The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-04-10

original cost or value of tho articles inn
ported at place Of production or export.
which had been the source Of SO much litigation
between the Government and the importers. the
bill fixed AN allowance of five per cent, equally
applicable to all NOR handise coming in under
the adj valorem principle II levied discrim-
mating duty OF ten per cent. addition upon nil
merchandise imported from and the growth
and production OF any country which disrriln.
r pors OxnoSer S aud i% TpSH provs F'r
manufacturing bonded warehouses. and the
benefit of drawback upon all exported goods
The bill would reduce the cost OF collect ing the
customs revenue Mt lenst % per cont. Another
considerable saving would pc gained IN the au-
districts. These two items would savc VI 100000.
The reduced rates proposed would not cause
tee estimated that there would be. n gain of
t9.663.Glj. Even II there should be n loss OF
ryenSe by this PHI could net at me Tr Ere, ss
that taxes were reduced? No Government in
in the world owed SO little in proportion 70 its
first on the London Exchange and the Paris
BOurse. We could borrow ut rs low ratio OF IN
forest II we made the bond long enough as
England. Thereforc, We should provide only for
the amount required for the actual living eXpen-
diturcs. which, taken az n bnss OF estimate as
stated by Mr.. sherman. would be an average Of
about $3.50 O000OO per annum, IL we included
the reduction in Understanding in consequence
OF the final conversion of the nvc-twenties into
the four per cents. There could be no doubt
that with the least revival in trade the receipts
after this year would he increased. The average
receipts would be about s270. 900 600 per annum
n there were no return of prospective excess Of
revenue over expenditures Of about SiO,OOO.OOO.
This apparent surplus revenue should be met
by corresponding reduction in expenditures,
Much alarm had been created In some parts Of
the Union by an undue apprehension that great
injury to the iron AMI steel manufacturers
would follow any change in the tnrif. But tho n.y.
ernge reduction In the metal schedule was only
four per cert. In cutlery. machinery, engines,
and other articles requiring skilled mechanical
and scientific knowledge Americans should be
ashamed to acknowledge that they were infe-
rior. and required protection against the brain
worsted and woollcns. Grcnt progress had been
made in these articles The exports OF our
manufactured cottons had increased since 1875
over a. 900 900 the most Of which had gone to
Europe and been purchased on foreign account.
The silk industry Of the United States had
reached n high degree Of success, and WINS
ahundantlv able to take care Of itself Indeed.
the only complaint It made was of hard times
and the frauds practiscd in fictitious invoices
and 10y smuggling. the natural results OF high
duties
The general policy and scheme Of the bill was
to rtsusritate American COMMERCE., to re-
establish our position as one OF the foremost
maritime nations OF the world. and by this
means to develop to its full extent the material
| resources OF the nation.
Mr.. Banks tRep., Mass.l obtained the floor to
speak against the bill. but yielded to n motion
that the committee rise. Adopted.