From duties accruing and payable in IS. 49, - 15,600,000) Treasury notes - Miscellaneous sources - lbed by law. Hitherto, throughout the guise his opinion that it cannot be regard whole history of th e G overnmen t, the cost ed as wise, by any portion of the country or value in the foreign market has been 50,000 00 assumed as the basis for the calculation of as a permanent system of policy, to aug ment the amount of revenue, when fur -150,000 80 ad valorem duties, and to this cost or val- Jue certain additions have been made, sup- they exigencies may require such aug mentation, by raising duties on all arti , posed to be equivalent to the chages (Ann cles, including those of absolute necessity, portation. But undervaluations abroad, to the full extent of twenty per cent, and frauds real or supposed invoices, and the preserving that limit, at the same time, as unjust advantages which were believed to exist in the hands of foreign manufactu- a fixed barrier against higher duties on l any article whatever, even those of mere revs, who had become, in fact, themselves luxury. Such a plan of revenue, if to be the importers into the country of a large regarded as a settled system, appears to proportion of the manufactured a from Europe, led congress to look to as .; the undersigned to be unnatural and in convenient, and such as is not like to home valuation for security as well as to i the Americas importing merchant as to pro mote the best interests of the country • The probable effect of the future opera the revenue, and to the producers of sitni lion of the act of 1833 upon the manu lar articles in the United States. factures and mechanical trades of the The legal effect of 1833 would seem to be to abolish the practice, after June 30th, country, particularly if no home valuation found, gives rise to inquiry too import- 19,200,000 00 From which deduct the es timated deficiency on the Ist of January, 1842 - 627,559 90 Leavitt , ' e this amount appli cable to the service of the year 1842 - - - The expenditures for the year 1842, including 167- 000,000 for the redemp• lion of Treasury notes, are estimated at - - Leaving to be provided ---- tor this amount - - 14,218,570 69 18,572.440 10 The receipts from the customs for the year 1842 depending for their amount up on the action of Congress, at its present session in the adjustment of the tariff, it is not practicable to form estimates of the revenue which may be derived from that source with much precision. Those now submitted have in view the present rates of duty, and their final reduction to 20 per cent. ad valorem after the 30th of June next. The scale of duties thus es tablished has been necessarily assumed as the basis of calculation for the remainder of the 1842, estimated with reference to the anticipated importations of former years. In the estimated receipts, the amount which will come into the Treasury from the sales of tho public lands in 1842 has been excluded, as the act of Congress of the 4th of September last directs its dis tribution among the several States and Territories. With regard to the receipts from the loan already authorized by law, it is to be remarked that, owing to the short pe tint! which is to elapse before it becomes redeemable, together with the unsettled state of the money market, it would not be safe to expect that any considerable portion will be obtained, for the service of the year 1842, before the expiration of the time limited for eifeetiu , ,c The law authoriz,n, the i sae at Traas ury notes also expiring , •atly ,a 1842, not more than 50,000, it is supposed, ca.tbe I , made available from that source. In estimating the expenditures of they year 1542, it is assumed that no other ap- 1 propriations will be made than those now I submitted in the estimates from the sev eral Departments; and the balance of those appropriations unexpended at the end of the year 1842. will be equal to, that at the close of the present year. It is proper further to remark that es-I timates of expenditures can only be made for such as may be required under exis-, ting laws, and arise in the ordinary opera' tions of the Government. The power of appropriation, as well as the power of rai sing revenue, being at all times in the hands of Congress, this Department can not found estimates upon its own sense of what the public interest may be thought to require, especially at a time when the country may be supposed to call for more than ordinary means of defence and secu rity. The amount required for surveys of the public lands, and the compensation of the officers employed in that branch of the public service, being payable out of the proceeds of the sales of those lands, is not included in dais estimate of expendi ture. To the dehciency in the wear 1842, a mounting to $14,218,576 68, it is respect fully recommended to congress to author ize 1. An extension of the term withing which the residne, not yet taken, of the, loan already authorized shall be redeems ble, amounting to say $6,500,000. 2. The reissue of the Treasury notes heretofore authorized by law, amounting to $5,000,000. 3. The balance still required of $2,7- 18,670 68, tog ether with an additional sum of $2,000000, (a surplus deemed necessary in the Treasury, to meet emer gencies of the public service,) to be sup plied from imposts upon such fog eign ar tides imported as may he selected, with due regard to a rigid restriction, in a mount, to the actual wants ot the Govern nient, and a proper economy in its ad ministration. Readjustment of the Tariff. the interest of the eirlin try r , quired some The last reduction of duties on imports modification of the act of 1833. In sup. provided for by the act of the 3d March, port of this opinion, he would first men -1833,. will take effect immediately after Lion the great, if not insurmountable, dif. the 30th of June next. From that day ficulties of establishing a home valuation no dirty will exist on any imported arti at our various ports, without incurring the cle exceeding twenty per cent ad valorem; risk of producing such diversity in the es and certain other legal provisions of the titnates of value as should not only lead same, act, of great importance. are to to great practical inconvenience, but in• come into operation at the same time. terfere also, in effect, v ith the cunstitu- Cne of them is the enactment which, tional provision, that duties on imports after that period, requires all duties to be shall be equal in all the Slates. If such paid in ready money; thus putting an end should be the opinion of Congress, then to a system of credits which has prevail- it is clear that some equivalent is to be eft from the first establishment of this go provided for the home valuation, or else vernment; a system which, however ne- the whole basis upon which the act was cessary or convenient in the infancy el expected to rest, as a measure of compro our commerce, when the mercantile capi- rise and adjustment, is taken away or tal of the country was inconsiderable, and displaced. There ceases, in that event, a strong desire was felt to foster and en. to be the mutuality or compromise of in. courage foreign trade by all practicable terests evidently intended to be produced means, nosy at the present day , well yield by placing home volution as an equivalent to the important objects to be secured byl against a reduction of ad valorem duties. cash payments. It remains for the wisdom of Congress to Anufher, decried at the same time an determine whether such equivalent can essential provision of the act, is that be found. which declares .qrat after June, 1849, all But, in the second place, if Congress duties on impoifesrricles shall be asses- as should be of opinion either that home Aed upon the value of such articles at the valuation is practicable, or that some e port where the earns shall tie entered, un quivalent and proper substitute may be der such regulations as shall he prescri-, twilid for it, the undersigned will not dis- 32,791, 78 of assessing clutie's upon invoices or for sign valuation; and, therefore Congress shall not at this session prescribe regula tions for assessing duties upon a valua tion to be made at the port of entry, or! pass some law modifying the act of 1833, 1 it may well be questioned whether any ad valorem duties can be collected after the 30th of June. The language ut the law seems explicit. It is that, "from and after the day last aforesaid," (June 30th, 1842,) "the duties required to be paid by law on goods, wares, and merchandi,e, shall be assessed upon the value theri,of at the port where the same shall be onto, ed, under such regulations as shall be prescribed by law." Anil it is further de clared, that so much of any other act as is inconsistent with that act shall be and is repealed. The assessment of duties, after the day limited, on the basis of the foreign cost or value, is inconsistent with the act; and the law authorizing it must therefore, as it would seem, be considered as repealed. The act of 1833, as must be obvious to all, contemplates no other than ad vale• rein duties atter June, 1842; for although ; in a given case, a specific duty may not amount to 20 per cent, on the cost of the. !article, yet that fact cannot be ascertain ed without reference to price of value— things constantly fluctuating—and much uncertainty, and perhaps confusion, would arise, as changes in the market price of articles might carry the duty beyond the limit at one period, though within it at an other. Indeed, there can be little room for doubt that it was in the contemplation of the act, that no duties on imports should exist in the country after June, 1842, but ad valorem duties. It must be admitted that this was a very important change in' the whole system of imports into the U. States, since it has heretofore been regard ed as the dictate of high prudence and the teaching of long experience, that, for the prevention of trawls and the security of the revenue, duties ought, as far as practicable, to be made not ad valorem, but specific. The the essential or peremptory provi sions of the act, there are two, which, it is not to be disguised, were intended to stand towards each other in the relatioa of equivalents or mutual considerations. These are the reduction of all duties to twenty per cent, ad valorem, and the as sessment of those duties upon a home val. nation. It is impossible to read the act itself, and still more impossible to advert to the history of the times, without arriv ing at the most pertect conviction that the home valuation was resorted to for the purpose of guarding the revenue against undervaluations: —There could be no oth er possible object in this provision. It is a part of the act, therefore, connected with another part, and inserted for the purpose of qualifying essentially the oper ation of the other part. But it is highly proper to look at the circumstances which led to the passage of the act of 1833, and to regard the motives in which it appears to have had its origin. it was the result of a spirit of compromise and conciliation, at a time when consid able agitation existed and much diversity of opinion prevailed. If events shall ap pear to make it necessary to reconsider or readjust the provisions of that law, all proceedings towards that end should be conducted under the influence of the same spirit. '['he undersigned is most deeply impressed with the force of these convic tions, while offering suggestions to Con gress on the subject. He is constrained to admit that it has appeared to him that ant to be overlooked. . It is fully acknowledged that all duties should be laid with primary reference; and, it is admitted, without hesitation or I reserve, that no more money should be raised, underany pretence whatever, than such an amount as is necessary for an e- I conomical administration of the govern ment. But within these limits, and as incident al to the raising of such revenues may be absolutely necessary, is believed I that discrimination may be made, and du- I ties imposed in such manner as that, while I no part of protection will be extended to ; the labor ;mil industry of large masses of I the people, while the whole country will i be rendee•ed more prosperous' in peace, and infinitely stronger and better prepay- I ed if foreign war should come upon us. The principle discrimination has obtained from the period of the foundation of the Government. In many cases it may be ' found to be indispensable to the interests of the revenue itself ; and if, in fixioo a system of duties, it consists with the best interests and true policy of the country so to apportion them among the various 1 species of imports as to favor our own manufactures at the same time that the revenue itself is benefitted, and no in justice done to any, it would seem prop er and wise to reject arbitrary limits and ' the idea of a forced and unnatural unifor mity. The undersigned feels no difficulty in ' admitting that a duty of twenty per cent, ad valorem, assessed upon the value of imported articles in our own ports, wou:,! 1 . in many instances be a rate sufficiently high fur the benefit of the revenue, and also afford reasonable encouragement to home producers of the same articles. As to those, therefore, the object of the act of 1833 will be accomplished, if its provi sion ter home valuation be carried out by Congress. But lie still supposes that there are several descriptions of imported manufactures and produce, which would well bear a higher duty - than twenty per, cent, upon the home value, and thus yield a greater revenue to the Government, while, in regard to some of them, it will be found that, without such increased du • ty, the labor of large classes, engaged in producing similar articles, will be greatly depressed, if not entirely supplanted. It is unquestionably true, and well wor thy of remark, that the act 1833 was avowedly conservative in its objects and character, and, while it was designed to remove what was esteemed a grievance by one part of the country, it was not intend ed that the interests of any other should be sacrificed by it. On the contrary, a reasonable security was intend for all. Its true spirit, therefore, will be but car ried out by acting, under any new state of circumstances, with reference to the same great objects, and doing jus tice alike to all. The great principle of that act was moderation and conciliation, and this should never be lost sight of. But the measures proper and necessary to carry out that priciple may be changed, if the altered circumstances of the coun• ; try call for such change, without any de• parture from the principle itself. Nothing is more established by our ex perience, and the experience of other na tions, than that the augmentation of du ties does not augment, in an equal degree, the cost of the article to the consumer. In many cases it appears not to increase that cost at all. Very often the price to the consumer is kept down, notwithstand- , ing an increase of duties, partly by the greater supply of home production, and partly by the reduction of the price in the foreign market. It is believed, in deed, that there have been cases in which the joint operation of the two causes has occasioned prices to fall lower than they were before the increase of duties was laid. This result in the operation of trade and business might readily be traced to its causes; but a lull exposition of those causes, and the modes of their operation, would too much swell this report. Suf fice it to say, that when an additional du ty is laid on an article, in a country in which that article is extensively consum ed, the burden always falls in part, and sometimes; as experience has shown, al together, upon the foreign producer. The foreign producer must sell ; and if, in the place of sale, he finds an article produced on the spot which comes into advantage. ous competition with his own, by reason of paying no duties, he still must sell, and for the sake of being able to do it, he must be content to bear the burden of the duties himself. The duty borne by the foreign producer in such cases is like the charge of transportation—it is something, which is necessary to bring him into the' market of competition.• Analogous inH stances occur in domestic trade. The wheat grower of Indiana, who incurs hea vy expenses in conveying his flour to an 'Atlantic port, expects no higher price for it when it arrives there than is paid foil flour of the same quality to producers in' . the immediate neighborhood. The cost of transportation, therefore, does not op • erate so touch to raise the price of sale as to diminish it at the place of production. Now, the great law which regulates prices by demand and supply, is sternly observ ed in cases of foreign importation, as in this instance of domestic trade. The un dersigned cannot forbear to add, that vast- 1 ly the greater proportion of the agricultu ral population of the United States is obliged to rely mainly upon the home mar ket for a sale of its products, although a large part of those products (wheat, for instance is such as often enters extensive ly into theconsumation of the world. The quantity of flour and Indian corn expos t ed from this country is altogether incon siderable, in comparison with the quanti• ty consumed in the large cities and man:l ufacturing towns, which have either en tirely grown up or added largely to their population under the inflnence of the' laws of Congress, passed since the end of the last war, upon domestic labor and industruy. The immense inter change of products, all being the result of labor, which now takes place between the produceis of subsistence and the popula tion above mentioned, shows the advant age which one class is to the other, and the essential importance to both of preserv' ing their existing relations. If the con' sumption of flour and grain in the manu facturing districts, especially the North and East, decline, to that extent there is an absolute loss to the wheat and corn growing ;since the quantity consumed by them will find a market no where else. To say nothing in this connexion of the incalculable importance of a home market to the prod beer of the great article of cot-' ton, and limiting his remarks to the grain growers alone, the undersigned cannot but persuade himself that all will see and ack nowledge the great value to that class of producers of the Northern and Eastern market, indeed, which is permanently op en to them upon the face of the earth. So long as the policy of other countries shall continue to exclude the products of our agriculture from their ports, and thus deny to us the advantage of a fair recipro city in trade, it would appear to be equal ly the dictate of policy and of justice to tour people to secure to them, as far as may be r,'lsottsbly and properly done, a mar ket of conailnytion for their produce in their own country, The undersigned t ,rea i is ofandu : opinion thethaton t u he condition ofheisu ,try demands an augmentation of the rev enue. It cannot but be the true policy of Government to extinguish the amount of debt now existing as soon as practicable, and to avoid increasing it. The creation of debt by loans and other resorts, for rev enue to supply deficiencies of regular in come, cannot but be regarded, in a time of peace, as injudicious and objectionable. The general credit of the Government, always good, has been greatly raised, both at home and abroad, by the fact that it has fully paid off and discharged the debt created by the Revolution and by a sub sequent war with England, and wars with the Indian tribes.—The preservation of this high credit is of the utmost import ance. Itimust be the necessary reliance of the Government, if, in the vicissitudes of human affairs, sudden war should conic upon UP, requiring large and immediate expenditures. Exact punctuality in the payment of interest, while the debt shall, continue, and its payment so soon as the time of payment arrives, as well as the known ability and honor of the Govern meat, are the means of inspiring that gen eral confidence which shall at all times enable it to use its credit to the greatest advantage. The estimated expenditures of the Gov' ernment for the coming year will exceed its probable income by $14,218,570 68. Should Congress authorize a reissue of Treasury notes to the amount of 5,000,1 000, and the balance of the loan be dis posed of, there will remain a deficit of $2,718,570, for which provision must be made by law. But it is not supposed that Congress will deem it advisable to restrict the income of the Government to the pre cise amount of its expenditures. There ought to be a surplus of at least two toil liens, to meet unforseen emergencies in the public service; and, should even the proceeds of the sales of the public lands be withdrawn from the States, a reference to the receipts from that source in the revenue, to meet the wants of the Govern ment, must still remain. . The state of the national affairs, the dis position of the Government, in which, it is believed, the people fully participate, to put the country into a respectable state of defence, and especially to support and strengthen the military marine, all appear to suggest the propriety of susb increase of duties on articles carefully selected as, while the amount shall not bear hard on individuals, by limiting their customary enjoyments, nor oppress nor derange the general business of the country, shall yet supply the 'treasury, not extravagantly or excessively, but yet reasonably and justly for all the great purposes of national de fence. Economy, that great public virtue which is so essentially proper to be prac tised by republican Governments, would be but half exercised if, while on the one hand it avoids all unnecessarry expendi tore, it does not on the other make a rea sonable and judicious provision for such expenditures as are unavoidable. All which is respectfully submitted. W. #ORWAR II. Secretary of the Treasig'• THE JOURNAL. One country,one constitutionone destiny Huntingdon, Jan. 5, 1842. The New Year. Another year has sped. Time's ever rolling car has rolled over the hopes and fears--the joys and sorrows--the cares and afflictions, and the moments of glad- Iness, of another year. Reader, reflect; you are one year nearer the grave; ano ther, and perhaps kindred and friends may stand weeping around thy pale and Ideless clay. Has reflection ever led you to look into the future, and asked your self where upon this "bank and shoal of time," you may launch your little bark upon the mysterious sea of eternity?— Another year has left you still enjoying the blessing of life. Look back upon the past, and learn from the lesson it will teach, how you can improve the coining year. Look back, and though its path way may have been as bright as your own hopes portrayed, still you can see touch over which you would like to cast the dark mantle of forgetfulness. Look back, and see how many of your friends and associ ates, who one year ago 'rejoiced and were exceeding glad" with you, when your hap py hearts bid them a happy new year, at the dawning of the past, now sleep the sleep of death. Their rising sun beamed with all that was beautiful and bright, but one little year ago. Hope told her flat tering tale to them, but the golden bowl is broken, and their new year has ushered them into a world of spirits. What a theme for reflection. Let the mind hold ccmmunion with itself, and how soon the certainty that some one of us will be next called, breaks upon us ; and the caliM monitor whispers, Is it I? and hope's glad smile answers, No! That answer trust Another yearl perhaps ere anothen day the L , loom. of health may give place to . the palor of disease, and the activity of life to the dread stillness of death. It written "be ye also ready," let not the monition fall upon a heedless mind. The New Year is always deemed a sea son of pleasure. It is well that it is so ; but let not the pleasure of the present de stroy the lesson of the past, or the fears fur the future. Each returning year shows us how much we have neglected that should have been done, and how much may still be required at our hands. We may have enjoyed health and plen ty, while scores around us have been pinched by the griping hand of poverty, or writhed under the tortures of disease.— llave we all performed our duties by min. istering to the necessities of others? Have we all "remembered the poor?" The New Year always dawns when cold winter is here,—when Nature's chilly hand adds another pang to the cold charities of the world ; and the blessings we enjoy, should but teach us, that of our fulness we have some to spare to those whom misfortune may bring to sit at our gates, to ask for he crumbs which fall from our table, The year of '42 has commenced in our country, and with its rising beams we be• hold a still brighter light, which bears up on its radiance, in letters of living fire, 'peace and good will to all men." It isi the light of Temperance. Hundreds in our town, and thousands in our county, have been warmed into new life by its glorious influences. The face of the wretched inebriate now glows with sober ness and cheerfulness,and squalid wretch. edness and want have been driven from the drunkard's fire-side. Peace, plenty, and the sweets of home now reign trium phantly, where, but a short time since, tears and sulfuring were the bitter fruits ot drunken revels: Such is but the commencement of the cause. The ban , ner is but just unfurled; but we rejoice that those who have gathered under its fold, are resolved ~T o ,ise the 'remperanee banner high; fill;, shall flap against the sky." and with an energy that shows their de termination to devote their time and trea sure to drive the prince of poverty and 0 , Alcohol, from the land. Let every iiiaA who loves the cause, unite with them, and by his influence help them in the glo rious work. Patrons, we wish you a happy New Year! May you and yours profit by the tern teachings of the past, and may you all be prepared to meet the dread ties or the future ; and may many let •rn ing new pm, find you enjoying he ~h arid soberness, and their many attendant 'blessings, HON. JUDGE WOODWAIID.-It will un doubtedly be a source of great gratifica. bon to the citizens of our county, to learn that the above named gentleman will pre sidc at our corning court. It is true that he had purposed resigning his seat on the bench in this judicial district, immediate ly after the November Term. But we understand that that purpose was chang ed in order that the possibility of there being no courts at the January Term should be obviated. The Senate not be ing in session, we presume it was thought that the individual who might receive the appointment would not willingly en ter upon his official duties until that body should meet and confirm his nomination, the result would be a loss of one term, and the consequent further accumulation of business. We have, also, understood that should a bill he passed to divide the district, th:i; . J udge Woodward might still remain will us. If such is the fact, we should grew., ly rejoice to see the district divided. I fact, under any circumstances, we fe bound to say that the district is much t large, either for the convenience of i citizens as well as the judge, or for t. ends of justice. We trust that an efri, will be made at the present Legislaturm accomplish so useful and desirous an tit ject. 4 Pennla. Legislature. Yesterday the Scions of our State we to meet to manufacture laws to gove r . the people of Pennsylvania. We canii, of course, as we are not gifted with t spirit of prophecy, tell what is like"' a be their course. One thing we a po s e I nlay be looked upon as certain; and that is, that there will not be quite se many vetoes at the coming session. There will not, in all human probability, be such a passing and repassing of bills. The !Governor and Legislature are now of the same strain, and consequently there is Inot likey to be such a difference of opin-_. 4 ion, unlstas :he Legislature may un,.: "er 'take tnput sonic of their utopian notiti6ll l 'ot Balding in operation, then it is mar cetain that honest Davy will bs found,ahere he has always been,—he tween he dear Banks and their foes de solatiot. He has always preached a great teal of anti-Bank doctrines, yet he has alritys in practice been found fight ing intheir cause ; and we have no hesi tatior f a saying that such will again be 1 the riult. •••••.. • W... •. Tie Legislature will have to elect a Stet Treasurer; and, as a matter of colitis, the present honest and capable inctalibent will have to step out, to give plaiejto some pliant tool of power, who wil slo the bidding of our very conscien doll Governor; and then there will h. nodifficulty in receiving any amoi:"otl Olt Small notes that some tottering4c mt issue. The people may map thi minds to such a result. Who m' is needed to pay their partisanlv 9 40 at no means, legal •r illegal, to ac-. 1. rinplish their ends. We shall endeavor to give our re 4 vti complete history of their doings, 'their useless and ceaseless gabble ibott their own love of the people, while the same time they are squandering iieir money, which has been wruhg from be by oppressive taxation. We shall no note, unless it may be to say they are busy doing nothing, except eat perhaps squandering their thre Jay. The people it seems hay so accustomed to see their mot ed upon the party hacks, that I begin to think it is right; or else become afraid to rise in their chive these vampyres from the Texian Santa Fe Exp A report has found credenc, expedition fitted oat at Texas Fe, was taken by the Mexicans, that they surrendered at discre , believe that the report is true, I relates to the capture, but we si "United States" that they did der. They were 1800 in nun were attacker by an equal Mexicans, amf after having f more than twelve hours, and ki 320 Mexican; and losing only party ; and per having fired a , ounce of their atnunit ion, then rendered.
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