The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-04


that resumption bad bssn tnsshn..sy psseessa y
those outstauding shall % feursa ~ ~ ne 9!
only iour millions par month ~ ,nss ,lss nsy -
seriously retard the restoration Of ne uss o
value. II. on the contrary ue<~ any g ss.
volume should b. Increased. especially n they
should be made tho sole paper c''Atoa
timed, speculation viii 10 stimulated industry 81.
decline, and the great be incurred that hnaneis
health win only be obtained BY reyusou, tas snsc,
OF which upon the material interests and credit 81
the country no ono can estimate. Such rsvusion ne
Secretary Is most anxious to prevents and be therefore
cannot approve the proposition OF substituting the nctss
of the United States for those OF the national banks.
but recommends that the policy Of contraction BE- con-
barrass healthy trade is in his Judgment unfounded.
Legitimate business has by the curtaiiment
which has taken place within the last two years. nor
Will permanently suher BY such contraction, pru-
IDENTITY enforced may be necessary bring The prec
ous metals again INTO circulation. What business re-
the shall not DO baked OF its Just
wards BY an unreliable OF value. II IL ire
quen.y urged by those who admit that the currency =
redundant that the country Ii not now IN
condition 10 bear further contraction; that
Its growth viii soon render contraction unnecessary;
that business LETT to itself will rapidly increase 20
such An extent to require the three hundred and
eighty millions Of United States notes and frac-
lions Of bank notes now outstanding, for
Its proper and needfui accommodation Nothing
idea An rredeemable currency is q financial disease
which retards growth instead encouraging IT. which
stimulates speculation, but dn,inishes labor healthy
growth Is 10 be secured BY the removal OF the disease
and mo- BY rotponing the proper treatment OF In The
expectation that the vigorous constitution Of the patient
The next subject 70 be considered In connection with
the permanent resumption Of specie payments 10 the
necessity Of wise and stable revenue laws, imparaiy
and vigorously enferced economy In the public expen
ditures and recognition Of tho obligation Of the Gov
10 pay s bonds In accordance with the under
standing under which they were issued
The remarks Of the Secretary this report upon the
and general Fortunately tho accompanying reports Of
tho Commissioners Of tho Revenue full and ex-
haustve as to render any elaborate discussion Of this
great subject on his part unnecessary.
The power 70 tar IL ono Of the most important powers
exercised by To tar wisely 90 - to raise
the difficult duties ever devolved upon the law
making power Taxation can never DO otherwise than
burdensome and becomes especially wheL subject
frequent changes II is therefore OF great import
that laws should stable BY this 1t IL
that they should be unchane cable, but that
whiic from time 10 time they may DO modified meet
tho changing condition Of the country the principles
which they based should DO SO wise and just a.
to give TO them permanency OF character Perhaps a.
much mipchof has resulted from the frequent changes
in the tarf laws Of tho United States from their de-
fects From the time when the first tariff was framed IN
1859 up to the last session Of Congress the tariff has
been fruitful subject of discussion and at period
mas the policy o. ns IN % as
been constant struggle between the advocates and
opponents Of protection and FREQ trade the asccndancy
generally being with the proectOnsts The tariffs or
1916, OF 1924 1923. 1912 and 1861 wore all OF ghy
protective character those Of 1888 and ls46 reduced
tho duties largely and looked in the direction Of free
trade. So evenly however have parties been divided
that although protective laws have generally been In
force no period from 1859 to the present day have
that existing tariff laws might not be sud.
deoy and materially altered. That the effect OF these
chapges-actual and apprehended-has been highly in
unous to the country cannot DO questoned that IL has
not been disastrous indicates the readiness Of the people
Of the United States to adapt their business to
tho policy OF the government whatever 1t may be.
Tho frequent changes OF the tariff laws are at
has revenue been the principal object There has
been IN the United States strictly revenue tariff and
consequently there has been no stability in the tariff
laws Up 70 1851 the revenues from customs, under
scale Of duties adopted, saacIent TO defray
the expenses Of the government and therefore the
question, now 30 interest ng, was hardly prominent
one. In the present financial condition of the coIntry
large revenues are Indispensable and, in adjusting the
present tariff the preston Of must necessarily
be the question of paramount Importance.
When the government was substantially free from
debt. and tho public expenditures were small, as vas
adjusted 10 the public necessities, would have been
low tariff But now, when heavy debt and liberal ex
penditures create necessity for large revenues, con-
siderable portion OF which must for some years to come,
he derived from customs Is difficult perceive how
tsriir can fail to be- ! high one. Il NAV
thus turn out that the necessities Of the government
may sos to american sns
iegislaon-a odous and generally unreiablc-in
be realized unless laws as not
TO bear heavily upon Industrial pursuits. tai f which,
hsr. onizns With Internal taxes should year by year
he the least preudicai to national growth and pros
perty. A high tarf. BY reducing importatons, or by
depressing important branches of trade and industry
which subject 70 internal duties might prove to lie
as unfavorabs to revenue Is low one aud equally
although high one has not proved to be protective,
while. FOR the past two years has been highly produc-
tive q rcvenue but It's failure to project those interests
for whose benot was Ia great measure framed and the
large revenues which have been derived from It,
prove TO be 10 any just sence revenue tariff 1t has
uf4aAe n, osUn Al
ton II was intended TO afford, and It has yielded much
larger than anticipated. because the high
prices prevailing in the United States have stimulated
imporations. II does follow because producing
large revenues that IL will continue to do when
ccudton. Tho time viii come when the United
States will cease to be the most favorable country TO sell
in and when must pay for what IL purchases, not in
Its bonds but In It's own productions In order that the
present tariff should be q revenus tariff, important
mod ications VIII be necessary, which be nte
gently made until business to be subject de-
rangemcni by irrcdecnabe currency The Secretary
does not, therefore, recommend complete revision Of
the tarn a. the present session; but there are some
features Of II, and some matters connected with It,
which require early attention.
Tho experience Of the Department dscloses many dis
advantages attendant upon the collection OF duties
Imports whom the rates high and estimated on an
ad rdl0yem basis. For the collection OF such duties
machinery or less complicated Is necessary for the
verincacn abroad OF invoices OF mportaons and for
the examination and appraisomcnt Of merchandise on
IL arrival In this country. In every instance com.
parisou II required between tho Invoice estimate and
tho general value In the principal markets Of the coun-
try whencsa commodity exported. Tho difficulty Of
ssceraining the foreign market value, especially in
cases whore commodity Is manufactured expressly for
expectation, affords tempting opportunities for
full and the high rates Ct duty offer in
ducemenfs for evasion more than commemorate with
the risk oil detection.
since the passage OF the tarn act Of March q 1891
the rates Of duty which from ls46 TO that period
exclusively od pct'em have on many articles been
specific The system Of specific duties appears TO have
given much satisfaction to honorable dealers and
ofrcep OF the customs for the with which the
character and quantity Of merchandise imported can DO
determined Tor the uniformity with which duties may
be asDessed d different p0rts and particularly pre-
cludes the possibility OF fraudulent undervalustiona
without Recommending an exclusive adoption Of specific
dutse the Secretary would suggest for the consideration
OF Ccngrsss whether the system might not with pro-
prsty Be- extended TO oil commodities which the duty
bears large proportion TO the value OF which the
foreign market price subject 10 great nuctuafions
V FROM other causes with diflculy ascertained The
Special Commissioner Of tho Revenue will In his report
present the result Of his Investigations ~ TO the extent
"a which the ad r1orcm rA.cs OF the present tariff
b sdvsntagtousy converted into corresponding specific
dutiea
Our commercial relations with Spain and her colonies
az a 30. 1884.