NEW SERlES-VOL. 3-NO. 40
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spikes pay l6s per cent: hoop iron pays l l5 per cent.

 Fifth. But the great and conclusive ob- JectIon to specific duties, if thero were no other, IS, that they conceal. the amount of the duty. l say nothing of the morality of any legislation which attempts to deceive and hoodwink the people; but do say, that it is not only the peoples right, but the very essence of liberty, that they should know the amount of taxes they are forced to pay. l put it to the advocates of specific duties, to say ifthey would have dared, in the broad light of day and in plain English, to have sanctioned such unjust and unequal taxation as have pointed out7 And whether, in adopting such expedients 10 conceal the ex- tent and onermiiy of their imposidons, they can hope to secure the peoples favor?

 Having established, as think. MT. Pres- ident, most satisfactorily, not only the fair. ness, openness, and justice of ad valorem du- ties as compared with specifies, but likewise their better adaptation to all lhe purposes of revenue, and more particularly to the pre- vention of collisions and frauds in the GUS. tom.house-l come now io the considera. ton of the question, whether this bill will raise the amount of revenue required 10 meet the financial necessities of the Government. That it will meet, in addition 10 the ordna. " expenditures. all the requirements of the Mexican war as fast as they may occur, wilh- out throwing on the Government the neces- sty of using its credit, is of course moi ex- pected by any one.

 The real question is, whether 1t will fur nish ns much or more revenue than the ex- istiDg law. l stand prepared 10 maintain that the revenues will not be diminished by the passage of this bill. But, sir, on what grounds can it be maintained that the reve- nue will be essened2 On no other, certain. ty, than that there will not be an increase of importations corresponding with the re- duction of duties. If there be any consde- rable increase of importatons, there must be an increase of revenue, for while the nv. craze rate of duty under this bill is about 2li per cent.,* 1t will not require very great increase of impOrtations to give us an in> crease of revenue. Why should we not expect such an increase No other reason can be assigned under a reduction of the duties, unless it be that they have not been reduced low enough to give us the highest amount of revenue, and are therefore still to some extent prohibiiory. Such is my own opinion, confess. It is impossible to say what amount of duty will give the maximum of revenue. IL varies on different articles and at different times but while believe that 30 per cent, or even 9 per cent, is above the maximum of revenue, and that 20 per cent. will give more revenue than eith. CT, still think. that as this bill is a reduction on the acl of ls42, it will give more revenue; and for the reason, simply, that it is less pros hibiory.

 But, MT. President, although we shall be told, that under this bill there will be great reductions of the revenue, not one of those making the objection will admi, that it is be. cause the rate of duty is to any extent pro. hibitory. Prohibition is a term not admitted into their vocabulary. On the contrary. one portion of them will attack this bill be. cause it will not raise enough revenue, while another portion will cry out. that by redu. cing the duties, we shall be flooded with : English goods and that the m anufactures of the country are to be completely inunda. ted with the abundance of importaons. Now, both of these propositions cannot be true. If we are inundated with English goods, we must also be inundated with reve. nue. In my opinion, the inundation will not be as great as it ought to be, either for the purposes of unrestricted trade or of in. creased revenue. As have before said, still lower rate of duty would give us great CT importation and more revenue. There- fore, while I do not look for heavy inun- dation, expect one sufficient to give us twenty.eight or thirty millions of revenue.

 No man. sir, can look over the statistics of our trade and revenue, and remain un- convinced of the justice of this expectation. While we have reduced, by this bill, the higher rate of duties, many of them prohibi- tory, we have placed duties on a very heavy list of free articles--on almost everything, except ii be tea and coffee and special. On many of these free articles we have imposed very high rates of duty, and thus the aver age rate of duty under the present bill is but little reduced below that of lS42, while it is indefinitely better arranged for all the purpo. ses of revenue. The importations. it is true, carry but little less weight, but that weight is much better adjusted, and therefore will be less progressively borne.

 What will be the exact amount of revenue under this bill is of course entirely conjec- tural, and every one Is entitled to the privi- ege of guessing. have made an estimate with great care, entirely independent of the Treasury, but with all the aid could find. and with the fullest information the short time allowed me to collect; and though l do not promise myself even an approximation 10 the accuracy of the estimates which may shortly be expected from the Treasury De- pertinent, shall frankly submit my estimate to the Senate for what it is worth. Found. ing my estimates on the importations of l645, and assuming the rates of duty impos- ed by this bill, calculate the revenue which would accrue on those importations at $23.- sS6, 657-within small fraction of twenty. four millions.

 [Mr. CAMERON. On what do you base your calculation

 Mir. LEWIS. On the imporiaiions of last year, after deducting the articles reexporled. But will there be, under this bill, an increase of importations This is an important ques. lion, which every Senator must decide for himself think there will be a very con.