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


The Condition OF the Treasury-What VIII
Congress Do with the TarIH-An Extra
Session.
We publish this morning an important table
attached to the report of the Secretary of the
Treasury, which has only just been printed. 1t
is statement exhibiting the value of merchan-
disc imported into the United States during the
fiscal years ending June 80, 1857 and 1853 re-
spectively, with the duties accruing thereon.
The Importance Of this statement consists in its
showing upon what particular articles the
largest amount of duties were obtained and the
effect of the tariff of 1857 in reducing these
amounts At glance any one can thus see
the falling off in the revenue, and the particular
articles affected by the reduced tariff.
There is reason to believe that at this session
no radical change will be effected in the col
lection Of the revenue by the substitution
of specific for ad valorem duties. The session is
perhaps too short, and the data as to the amount
of revenue which specific duties would realize
that the Committee Oh Ways and Means will re-
commend anything more than an approximation
to the reestablishment of the higher rates of the
tariff of 1916 upon such articles as will probably,
form the tables furnished by the Secretary of the
Treasury, afford sufficient increase of revenue
to meet the requirements Of the government. In
this view of the case, with the aid afforded by
the statement we publish this morning, the COM
mittee can calculate with sufficiently near pre-
cision how much revenue can be obtained, and
thus obviate the necessity Of increasing the pub
lie debt by the issue Of a new loan for the regu-
lar expenditures of the government.
If the present Congress had given any evidence
of being working practical body, the public
might expect or hope for some such practical and
permanent legislation upon the subject ofthe tariff
as the country really requires and the President
has expressed himself in favor Of. Mr.. Buchanan
advocates specific duties, as affording steady
regular revenue-a revenue which would not
possess the extraordinary features Of enhancing
the cost of an article to the consumer by in
creasing the tax when goods are high, and low.
ering the tax when merchandise is cheap; or the
equally absurd quality Of unreasonably adding
to the revenue when the prosperity of the coun-
try induces large importations of expensive
goods, and the revenues in the ordinary channels
would be more than sufficient to meet the ex-
penses and which diminishes the tax on each
article when trade is so depressed as to render it
important the government should collect all it
can TO meet its requirements. 1t is however.
useless to expect the present Congress will exh-
bit, in It's expiring moments, capacity and bust
ness qualities, and we must therefore make up
our minds, as the best that can be hoped for
under all the circumstances, such an alteration
in the present tariff as will enable the govern
ment to be carried on for the next fiscal year.
Upon reference to the Secretary's table il will
be seen that the value Of the merchandise i'm
ported in the fiscal year ending June, 1857, was
1924, lG0,S35, paying duty of $75,445, 42G; and
the value of the importations in 1858 was 5202,-
29S,S75, paying duty Of $3S,G7l,2 PAP. To this
must be added the value Of the goods made free
under the act Of 1851, SIS 5G2, 300 showing the
total value of the importations for the fiscal year
| ending June 1858, apart from the value Of art-
! Giles previously made free under the act of 1916.
to be S2l7 ,S5G,l7j. This shows a falling of in
the value of the importations of S7G,3Ol $50, or
little over one-fonrth as compared with
the previous year, whilst the loss of
| revenue in consequence Of the reduced tariff o.
1857 was nearly fifty per cent. Had the tariff Of
1916, therefore, remained in force. the amount Of
| revenue which would have been raised under il,
during the year ending June 80, 1853, would
have been nearly S50,000,000.
There are some articles upon which the tariff
of 1857 lowered the rates Of duty, which il would
be no hardship TO the consumer TO have replaced
nearly as high as they were under the tariff of
1916. The duty on spices, for instance, was re-
duced to four per cent instead of forty and thirty
The reduction in the duty on nutmegs made a
difference in the revenue of $4,000 upon the
basis of the same amount only being imported in
the fiscal year ending 1858, as was imported the
previous year-whilst upon similar basis
| there was loss on black pepper Of $4,000
| In each case a much larger importation
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