tp yJ':~ _ j~IM;::t:;;4: prpas BPectial (40n1080oner of &venue. Wasnmotort; Jan. s:-The :report of the Special•gommiesloner et , Bevertne; Rom . David . A. VOHS, addressed to ^ the Secretary of the Toxisury, was laidbefore - the Hodes to-day; , results of a somewhat extended hivestiget tlonare preheated, not with a view of establish ing or confirming' any particular theory, bat rlithar of determining, throligh the collection of pdsltlve data, what policy in legislation is likely telltroVe`,, hereafter most advantageous to the Monne, and most certain co u n t ylie the credit and Industry of the whole upon a sound and substantial basis. The first step or starting point of the inquiry le the.present condition of the capital and Industry Of the United Statea . "The fade which constitute an answer to'this - -questlon are to a considerable degree contra , Metory and paradoxical. On the one hand there much. that Indicates that the country is rapidly recovering from the effects of the war, and' re sumitg that won - doled career of progressand de .veleptuent which especially characterized Its his , tory duripg the perb , d, embraced in the thirteen years from 1897 to 1860. On the other hand .there is another class of facts whiCh as unpile . Mkably indicate the existence of agencies which tend to arrest or obstruct national development, and which roster spectiletion, idleness extrava gance oil living. discontent with moderate and slow gains, haste to be rich, 'arid the spirit of trading as distinguished from the spirit of ;pro dnetion. ...11 is proposed, in the first instance, to briefly - state the (-Indef.:co in support of the first proposi tion. This evictence has peen presented in groat part eh cuay by the Commissioner in his two pre -viols reports, but . a. recapitulation of the leadinv sic/news of national wealth, on which the na tional creditreposes, can never be considered as untimely so long as a distrust of the resources of the nation is,ft.r any purpose fostered and ea couragt.d.-..parliculariy tor persons holding offi cial or other public titatiuus. Tale evidence may be . grotiped as follows : -First,'lntsturammx.—From the Ist of July, 1865, to•the Jet ol December, 1868, about 1,000,- 000 natives of foreign eountries have sought a pßrmanent twine in the United States. Envesti gationb made some years ago (and the character of the immigration has stew greatly improved) showed that these immigrants bring with them apecte tie the average amount of eighty dollars per bead; while the average value to the country as produeere Cannot be cetimsted at less than half the average value of an ordinary laborer in the South prior to the war, viz.: tBI,OOO each. fin migration, then, since tee termination ut tue war, may be regarded as having added $80,000,- 0(10 directly, and 6500,0011,0e0 iudiructly to the wealth and resources tit the country. . . . . "Secondly, A GE-NRUAL INCISEASu IN THE Pico- DUCTS OF ihndliSTlC ANDUSTRY.—riIe COMMIS stoner is fully aware of the difficulties aLteudant upon the determination of estimates in this de partment.; prices, with the present irredeemable fluctuating currency Ming wholly valueless as a measure; while a statement of quantities, to be strictly accurate, must be consiuered not only with reference to quality, but also to the normal increase in production, which under all circum stances accompanies an Increase of population. Nevertheless, the wealth of the country is its ca pacity for annual production; and an analysis of this production is the surest, and at present, the only available method of testing that wealth. "Speaking generally, however, in the first in stance,the Commissioner asserts that all the available data tends to establish the following conclusions, viz.: That within the last five years more cotton spindles have been put in operation, more iron furnaces erected, more Iron smelted, more bars rolled:more steel made, more coal and copper mined, more lumber sawed and bowed. more bObees and shops constructed, more manu factories of diflerent kinds started, and more pe troleum collected, refitted, and exported, than during any equal period in the history of the country; and that this increase has been greater both as -regardaluality and quality, and greater thau the legitimate increase to be expected from the normal increase of wealth and population." Besides this general statement, the Commis sioner adduces much specific evidence on cotton manufacture, pig-iron production copper, petro leum, coal, lake tonnage, &c. Lie next shows the continued increase in the agricultural pro duce of the United States, whether measured by quantity or value. Under the bead of railway extension and move ment. it appears that during the ten years, from 1858 to 1868, the increase of tonnage moved on the roads has been at a rate of sixteen times greater than the ratio of the increase of popula tion. On discussing the agencies concerned in national development, he says "that all investi gation clearly shows them to have been mainly two, namely : First, great natural resources in respect to abundmal and fertile territory, great natural facilities for intercommunication, abundant and cheap raw material, and diversity Without Institut:oly of climate; and secondly, a form and spirit of government which heretofore has left man and capital, over an area almost continental, free and unrestrained to work out their own development. Since 1840, especially, other agencies have come In as. powerful ad . juncts, viz.: a con auned influx of population, i. and capital from the old world; a continued in `-ventiona and application of labor-saving ma chinery,\and a most rapid extension of the rail way system; which lust, by giving a market to all the proucts of our national domain, has greatly stimulated the spirit of industry and en terprise. With these, also, should undoubtedly be included the purchase of California and the discovery of gold on the Pacific. "As respects the relation of legislation by the national government to the results under con sideration, if we except the adoption of a liberal policy in the disposition of the public lands, it is difficult, at least for the period which elapsed be tween 1840 and 1860, to affirm much that is pos itive, unless in coulormity with the maxim, that that government is best which governs least, ab sence of legislation is to be regarded in the light of a positive good. If important results followed the acquisition of California, such results were certainly neither forseen nor anticipated; while as regards commercial legislation, a review of all the facts cannot fill to suggest a doubt whether the evils which have resulted from insta bility have not far wore than counterbalanced any advantage that may have proceeded from the experience of a fluctuating policy. "The Commissioner is well aware that this opinion will not be readily accepted by those who have been educated to believe that the industrial and commercial prosperity of the country was seriously affected by the legislation which took place during the years which elapsed from 1842 to 1846. But upon this point all investigation shows that the facts are entirely contrary to what may be regarded as the popu lar belief, which, indeed, in this particu lar, would appear to be based on little else than mere assertions, which, remaining for a long time unquestioncd,huve at last acquired the force of accepted historical truth. Thus, for ex ample, it has been constantly asserted, both In Congress and out of Congress, that the produc tion of pig iron was remarkably stimulated un der the tariff of 1842—rising from 220,000 tons in 1842 to 800,000 tons in 1848—and that under the tariff, of 1846 the same industry was remarkably depressed. Now, these assertions may be cor rect, but the most reliable statistics to wind' we have access, viz: those gathered by the American Iron Association, instruct us as follows: "Production of pig iron in 1830, 165,006 tons; in 1840. 8.17,000 tons. Increase in 10 years, 110 percent. "Production in 1845, 486,000 tons; increase in 5 years, 90 per cent. "Production in 1850, 564,000 tone; increase in 10 ,years, 62 per Cent. "Production in 1855, 754,000 tons; increase in years, 88 per cent. "Production in 1860, 913,000 tons; increase in 10 years, 61 per cent. "It thna appears that the great annual increase in the production of pig iron took place prior to the year 1840, and for 30 years was remarkably uniform at the rate of 10 to 11 per cent. per an num; and that since then, no matter what has been the eharneter of the leglalatton, whether the tariff was low or high, whether the condition of the country was one of war or peace, the increase of the production has been at the average of about 6 per cent. per annum, or about double the ratio of the increase of population." The Commissioner itiv( , P 4 "another curious illus tration" of an apparent misconception of the ef fects of past legislation upon the development of the country, and Wed says. "There does not seem to be any reliable evidence which can be adduced to show that the change which took place in the legislative cowmen:Ml poli c y of the country in 1846 had any permanent or marked effect whatever; while, on the other hand, the eiudy of all the facts pertaining ..to national de velopment from 1810 to 1860, and train 3865 to the present time, unmistakably teaches this lebeoD: that the progress of the country through what we may term the strength Of its elements of vitality is independent of WO- ==2 Utica and oven of.tbsisripfiveriebmeni and waste of a great war, .11)re cite of ~our own mighty MVOs, itit:MOVenitibtis beyond control. -Elueee stye years, like; successive ailluetits,' only mid tb and its 1004 otie legislatitto enact imti conflicting , corninercialivolities, like the construction of Viers vend' ,the.depoßit `of sunken Weeks; 8144, defiett the current 'or corsdinte,,tetappeary obitiacticind. In fact,' if the nation /tae not yet been liftkd to the fulicom-: eh prension of its own work, it, builds determU newly, as it were, by, instinct." The Commissioner next proceeds to show " the ,effict Of the weir in checking national develop- Muni," tad passes to '" the agencies adverse to the national development." as to the latter ho says : - The immediate cause of the anomalous con dition of affairs in question must unquestiona bly be referred `to the greatly increased cost of nearly ail forms of labor and commodities as ceriipared With the price for the same. that pre vailed in the decade immediately preceding the war; while these in turn must be regarded as-the resutant mainly of three agencies growicg out of the war, viz : irredeematile paper currency, unequal and heavy taxation, and a limited eup ply,of skilled labor, the last manifesting itself at the present timoin specialties-rather-than to-gen eral "Influence of an Irredeemable Paper Currency.— As the specific influence of the hat agency ass been of late so often and so thoroughly discussed, the Commissioner will only , ask attention, under this head, to a few points of presumed novelty or interest; and, first, to a specific statement of actual experience, illustrative or the manner in which an irredeemable paper currency, or what is 4103 same thing, a national abuegatiou of specie payments, unavoidably weds to destroy all profitable commercial relations with foreign counoles in which trade and industry is con ducted on a specie baSts. The statement is fur nished to the Commistioner by a manufacturer of turniture in one of the middle States, who, previons to the war, had built no an extensive export business to the West Indies, Central and doutb America, of a variety of 'cane-seated' and 'cane-backed' furniture salted to warm lati tudes. "Thus on the Ist of March. 1861,g01d and cur rency being at par, $l,OOO in gold possessed a purchasing power sufficient to obtain for the South American importer 111 1-9 dozen of what are termed in the trade, 'ordinary square-post cane-seat chairs.' About the Ist of Janusry,lB62, gold began to command a premium, and advan ced during the next three years with great rap idity. This movement was not, however, par ticipated in at first to any considerable extent, by either labor or commodities, and in consequence the purchasing power of gold greatly increased ; so much eo that on the Ist of July, 1864, the $l,OOO gold which in 1861 bought 111 I.P dozen ehnrrn, Wee uouglit 143 dozen. Under these eircumstancetas was to be expected, trade Increased, as the foreign pur chaser found the American market by tar the beet tor his interest, but from July, 1864,a move ment commeeced in an exactly oppoatte direc tion, gold receding, and labor and cbm,noditles advancing in very unequal ratios. Thus In Janu ary, 1866, the $l,OOO gold, which four years pre vious had a purchasing power of 111 1-9 dozen chairs, and on the Ist of July, 1861,0 f 143 dozen, then commanded but 126 y-,: dozen; in February, 1866, a still smeller number, viz.: 913,; dozen, and ultimately attained its minimum iu January. 1867, when the purchasing power of he sum named was only 89% dozen. From this point the purchasing power has gradually increased, and for the past year, 1868, has remained at the rate of about 102 dozen, or nine dozen leas than could be bought with the same money in 1861.. "The result has been that the foreign purchaser now goes to France or Gerniainy; while the pro ducts of American Industry, iu the form of fur niture, being no longer available to exchange for sugars. spices, or dyewoods, gold has necessarily been substituted; and to use the words of the manufacturer describing his condition, 'unless there is a speedy return to specie payments, cus tom will soon so fix the channels and currents of _ . trade that any attempt on my part to divert them will be attended With great dlilicullyt' and what has thus been shown to be the case in re spect to the expprt trade of the United States in furniture, may be accepted as true of almost every other manufactured product, which, as it nation, we were accustomed, previous to the war, to exchange for foreign commodities." The Commissioner gives the relative amount of currency In use and re quired in the tutted States, Great Britain -and France, and a "com parison of prices of labor and commodities, 11t67 68." He says "the purchasing power of the irre deemable paper money now in use is not nearly equal to what it woe in the immediate ante-war years of 1860-'6l; and that the working men and Wcmen of the country do not now receive as much in return for their labor as before the war. "The theory of Inconvertible paper money is, and the facts prove lt, that the rich became richer and the poor poorer. In addition, however. to an inconvertible paper currency, there are other agencies which are powerfully operating to the production of a like result; and the consideration of the se brings us to a new department of our investigation, viz.: The kfluenceof taxation,direct and indirect, upon the cost of domestic produc tion, and coupe quently upon the ability of the country to exchatge with foreign nations upon terms of equality, Taxation as it exists in the United States may be classed under three heads: "Ist. Taxation under the internal revenue. "2d. Taxation under the tariff. "Bd. State and local taxation, "The Commissioner then proceeds to examine. in the order enumerated, the present influence of each of these forme of taxation upon the coat of dnetiou and upon national development. The Commissioner says: "The Internal Reve nue sytgem of the Ur•i'td States as it now stands, approximates closely to that which the experience ci more than three-quarters of a century in Great Britain has shown to be capable of yielding the maximum of revenue with toe minimum of disturbance to the wealth-producing elements of the country. Tho changes,aparL from those per taining to administration, which are required to still further perfect the system, aro not nume rous, and with the termination of the large p iy men ts for the equalization of bounties, and with an economical administration of the governtnf at, can, undoubtedly, bo made with safety at no dis tant period. T illey should unquestionably embrace the taxes now levied upon telegraph and express companies. ' upon the gross receipts of railroads, steamboats, and other common carriers for the transportation of p is sengers; and the percentage taxes on the soles of merchandise; the gross receipts from all of which is Ices than one-half the annual expenditures during the last two fiscal years for the eqa don of bounties. When this has b,en accom plished, it may with truth be claimed that the Entire internal revenue system has been made wholly subordinate to the more important end of creating national wealth; and that under it no cirict obstacle whatever is imposed by the goy- Eminent, which can prevent the domestic pro ducer from placing his product upon the market at the lowest possible cost. "In concluding thin review of the present in fluence and condition of the national taxation under the internal revenue, the Commissioner is constrained to confess, that thus far the abate ment of prim consequent upon the large an nual reduction of taxes has not teen what was anticipated, or what the large amount of revenue abandoned would seem to have warranted. In the case of not a few articles., as pig iron, manu factured lumber, and salt, the prices since the removal of taxation have actually advanced, while in other instances, as iu the case of agri cultural implements, sewing machines, hoop skirts, manufactures of silks, newspapers, and in fact most articles which are the 'midi:tete of monopolies created by patents, established cus tom, or other circumstances, the repeat of the internal tax, through the maintenance of former pikes, has been only equivalent to legislating a bounty into the pockets of the producer." The Commissioner proceeds to the considera tion of the influence of national taxation under the tariff on prices and the cost of domestic pro duction—a Subject, the discussion of which its at tended with the embarrassment that it involves more of prejudice and of opinion founded on pri vate self-interest than almost any other which since the abolition of slavery has occupied tie attention of the American people. Notwith standing this, it is important-..t0 recognize the act,that under the existing financial condition of the country, the old-time issues between the ad vocates of lice trade on the one band, and pro tection on the other,have ceased to be of any real practical importance—intennuen us in the ar rangement of a tariff with 'a view to revenue, the requirements of the government must certainly, for the present, necessitate so high an average of duties as to afford all that can be reasonably asked for on the grouuds of protection ; and with a given requirement, moreover, for revenue, in excise of what can be derived from the taxation under the tariff of acituov, le dAed luxuries, there would stem to be no valid objection to distrine lien tile additional taxation in such a manner as to fever those branches of induetry most exposed to Weigel competition. Ile next speaks of the recognition of the pro tective eysteni in Europe—and then asks atten tion to two other points which have been m rdd the subject of investigation, namely : the direct Mefiti!=Et:i =l2=gl=i7MEWM effectef the Otriff.en the prices of IMPOrt end the, • effect of the Increase of. tar In 'checking Import ation,. 'll6 says"all alienates , and especially the experienteOf theiralted Stites. Within'the last three 3 , ears, Chows that there la a point - beyond which duties imposed on Imptirta- Ilona cannot be carried without rendering them `practically Inoperative, Tbus,linder the exist ing tariff, the duties on Wines, liquors and alike have been carded to such a degree that only so ranch of these articles are now. imported as are necessary to meet a popular requirement that no law cen prevent from being satisfied. If carried beYond this point, tbe requirement or , necessity will still be met, bat the smuggler and illicit dealer, rather than the regular importer, will be come the agent of supply; for, in no country can evasion of the excise or customs be carried, obit more suecessiully than in a republic where popu lar opinion is both the law•maker and the law. ene t tainer. If proofs in support of this _position are dernended, they are most abundant." The Commissioner discusses the "Relations of a tariff for revenue and a tariff for protection," and says "indiscriminate protection is g charac teristic of the existing tariff" Under the head of "140 of existing influences on national devel opment," he remarks: "All-commerce is in the nature of barter or ex change. The men who bring to us coffee, sugar, tea, hides, silks, dye-stuffs, and the like, are not the men whose labor or capital has been directly concerned in the production of these articles, but men whose simple and 'sole business is to ex change these products at a profit, for the pro ducts of other nations. What the exchanger de gree beet to receive is product in kind, which he may further exchange eisewheregind at the same time realize a profit both ways on the agencies employed by him in the transmission, viz.: on his vessels, by their freight. What he desires levet to receive is gold or silver, inasmuch as the intrinsic value of these articles is nearly the same in all countries, and their movement and trans• missicn, instead of being a source of profit, is rather a source of expense. • "Now, the condition. or things4n - the United States is just this. We have so raised the cost of all domestic products , that exchange In kind with all foreign nations is alinost impossible. The majority of what foreign nations have to sell ns, as already shown, we must or will have. What foreign nations want and we produce—cotton and a few other articles excepted—they can bay elsewhere cheaper. We aro therefore obliged to pay In no small part for such foreign produc tieing as we need or will have, either in the pre cious metals, or what Is worse, in unduly depre ciated promises of national pNyment. 'And yet there are men who are so far unable to realize this condition of affairs, that they severally desire and honestly think they can remedy the evils in question by measures which, like' the increase of the currency, the increase of the tariff, or other forms co taxation, will inevitably make prices and the cost of production still higher, and thus aggravate the very difficulties which are already ee serious." As a practical illustration of bow the United States trades with the Argentine Republic, the Commissioner subjects to analysis "the eommer (.4l re lotions existing between the United States sad the Argentine Republic of South America, (Buenos Ayres.) The necessity of trade be , wet n the two countries belongs in the first in stance to the United States, which does not af ford a supply of domestic hides sufficient to meet more than 58 per cent. of its domestic consump tion of leather; and has, in addition, practically no domestic supply whatever of either goat skins or horse hair. Now the Argentine Republic has these as tidies especially to sell and export, and it e is willing to dispose ot them on terms equally advantageous wi h other nations, it Is not a mat ter of choice on the part of the United States whether ebe will trade, but a matter of necessity. ' It is also worth while to diverge for a moment from the discussion of the immediate subject under consideration, and see how important is the relation of this supply of foreign bides 60 American domestic industry, and how good a thing the Utile d tutee makes of it. The esti mate d value of all the domestic hides manufac tured is the United States during the year 186 E, at $5 50 each, was $19,250,000. The estimate 4 value of the foreign hides received at the princi pal Atlantic ports •of the United States during the same year was about $14,000,000, (values in both instances being reduced to currency with an assumed gold premium of 40 per cent.) making a total of $83,250,00) as the value of the raw mate rial hides for the year in question. Now during this same year there was received in toe coy of Boston unmanufactured leather of dh mt tanning to the value of $17,463,998; and there was told and shipped from the State of Massachusetts alone, boots and shoes of an esti mated value of 055,000,000—t0tal $72.463,933, which large sum represents very imperfectly, but yet most strikingly, the extent to which Inc value of the hides became enhanced by the pm cess of manufacturing, and also the remunera tion which, through snch enhancement, neces sarily accrued to labor, inasmuch as the fucreased value in question represents to a greater degree than in must manufactures the amount paid di rectly to labor. "As might be inferred from this showing, the Unite d States continues to purchase hides trout Buenos Ayres. and continues to add to her wealth and to the sources of employment for her reople by eo doing; but in thus purchasing we ftria that the United States stands on a different footing from other commercial nations; or, in other words, has a way of doing thlogs peculiar to beret If. Let us see how this is: "The Argentine Republic, in sending hides, goat skins and horse-hair to the United Stet. s, re quires an equivalent. It has no toreets, few manufactures, and an insufficient supply of bresdstrals. IL therefore requires lumber, flour, textile fabrics, especially coarse cottons and cali coes, ready-made clothing, furniture, wagons, hardware, saddlery, paints, paper, &c.,a1l pro ducts which the United States la capable of pro ducing in unlimited quantity, and Is desirous of selling. The people of the Argentine Republic, furthermore, do not desire payment fur these products in the precious metals, and if oblige I to rei eive them must immediately exchange them for the above-named commodities, which are absolutely essential to their existence as a civilized people. Now, as the United States stands to the Argentine republic in the relation of almost their best customer, and as the two nations are further assimilated throLgh continental position and a common form of go vernment, and as the former is capable and desi rous of supplying those commodities which the latter esin clan.) , needs ' it might naturally be sup posed hat the trade between the two would be reciprocal. The exact contrary, however, la the case. The United States, year by year, increases its purchases from the Argentine Republic, while the amount of domestic products which the latter, in turn, purchases from the former in creases very slowly, or remains altogether sta tionary:: The Commissioner shows the influence of State and local taxation on the cost of productiou,etc., and comes to the general conclusion : "Having thus • presented, in part, the evidence which demonstrates the rapid development of the country, and having also endeavored to deter mine and analyze the causes which at the same time tend to check or interfere with such devel opments, we are now prepared to take up and intelligently consider the lesson to be deduced front these investigations relative to the inquiry proposed in the outset, viz., what policy of Weis la 1011 is likely to prove hereafter must advanta geous to the revenue, and most certain to estab lish the credit and industry of the whole country on a sound and substantial basis. "it seems clear that whatever fiscal policy may be proposed for adoption, it must not only be re cogniz. d and be based on the existing condition of chairs, but must be also in the nature of an amendment which shall to the smallest extent possible partake of the character of an expert meat. Violent change, uncertainty, and insta bility are, of all things, what the business inter eats of the country have moat reason to appre hend. while, on the other hand. the deter mination and recognition of a clear, well-defined, and practical issue, to be attained to by a certai n progressive ; even though slow, movement, is stare to bring with it stability, hope, and confi dence in the future. ' the elements which constitute in co small degree the basis of both private and national prosperity. Can such a policy be de termined? Can such an issue be consummated? "Tte ends to be attained' are, mainly, three: First, lull restoration of the nation 4 credit and resumption of specie payments; second, refund ing the national debt at a lower rate of luteirest: third, reduction of the cost of national produc tion, wi h a view of enabling the products of American industry to compete on terms of greater equality with the products of foreign nations than is now possible, thereby establishing a sys tem of national protection and in4urlug stability, increased product, and a redevelopment of Amer ican commerce and ship-building. "Let us now inquire what clutuents aro ready at hand for the accomplishment of these results: The nation at present lu excessively lu debt, and is further embarrassed with the volume of its ma tort d rind suspended paper. To free itself front etubtorasswent and to redeem its suspended pit prr, there would seem to be but one method, which is alone available to individuals under similar circumstances, viz., to manage in tomb i -' r l 1! D rI ~4 Way to receive more - than - is expended, MI to ' apply the surplus of receipts Wirer expenditures to the pnytnent of debts and to the restoration of • The determination of the probability of eth• taming such a surplus, and also its possible ex tent, involves the consideration of the national financee, present and prospective, and to this the CommissiOner - asks attention, And, it a sego quent part of his report, he says: ,- "In the application of a moiety of the antici pated surplus to the reduction of taxation, the especial object sought to be accomplished should be the reduction of the cost of national produo-'. Lion, with a view of removing those impediments which now so greatly restrict and, in many in stemma, prevent the free exchange of the pro ducts of American industry with the needed pro ducts of other nations; and thus bring to the country a more favorable balance of trade them now exists. In using the expression, balance of trade the Commissioner does not wish to Le understood as recognizing in any way the old exploded ideas in respect to this subject, viz.: that a nationgains in pro portion to what it sends abroad, anti loses in pro portion to what, it receives back; but ho does mean to clearly express the opinion, that a con dition of affairs like that _now existing in the. United States, whereby gold and silver and certifi cates of national indebtedness continually tend to flow cut of the country in payment for foreign commodities, in preference to the produce; of domestic industry, is both unnatural and inju rious, and is a condition of affairs exactly the re verse of what prevails in Great Britain, France, and other prosperous commercial nations. "The Commissioner believes that he has already ant elently indicated the course he would recom mend in reference to the application of the antici pated surplus le the reduction of taxes. In the department of internal revenue, the removal of taxes on the transportation of passengers, the re ceipts of telegraph and expresso companies, the manufacture of gas, and possibly upon sales, would reduce that branch of our revenue system to almost the simplest form that can be devised for the collection of the requisite amount of money which the requirements of the treasury may necessitate. "In the matter of the tariff, the Commissioner trusts that the Government will not allow itself to be diverted from the consideration of the real question at issue, through any prejudices which may be evoked, either on behalf of free trade or protection. There are no considerable propor tion of the people of the United States in favor of the adoption of free trade in the European sense, even were the necessities of the treasury for revenue far less urgent than at present. There are none worthy to bear the name of an Ameri can citizen who desire that the industry of foreign countries should prosper and be extended at the expense of our own." The conclusion of the report is as follows: "In what bas thus been submitted the Com missioner believes that he has sufficiently indi cated his views in respect to the tariff. Ile can not resist the conclusion that, as it now:Attends, it is in many respects injurious and destructive, and does not afford to American industry that stimulus and protection which is claimed as its chief merit. fie believes that to grant, in the main, the advances asked in the bilis now pend lug before Congress would be but to aggravate the very difficulties under which the country now labors, to impair the revenues and hinder the return to specie payments. " In tact, our present tariff is in many partic ulars apparently based upon the old fallacy that, in the exchange of commodities between nations, which constitutes commerce, what one gains the other loses. It needs but a moment's thought to be convinced that there can be no permanent trade or commerce unless it is for the gain of both nations; all trade Is based upon the mutual ity of services, and it is one of the evidences of the prognes of modern thought, that the inter dependence of nations is beginning to be recog nize d. This is eminently true in England, France, and Germany, true in China and Japan, true eve n fn Spain, but not yet recognized in the United States, if our laws are to be taken as the evidence of our thought. '•With these feelings and convictions he would therelore prove untrue to his trust did he not here enter his most earnest protest against any further general increase of the tariff, but would, OD the contrary, recommend . , "First—An enlargement of the free list. second—A reduction of some rates of duty, and, us an exception, an increase of a few others, with a view to the increase of the revenue. "7hird—A reduction of some rates of duty with a view to an absolute abatement, on the simple ground that the reduction of a duty is the reduction of a tax, and that the most efficient method of protecting home industry is by the removal of obstacles in the form of taxes. "Fourth—Tbe conversion to the utmost possi ble extent of the present ad valorem duties into : em cities, as the only practicable method of In suring certainty and equality in the assessment of duties and the prevention of undervaluations, and the abrogation of the privilege which en ables returning tourists to import free of duty an amount of goods corresponding to their real or supposed social position. "In behalf of the conclusions thus expressed, the Commissioner confidently appeals to the true blends of American Industry for countenance and support, for nothing can be more certain than that, if unnecessary and iniquitous burdens of taxation under the tariff continue to be laid upon the people, the day le not far distant when a reaction of public sentiment will compel either a sweeping reduction of duties,or induce through agitation such an instability in legislation as will in itself prove most injurious and destructive. "The Commissioner does not believe it expedi ent in this, a general report, to enter upon the specific details of a tariff revision, but the pre mee changes required in his judgment to be made will, if caned for, be made lu the term of a Enuolernentary report, or be submitted person idly to the finance committees of Congress. FINANCIAL. 4.2.EVEN*II.ENTII QUARTERLY REPORT OF TILE GIRARD NATIOAAL BANK Pu t LAIMI.I'IIIA. Jan. 4, 1869. REBULltlik 1. Loans and Discounts. !,1 mttd btatto bouue ---$3,193,110 71 Due from National ..... 8160,151 21 Duetium other banks 34,069 58 201,139 79 Morring Exchange to Clearing• . 501,8 3 31 19 1 egt.l 'feud, r .......... 1,231,444 96 National Back Norte 20 OM 00 (Mute Bank Notee. tti UO Specie 20 eul 61 Caleb lteshe 46,1 W 40 2,128 898 20 Total LIABILITIES. Capital $1 000 000 09 400.000 00 Distuunt Interest:, Prode and Lots, lees 97 588 83 83 Circulation . 68/.000 00 Individual Depoeito. .............. 2,901268 06 nited Watts Deposita.— . 19.106 12 Lue Bills outstanding.— ....... 171,092 28 Due to National Banks 147,472 97 Duo to other . ...... 101,582 87 $3.924.612 20 Unpaid Dividends 41.046.6 T Total jab-8t W. L. SCHAFFER. Canulcr. FF/EFA ANTIIRACITE INSURANCE COMPANY. IVJ Plil LA DEL 1 . 11 lA. Jamuatv 4 4 WO. h}h Cllll S FROM JAIN B L I ARY I, lta, DEUNAIBER Le On Marine and Inland Risks lin Fire Rieke PREMIUMS DETERMINED DURING} TUG 0 YEall. On Marine and Inland ........ ........$133 716 13 On Fire Kirke.. 13663 93 Interact, balvage. &c., received during the year, 8.121 9.1 Marine Lerner... ... ........... ........ ...... ...... 601406 12 File !timer 1378 26 )(clam PleilliUM and ite-Inmrance ...... ....„.. 12,927 ea Comillireiouti. .......... .. , . ... ...... . ..* , .... 8 649 72 Watt and laty Taxes, Salaries , Rent, Print ing, &e... . . . . 10 690 25 United States Taxer, . . 2,145 17 ASSETS JANUARY lei', 1860. Bills Receivable ...... .... ................ ........ 1186,1135 63 .Prerninsu Outstanding and interest Accrued... 5,761 01 Union Bank of /leading . 500 00 city 6 per Cent. Loan (now)._ ...... .......... 33•000 W Philadelphia and Reading Railroad. Ist Mort- .441 gage Booth.— .... ....... .... ........ .. 20 000 00 United States 6 pee Cent. Bonds (81s) . 10.465 00 'United States Loan.(s•2N) ........ ... . ..• ••- • • • 10.000 00 Stock die.. held by Company... ........ .... .. 2.35 1 00 Cosh in Bank and on hand ......,.... ............. 01.118 86 Stock Liabilities... - ..... .. ........ .• • • •.... ...... 59,75) 00 At an election by the Stockholders of the A — uthranottu fueurance Company. held January 4th, lea to elect ton //hectors to verve tor the ensuing year, the following gentlemen were elected: Wm. Ether. D. Luther, Wm. F. Dean, Lewis Auden. rird,•Johu R Blakieton, Fat r nietter, John Ketcham, J. E. Baum. John B. lieyl, Samuel it HothermeL At a meeting of the Board of Directors held on the HMO day. the lellowing alone woe elected: Wkt: ESHER, Fresident WM. F. DEAN. Vice President. WM. B. SM.TII, Secret:au. The Board of Director• have tulle day declared a Olvl. ?end of Fifteen OW Per Cent. on the capital stock Paid iu payable on demand, frue of taxes. jap 6to WM. MI ecoggtay:y. CHURCH'S NEW "NIAGARA, ,, Ills last imoortant Picture. end the beet end most cow prtherudve view of the GREAT FALL. On Exhibition for a Short Time- Admission 25 Cents. EARLES' GALLERIES, AD LOOKING GLASS WAREIIOOII6, No. 816 Chestnut Street. Awarded the Only medal for Blank Books by the Parts Exposition, 1867. WM. F. MURPHY'S SONS; 339 CHESTNUT STREET, AND 55 S. FOURTH STREET, BLANK BOOK MANUFACTURERS, AND STEAM POWER PRINTERS. A complete stock of wellieasoned BLANK BOOKS of our own manufacture. A full stock of COUNTING-HOUSE STATIONERY of every description. dell to the tfelrp $2,=113 71 EMIZZI titb 468149 '79 $5484149 70 NEW STYLE SKATING BOOTS. BART LETT, The Boot Maker, 83 SOUTH SIXTH STREET. . NEW STYLES FOR THE PROMENADE. NEW STYLES FOR THE PARLOR. NEW STYLES FOR HEAVY WEATHER. Ills large stock enables him to furnish a good fit at all times. troll a to th lyfo4 $117,779 03 . 10.765 74 12&,663 77 90,764 29 219.326 06 152.69) 9i sl2l.tb an JUHT RECEIVED AND IN STORE 1400 CASES OF Champagne. sparkling Catawba and California Wiaes. Port, Madeira, Sham, Jamaica and Santa Cruz Rum. One old Brand* and ‘Vhtekles, wholesale and retail. P. J. JORDAN. 220 Pear 'Arcot, Below Third and Walnut streets and shore Dock street. doTtf. 8"111.135 q cutIEAT HINE FELT FOR BALK—TEN (10) FRAHM English Hhenthing Felt. by PENEP, WRIGHT dz ONO. 1/6 Wolgat moot. U 04 4691. LAST MONTH . OF THE SALE. HOMER, COLLADAY & CO. STILL FURTHER REDUOTIONS, TO CLOSE BALANCE OF STOCK rr4l7‘7'l''ol'.=.ii-TV!! NOS. 818 AND 820 CHESTNUT STREET. • .41• •40 .INPOISSIESIAE. FOR ANY HOUSE TO GET THE PRICES DOWN AS LOW as we are now selling all our CLOTHING, and the REASON for it can be very easily seen. An appraisement of the stock was made under direction of the EXECUTORS, and then it was determined to sell it al ONCE to make a quick settlement of the accounts qj the former Firm. THE PRICES ARE ALL DOWN, so that we GUARANTEE them fully TEN PER CENT. LOWER THAN THE LOWEST ELSEWHERE, Oh GOODS TAKEN BACK AND CASH PAID OVER AGAIN WHEN SHOWN TO BE OTHERWISE. It will be remembered that our Style, Make and Finish Is FAR. BETTER than ordinary Ready-Made Clothing. Our large facilities always enable us to SELL CHEAPER THAN OTHER HOUSES ; and now, under these special circumstances, it can be reiuilly seen that this is THE opportunity to lay in a full supply. WANAMAKER & BROWN , OAK HALL, THE - LARGEST CLOTHING HOUSE, SIXTH AND MARKE f STREETS. ... .• TUN: WRNS *EU. STATIONER V. BOOTS AND SHOE& WINEs, Ligluons, &c. 'IOWAN'S CELEBRATED PURE TONIC ALE POE ttl invalids, family use, &c. The subscriber is now furnished with his full 'Winter supply cf his highly nutritious and Welt-known beverage. Its wide spread and increasing use, by order of physi cians, for inval de. two of fun os, command it to the attention of all consumers who want a strictly pure ar- Ople ; prepared from the beet materials.•aud put-up In the nrdt t carolgl manner for home use or transportation. Or. dere by mail or otherwise P. J. JORDAN, promptly elupplied. 220 Rear street. 'lo4f Below Thtrti and Walntit vt,nnta. r=e==al EMi= HAVE THEO PAY MADE IN OUDEEI AS minis MMMWMrt`VRIMq - 41 Destructive Conflagration. ..91 , ears. Parrel, Herring 1• Co.. 619 Chestnut Siseet— G L.NTLESI : Tbh, morning. about 3 o'clock. our Web mend Passenger Railway Depot. situate at Lehigh avenue tied bdgmont street, was entirely destroyed by fire, to gether with the contents. cm:m.l.ll.MA of t weedy-three Par sensor care, ore salt car and a B stun plow, office furni ture. esc.. which made an intense heat. The only things wo saved were in one 0 your Patent Champion Fire Proof Bala, consisting of books, vapors. bank notes and car titkets, which camo out all right. JACOB BINDER, President The Public are invited to call at our Store, No. 629 Chestnut Street, Phila. delphia, and examine the Ilerringys Champions that passed through tato great Fires in December, 1868. FARREL, HERRING & CO. The Liverpool & Lon don et Globe Insurance Company, The Report of this Com pany for 1868 shows: Premiums Lojes - and after paying a divi dend of 30 per cent., the Total Afets are, in Gold, $17,005,026. General Agent, N o , 6 MERCHANTS' EXCHANGE, Pbaufeeihia. Waddlers, parnees.ffitakere. Ifinnuffae■ toreros of W clothing Boots, Sh U oes,dre. MACH d NETW e STa n d e h t "M so ord Lin N RThrALLE," D Manufactured exprmsly for us from the best material. and warranted a superior article. THE SINGER ItINSILIPACTURING COMPANIT Manufacturers and Pro MA pTie U tors of the SINGER SEWING RNE. No. 1106 Ohemtnut INtreet. xry2iyrp WM. E. COOrllit. Agent 11OoP HillitT AND coitan MANUFACTORY. NO. 819 Vine street. AU Kooda made of the bed materiels and warranted. Hoop Skirte repaired. nv7 IFIRE.PROOF gars& 01/ , DIF:111111 t 4116.0 111 , fel 01. THE PHILADELPHIA. Dec. 53. Imo. de3l th e tu SUPS INSURANCE. - 8 5479) 2 7 8 - 3,344)728 4TWOOD SMITH, bEIPVING MIACHIEVE9. 1100 P suturs E. B&ICLEY.
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