The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-03

substitutIon is clearly shown Dy the ,Conptroier
60 Which the attention Of Consress Is especially
ssed s1 S1 s1 a Tese Spe@d s wh nS banks
lions e. dollars ana the losses a. SO sgstsned teIougn
nent reserve, with taxes pad 6y them to the aov-
ernment and States and with a commission cover
ing only what has been saved IN trausferrlng and
that the banks debtors to the United states
III not necessary, however, for the Secretary 10
aitulOn wouid not be removed Il saving OF interest
issue Of Uned states notes. 10 he first Instance as
having been misfortune. and their continuance as
steadily reduced, ftaug6t with mischief 5scre.
inTy can copSeiSe no circumstances that would
pus egaiIIender notes notw m mthstanding me me
way Of re return to specie payments sH6stltutloaa
by he country as a declaration that resumption had
been indefinitely postponed. II those now oustsnd-
mouth the amount in actual circulation Will soon be
the Ttstoratlon to true % measure value lion IT, on
the contrary, under any pretense or for any pur-
especially Il they should be made the sole Ci paper
viii be contInued speoniao6 will be sSim9lSted n
dustry Will decline aud great risk be incurred That
sion, the eject of which upon the material interests
and credit Of ~ the country no none one can estimate sGSh
and an he. cannot sPPToYe O. the proposition
bank noies, but recommends that the policy Of con-
% AptTehension that this policy Will embarrass
healthy trade is, In his Judgment unfounded. Legti
Which has taken place within The last two years nor
VIII pes manently suffer BY contraction pru
cious metals again into circulation. WHAT business
IS 9Ss that shall not be- baked Of its Just
rewards by an unreliable mea sure OF value.
cnrrepey tSat tSe onu1sg is not move
IN condition to bear further contraction; that its
thai business '' It 70 ITSELF viii ISpidy Increase q
eShy an mons OF e. United aes notes and eeonS
cnrr eney and three hundred millions f5ank notes
Notation SotEinE can bs more Silaeous than this
Tency is q financial disease which retaTds growth in
stead Of encouraging it; which stimulates specula-
be secured by removal of disease and not by post
that the vigorous constitution Of the patient will
eventually overcOmeit
with the permanent resumption OF specie payment,
Is the maintenance Of public faith which Involves the
and vigorously enforced. Economy in the public
to pay s S6nds in %sS the
nnderstandl3g undtr which they were Issued. Tae
subject OF public revenue must necessarily be brief
of the Commissioner of the Revenue is so full and
exhaustive e to render any elaborate dlsSusson o.
the power to ssx S Is one of the most i@postsnt
so as TO raise large revenues Without depressing in
dustTy one Of tRs most difficult ever devoived
Otherwise than %60sdeasG@e burden and Z becomes esRe-
therefore great Importance that the REVENUE laws
should be stable. BY this it is not meant that they
time they may be modified TO meet the changing
Sey are based should be so wise and give
them perpsnency Of SharaoeF Perhaps as much
in the tariff laws OF the United states as from their
IameG in isS9 up 70 the last session Of Congress sSe
tarih has been fruitful subject OK discussion and at
customs duties been considered definitely settled
Gates opponents of protection and free trade
Tns taT IF se s4 ISIS s ana 1851 were ali Of
highly protective character Those of 1888 and 1876
fee trade. So evenly, however, have parties been ~
divided that although Protective laws law have generally
day have importers and manufacturers had any
not be- s1ddeny ana materially altered THAT tne
effect of these changes actual and apprenended, has
been highly injurious to the country cannot be
toned That has not been disastrous indicates the
their business to policy of the Government. what
ever It may be. Frequent changes of the tariff la
revenue been the principal object There has never
and consequentiy there has been no stability In the
tariff laws. Up TO 1861 the revenue from customs
defray the expenses Of the government and there
fore the question now 30 interesting was hardly
In the present financial condition of the country
present tariG question OF revenue must necessa-
bs I %aS S ee from s
and the public expenditures were SMALL the
Ssed 10 the pS6o en
low tariff but now, when heavy debt and libe,
revenues. a considerable portion of which must
dlfcnit 70 perceive how without excessive lmporta,
lions, strictly tariff fall be high one.
II thus turn out that the necessities of govern
ment may give incidentally to American manufac-
turers the production they supposed TO require
rally unreliable, IN their behalf.
Inasmuch as large ana permanent revenues cannot
be realized nniess the laws are so framed as not %
harmonizng with the internal taxes, should year by
year yield the largest revenues, would undoubtedly
srowth and prosperity. < high tarS BY reducing reducing
trade and Industry Which are subject to internal
duties might prove TO be as unfavoTa6le to revenue
| cessities. The present tariff, although a high
one, has not proved TO be protective. while for
ducve Of Tevenue but its failure protect those in
ST p SPSse nos Sge %ss N great
rived from IT, do not prove Il 70 be In any just
tSTn IL mas sed TO give 70
and IT has yielded much larger revenues than were
United States have stimulated importstions II does
not follow because IL Is producing large revenue now
currency shall be restored 10 a healthy Condition.
| The time VIII soon come when the United States will
TO be the most favorable country sell in aud
| bonds. but In It's own productions
In order that the present tariff should be a revenue
| tariff important notifications Will be necessary
whlch cannot pc intell1genGly made until business
able currency The Secretary does not the eIore,
| recommend complete revision of the tariff az the
some matters connected with IT, which require early
| The experience OF the department disoloses many
dsadvantaees upon the collecIIon OF duties
on Imports when the rates high, aud atel on
| an ad valorem basis. For the COLLECTION OF such
duties machinery more or less Complicated IA neees.
sary for verihc ltion abroad OF nvOices Of mporta-
| chandse on IFS arrival In tins country In every
instance comparison IS required between the
| kets Of the country TO which a commodity Is ex-
ported. The difficulty Of asceTtAning the foreign
is manufactured expressly for TRANSFORMATION, afford