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chandise before they shall be composition with those
lower oil duties merchants should have notice to
accommodate their outisys aud adventures to the new
the prosperity Of the country II is the handmade Of
agriculture and manufactures Theinteres OF merchants
deserve to be respected by and should not be
oppressed by sudden changes in legislation any more
than the interests Of any other class OF who
tributng to the public veal.


Prudence, justice and duty require that the annual
charges spon tho Treasury for interest the public
debt be lessened and finally extingushed with all
veneht and proper dispatch, and that the burden OF


The public debt he provided for after the h day Of
January AN the sl5 will consist OF the dehs assm
ed tor tine vera css the District Of Columbia the
wo oans redeemahe in 1853 and is63 respectively and
such parts OF the Treasury Notes debt and Msssp
pi Stock before mentioned as shah not have been then
pres ned for pay men, with the interest accruing


The interest upon the two loans amounts to the annual
sum OF eight hundred and fifty thousand eight hundred
and foyour dollars seventy sevecents until the LIST
July 1853, and efer that day. to the annual sum of
$500 q the sum Of from and after the first day
to the Of $500 66e is cents and the residue redeem
able in 1888 TO the sum OF Ssl3Ol5 o. cents together
$l,6o77s % cents The principal and n,eres, on the
two loans. if not redeemed before the times limited
will charge the treasury with the OF $40 97 s9l 4s
cents The existI rates q duties on imports and
tonnage, with the other sources Of revenue, would
according to the beT estimates after keeping down the
Interest until the first day OF July, 1853, and after
of The government after dscharging the loan Of seven
millions OF dollars redemabe in 1853, leave
lated surplus OF not less than tv millions Of dollars





ing the ordinary expenditures Of the government, and
dlscharging the principal and interest upon the debt
then redesmable leave an accumulated surplus in the
Treasury OF not ess than one hundred and twelve mil
lions OF dollars.


The system of accumuating national treasure 10 be
locked up and boarded for future wars unknown
wants, has been exploded. Such stem suffered
only in times and countries where the government was
considered as person having interest distinct from
the welarc OF the people; when were Considered
the property OF th govci nmentthe vasals of the few
who ruled Butt feng government is considered as the
dtarth
fare, the accumulation Of annual far beyond any
known wants. merely to be boarded for unknown future
contingencies, will not be endured.


Altaxes whether direct or indirect, subtract much
from the ands by which the people taxed supply their
their enjoyments and means Of improving their condi
tions The amount oi revenue required. in time OF
peace, for the administration Of Justice and police and
Tor the support Of the army and navy and various other
objects constituting the civil list atd support Of the 60
vernment is necessarily large The sum- raised from each


s. The in poduce Of
his farm that is its value in money his proportion Of
contribution The public revenue and has SO much less
for other purposes he by much the poorer and
Of all others who are taxed for public revenue.


The money raised by taxes never returns 10 those
s sa 1sys.' rRs
and the richer those who receive and enjoy the proceeds
fsr employmens, services jobsasd profitable contracts


The sums annually taken from he people by taxes for
the support Of government lessons the surplus Of each in
divdual above his own wants, which surplus he would
apply in the pursuits Of his private industry mo-
ney then be taken annually by taxation beyond the known
gov. rnment and merely be hoded for un
known contng the general increase d wealth by
the DUG m sbor and
the purpose OF boarding waste fcapita waste
means Of improvement government SO taxing II people
benevolent than the miser who burying his gold, OBJ
srucs the increase Of his store and denies to his haus


Nor should the temptations to extravaganza and we
in the expenditures OF government, arising from exuber
Of and an oveIhswing treasury, be
looked Expensive, extravagont establishments, and
habits Of waste, when created by government are
difficult to be reformed aud rerenched In the conflict
between the interests OF tax payers and tax enoyers
there are never wanting these propose val ous
s schemes FOR absorbing the reveLu and preventing
their inordinae gains individually would b. iessened
BY such national debt would be advocated a ma


onal blessing and high rates Of duties imports OF
goods and merchandise be urged as the efficient Of lessen
ing prices to the consumers.


national dabi by its interest annually accruirg, in.
creases the burden Of taxation and may be kened 10
an eating moth which Ia feeding upon and despong the


To government which stands in need Of artificial aids
to bind TO its support and force others to submit
Injustice inequality and oppression national debr may
be appealed TO an auxiliary in tanning the spirit OF
sis.ance and revolution But In based upon
eouolty Of rights with no exclusive privileges there il
no need OF national debt it Is more national bles-
sing than private debt, eating into annual income
priv ate blessing.


Duties on mpors tend to circumscribe the quantity OF
goods because OF the capital required pay the
duties BY diminishing the quantity 0f imported ch
disc the competition between imported articles and IKE
articles manufactured in the United States Iessened and
such essening OF the surply and competition direct
tendency TO saise the prices to the consumers.


The amount Of the duty paid npen inccr
poratcd with the natural price OF the commodity and
pal along with it by tte Consumer II ia nearly the
same ia feet il the consumer should pay the ma ura
price Of The Article to the manufacturer or importer and
should at the time pay tax TO the government
to the duty laid upon the article


The merchant i'm orer pays no part OF the duties
imports except in 50 lar as he consumer He does
Aufxy tha r.,atr
House He is afterwards reimbursed with his profit "a
well upon the original cost OF the article upon the duty
he has adva ced BY rosng the price Of the article and
thereby devoivg the cost the tax paid to the
Government, and his profit on the consumer, every in
termedate sale and profit between the importer end
taller down 10 the consumer enhances the price of the
commodity to the Consumer, who must ultimately pay
the original OF the article the duty and all the in
termedate expenses and profits, being component parts
Of the price i which the commodity offered for sale


The duty paid for en- imported article for the benefit
Of the Public Treasury The enhanced prices Of articles
levied like articles imported and paid by the
Of unmported articles 80 into the private purses


Another cause Of increase OF prices Of IL to
be lound in the relative increase Of rcusting medium
compared with the Of merchandise offered for sale
The increase OF circulating medium arises from two
causes the Is the increase of the quantity of gold
and silver the other is by the artificial Of paper
circulation.


The increase OF gold and silver first takes place in the
nations that propret0rs Of the mines OF those precious
metals. hut is gradually dused among all nations con-





gold and silver cannot be sudden because is
regulated by the labor Of mining melting refining COIN
ing and putting into circulation, and by the general
laws oftrade and commerce


The increase Of the circulating dum by the artificial
OF paper credits and bank notes, whilst has the
effect upon the prices accommodates in the nation
wherein prevails most abundantly has not the advan-
tages Of slow and gradual Increase respect oil gold
and silver coins but liable TO sudden changes and fac
tuaticns; has not the same tendency to equalization and
diffusion by commercial intercourse between different
nations occasions considerable difficulty ohentmcs in
oIu I'm
of the nscn wherein such fictitious paper currency
most abouncs.


Each these increases ofhe circulating medium after
the time Of contracting debts. subjects every creditor,
public and private to loss proportonate to the degree
OF the rlave depre citation In the value Of money whilst
appropriations subject debtors tol loss.


Alterations In the standard weights and fncness OF
coins in their relative value and Of tale the
relative value between coins and paper
similar effects upon the relations Of debtors and creditors
and reore In the general evils be appreciated


The supply and der and for goods and merchandise be
ing given and alike, and the quantity Of circulating
dium being given and alike, at any given periods the


ssenng 0fihe rates Of duties imports OF goods and