, 1866-12-04

mitel 9c iehsof, d. EusiAtned and ipcrcJseH rhn
The nalans, nor viii her otr, fudu,i, Ii ntsTests
so51I a. ~ 'ens to protpsr as they ongbl, bur
,Ihe zane eau4 ez-n redundsnt cn-.encv and
high ia1es-that prevent shiplnidin- irgn,' 1Io ~
prevent tie hul!dt houses md even of nssuuo ~
that men be. late 10 bun0 jweiiInyso 4.
Trey aie required, aud thus rents are 70 adysn,ed
as 70 u opprsasi,e to- -lesaees, and The eheaithy
,esa,a 70 manulartos1rr. Miils Will sess bnI1t m NJ
oelsIc me war m be rnn probably. but 20 e.
pen.iyr ate laoe, and materials That new nj l.
casho1 10 erected and put into operation v,.h auy
Ytkl ett of slr telufnE U on the iuycAtmtni. mn
LEES npen he exp citation that tzxes vii rotuain
as asy a,e, an6 price. he sustained, n hey ne
Ent tdsarced- The came cauees arc ipfp,iousiY
s,irc1rc ae.fculsure and ether interest, .hcb it
r. NOT nee.ttary 70 Pa:uenlar1xe. 1t is every
oa; a s ., as psM p,,sS: ss sS
te1ioutly checking ,he development, Erowh ~;
prosperity otihs country n is no, denied thss
,SsaS me1eS en T. " county hes
ihe n1sn p ices nnt mainly they are lie result or
= 1Sdundant E. currency and h,eh taxes, "
~ :, nsIns He,sh ia .!i. :; 9oT
,ief. VIII. Working in harmony, shall neilher
tspiest p T. industry n"r check enterprise md which
salet and by the debt "uieh rendcss tsxq,lo1
ieecseaiy, irlniies ercat pracrcal knowledge and
..ssnE one 70 the hea,t1y fndsbied na1loss of
Euttpc, has betone, as ouc o. The 5csufis az ,hc
sa,, deet,s snte!v.ns to the people Of lhe Cn1ed
inteLd to discuss It. mt be ventures to suggest
TIT the ioiiowin: general pr!nci lies, soue Of
ecr'ecnets ofall Of which have been nroyed sS S1
1.LSr na1lons, may be es1elJ sdppted Is guide 10
.hy les:s1atiu1, mat is now required: -
lst. that tho fewe.t punnpsr of articles ron.
fisient With tic amouut Gl rev nue. 10 be Iafscd
thonld be tutjccicd IN Internal taxes, ia order
thli the .5stem M may be simple IN i:s execution,
1hs anu annoying Is possible u
"a u a Tue duties upon imported commodities
upon lone promotions and thai these dniies
should rot Ire eoh'ch as 10 DO prohflitosy, nor TO
entld up ncn'e uonopo?ies, nor 10 prevent that
consu.Hce. Nor, On the othe, EaAd, should they
BE- 70 70" as TO ertoua1y impair the revenues nor
10 subject ihe home manufactares., buzdened
WIN !esfy 1ttctnM taxes, TO competitiDY wlth
cheap labor md larger capflai which thor may b
unable 10 tuslain.
misunderstanding, and which arc 10 be iarrciy an.
hhnt. d IN value BY the lstor which Il to be- ex.
Ee;' ELS; eed nEon hem p, shoald BE- exempted on ta1-
y conratisoh with tic t.xes upon ot,ss Articles.
ana /. lsiie1sa hs! H. d lPesi9es a2esi
United state-, would Be Iao.c lhan made IN bv
The aurncnfed value which 1t would give 70 isbof.
anu 6y The tEcrcase Of p' oluctioua and Of experts
be constantly borne IN mind, that ta1es upon Jaw
materials directly increase lhc coat uf orod uctinn
ahd thus tend either 10 reduce the product Of ia.
bUr or 70 prevent expectations to fo;aIgu mAfgets
fth Tia, the bu'dcne Of taxes ahonld I'LL chief-
y NJ on those whose interests are proteeteI By
dtll souIce Il wealth and % pfest, .ud IpblI ao
nron ths latortne Glasses, TO wnon, iAxalon aud
The Dc ht arc without SO many compensatory Id.
11e ntxt Of the series OF proposed remefifes Il
an sttucof bouds, bearing Interest al thc sate Of
no. eseesSng hss per cslt and ps.shle III Europe
9oMds IN foreign hams, and enpply the European
demand for unlted States securities for pefl,aneut
I'M etimt9 No one regrets moe than the Sccre-
~ heid abroad. or the unfortunate condition Of our
l,adcv his Transferred them thither. The opinion
tloe tue country Inns been beue1tled by ihe expor-
pcsltitn thai we have received real capital IN e.
esnGs f9I h1 1l, sqppo;,''en args
10 rny sor eooa which, wiihout Them, % misht M not not
have oecn purchased. Not only have We exported
me snrtas products Of our mines and onr fields,
large amount Of Eecuriies nso 10 pay for the srti
elet which We have purchased from other eoun-
hist; w Tint !hsse pnrehaset have been stimulated
tatiors of goods have been increased b.
hhssry hssr e,nG he aonnt Of The bonds sh'ch have
amount Of the dve-twenIes now held IN
EnE:1r! and nron the continent, has been re.
tn!nsd to & .he United s,utea In the form OF real
eapltal. But II this were not q ttue statement Of
tbr case. tho fact exists, as has been ALREADY
stated. That some Ii, ee hundred aud dty millions
9ai,,aS o. ~ssnment lo1dsnot 10 nspon state aud
hntds Of lhc citizens Of other Countries, whict
may be rstu,ned at any lime for ssle In the Cntted
siAsts. and Which. being 20 held, may seriously
eNbaltaes nur eLolts 10 fetutn 10 specie nav.
mente. After giving The subject careful con.td-
Grafton, The Secretary has coneuoed that il ls ad:
bond net having more linn twenty years to run.
aud bearing low tate Of Interest, payable ID
England o. Germany, TO be used in taking up the
any foreign demand tor Inv ts1naent that may er-
~. ihs Question now to be constde; ed Is not
bow shall ou5 bonds be prevented from going
Others VIII follow A. long rs our credit is good
snd NC continue 10 buy more than We can pay Tor
q. sronn nov upoa ssa na aes
market, 10 thwnlt our eaofts in lestor.ur tbo
specie standard. The Secretary secs no practices
snbttilntshg for them tunds which, bsi1is payable
principal ald interest In Europe will be lesa Ike
y TO Ge returned nheE theIE +. turn IS tho least
desired. The holders Of cur securities IN Europe
ate now subject to great inconvenience and not a
uttIe expense Ia collecting their coupons: and It
Is supPsea that 1--WE per cent, OF perhaps four
Flankfolt, coult be substituted FOR our st1 per
GENE, without any olhcr expense 10 the Unitcd
States than the trilipe commissions to the agents
Tie ,av1ts Of tntercst 10 be 1hns edecixd Would
be 10 olnconside, able item; and the advantages or
~ ",Gai ~; nuu,s " europe piaeed IN ne hands
Eaidc
REHABILITATION or States,
the ,ehatii,s,inn n ~ S,ataa ncny ls,
II lailudne,o tlIs subject, the secre'a:y feel.
nas b. CHARGED wish in,roucfn~ = noi,t,ea annie
u financial repon; but, In his opinion, there Is
a and gnt sn hq p
ib;,a nsq, ni tn 1ahos, fhosaens a; thsy ao one-
md pr0iucinr srticIc. nf c-"s, 1.,ua 49, 10y,
uae ard fos e1poiaiiop 10 nthcr rnnn,riss bnc
lNlston win rerard ,n he t:anar.i Ero|,,nt rnSs
cannot remain ms eel,ied md ,her
suits canuot couifnnc to be- ssT1nnsl1 ,1f.fa1hs1
without causing such q diminuijop Of the pTodnc.
acc, our Teyeuucs. and tcnder siiI1 moro nnsaIt;
iactory tnn ihay n1F are trse t
Europe, As long as lie nrc,ent anom.1ons san. ",
ave q 20 .hess " ~ eng they
10 the fupport Of Whish sher be -, tI,,,.
1t Is Idle 10 expect that ihcir ipdustfy vii Ia
contrary, there Is reason 10 apn1cSeTd bs nts III
halronlou. relations again exist between "St, Iho
efta viii become day by DIV more
uncertain ard nnsalstactory, Thc7e w,l, ba me
real potr MS u these States, and consequently
thu e. eegan tsqqa PvSges
try ofso IaIee uoriioe oT Maen ,as mus
can the labof question at III. South be- se,i,cd y.
iIsIt Inn fhe n.Ii,n.1 eH,, ~ ~ te Soun IS uaset-
nubc dob, Le rsndiv rcnced ~ nsa. ,h. aaa rs
er Siufes shsli 2arns,v rnntrihrta !" ~ ohits
r.vcnncs. srS cons st raatt9h ~ t4s pu9!te
nnnn ns lonc a. thav rH,a. " I'LL ~ Le4ao
fsanch,sed rondi,in;, Irin M tnsI present dis.
Nnr ront;n Guna,.9n ~ ~ NJ! '9E ta1.paye[s oi INC
4 eGnunms 70 oe atssnl. upiess tier burdens
thsnd IN ~ ~ ns isssfnTa f ,S y 6slnf e9naiy
thus a. y..i snE 44pi 4sopIi ~ sne Sva.a ne:atuea
tneS. ;,,n 70 tae Ee1eIat union - az exceed
Il smans he Fam dua and rs1atn cnn.aerI,a oe9
eore'ess
7to snaaa, nasI ~ 3 9f: srIclE fAFffSF.