REPORT ON THE FINANCES.
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 Tine condition of our foreign relations, It Is said, should suspend ihe reduction of inc tariff. No A mercan patriot Can desire 10 arrest our onward in peace aud prosperity; but if, unhaoply such should be Ihe result, Il would create an increased cessity for reducing present high dItes in order to obain sufficient meet increased expen- diures. The duties for the quarter ending Ihe S0th September, lS4i, yielded $2 2,0ll 1855 90 more of revenue ,han the quarter ending Both September, lS45, showing very considerable decline of the growing out of diminished Importation of the highly protected articles aud progressive subJtiiutioa oi their domestic rivals. Indeed, many of hese duties are becoming dead letters except for the purpose of proh ohibiion, and if not reduced will ultimately pe their advocates 10 resort to direct taxation sup port the government. In the of war, nearly all the high duties would become prohlbitory. from the increased risk and of mportaiions and if lhera be, indeed in le oplnon Of any, serious danger of such an occurrence, t appeals most strongly 10 their patriotism to impose the lowest revenue duties all articles, the only means oi securing such pe- ri0d, any considerable income from the tariff

 The whole power to collect taxes, whether direct or indirect, is conferred by the clause of the constitution. The words are: "'The Congress- shall have power 10 lay and collect axes duties mposts, and excises." A direct tax or excise, not for reye nue, but for protection, clearly would not be within the legitimate object of taxation; and yet it would be as much duty imposed for similar pur- pose. The power is "to lay and collect taxes, duties, imposts, and excises." duty must be laid only that II may be collected; and, ii il is imposed that it cannot be collected in whole in part, violates the declared object of the granted power. To lay all duties so high that none oi them could be collect cd, would be prohibtory tariff. To lay duty any article high that coald not be collected, would be prohibi'ory tariff upon that article. Ira duty of 100 per cl was imposed upon all or upon Il number ot articles, so as 10 diminish the revenue upon all any of them, t would operate partial prohibition partial and total prohibition alike in violation of the object of lle taxing power. They only differ m degree. and not in principle. II the revenue limit may be exceeded per cent, il may be exceeded one hundred. If II may be ex- ceeded upon any one article, it may be exceeded on all and there is no escape from this conclusion but in con,endng, that Congress may lay duties on all articles high to collect and, operate as a total prohibition.

 The constitution declares that Gall bills for raising revenue shall originate in the House of Representa- tves." tarlff bill, it is conceded only orig- in the House, because it is bill for raising A tariff is bill to ''lay and collect taxes" It bill for 'raising reyenue;" and whenever it departs from that object, in whole in part, either by total or partial prohibition, II violates the purpose Of the granted power.

 In arranging lhe details of the tariff, it is believed that the maximum revenue duties should be imposed upon luxuries. It is deem d just that taxation, whether direct or indirect should be nearly prac tcabe m proportion to property li the whole rev. enue weie raised by a tax upon property, the pcor d would pay but a very small portion of that tax; whrreas, by the tariff, the poor, by the consumption of various imports, or of domestic articles enhanced in price by tse duties, pay much larger portion oi taxes than if they were collected by an assessment Ia prOporIIan to property. To cOuneract, as far potsLle, this effect of the iar1--to equalize s op- ,eration and make it approximate aS nearly as may be 10 a system oi taxes in proportion to propery- the duties upon luxures, used almost exclusively by the rich should be fixed at the highest revenue stan l., ,l. I.,,,, the poor. however just that might be within the enue limi; but it would mitigate, as far as practca- ble that discrimination against line poor which re- sllls from eveay tariff, by compelling them to pay larger amount of the than assessed and col lecled on all property in proporion it's value. In accordance with these principles, il is believed that the largest practical portion of the aggregate revenue should be raised by maximum revenue duties upon luxnrles, whether grown, produced, or maniactured at home or abroad.

 An appeal has been made 10 the poor by the friends of protection, the ground that Il augmens the wa ees of labor. In reply il is cou'ended that lhe wages of labor have not augmented since ihe tariff of lSi2, and that in some cases they have diminished

 Where the number of manulactories IS not great, the power of the uysem to regulate the wages of la bOr is derabIe; but the profit of capital iD- vested in mlniaeiures is augmented by the protec- tive tariff, there corresponding increase of power, until lhe control of such capital over the wages of labor becomes irresistible. As ihs power is exer- csed from lime to Ine, we md Il resisted Dy con binalions among the working clnsses--by turning out for higher wages, for shorter time; by trades union; and in some countries unfortunately by vio- lenee and blpodshed. But the government. by pro lective duties, arrays itself the side of ihe manu lclurng system. ard by thus argnnenting it's wealt and power soon terminates in iis favor the struggle between man and moRey-between capital and laioi When the tariff of 1942 was enacted, the maximum duty was 20 per cent. By that act, the average Of duties on the protected articles was more than doub led. But the wages of labor did not increase in a corresponding ratio, or in any ratio wbarever: On the contrary, whilst wagss in some eases have dimn- ,shed the prices of many articles by the working classes have greatly appreciated.

 A protective tariff is ike question regarding the enhancement oftlie profits of capital. That IS its object, and not to argument the wages oi labor, which would reduce those profits. IL question of per eentage, and to decide whether money yes ted in manufactures shall, by special legslaion yield profit of tsn, twenty, thirty per cent, or whether it shall remain satis6ed with dividend equal 10 that accruins from lhe same capital when invested in agriculture, commerce, or navigation.

 Tho present tariff is unjust and unequal, as we'll ss In it's details m the principles upon which iis