Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1858-12-24
BEDFORD. PA. FRIDAY. DECEMBER "a. 1858.

But the effects of the revulsion are now
slowly but surely passing away. The energy
and enterprise of our own unbounded resources
will. within the period of another year, restore
a 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 reviving, and so soon
as it is discovered that this capital can be pro-
itably employed in commercial and manufactn-
ring enterprises, and in the construction OF
railroads and other works of public aud private
Improvement, prosperity will again smiie
throughout the land. 1t is vain, however, 70
disguise the fact from ourselves, that specu-
lative imitation of our currency, without cor
responding imitation in other countries whose
manufactures come into competition with our OWE
must ever produce disastrous results to our do,
mesiic manufactures. No tariff, short of abso-
lutte prohibition, can prevent these evil con-
sequences,
In connexinn with this subject, it is proper
10 refer to our financial condition. The same
causes which have produced pecnniary distress
throughout the country, have so reduced the
amount Of imports from foreign countries, that
the revenue has proved inadequate to meet the
necessary expenses of tue government To
supply the deficiency, Congress, by the act OF
the 23d of December, 1857, authorized tie
issue Of S20,000,000 of treasury notes, and
this proving inadequate, they authorized, By
the act Of june l4th, 1883, loan Of S20,-
100000 "to be applied TO the payment of ap-
preparations made by law .
No statesman would advise, tha, we should
60 on Increasing the aational 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 resource, at
least for the first year, and this would be great.
ly impaired by having contracted a large deb'
in time of peace. Ii is our true policy, to iu-
crease our revenue SO as to equal our expendi-
tures. 1t would be .uinous 10 continup to hor-
row. Besides, it may be proper to observe,
that the incidental projections, thus afforded by
revenue tariff, would AT the present. moment,
to some extent, increase the confidence of the
manufacturing interests, and give fresh iin-
pulse to our reviving business. To this, sure
ly. no person will object.
Iu regar to the D,ode of assessing and COD :
lecting duties under strictly revenue taffs,
have long entertained and often expressed the
opinion, that sound policy requires this should
be done by specific duties, in eases TO which
these can be properly applied. They are we'll
adapted to commodities which are usually sold
by weight or measure, and which, from their
nature, are of equal or of nearly equal value.
Such, for example, are the articles of iron OF
different classes, raw sugar, and foreign wines
and spirits.
ln 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 Ane rican
manufacturer the incidental 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 aud business prosperous, the duties rise III
amount when he least requires ;heir aid. On
the contrary, when prices fall, and be is strug-
Cling against adversely, the duties are diminish
cd IN the same proportion, greatly to his inJu-
ry.
Neither would there be danger that higher
rate of duty than that intended by Congress.
could be levied IN the form of specific duties.
1t would be easy to ascertain the average val
uc of any imported article for series Of years;
and insteadiof subjecting it to an al UuloreDl
duty at certain rate per centum, to substitute
in its place an equivalent specific duty.
BY such an arrangement the consumer would
not be injured. 1t is true, be might have 10
pay little more duty on given article in one
year; but if so, he would pay little less 10
another, and in series of years these would
counterbalan-e each other, aud amount to the
same thing, so far MS his interest is concerned.
he ~ yLa,,
tIasted with the additional security thus afford
ed against frauds upon the revenue, in which
every consumer il directly interested.
| have thrown out these suggestions as the
frIit of my own observation, to which Congress,
in their better Judgment, will give such weight
as they may justly deserve.
S. The report of the Secretary If the Treasury
will explain in detail the operations of that de-
partment of the government. The receipts
into the treasury from all sources during the
fiscal year ending Both June, 1858, including
the treasury notes. authorized by the act of
December 23d, 1857, were seventy million two
hundred aud seventy-three thousand eight hun
dred and sixty-nine dollars and ffty-uine
cents, ($70,273,S69 59,l which amount, with
the balance Of seventeen million seven hundred
aud ten thousand one hundred and fourteen
dollars aud tweDty-soyeu cents, (17,710, la
~ remaining in the treasury at the com
meucement 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, 1881, ,9S3,9SS S6,)
The public expenditures during the fiscal
year ending June 80, 1858, amounted to
eghty-ou million five hundred and eighty
five thousand six hundred and sixty-seven dol
lars and seyenty-six cents, 1881 l,5S5,6o! Io'l
of which nine million six hundred and eighty
four thousand five hundred and thirty-sevean
dollars and ninety-nine cents, tS9 ,684 ,537 99)
were applied to the payment of the public debt,
aud the redemption Of treasury notes with the