Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-02-12

I
to the sinking fund, amounted to Onl,
S3zS, ,253,3eO, against S4l7,556,5O6, Whicl
should have been applied to the sinkin:
fund.
Mr.. Beck asked Mr.. Dawes whether h,
had official information to that effect.
Mr.. Dawes replied that he had; that is
from official sources.
Mr.. Beck intimated that in the amount:
mentioned by Mr. Dawes, there bad been
over 500, ,000,0 900 Of pubic debt redeemed
and cancelled, In the shape Of 7-S0 bonds
and per cent certificates.
Mr.. Dawes-I mean the reduction Of the
bonded debt, the entire reduction Of which
is 1881, ,467, ,0S7.
Mr.. Niblack agreed with Mr.. Dawes that
the purchase Of bonds was no compliance
with the law as to the sinking fund, and
that that law had been persistently disre-
garded until this time, and he asked what
explanation Mr.. Dawes could give Of that
Noncompliance with the law. BE himself
had been utterly astOunded when he had
come to look at it, and to see how the faith
of the Government had been indirectly Vio-
lated in the matter regarded by foreigners
as essential to the public faith and honor.
Mr.. Dawes stated that Secretary Bout
well had every year during his administTa-
tion, set apart for the sinking fund every
dollar which the law required. Secretary
Richardson had failed 10 do so, but had ap-
piled the receipts Of the Government to
meet its current expenditures, and called
on Congress to furnish him with the means
to meet the demands for the sinking fund.
He went on to say that whatever impaired
that sinking fund by one dollar, impaired
the faith of the nation at home and abroad,
and the fact that the sinking fund lacked
twO-thirds Of the amount which should
have been paid into it, had told on the
credit Of the nation and the value Of its
bonds in the markets of the world to an
aggregate amount Of more than was sought
to be raised under this bill. He did not see
where the expenditures could be cut down
substantially, and thesefOre the question
before the House was how could the Gov
ernment raise $4,000, 600 increased revenue
with the least deleterious effeet2 If Con-
gress had not two or three years ago abOl-
ished the duty on tea and coffee, there
would be now no necessity for this
measure.
Mr.. COx-Why did not your committee
report a measure to restore that tax?
Mr.. Dawes-That would require another
consideration. What would the Govern
ment get by restoring that tax? Since tho
frst of December, when it was suggested in
the Presidents message that that duty
should be restored, the entire tea trade of
the country had turned its attention 10 the
importation Of tea, and it is the uniform
testimony Of all, having any knowledge Of
the tariff, that there is in this country to-
day more than a years stock on hand.
Therefore, 70 impose a duty Of Is cents
pound on tea, would be 70 put money in
the pockets Of importers, without any cor
advantage to the Government
Mr.. Dawes went on 70 give statistics
as to the manufacture Of whisky, and the
stock on hand in distilleries and bonded
warehouses, and TO defend and advocate
the recommendation of the Committee Of
WAYS and Means in regard to the taxation
Of whisky. He estimated the increased
revenue which the Government would de-
rive from the bill as follows:
Whisky. ....... Sl6, $4,000
Tobacco. O....''...... ......... 4,0OOsOUO
Sugar. S,Zl3,UOO
The restoration Of 10 per cent
on manufactured goods. .. 100000
In all about 81, 10000. From this was
10 be deducted about two and a half mil
lion loss by the repeal of the tax ON
matches, leaving a net increase Of So, 49,
600, which would just about meet the esti-
mated requirement Of the Government.
In conclusion, Mr.. Dawes said: II re-
mains, therefore, for the House TO say,
first, whether it will meet that deficit in
the Treasury;a and second, whether it
viii meet it by-seeking out new sources Of
revenue, as the Committee Of WAYS and
Means has recommended, or whether it
will turn its attention to some other meth
cd. The honor Of the Government is in
yOlved in this question. The ability 70
meet its current expenses, as we'll as 10
keep its faith, is involved in this question.
It NAV be the Committee Of Ways and
Means has not selected the best articles on
which to impose this increased duty. Il
will be for the House, Of course, to pass
upon that. If you make up your minds to
increase the revenues Of the cOun-
Nv by means Of increased tax
alton TO the amount which the
Of the Government require, it
Dnly remains for the House to pass upon
he judgment and wisdom Of the selection
lf the mater by the Committee Of Ways
and Means. To that decision of the House
he committee will offer no objections. If
he House shall believe that a restoration |
If the duty on tea and coffee, after what |
appears to be the condition of that trade, |
will be a wiser course than a restoration Of |
en- per cent duty on manufactured goods, |
II than an addition of 8 cents a gallon on |
whisky, or than an increased duty on i'm |
Mill ha e. ha 70,
axe the responsibility, but l have to say /
his: That any attempt at general tariff
egislatiOn at this time, will be fatal to the /
,bject Of the Committee Of Ways and /
Means, and to the purpose which l believe
.ctuates Congress. If you open the door i
o general tariff legislation, by let
ing in this item which bears
IpOn one member, and that item
which bears upon another, and so ON, you
sill load this bill so that it cannot possibly
,ecOme a law at this session Of Congress,
nd the party in power which is responsible
or the legislation of the country, which is
for maintaining the public
aith with the public credit, or which is re-
pOnsible for furnishing the means to carry
N the government during the next two
ears, bY any such unWise and indisTeet
ampering with this bill, win turn our. gov
rnment into the hands of those not respOn-
ible in that particular, and who will be
Without the means Of providing for the OBJ
igatiOns Of the government. have tOsay
o nv political friends on this side of the
.ouse, that they need not expect
rom those who do not feel the
of meeting the public
redit, any support for this measure. Let
he bill be modified as the House may see
L, not by any general tariff details that
7Ould fail to make it become a law. If it
ais to become a law, gentlemen on the
side Of the House will have to take
ID their responsibilities earlier than they
nav have anticipated, and to them will be
Eft the decision of the question, whether
hey will maintain the honor Of the gov
rnment at home and abroad, which this
ide Of the House, by rejecting this bill, will
ave failed to do. submit therefore, to my
-iends on this side, that the public will hold
hem responsible if they fail to furnish the
administration with the means Of cOntinu-
% the government, and l say to my
-iends on the other side Of the house, that
is not well for them to provoke too soon
hat responsibility in raising revenue,
7hich they will find will come to plague
hem quite soon enough, for on their sue
ess in the passage or failure Of this bill, |
ill depend the question whether this side
fthe house shall 60 to the country after
be 4th Of March, and ask the people to pass
pom their work here with any expectation |
fcOmmendatiOn. l trust, therefore, that