VOL. HE. NO. ssa.
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are wanted. It gives people employment which
they had not before, and enables them to clotht
themselves and their fa!niliesIetter than before
1t makes them consumers Of dutiabe articles
and adds to the revenue. y philosopher, remark
able Tor hls intellect and genius, who mas beer
sa.lrlzed as the "greatest, wisest, meanest o
nanklnd,' achieved great revolution in the
mode OF searching after truth. He established
the lnductivc process Of reasoning. This mode
has, IN the course of time, superseded al! others
Tie great point of difference between the old and
new philosophy is Ehis: the former assumed the
principle, and found facts to conform to it, and
II the facts would not sustain it, they must Weld
to the theory; but the modern philosophy forms
theories iromexpcrcncc, and establishes principles
upon wc-authenticated facts. With great re-
spect | will suggest that the honorable gentleman
proceeds by the old mode. He takes Z. theory
and gdlsregards The facts which are not in con-
lorfmty with it. He assumes that his theory must
be night; and he says that duties must enhance
prices, though the fact Is that prices have de-
clincd as duties have been increased. The hon
orahlc gentleman insists, however. that prices
would decline great deal more If The duty were
not increased; and that the decline is not IN con
sequence of the duties, but in spite OF it. This
is an easy way to gct.rld of facts.


propose to draw some doctrines from facts on
this subject. will consider the bill as revenue
measure. | have seen il stated that The Revenue
was declining under this Tariff; that our Trea-
sury was falling, and that our means would be
inadequate to our engagements. Now, sir, what
were the receipts from llnportatons in 1912, dur
ing which time the duties at the lowest rates
They were only thirteen millions. The nett re-
cepts Of 1913 were nearly eighteen millions, the
gross receipts twcnty- three. The average rate
Of duties in 1912 was twenty-thrcc per cent
The average rate Of duties under the present Tar
if is thirty-lour per cent Yet the result is that
we have by the new Tariff added four millions to
our revenue. BY imposing additional duties we
have, therefore, derived an additional revenue of
four millions. But the year 1913 Is not a far
test by which to determine the character of this
Tariff as a revenue measure. There were three
months to e}apsc in 1872 after the passage OF the
act, during which the importat!ons fell off largely,
end 50 IN the first quarter of 1913. The reason
why SO small an amount Of dutlable goods was
imported in the first year that this Tariff was IN
opecation-forty eight milIions-was the exceed
ingiy low rate of importation in the last quarter
of 1912, and the first quarter of l643. When we
last year had this subject under discussion, pre-
dictcd that the imports would increase largely,
and the Senator from South Carolina said that
there was every indication that the duties would
not exceed twelve or thirteen millions. | then
said !icv would be seventeen millions, and stated
that the revenue had fallen of not from the oper
alton of the Tariff of 1912 bnt from thc agitation
and hesitation produced by the discussion preced-
ing that act.


Imporlations arc not made at a moments warn
ing. Orders arc generally given for them SIX
months in advance, during the whole of which
time the Tariff was under discussion here. We
knew at the time that orders were suspended,and
the irnportaiions were consequently small, though
the Senator's argument went TO show that they
were diminished by The operation of the Ian


If we look to the second quarter OF lS43, we
shall find large increase. BY that time Com
mercc had assumed stable basis. No alterations
were anticipated in the Tariff and business was
taking uniform direction


The first and third quarters arc generally more
productive than the second and fourth. Therels
scarcely an instance of SO great an increase IN
the second quarter. In the third quarter the du-
tiabIe imports amounted to nineteen millions six
hundred thousand dollars. In the last quarter of
1912 they were seven and half millions of dol
lars in the first quarter OF 1o43 ten and half; IN
the second quarter eleven and q half; and in the





sand. I regret that have not the returns for the
fourth quarter. II we take the whole year, we
will finds the Imports increasing and the revenue
improving under this Tariff; and, in the next
wear, believe the revenue will be much larger
than the Secretary of the Treasury himself an
ticipatos.


In this connexion ought, perhaps, to say some
thing ofthe condition OF the Treasury; for it has
been stated in some respectable journals that ought
to know better, that the Treasury is on the verge
of bankruptcy. The Treasury, IN my opinion, IS
on the contrary, in very good condition. hat
said of this revenue act year ago was, that, II
il were permitted to stand, it would produce reve-
nue. enough for all the ordinary purposes OF the
Government. Let us see ii 1t IS SO. The Secre-
tarv of the Treasury says that, at the end OF
present fiscal year, there will be deficiency OF
two and half millions. The Secretary proposes
the extravagant amount oftwenty-five and hall
millions, without including the public debt, as the
expenditure for the year. But do not see how
if can REQUIRE twenty millions for the fiscal year.
The Secretary went on the suppostlon that all the
money appropriated would be drawn out at the
end OF the wear; but, as the Senator from New
Hampshirc has truly stated, the balances OF out
standing appropriations at the end OF one year
will rs a general rule, be equal to those at the
end ofthe previous year But the Secretary sup
noses both TO be drawn out of the Treasury
Some of the appropriations can be postponed and
some saved. The deficiency will be increased by
the redemption OF two millions of treasury notes
out of the ordinary receipts of The year Bat he
NAV reissue notes 10 that amount according to
law. and it was not intended that they should be
a charge upon the year. Thus the deficiency
would be reduced tohalfa million. The Secretary
also supposes that all the outstanding warrants
will be brought in Prepayment during the year
They arc liable to be called in at any time ; bu
as fast as they come in others go out They can