The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-03


| can b iallaclous than this unfortunately
popular idea. An rrcdesmabe currency 10 financial
disease which retards growth instead OF eucourssins
u; which stimulates speculation, bat dminisisss labor
hea.hy growth Is 20 be secured by re'novn o. ois.
IN lhe expectation that the vigorous constitution VI tho
patient VIII eventually overcome It,
me next subject to be considered in connection wsth
the permanent resumption OF specie yments u the
maintenance Of public faith. which involves the neces
ny o. WISE and stable revenus laws, impar'aiiy ana
Vigorously enforced ECONOMY In the pubic ex-
penditares, and recognition OF the obligation
u eo ,s 70 pay It's bonds in accordance
The remarks Of the Secretary tns report upon the
subject OF public revenues must necessarily be brief and
the Commissioner Of the Revenue - 50 full
and exhaustive as to FENDER any elaborate
discussion Of this great subject his part ecssary
Taxation, tho power to tax. the most important
| powers exercised by government 10 wisely,
industry ocs OF tho diGlcalt duties
| ever devolved upon the aw-mskiug power Tax
becomes especially when subject frequent changes
10, therefore OF ezca: imporiance that the Revenue
laws should be stable Dy this II nnot meant that they
should be Interchangeable but that wLio from
time they may DO modified 10 meet tho
changing condition OF the country, the principles
to give to them permsnenOy Of character Perssps
much mischief has from the frequent changes
IN the tariff laws OF the United states from their
iects From the time whom tho tariff framed In
1889, up to the last Of Congress- The tariff
been fruitful subject OF discussion and at period
has the policy OF government in regard to customs
duties been considered as definitely settled Tnero has
and Of psosco0 and fss sao as
ceadenS5 generally being wi, With Inc protection
1851 oil highly protective character Those
OF 1883 AID 1876 reduced duties largely aud looked In
parties been divided that although laws nave
generally been In force, at period from 1889 the
Ss navs ,s ana my
not DO suddenly and materially altered That the
ssc; o. these changes. .ctu., and apprehendsd
indicates the readiness Or tho J people q the
Of the government whatever Il may be. Frequent
changes Of the tariff attributable to The
that in Of them has revenue hecn tho principal
object Thero has never BON In tho United States
strictly revonuo tariff, and consequently thsre
Up to 1851 the revenue from customs under any
scale OF duties adapted we're sufficient to defay the
now 50 interesting was hardly a prominent one
In the present financial condition OF the country large
indispensable and adjusting the present
tariff the question OF revenue must necessarily .
question Of paramount importance When
debt and the public expenditures small
the before tho rebellion tariff properly
adjusted to the public necessities would have been
erai expenditures create = necessity for large
revenues. considerable portion OF which must
customs, is difficult to perceive how. without
sve mportstions strictly tariff Jail to DO
OF government may give incidentally TO American manu-.
facturcs ths production they supposed require
unreliable. In ,har behalf
Iuasuuch large and permanent revenues cannot BIO
heavily upon industrial pursuits tariff which, har-
onizng with the internal taxes should year by ycar
yea mo largest sevsnaes - would you
and prosperity high tariff by reducing importations
OF by depressing important! branches Of trade and 10.
to be uniayoable 10 revenue as low one,
aud equally unsuited to the public necessities. The
present ;arH. although high one, has not proved 70
be protective while for he past years il has been
highly productive Of revenus but its failure to protect
those interests for whose bene0 great
framed and the large revenues which have been de-
rived from do not prove u to be Ia any just sense
revenue tariff has failed TO give American
features tbs protectcn intended afford, and It
yielded much larger revenues than were antici.
tinted States have stimulated impor,aious Il does
not follow because u producing large revenue now
rency shat! se restored 10 healthy condition The ,me
VII. soon come whom the Jnted Sates will 10
tbs most favorable country sell n, whom
pay for VIA: purchases, not 10 its oonds but IN ts
In order ina, the present tarif should be revenue
tariff important mod,a Will 10 necessary which
cannot DO nte;gen.!y made until business ceases 10 DO
subject 20 csnssmso y :. r,sdssm.os ss,rsncy
plee revision Of tho iarn =. the present session. but
there features Of IL, and matters
necied with II, which require carly atteatIon.
The experiences Of the department dsc.oses many dis
advantages attendant upon the collection OF duties
imports when tne rates high aai estimated
ad valorsm basis. For The collection OF such duties
machinery moro or less complicated 70 necessary for
yerneatiou abroad OF invoices OF importatons,
and for examination and apprsisoment OF merchandise
It's arrival in this country 10 every instance
the general value IN the principal markets OF
the country 70 whence commodity is en-
market value especially In where commodity Is
manufactured express for expiration aordipg iompt
hish rates Of duty oar inducements for evasion moro
than commensurate with the risk OF detection Since
" 9' P ca Which were ~ .sesvey al vaiors@
y have on many articles boon specific Tho
system q specific duties . appears .,, 70 have
oaicsrs OF customs for tho ease with which tho
character and quantity Of merchandise i'm
with which duties may be assessed at
different sorts and particularly IS Il precIudes the posi-
billy Of fraudulent updervaaaiions. Without recon-
Needing an exclusive adoption OF specific du.
ties, tho Secretary would suggest for tho con-
sdera,ion OF Congress whether tho system might
with proprietary be extended to all commodities on
which tho dut bears large proportion TO value Of
tons or . rom other causes WITH doaIty asoernod
Pubic faith docs not depend alone upon adequate
laws nor upon sso so N the ne
contracts In spirit a. we'll a. 10 letter. In fact,
wthou. this here vii, be neither or, an cnsisn,
expenditures Nothing bus absolute Insolvency will
save from the lnfarsy q reputation nation thai does
not nav its dsbs according to the understanding NJ the
time ti,oy were contracted; and whom nation youn-
iariiy Violates this understanding IL win soon
90 s spsme. 70 enforce q. revenus law, and
is expenditures will only be checked BY rs inability 10
collect. How mucn OF tno DISQUALIFICATION WhSh cAbts
in the revsaus service or the Unted States arbut
abe TO the failure Of tho government TO
redeem legal tender notes according 10 their
tenor would be an interesting subject Of
inquiry, but hardly appropriate 10 communication
ike tbis Now 10 What is the United States pledged
Ia regard To the public debit Is II not tina, shall be
paid according TO the understanding betwssu the
ernmeps and subscribers 10 IL loans nj the
solicited and obtancd And there
% any question Ia regard 70 the nature of this
npderpiaadngY Was n not that while interest bearing
notes should be converted into bonds or pad Ia lawful
money the bonds should be pad, principal a. well a.
interest In coin Was This the embarrassing Of
the Congress which passed tho Loan biis and OF the
people who furnished money! Did any member Of the
House or senate prior 1854 IN the exhaustive discus
sions OF bills intimate that the bonds 10 ba
issnsd 10 accordsncs with thcir provisions might be
psld whom rsdssmabls IN deprecated currencyS Wa
thero single subscriber TO the nyo-tweny bonds
tho scven aud three-tenths notes, which b. their
terms converlabie into bonds who did not believe,