The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-12

revenue collected was, OF course, very small.
The consumption of spices is so general,
and in such small quantities to each in
dividual, that the reduction of the duty was
probably not in any instance realized by the
consumers the importers and traders alone de-
irving any benefit therefrom. In wines there
was also great falling of in revenue whilst on
spirits the loss to the revenue was no less than
S2,S17 ,6S4-not taking into consideration the
increased quantity imported, but on the basis of
the same quantity as the previous year. In other
articles of luxury, such as Silks laces, &C., the
revenue was also largely affected. The commit
tee will have little difficulty in deciding that ar
ticles of luxury should be selected for high rates
Of duty in preference to articles which are ne
cessary for subsistence and it fortunately happens
that articles luxury return the largest revenue.
The home iron interest is very anxious for
greatly increased duty on foreign iron. There
is no objection to incidental protection, but
this incessant clamor of the iron interest has
always appeared to us as somewhat absurd.
Foreign iron can never enter into competition
with our own to any considerable extent. 1t
will not pay ships to take iron as freight. A
ship can take but comparatively small guam
tity oft, and that she must carry more in the
nature of ballast than freight. The bulk of
her cargo must be goods Of less dead
weight. Thus ship capable Of carrying
one thousand tons could not carry a thousand
tons of iron with any safety But still, as the ar
gument holds good on the other side that is, that
ifa comparatively small amount of foreign iron
can be imported the duty cannot injuriously af-
feet us, it is of no great consequence if the duty
is re-established, as in the tariff of 1916, at 80
per cent. AS compromise, it is more than pro-
bable this will be agreed to, although we may
expect fierce fight on the part of the iron in
terest, who are preparing to carry the contest
into the next Presidential campaign.
The articles added to the free list under the
act of 1857 amounted in value to Sl5,562, 300
during the year 1858. In the fiscal year ending
June so, 1857, the value of these articles was 81
1874, upon which duty was collected Of
sl,s43O76. Assuming that there would have
been no increase in the aggregate value of the
articles imported had they not been added to the
free list, there was lost to the revenue from this
source sl,s43,0OO. The principal articles added
to the free list were Peruvian bark copper, in
bars, pigs and old; dyewood, in sticks; linseed
madden, rags, raw silk, tin and manufactured
wool in value not exceeding 20 cents per pound
Linseed, the year previous to being placed on
the free list, paid nearly 100000 duty, and
wool under 20 cents $64O0OO. Some of these
articles might properly be added to the duty
ThoI doc o<oc~
the revenue upon the basis of last year 81, 100000
The President acquiesces in the Secretary's
views as to the improperly of funding the present
issue Of Treasury notes. To fund them would be
to add for a fixed period to the public debt, and
prevent its reduction, unless by buying them in
at premium, should the revenue authorize it.
These notes will become due, the Secretary says,
during the next fiscal year." and he therefore
requires authority to reissue them for another
year. We believe they will commence to fall
due on the 31st of March. AS the session ends
on the Sd of March, there is no doubt the neces-
sary authority will be given in ample time.
From all this data we take it for granted that
the result will be temporary reinstatement on
the higher schedules Of 1916 of sufficient num-
Der of articles to increase the revenue to point
adequate TO the wants of the government in car
rying out existing laws and the regular appro-
priations. Incidental to this will be compro-
mise by which the duty on iron will again be
placed at thirty per cent and the necessary au-
thority will be given for a reissue of the
S2OOOO,OO0 Treasury notes for one year. SO
much for the regular expenditures, which we
think will be provided for without recourse to a
new and additional loan. A Pacific Railroad
would probably involve loan but the indica-
tons of the passage of any bill at this session are
so remote as scarcely to be worth entertaining.
If the French Spoilation bill should become
law, it will, Of course, be accompanied by au-
thority to issue stock, as was the case with the
Texas Indemnity bill.
There is, however, not the slightest doubt but
that if the present Congress so far neglects its
duty as to fail to provide for carrying on the
government and defraying those expenses called
for by law, that the President will not hesitate
an instant in calling the next Congress together
at an extra session. Whatever may be the re-
suit, he will do his whole duty fearlessly and
with confidence as to the result. The miserable
disorganizing trading politicians, who infest
Congress and endeavor to obstruct the govern
ment. will find that they will be compelled to
do their duty, or shoulder the responsibility Of
being faithless to their trust and to the country
RUSSIAN GUNB0ATs BUILT IN AMERICA
Among the items of news by the last mail from
California was the announcement of the arrival
Gar to have steam gunboat built in Anne