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Of the to sufciency to pay the principal when
the time for redemption shall arrive.


1.-THE Government will purchase before the ume iimn
ed for redemption at par or at fixed price above par
then the stocks will not fall below that price,
SELL such holder Win apply to the manager Of the sink
ing fund to become the purchaser. .


sinking fund Of two millions Of dolsrs annually IL
deemed sufficient for the purpose the cer
hcates OF stock from falling below par value and Tor pay


ing the principal sums OF those loans ecve Pc
rods assigned for redempon and the duties may DC ga
duated and lowered to that scale.


In establishing a sinking fund two modes have been
heretofore beniciay used by the Congress the one by
approprsting the und,fned surplus remaining in the
Treasury in each year, after satisfy ing all appropriations
making p'ovision for the reduction Of The public debit
approved August H. 1890 and The supplementary acts s
May 9Th, l79l and 81 March i7eS the other by appro-
pfiating definite annually, and TO be increased by
the annual interest upon the certificates OF stock pr-
chased and surplus the Treasury above appropriations
leaving millions dollars in the Treasury to supply
any deficiency in the estimated revenue as adopted hy
sn act mak provision ior the whole oine public asns
supplement Of the Sd March, 1917


As the annual proceeds Of the duties on imports
and tonnage and the proceeds OF the sales o the public
lands uncertain in amount and the surplus
above the annual wants for the support Of government
not be exactly known seems TO be most convenient
adopt the p used under the acts Of 1870 and 7o2 Of
applying the annual surplus OF revenue above the sum
respectfully recommended that the commissioners Of the
sinking fund.- to consist Of the Chief Justice OF the United
States the Secretary Of State the Secretary OF the reasu
ry, and the Attorney Geneal or majority Of them,
shall be authorized to determine from time to time, the
rate at which certificates Of stock shall bs purchased at


The Secretary the Treasury in the discharge Of the
duty required OF him by the act establishing the treasury
gress review and reformation Of the act Of 1912 to pro-
vide revenue from imports.


Weghty considerations, before mentioned, and others
TO be mentioned in pleading for such review and
form.


The constitution Of the United States ordans that all
duties imports and excises shall be uniform throughout
the United States" No preference shall be given by
any regulation Of commerce revenue to the ports OF
State those Of another The act does not pur
port violation Of these provisions Of the constitution,
but the lack of persPcuy and exact Definitions In some
strucons by collectors al different ports SO that prac.
cay and in fact different rates Of duties like articles
have been collected at different ports in the States Al
often these differences made known to the Secre
tary Of the Treasury circular letters have been sent to
the collectors to produce uniformity but such differences
ports Of the different evils inflicted, before
the subjects Of difference brought to the knowledge
duties be exaccd offer the importer paid
too low and obtained his goods and clearance from
rates Of duties than imposed BY law have been exacted by
the collector palation but not complete redress OF
the evil.
the act declare that nothing therein should be construed
or permitted to operate so as to interfere with substng
to be applied to other nasmuch sthc net
Of the Congress cannot abrogate the obligations OF sab


sng treaty Inc Collectors .. the VARIOUS poi.s M are
stpuations Of various subssing treaties with foreign
nations, and determine the question the rate Of duty
the particular article imported whether should be
free o duty II the Collector exacts too high duty then
the Secretary OF the Treasury invoked to revise the act
OF the Collector Various complaints this subject OF
the nict Of the with subssng treaties
been made and often the Secretary OF the Treasury
has decided upon the complaints Of the diplomatic agents
foreign nations other questions have arisen perpex
ing is respectfully suggested that the better mode Of
legislation would be for Congress TO consider the stipua


ton Of subsistng treaties make the letter OF the act OF
Congress conform TO the obligations ofhe treaties that
the Colectors shall have plain rule Of conduct prcsc
bed in the letter Of the statute instead OF leaving TO the
Collectors the responsibility Of modifying the statute by
the superior obligations snd faith Of the treaties Past
caon Of the statute. and will assist in making the
form.


Iii recommended that the duties on wines be changed
from specific to ad valorem duties 40 avoid any DIFF.
acuy which may grow out Of treaty with one nation
that other higher duties shall be impose upon goods
and merchandise Of the growth products that nation
than shall be upon like articles the growth
produce Of any other foreign nation and that the
vessels Of the United States from places of their III
or prodnc ion, be modified to avoid the difficulty


higher duties shall be charged or collected in the ports
the United States upon articles imported in the vessels Of
the contracting foreign na,on than shall be chag
ed and collected upon like articles imported in vessels
the United States.


Tsxaon evil but nc ccssarly to be endured to the
IDENTIFY and economically administered Justice. the obi
cations o duty arising out Of the trusts conf1ed to the
United States dictate that taxation % shall be made to bea
fairly and equally all classes end all citizens in
portion to their Prnperfy means and ability to pay al


The power delegated 70 the Congress by the Consttu


lion to lay and collect taxes duties imports and excses
TO the debts and provide for the defence and
the general welfare Of the United States, high trus


limited TO the uses so expressly declared It is granted
in trust for ALL not for the OF part only to be exe
csed by general laws not by partia laws dscreey foI
the proper purposes and to discharge duties imposed
BY the Constitution itself not arbitrarily and to an Him


long the Congress shall keep within the conhnc,
raising revenue necessary for the support govern
men to maintain the public credit and prov de Tor the
common defence and general welfare the accidental
couragement and protection Of domestic msnuiac
arising out Of the mode OF levying such necessary
nue. by dues on imports must be deemed rghtful
inevitable attendant upon the exercise Of the delegated


To reduce the rates OF duties the standard OF the
cessary revenue task not without difficulties
Th- probability Of deficiency Of is to be most
carefully avoided; the other hand large surplus
above the proper wants Of the government should be
avoided The desideratnm is the happy mean between


With scale OF duties adapted to the OF
essary and proper to supply the wants Of the govern
men economically administered, with prudent and mo
dernte determinations ranging within the lowest and
highest degrees odutes which look revenue and
adapted 70 raise the necessary and proper may be
expected that the moderate and discreet Of all parties
would be content that such a system adopted for the
future policy o,he United steadty pursued
| general prosperity and happiness


The stability Of the Union the national wealth and
strength and the general welfare, will be best promoted
by such action the part OF the federal government in
exercising the power Of taxation i'll leave all that Is
not necessary to supply the Of the general govern
men itself 10 the people themselves and the State gov
and the federal government revolve In their
| respective appropriate spheres.


The eyes OF the world turned to the United States
Of America watching the effects which the novel political
institution for the government OF the Union shall have
upon the public aud private prosperity and happiness
The glorious which hss hitherto attended the
experiment. should inspire sentiments Of vrtuons zeal
and patriotism to continue It's and grandeur by
practising and nculcatng those habits end dispositions
L concession
compromise in which the constitution IL founded that
the Union may he perfected and cemented, and the sta.
bty Of the constitution and s blessings bc rendered
perpetual.


The receipts and expenditures for the fiscal year
ding 30th June is44, were the following;--
Receipts and Means.


i From the customs. t2b ltJ5IO "
From sales OF public lands. 205o,asp 30
From miscellaneous sources. 26i ,007 -
Treasury notes and loans


der act Of Sd March. ls43.. I,677,is1 35
