Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-01-03

cember statement OF the public debt will
not be ready for publication until the
9th or 9th inst 1t is understood that
over one million dollars were paid last
month to Southern claimants for cotton
captured and confscated during the war
and clnimed as being illegally taken
There is $99,sOO,O0O in gold in the
Treasury.
The Tariff bill, which is TO be pre-
aented by the Finance Committee Of the
Senate, will probably be adopted as a
substitute for the House bill passed last
session. The Senate Committee is al
most unanimous in favor of the new bill.
The accompanying report Of Commits.
sioner Welles will correct the impression
az TO the mistaken idea anoat in regard
to the bill. 1t is not free trade bill,
but on the contrary the bill is pro-
te stive, but discriminating in regard to
pI vtection, with view 10 the production
Of a revenue and the fostering of indus.
trial interests. 1t has been prepared
afbcr patient investigation and exam
ina ton OF all the facts in reference to
the industrial interests Of the country,
noa only for the purpose of furnishing a
revenue but for the encouragement Of
productions and manufactures, with a
due regard to the masses of consumers.
The report of the Commissioner Of
Revenue, which accompanies this bill,
commences with review of the Internal
Revenue system, the Customs system,
and the wants and interests of the coun-
try, as preliminary to an examination OF
the tariff. 1t adopts, US the basis Of re-
coguition, general demand for an in.
cease Of the tariff, and an inquiry as 10
the cause of that demand. This demand
is rot simply for revenue, because the
existing tariff is more productive than
any we have had, but it must be based
on the encouragement of the industry Of
the country.
The report then proceeds to general
survey of the industrial interests, par.
ticularly during the last year and gem
orally for the four last years, pointing
out the leading elements of prosperity.
The disturbing element Of the war and
its concomitants are deliberately dis
cussed, and the results pointed out to be
an extraordinary increase in the prices
of labor and commodities as shown by
the interesting data derived from all
sections of the country and covering
almost every industrial pursuit. The
effects of this advance upon industry,
trade, commerce and navigation are set
forth in detail, and the facts in this re-
port are startling, and such as the
country was hitherto unprepared for,
and will, necessarily, invite great dis.
cussions in domestic and commercial
circles.
The following is o statement Of these
results: The report presents an analysis
of the causes by which this state of things
was produced, and takes the ground that
the true remedy for the difficulties under
which the country labors is to be sought
in the removal of the causes themselves
rather than in an extensive increase of
tariff and volume Of the currency.
The Commissioner recognizes the G. =,
that during the present derangedr .,a .,
affairs, consequent upon the we r. ,emno.
rary measures of relief are . soaad and
recommends partial ip oraasa &c ,ho
present tariff to an ext emit no, annrox;.
mating Ethat propose i in the House bill
now under consid1 -o,;on
Inc report " ,aassains an elaborate ex.
animation o. each of the leading indus
tries OF % country, cotton, wool, iron,
COAL 80 It, ETC., with tables showing the
ouep' of high prices on these interests.
10 many cases specific duties are accu
rately calculated and substituted for ad
oalorem duties.
The bill accompanying the report con-
tains sevcnty-six pages. 1t presents the
present tariff rates proposed by the
House bill and those of the Commits
sioner in parallel columns as an evil
dence OF the particularly with which
the bin was drawn. In the single item
of drags there are over three thousand
articles named.