Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1860-05-05

dollars annually. Having already thrown away
about half million in the last two years, only
to indulge in the luxury of an idea, that the
Treasury notes were only temporary and not
permanent debt it is time We began to hus-
band our resources and change the form of our
indebtedness, as to impose lighter burden
upon the people. For this purpose we propose
to authorize loan of @2l 100000, which may
be reimbursed after two years, by giving three
months notice, or after six years, without notice.
There is no doubt sush loan can be negotiated
at much cheaper rate of interest than can be
Treasury notes.
The issuance of Treasury notes aggravatcs an
evil, already great, in swelling the paper cur
rency so as to make our own the dearest mar
kets of the world-the place where to sell, and
not to buy. The aggregate debt Of the banks,
January |, 1859, was S4j2,S7j,006, being an
increase in one year Of over one hundred and
eleven million dollars, and greater than it was
at the time of the crash of 1857. The increase
Of specie was, to be sure, S30,000,000; but the
increase of deposits was more than twice that
sum. If the banks were called upon to pay
even one half of their deposits, or one half Of
their circulation, we should soon discover the
extent of the initiation. Certainly it is an evil
to which the Government should not contribute.
Large importations for another year, stimulated
as they arc by the largest amount of paper cur
rency the country has ever carried, will be
avenged by another monetary crisis.
The next subject of the bill and the one Of
paramount Importance, is that of revision of
the tariff. 1t must be owned, in the outset,
that, if the present revenue laws will serve the
purposes of the Government and are not OPP
pressive in their operation upon the general in
terests OF the country, no revision is necessary.
think ii is an easy task to show they are faulty
in either view of the subject. 1t must be still
further conceded that, unless the changes and
notifications we propose arc better both for
the Government and the people Of our country,
they have no claims to be adopted by this
House.
The authority of the President in his mes
sage of year ago, for radical revision of the
tariff was full and explicit, and in his last mes
sage he says his opinions then expressed have
undergone no change. lie said;
at is true policy to increase our revenue 50 rs
to equal our expenditure. Ii would be ruirous to
continue to borrow. Besides It may be proper 10 OBJ
serve that the incidental protection thus afforded by
revenue tariff would at the present moment. to some
extent, increase the confidence Of the manufacturing
interest," and give fresh impulse TO reviving busi-
ness. To this surely no person will object
When TIE President said this. trust he had
authority at least to speak for his friends.
The Secretary of the Treasury also, though
differing with the President as to the propricty
of specifics, did not fail to "recommend such
changes as will produce the amount required
for the public service" lie said:
"lu accordance with the su-ges ,on contained in my
la; annual report. recommend that schedules {, u,
/, q, H. be raise respectively, 10 twenty-five twenty,
fifteen, ten and five per cent | sec no good reason
for having departed. In the act of l. T. from the sy
TEN Of decimal division. The present state of things
affords fit opportunity Of correcting the error"
To raise the additional amount needed" he
advised the selection of "certain articles to be
transferred from lower to higher schedules In
these changes besides keeping in view duties
for revenue. he also advised such determinations
as ''wil best promote the various interests of
our country without doing injustice to any"
Such are the official statements of those high
est in authority and most secure in the conf
dence of the Democratic party, 10 whom Con-
gress looks for information touching subjects
requiring legislative action. The present tariff
| is not satisfactory even TO the President, and
the Secretary has suggested amendments. Both
are apparently willing, within the latitude of
revenue tariff, to make Determinations that will
promote the interests of the country. Precisely
what these determinations shall be, and in what
mode obtained, the President and Secretary
have not agreed and if they had. it is the
constitutional duty of Congress t. determine.
of the Treasury there i, faint hope held out
that the receipts viii equal the expenditures ;
| but this is coupled with so many conditions not
likely to be realized. as to inspire but little faith
elsewhere. The Secretary admits thai the os-
timated balance in the Treasury, June 80. SCI, +,
/ is so small as TO leave no margin for additional
appropriations. lie admits, il the receipts do
not come up to his estimates-admis, if the
appropriations exceed his estimates; if ad-
/ dtional demands are created upon the Treasury
by the legislation of the present Congress; or
il Congress should determine to provide within
this period for the payment of any portion Of
the public debt; in any of these contingencies,
'provision,' he says "must be made to meet
them by such increase of tariff duties US may
be required for that purpose
| will not allude to it as a matter of reproach,
for know that the financiers of the Treasury
have not established fame for infallibility
but to show that the estimates of the Secretary
must be taken with some allowance, desire to
call the attention of the House to his estimates
for the year 1859. 1t will be found that he as
sumed the receipts from customs would be 800
100000. This would have required, according
to the proportions of the previous year, impor-
tations to the extent of sos, $40. The
actual importations were, however, S33S, 16S,-
| 1870, and the actual revenue from customs only
/ $40, 800, ,S24-something of gap in Treasury
estimates; but, fortunately, the blunder is less
fatal to the country than would have been a
realization of the estimate.
Mr.. Chairman, there are many claims before
Congress Of unquestioned merit There are
some works of Improvement, national in their
character, loudly demanding attention; and
there are all the contingent expenditures, which
cannot be foreseen, but surely to happen. These
are all to be summarily dismissed, lest we should
exceed the estimates. The liberation of any
portion or all of the public lands as source OF
revenue is to be vetoed, lest we disappoint the
estimates. Last year Congress, thinking an
expenditure of SS3, 75l ,5ll 81 was extravagant,
made a reduction of twenty-odd millions; and
this year, the Secretaries have made economy
their "partcular vanity;" they beat Congress ;
and the Navy is to rot the public buildings are
to stop half way up, and the mail service be
crippled and put upon crutches, lest Traditional
demands are created upon the Treasury They
ask for nothing. Mr. Chairman. unless Con-
gress proposes to wind up the business of Gov
ernment, it will still lop off all extravagancies
and then "pay the debts and provide for the
common defense and general welfare of the
United States"
The Secretary of the Treasury very earnestly