337 % [ Doc, No. 82. J been applied to fortifications, the gradual increase of the navy, revolutionary pensions, and internal improvements. In the nature of things, most of the sources of expense must gradually diminish; and, with respect to the policy of others, public opinion is divided. It is contemplated that the reduction of protecting duties, and consequently of revenue, shall be gradual. It is fair to calculate that they will be very much diminished before die ultimate reduction of duties. The other current expenses of the Government seem to be provided for on a sufficiently liberal scale. The memorial does not take into calculation the revenue -lerivcd from the public lands, from the bank, and other incidental sources. The undersigned beg leave to say for themselves, that they h.ivenot understood it to come within the views of the convention or of the committee, to make any suggestion whatever to your honorable body on the subject of the public lands. Assuming that the revenue from these sources is to continue, if cannot be necessary to raise more than nine, or, at the utmost, ten millions by the customs. By the report of the Secretary of the Treasury, it appears that the income from these sources has amounted, for the two past years, to about three millions, and he estimates it for the present year at. three millions six hundred thousand dollars. If the future average of imported goods, paying duties and consumed in the United States, be estimated al fifty-seven and a half millions which Ihc memorial supposes to have been the average of the last six jheu an average duty of about seventeen per cent, would be necessary io raise a revenue of ten millions. We beg leave to suggest, however, that the average of future years wil certainly be greater than the past. If appears, tak ing an average of imports from 1821 to 1823 inclusive, and g in from 1826 to IS30: that, during the whole period often years, there has been a gradual increase of imports for consumption of about one per cent, per annum. We submit, however, as a preposi ion scarcely disputable, that the rat ■ of increase mi s have been mu m r. rded by the successive r at ocb i- t dudes by i m acts of 1824 and J 828. Under any’- permarent system of duties which does not effect an exclusion * f foreign commodit es there must be ai in ease of importation with the increasing population and labor of the conn try; and if the present rate of duties were to continue, it might be expected that importation would increase more rapidly than during the perio I refer- rc'd o. This increase may not be in the ratio of the increase of population, though if the same relative proportion of labor should continue to be applied to the production of commodities for exportation, and those products should be of the sa ne exchangeable value, this would seem to be the natural result. Yei we suppose that, as the country becomes more populous, a larger portion of its labor may be applied to the production of commodities for the home market and that the value of exports may de reciate. To what extent these causes may retard the increase of exports, and prevent its keeping pace ■■ i ■ , ease of population, it is im j ibletosay. i hey operate gradually and slowly. We submit, however, that the rate of increase of impoi s i likely to increase more rapidly in consequence of a great reduction ol duties. This increase it may be impossible to estimate with accuracy, but, on all reason and experience, it must be very great. From 1791 to 1808, a period during which there were very low duties, it appears that imports, estimated according to the amount of duties paid into the Treasury, increased at the annual rate often per cent. This result is obtained by taking an average of three
RkJQdWJsaXNoZXIy MTM4ODY=