THE TARIFF.*

MR. PRESIDENT,- It will be denied by none, that this subject is important in various respects. The bill before the Senate is one which seriously affects, for good or for evil, the revenue of the country, and this in time of war. It also affects the interests, occupations, and pursuits of a vast number of the people of the United States. I may add, that the great principle on which it is founded as a revenue bill, that is to say, that hereafter all duties of customs shall be levied by an assessment ad valorem, is an entirely new and untried principle in this government. I may say, too, in respect to the principal practical measure of this bill, that its rates of imposition, and its distribution of duties upon the several articles of import, are quite new. And I suppose I may add, without offence to any gentleman or any party, what I think must appear evident to all who will examine the bill, that it is not drawn with remarkable care, either for the purpose of securing a just collection of the revenue itself, or for a proper distribution of taxes and assessments on importations, according to the principle of the bill itself.

The

Mr. President, it appears strange, but after all we must admit the fact, that the appearance of this bill in the Senate, with a prospect of its passage, has struck the people generally with surprise. It has brought about no small degree of alarm. public expectation was not prepared for it. I do not say that there had not been enough of previous admonition or indication. I speak of the fact, and I think it must be the conviction of every person who hears me, who has observed the development of public sentiment since the introduction of this measure,

A Speech delivered in the Senate, on the 25th and 27th of July, 1846, on the Bill" to reduce the Duties on Imports, and for other Purposes."

that the country is surprised, greatly surprised, at any probability that it should receive the final sanction of Congress and the President. Now, Sir, it seems to me that, in this state of things, with such a measure before us, at this advanced season of the year, when there is no pressing necessity for immediate action, the true policy is to postpone its further consideration. If this were a measure to raise money to carry on a war, if it were a measure of taxation, to authorize the contracting of loans, the issue of treasury-notes, or any other measure which had for its object the supply of means to meet the necessities of government, why, then the exigencies of the case might be a very just motive for proceeding to its immediate consideration. But there is no man within the hearing of my voice, and I am happy that there are some within its hearing who are not of this chamber,* who will say that the treasury will not be as competent, the ability of the government as great, its arm as well nerved to prosecute the war in which we are engaged three months longer, if this bill should not pass, as if it should. Therefore, it seems to me to be a case for further consideration; and, at the close of the remarks which I propose to submit to the Senate, I shall move the postponement of the measure till the next session of Congress.

As a revenue measure, I have heretofore stated shortly my opinion of it. I think it must deceive the hopes of those who expect to derive from it that measure of abundant revenue which has been stated. There can be, in my judgment, no such extraordinary increase of importations as the executive government seems to anticipate. It is not in the nature of things. The treasury cannot, in my opinion, be supplied at the ratio which has been stated, and is expected, by any probable, I will say possible, augmentation of importations. But then, Sir, when I say this, I am met by very extraordinary language. Those who are supposed to express the sentiments of the executive say, that that is a question with which Congress has nothing to do, nothing at all! That is a question which the administration alone is to consider! We need give ourselves no trouble; the administration will take care of itself! Hear the language of the official organ of the government:

Referring to Mr. Secretary Walker, who was present, occupying the seat of one of the Senators.

"The opponents of the administration complain that the law cannot be fairly administered; and so that deficit will be enlarged by frauds. Now, in reply to this, we urge that these are matters in which the opposition may, as we think, very properly leave the administration to look out for its own interests, and take care of itself. If the government measure is about to injure the country, to break up the business of men, and throw their affairs into confusion; or if, again, the measure proposed by the government is in itself oppressive, or unjust, or unequal; or if the country want a tariff for protection, instead of a tariff for revenue, then it is very proper for an opposition, speaking in behalf of the country, to demonstrate such to be the case. But our opposition seems to have a most parental and guardian anxiety lest the administration, if left to itself, should hereafter find itself embarrassed for want of funds."

Why, Sir, who is it that writes, who is it that dictates, who is it that sanctions, such presumption, such arrogance, such folly as this? The Congress of the United States nothing to do with the assessment and collection of the revenue, and all the interests connected with revenue? That altogether an affair of the administration? Sir, Congress, it seems, has appropriated at this session some fifty or sixty millions of dollars for military and naval and other purposes; but it is no affair of Congress whether the treasury shall be competent to fulfil these appropriations! We have a public debt; we have issued treasury-notes; but it is no affair of Congress whether the public credit shall be sustained, its obligations redeemed, or these treasury-notes paid; that 's an affair of the administration only! We may trust to the administration to take care of all these things, while it takes care of itself!

Sir, I have great respect, all degree of personal respect, and proper official respect, for the persons composing the administra tion; but when I am asked, whether the great interests connected with the revenue of this country, the security of the public faith, the means of fulfilling the appropriations of Congress, the means of maintaining armies and navies in time of war, shall be properly provided for; and when I am asked to trust all these great and momentous interests to the responsibility of a respectable President and a respectable Secretary of the Treasury, I pause; I forbear from that degree of confidence and homage. As a member of Congress, constituting a very humble part of the legislative power, but intrusted, constitutionally, with

a participation in the duty of levying taxes to pay the public debt, maintain the army and navy, and provide for the gen eral defence, I must be permitted not to defer my conscientious discharge of that duty to the personal and political responsibility of the members of the administration, one or all, however respectable.

Sir, I have said that, in my opinion, there can be no such augmented income from importations as is relied upon. I will not go into this subject at large. It has been discussed satisfactorily, ably, I will say admirably, by gentlemen on this floor who have preceded me. I refer particularly to the incomparable speech of my friend, a member of the Senate from the State of Maine.* And now, Mr. President, since my attention has been thus called to that speech, and since the honorable member has reminded us that the period of his service within these walls is about to expire, I take this occasion, even in the Senate, and in his own presence, to say, that his retirement will be a serious loss to this government and this country. He has been sixteen or eighteen years in the public service. He has devoted himself especially to studying and comprehending the revenue and the finances of the country; and he understands that subject as well as any gentleman connected with the government since the days of Crawford and Gallatin. Nay, as well as either of those gen. tlemen ever understood it. I hope he may yet be, I am glad to know that he will be, with us one session more; that we may have the benefit of his advice and assistance in that financial crisis which, in my judgment, is sure to arise if this war continues, and this bill should pass. And I can only say, that, retire when he will, he will carry with him the good wishes of every member of this body, the general esteem and regard of the country, and the cordial attachment of his friends, political and personal.

Those who indulge the hope of an augmentation to the extent stated, from increase of exportations, seem to forget altogether, what is as common a truth as any other, that there can be such a thing as over-production. But it has happened many times within my experience in public life. There may be produced in England and in this country more manufactured arti

* Mr. Evans.

cles than both countries together, with all that they can sell to the rest of the world, can consume or dispose of, and that creates what is commonly called a "glut" in the market. Such instances have been frequent. That there is an indefinite power of consumption is necessarily assumed by all those who think that an indefinite extent of importation may be expected. The honorable member from Maine stated with great truth and propriety, that the augmentation of imports, drawing after it, or supposed to draw after it, an augmentation of exports, went upon the ground of an augmented consumption on both sides. Now be it ever remembered that there is a limit to the power of consumption, both on one side and the other. Over-production has happened frequently. It may happen again, and therefore it is that I hold it to be exceedingly uncertain and fallacious to rely for revenue, in time of war, upon a matter so theoretical, as that we shall have a vast augmentation of importations, with capacity to pay for them, and a desire to consume them. I think that, if such an importation should take place, which I do not expect and cannot anticipate, we could not pay for it. Sir, what are our means of paying for the importations of foreign manufactured articles in this country? They are two. They are our exports, in the first place, and they are the earnings of freight, or of navigation, in the second place. By carrying out our expor tations, we earn a freight. By bringing foreign commodities home, we earn a freight. Our ability, therefore, to discharge foreign debt incurred by importations, consists in the extent of our exports, and of our earnings of freight. If there be a demand for means beyond these, it must be met by a drain of the common currency of the world, specie, to the extent that we possess it, or so far as may be necessary. I take that to be the undoubted truth.

Well, now I will say a word upon this matter of expected importations, although I do not intend to go at any length into the subject. I beg the attention of the honorable member at the head of the Committee on Finance, and all others, to a consideration which I hope has been well weighed. Has it been considered, or has it not, what will be the loss of revenue for the ensuing quarter, if this bill pass, by debenture and reëxportation? There is in the country a vast quantity of merchandise, imported at high duties. After the first day of December next,