects of the reTulsions are noa
slowly but surely passing away. Ths
energy and enterprise OF our citizens,
with our unbounded resources, viii, with
IN the period of another year, restore .
state of wholesome industry and trade.
Capital has again accumulated in our
large cities; the rate of interest is there
very low. Confidence is gradually re-
yiving. and so soon as it is discovered
III At this capital can be pro6iably em.
pIoyed in commercial and Insngfac-
turing enterprises, and in the construc-
lion of railroads and other works of pub
lie and private improvement, prosperity
will again smile throughout the land
Il is vain, however, TO disguise the fact
from ourselves that speculative infia-
lion in other countries whose msnufac-
lures come in competion with our own,
must ever produce disastrous results to
our domestic manufacturers. No tariff
short Of absolute prohibition can pre-
vent these evil consequences.
In connection with this subjec. 1t Is
/ proper to refer to our financial condition.
The same causes which have produced
pecuniary distress throughout the coun-
try, have 50 reduced the amount OF im-
ports from foreign countries, that the
revenue has proved inadequate 10 meet
to necessary expenses of the government.
To supply the deficiency, Congress by
the Act OF the 93d December. 1857. su-
thorised the issue of S20.OO0,o 600 ct
Treasury notes. and this proving made
quaie. they authorised by the Act OF
June 18th, 1853 a loan OF $40, ,O00, 600,
to be applied TO the payment Of appro'
priations made by law. No statesman
would advise that we should go on in
cressing the national debt, but TO meet
the ordinary expenses of the governments
| this would be a most Tuinous policy. II
would be ruinous to continue 10 borrow;
besides it may be proper to observe,
that the incidental production thus af-
forded by revenue tariff would. at the
present moment. TO some extent. increase
the confidence of the manufacturing in
ierests, and give fresh impulse to our
reviving business. Tothis surely nopey-
son will object.
In regard TO the mode Of assessing
and collecting duties under strictly
revenue tariff. 1 have long entertained
and often expressed the opinion that
sound policy requires that this should be
done by specific duties in cases to which
these can be properly applied: they are
well adapted 10 commodities which are
usually sold BY weight or BY measure,
and which from their nature are Of equal
or nearly equal value; such, for exam
PIE, are the articles Of iron Of different
classes, raw sugar and foreign wines and
spirits. In my deliberate judgment,
specific duties are the best if not the on
ly means of securing The revenue against
false and fraudulent invoices, and such
has been the practice adopted for this
purpose by other commercial nations.
\ B-siIes. specific duties would afford
to the American manufacturer the Incl
dental advantages to which he is fairly
entitled under revenue tariff. The
present system is sliding scale to his
disadvantage. Under it. when prices
are high and business prosperous, the
duties rise In amount, when he least re-
quires their aid; on the contrary, when
prices fall and he is struggling against
adversely, the du,ies are diminished, in
the same proportion, greatly 10 his iniu.
ry; neither would there be danger that q
higher rate of duty than that intended
By Congress should be levied in the form
OF specific duties. II would be easy to
ascertain the average value Of any i'm
ported article for series of years, and
instead of subjecting it to an advalorem
duty, at certain rate per centum. to
substitute in its place an equivalent spec
iiic datY.
! By such arrangement the consumer
would not Be injured; it is true that be
might have TO pay a little more duty on
a given article in one year; but il so, he
would pay lttle less in another, and in
series OF years, these would couuter-
balance each other. and amounts to,the
same thing SO far as his interest is con-
cerned. The inconyeniense would be
trifling when contrasted with The addi-
tiOnsl security thus afforded against
frauds upon the revenue, in which every
consumer is directly Interested. Ihave
thrown out these suggestions as the fruit
OF my own observations, to which Con-
gress in their better judgment will give
such weight as they may Justly deserve.
In relation TO The transit route across
the lsihmus. the President says thatt the
government has no objection to de-
mand Tor fair compensation, but insists
thai hereafter the route shall not be clos
ed By an arlitary decree of the govern
mens of Nicaragua. He recommends
Congress TO pass law authorizing him
TO employ force TO prevent the obstruc
tion or closing of the transit by lawless
violence. A similar necessity exists for
! the protection of the Panama and Te-
hautepec routes.
MAKING A Fuss ABOUT IT-rhe Liy.