, 1859-01-14

into competitor with our own, must ever
produce disastrous results to our domestic
No tariff, short Of absolute
prohibition, can prevent these evil conse-
quences.
In connection with this subject, it is
proper to refer to our financial condition.
The same causes which have produced pc
cuniary distress throughout the country,
have so reduced the amount Of imports
from foreign countries, that the revenue
has proved inadequate to meet the necessa-
ry expenses Of the government. To sup
ply the deficiency, Congress, BY the act Of
the Esd Of December, 1857, authorized the
issue Of $40, 900, 900 Of treasury notes.
and, this proving inadequate, they author
lied by the act Of June l4th, 1858, a loan
Of $40, 900 600, ITO be applied to the pay
ment Of appropriations made by law"
AN INCREASED TARIFF SPECIFIC DUTIES.
No statesman would advise, that we
should go on increasing the national debt
to meet the ordinary expenses Of the
government This would be most rui-
nous policy. In case Of war. our credit
must be our chief resource, at least for the
first year, and this would be greatly i'm
paired by having contracted large debt
in time Of peace. 1t is our true policy, to
increase our revenue so as to equal our ex.
penditures. 1t would be ruinous TO con
tinue to borrow. Besides, it may be proper
to observe, that the incidental protection,
thus afforded by q revenue tariff, would at
the present moment, to some extent, in
crease the confidence OF the manufacturing
interests, and give fresh impulse to our
reViying business. To this, surely, no one
will object.
In regard to the mode Of assessing aud
collecting duties under a strictly revenue
tariG, l have long entertained and often
expressed the opinion, that sound policy
reqpires this should be done by specific du-
ties, in cases to which these can be properly
applied. They arc well adapted to com
modities which are usually sold by weight
or by measure, and which, from their ma
turc, 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.
In my deliberate judgment, specific du-
ties are the best, il not the only means Of
securing the revenues against false and
fraudulent invoices, and such as has been
the practice adopted for this purpose by
other commercial nations. Besides, spe-
cifc duties would afford to the American
the incidental advantages to
which he is fairly entitled under revenue
tariff. The present system is q sliding
scale to his advantage. Under it, when
prices are high and business prosperous,
the duties rise in amount when he least re-
qnires their aid. On the contrary, when
prices fall, and he is struggling against ad-
versiiy, the duties are diminished in the
same proportion, greatly to his injury.
Neither would there be danger that {
higher rate Of duty than that intended By
Congress, could be levied in the form o
specific duties. 1t would be easier to as
certain the average value Of any imported
article for a series Of years; and, insteat
Of sabjecting it to an ad rdlOrem duty at
certain rate per centum, to substitute in it
place an equivalent specific duty.
By such an arrangement the consume
would not be injured. 1t is true, he nigh
have to pay little more duty on a give
article in one year; but il So be would pa,
little less in another, and in series Q
years these wenld counierbalance eac
other, aud amount to the same thing, s
far as his interest is concerned. This in
convenience would be trihing, when con
trasted with the additional security thu
afforded against frauds upon the revenue
in which every consumer is directly inte
rested.
have thrown out these suggestions a
the fruit Of my own observation, to whic
Congress, in their better Judgment, vii
give such weight as they may justly de
serve.
THE TREASURY.
The report Of the Secretary of th
Treasury will explain 10 detail the opera
tons Of that department Of the govern
ment. The receipts into the Treasury frou
all sources during the fiscal year ending
OVbu OuuOr 1000 luSluuthB tue LTtdSuT
notes authorized by the act Of Decembe
23, 1851, were seventy million two hundre,
and seEenty-three thousand eight hundrc,
and sixty-nine dollars and fifty.nine cent
$50, ,273 500 59), which amount, with til
balance Of seventeen million seven hurdre,
and ten thousand one hundred and iouI
teen dollars and twenty-seven cents ($l7
1l0,ll4 27) remaining in the treasury a
the commencement of the year, made a
aggregate for the service Of the year q
eighty-seven million nine hundred au
eighty-three thousand nine hundred an
eighty-three dollars and eighty-six cent:
1881, ,9s3, 1888 S6).
The public expenditures during the Rsca
year ending June 80, 1858, amounted t
eighty-one million FIVE hundred and eighty
Eve thousand six hundred and sixty-seve
dollars and seventy-six cents ($Sl,5 ,5s7
667 T6), of which nine million six hundre,
and eighty-four thousand Eve hundred an
thirly-seven dollars and ninety-nine cent
($9, ,6s4, ,537 99) were applied to the pay