Democrat and sentinel. [volume] (Ebensburg, Pa.) 1853-1866, 1858-12-22


gradually reviving, and SO soon as it is dis
covered that this capital can be proftably en-
ployed In commercial and manufacturing en-
terprises, and in the construction of railroads
and other works of public and private i'm
provement, prosperity will again smile thro'-
out the land. 1t is vain, however, to disguise
the fact from ourselves, that a speculative
imitation of our currency, without CORES
| ponding imitation in other countries whose
manufactures come into competition with our
own, must ever produce disastrous results to
our domestic manufactures. No tariff, short
of absolute prohibition, can prevent these
evil consequences.
In connection with this subject, it is proper
to refer to ouy financial condition The same
causes which have produced pecuniary dis
trees throughof the country, have so reduced
the amount of imports from foreign countries
that the revenue has proved inadequate to
NEE. the necessary expenses of the govern
ment. To supply the deficiency, Congress,
| by the act of the 23d of December, 1857,
authorized the issue of $40, 900, 900 of treas
urv notes; and, this proving inadequate they
authorised by the act of June 14th, 1858,
the loan of $4,000 900, ''to be applied to
the payment of appropriations made by law
No statesmen wonld advise, that we sho'd
90 on Increasing the national debt to meet
the ordinary expenses of the government
This would be 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 peace. 1t is
our true policy, TO increase our revenue so as
to equal our expenditures. It would be
ruinous to continue to borrow. Beside, it
may be proper to observe that the incidental
protection, thus afforded by revenue tariff,
would at the present moment, to some extent
increase the confidence of the manufacturing
interests, and give fresh impulse to our re-
viving business To this, surely, no person
will object.
In regard to the mode of assessing and
collecting duties under a strictly revenue
tariff, have long entertained and often ex-
pressed the opinion, sound policy requires
this should be done by specific duties, in ca
ces to which these can be properly applied,
They are well adapted to commodities which
are usually sold by weight or by measure.
and which. from their nature. are of equal
or of nearly equal value. Such, for exam
le, a re the articles of IRON of diferant clas-
ses. raw sugar, aud foreign wines and spirits.
In my deliberate judgement, specific du-
ties are tie best, if not the only means OF
securing the revenue against false and fraud
ulent invoices and such has been the prac
tce adopted for this purpose by other com
mercial nations. Besides, specific duties
would afford to the American manufacturer
, the incidental advanta ges 20 which he is fair
ly entitled under revenue tariff. The pre-
sent system is sliding scale to his Gisadvan-
tage. Under it, when prices are high and
: business prosperous, the duties rise In amount
when he least requires aid On the contra
ry, when prices fall, AID i i:c s s struggling
garusv adyersity, the duties are diminished
in the same proportion, greatly to his iuju
l ry.
Neither would there be danger that a high
} er rate of duty than that intended by Con
f gress, could be levied in the form of specific
7 duties, 1t would be easy 20 ascertain tn
! average value of any imported article for
: series of years; and, instead of subection
f to ar ad ralorens duty at certain rate pc
= centum, to substitute in its place an equiv
i alent specific duty
: BY such an arrangement the consume
: would not be injured It is true, he Nigh
: have TO pay lttlt more duty on given ar
: ticle in one year; but if so, he would pay
e a little less in an other, end in serie
= of years these would counterbalapce eac
other, and amount to the same thing, so IA
: as his interest is concerned This inconven
e fence would be trifing, when contrasted wit
e the additional security thus afforded agains
d frauds upon the revenue, In which ever
is consumer is directly interested.
IS l have thrown out these suggestions as tn
J, fruit of my own observation, to which Con
d gress, in their better judgement, will Civ
IF such weight as they may justly deserve.
n The report of the Secretary of the Treas
y ury will explain in detail the operations c
6 that department of the government. Th
n receipts into the treasury from all sources du
lr ring the fiscal year ending 30th June, 1855
including the treasury notes authorized b
( the act of December %, 1857, were Sc
to 273, 500 SO. which amount, with the ba
1T lance of Sl7, 10, ia 27 remaining in ii
2 treasury at the commencement of the yea
lie made an aggregate for the service of tt
De year of $S7. 9S3 983 Sc.
e, The public expenditures during the fsc
ID year ending June 80. 1853, amounted
n- 81, ,585, 667 76, of which SO. 634, S37
ar were applied to the payment of the publ
SO debt, and the REDEEM ption of tre asury nott
ye with the interest thereon, leaving in the tr
Il, asury on Jury l, 1858, being the comenct
in ment of the present fiscal year, So, 39S, 81
pt 10.
lis The receipts in the treasury, during t
l first quarter of the present fiscal year, col
. mencing the 1st July, 1853, including on
bit half Of the loan of e20, 900. 900, with t
If premium upon it, authorized by the act
e 14tG june 1858, were S25, $40, Sl9
ey and the estimated receipts for the remalnl
,ie three quarters to the 30th June, 1859, fr'
w. ordinary sources, are S3S, 500, 900, maxi
with the balance before stated, an aggreg;
ow of $40, ,120, ,105 sc.
or- The expenditures, during the first qu
'ur ter of the present fiscal year, were $2l,7t
od 1OS 81. of which 81, 010. 142 81 were
me piled to the payment of the public debt