New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-04
PRICE FOUR CENTS.

bring the precious metals again circulation What
demands is the assurance that il shall not be batsd Of
fe9nentIy TpSeI SV those Who admir- mar he cur
rency is redundant, that the country Is not now ~ con
dOn to bear further contracon that its growth will
soon render contraction unnecessary that business
left ITSELF will rapidly increase 10 such an eNtaDt as 70
fractional currency and the s9oo,0ooOC Of bank
notes now outstanding, Tor rs proper ana
fallaci0us than TINS unfortunately popular idea.
An irredeemable currency Is financial disease which
retards growth instead OF encouraging it Wmeh sum-
lates speculation, but diminishes labor healthy
growth be secured by the removal OF the disease
expectation that the vigorous constitution Of the patent
will eventually overcome il.
The next subject 70 be considered IN connection win
the permanent resumption OF specie payments ~ tne
maintenance Of the public faith, which Involves tne
and vigorously enforced economy in the public eNpend
tures and recognition Of the obligation Of the Govern
ing under which they issued.
The remarks Of the Secretary in this report upon The
subject OF the public revenues must necessarily De DreI
and general Fortunately the ACCOMPANYING Reports OF
haustye as to render any elaborate discussion 81 his
great subject on his part unnecessary.
The power 10 tax is OF the most important powers
exercised by governments To tax wisely 10 ~ 20 raise
large revenues without expressing industry one OF the
difficult duties ever deyoyed upon the lawmakng
power. Taxation can be otherwise than burden
sOme and it becomes especially when subject Ia IRE
revenue laws should be stable by this il not meant
that they should be unebangSn6ls but that willie rom
condition OF the country The principles upon when 5hey
permanency Of character Perhaps much mischief has
resulted from the frequent changes In the tarb laws ~
when the first tariff was framed in 1850 up 20
session Of Congress the tar has been fruitful subject
OF m snS AZ no US dat f eS TeoaG AZ
definitely settled There has been constant struggle
eS ee 'nf tra6e The scepSecv Generally being
with the protectionss The tariffs OF 1915 OF 1884, 1928
Those Of 1888 and 1876 reduced tile duties largely aud
looked in the direction Of free trade SO evenly however
generally been In force at period from 1859 20 the
present day have importers and manufacturers bad any
reasonable that existing tariff laws might MOI
be suddenly and materially altered That the effect of
these changes-actual and apprenendcd-has been hgi
injurious TO the country cannot be- questioned that ~
has not been disastrous indicates the readiness OF me
people Of the United States 10 adapt their business n the
policy OF the Government whatever 1t may be- The FIRE
Quent changes OF the tariff laws attributable TO the
fact that I'M none OF them has revenue been principal
object. There has been in the United states
strictly revenue tariff aud consequently there has been
no stability in the tariff laws. Cp to 1867 the revenues
from customs under any scale OF duties adopted
sufficient TO defay the expenses OF the Government ana
prominent one In tho present financial condition Of the
country large indispensable and n adjust
ing the present tariff the question OF revenue must nece
saTily be the question OF paramount Importance
When the Government substantially free from debt.
and the public expenditures were small as was We ease
before the Rebellion, revenue tauH properly @Dsnd
TO the public necessities would have been low larif
But now, when heavy debt and liberal expenditures
create necessity for large revenues, considerable por
ton Of which must for 60 come b. derived
from customs is difficult TO perceive how without 81
cessiye mporatons strictly revenue taID ear raj 10
n
OF the Government may give incidentally 10 American
manufacturers the protection they are supposed TO re
specal atonalwayR OdiOns aud
orally unreiabein their behalf naslnuch as large and
permanent revenues cannot be realized unless laws ~"
80 framed as not TO bear heavily upon industrial puiis
tariff which. harmonizing with internal taxes, should
year by yield the largest revenues wond nndoabi
edy prove To be the least preudca 30 national growth
and prosperity high tariff by reducing importation
or by depressing Important DtacI"s =. a'oe ,h So.
10 be as uniavors6ie to revenue allow
asSUssh htgH css not proved to 6e protectiss
while for the past years has been highly produc
tive Of revenue bat its failure TO protect those nrss
for whose benefit IL In great niesu" framed anu
the large revenues which have been derived RON ~ Do
not prove 1t TO be any just revenue tarh II
has failed to give 20 American manufacturers toc potec
larger than anticipated because the Ri "a
prices prevailing in the United states have stimulated
impOrtatons. II does not follow because 10 " producing
large that will continue TO do 80 when
co5dition The time win soon come when the United
States will be the most favorable country 10 eel
in and when it must pay for what It puTchases not in
s bonds hut in its own productions In order That The
present tariff should be revenue tariff. important MOD
hcatons Will be necessary which cannot be ntelgenty
made until business to be su6cc TO arrangement
by an rredeemable currency. The Secretary does not
therefore recommend complete revision OF the i,ih a.
the present session. but there some fcatus Of " and
some matters connected with it, which require early a.
The experience Of the Department discloses nuuy dis
adyanta yes attendant upon the collection Of duties
imports when the rates are high and estimated on an
al cdlorem basis. For the collection OK sn3 dues, ms
chneTy more less complicated necessary tof he yer
fcaton abroad OF invoices OK lnport2tons anu io te
examination and apprasement OF Oh us arr
ranired between the invoice estimate the general
value the principal markets OF the country whence
commodity exported THE difficulty OF ascertaOi0g tho
foreign market value, especially in cases where com
modify manufactured expressly for e1portaton affords
tempng opportunities for successful undCty analOn.
and the high rates OF duty offer inducements for evasion
more than commensurate With The tss SI GeIecu9 J M
rates Of duty which from 1916 TO that period were excu
siyely nd vaorem have on many articles oeeh spe.ine
satisfaction to honorable dealers ana y 9eSy Z, hS
Of IN imported
fOrmity with which duties may be assessed at dneren
ports and particularly as II precludes the possibility "
fraudulent undervauations. Without recommending
exclusive adoption Of specific dutes the Secretary woud
suggest for the consideration OF Congress whether the
system might not with prOprety be extended to All
modites which the duty bears large proportion 10
the value. which the foreign market price s9Dect c
great fluctuations, from other causes with dcult
ascertained. The Special Commissioner OF Revenue VIII
in his report, present the result O ms AZ ~
the which the ad vaoe rates " the present
tariff can be adyantageousy converted into correspond
Our commercial relations with Spain and her colonies
under the acts of July H. 1882 and June 80 iS pafnen
lary far they relate TO TRACE with Cuba and Porto
Rico have been many years the source OF much per
acts above cited designed retaatoy measures 10
induce a OF coercion relaxation OF tue sAueLne
Colonial trade Not only they entirely failed pro-
duce desired effect but their operation has proved on
rho contrary positively injurious TO interest eyorY
respect Their effect In connection with spanish exoc
tons been TO drive the greater par OF Caoan and
Riean trade from our inafAs 10 "'"ers """'" A
same policy does not prevail
shnplng interests and largely curtals cur commerce
which Considering proximity of these islands should
include the greater part Of their foreign uaic IL s-
thereforc worthy OF grave consideration whether sound
policy does not dictate the repeal AT least or
Recommendations 20 this effect have been AZ NafiouS
times made TO Congress by my predec particularly
NJ WALKER i'm 1899 and 1852 by Mr.. COrwn. The expert
ence Of the past years has fully justified the views theu
expressed. - -, A., ,,,.., Co.,. =, . .
degree prostrated by the has not revived during thu
mast year our ship yards are with rare exceptions IN
ctiye Our surplus products being chiefly trans-
norted 10 foreign countries IN foreign vessels The Sec