5s. 6d. to 7s. 6d. 6d. 3-4-5d. 1s. 8d. to 1s. 6d. No. 10. The former Bank of the United States was 8d. considered as a British institution, and sup. pressed accordingly. The present bank is still more obnoxious to the same appellation, and more deserving of the same fate, for it contains much more British capital. In the former bank, the foreigners held, (at the time it applied for a new charter,) eighteen thousand shares, of $400 each, making seven millions two hundred thousand dollars of stock; in the present bank, the foreigners now hold in their own names (besides what is held in the names of American trustees) eighty-four thousand and fifty-five shares, of $100 each, making eight millions four hundred and five thousand five hundred dollars of stock. 3s. 6d. to 4s. 6d 28. 3d. To turn the above prices into United States' money, take the pound sterling at $4 75 -the shilling at 24 cents-the penny at 2 cents. No. 7. "The rich ruleth the poor, and the borrower is the servant of the lender." AMOUNT of the United States' Bank debt in the West, December, 1832. The above is due from individuals. About A failure to notify the Editor of an intention o discontinue, will be considered as a renewal of the subscription, which will not be discon. tinued, except at the option of the Editor, until all arrearages are paid. Where five or more subscribers, at one post $1,300,000 are also due from local banks, ma- office, unite and remit, at the same time, two king the whole western debt to Bank United dollars dach, that sum will entitle each to reStates nearly twenty-eight millions. When ceive the weekly paper for one year. this debt is paid, and paid it must be, sooner The price of the weekly paper being two dolor later," the tragedy of Cincinnati" will be re-enacted in the other cities of the west. 1819 No. 8. AMOUNT of gold and silver coin, and bullion, 1820 1821 1822 1823 1824 lars and fifty cents, cannot be remitted by mail. To avoid this inconvenience the receipt of any Postmaster will be considered as cash; and all Postmasters receiving money on our account, will be recognised as Agents to remit the same in convenient sums. Annual advertising customers will receive a Ex-daily paper, and the use of one square, renewable once a week for one year, at fifty dollars: 1,267,717 new advertisements to have at least one imser1,301,481 tion in the inner form of the country paper. 2,139,397 Advertisements in the daily and country, at 3,151,767 one dollar per square, for the first three, and 3,190,804 twenty-five cents for each subsequeht continu ous insertion. No advertisement for less then $17,184,192 one dollar. All material alterations are considered as new advertisements. Each distant or der for an advertisement must be accompanied by the cash, or enclosed through some known Amount of coin and bullion exported in the responsible person. WASHINGTON, MAY 16, 1832. VOL. VI..............BY DUFF GREEN.. $2.50 PER ANNUM................No. 8. THE TARIFF. The "STATEMENT" submitted to Congress from the Treasury Department, exhibits the following results: Of the ten millions thus proposed to be reduced, the following arethe amounts, respectively, to be taken off from what are called the protected and the unprotected articles. The list embraces the principal articles under both heads, and the calculation is believed to be substantially correct, though minute accuracy has not been aimed at. The Treasury statement has been used as the basis of the calculation. The corrections necessary to be made in that statement, in order to ascertain the amount of the proposed reduction, and the probable amoung of revenue, under Mr. McLane's bill, will be stated below. PROTECTED ARTICLES, viz.-Articles which come into competition with articles made or produced in the United States. 3 Articles now paying duties, but proposed by Mr. McLane to be allowed to come in duty free. Actual amount Amount of du- Proposed reduc-Amount errone cording to the "Statement." going, but al under the acts of The amounts are less than those included in Mr. McLane's statement, because many of the unimportant articles are omitted. REMARKS. It will be seen from the above, that it is estimated that Mr. McLane's bill wilk produce a reduction in the receipts of the Treasury of upwards of ten millions per annum, thereby reducing the amount of receipts from customs, to fifteen millions per annum, to which, if three millions be added for the public lands, the annual revenue will amount to eighteen millions. But this Treasury calculation is founded on erroneous data, as we think will appear from the following plain statement. Mr. McLane assumes that there will be reduced under his bill, on the the following articles, the amounts stated in the third column, viz: 6,416,016. 229 • The duties as here stated, from the Treasury statement, are not the existing duties. Under the acts of May, 1830, the duties on all of the above articles were reduced as follows, viz: Salt.-Duty, 15 cents per bushel, from 31st December, 1830, to 31st December, 1831; and 10 cents per bushal after 31st December, 1831. Molasses.After 30th September, 1830, duty 5 cents per gallon; and after that time a drawback of 4 cen's per gallon on spirits distilled from foreign molosses on exportation, &c. Coffee-From 31st December, 1830, the duty on coffee, two cents per pound. From 31st December, 1831, the duty on coffee, one cent per pound. Cocoa. From 31st December, 1830, the duty on Cocoa, one cent per pound. Tea. From 31st December, 1831, the reduced rates on teas to take effect as follows, viz: on Boliea 4 cts; Souchong 10 cts; Hyson 12 cts; Young Hyson 18 cts; Imperial, &c. Now the reductions estimated in the third column will not take place under Mr. McLane's bill, but chiefly under the acts of the 20th and 29th May, 1830, which have already gone into operation. According to an estimate which we have seen on this subject, the amount stated in the fourth column of the above table is the reduction on these several articles already effected by existing laws, which must, of course, be deducted from the ten millions supposed to be taken off from the existing duties, by Mr. McLane's bill. From the whole amount of estimated reduction under Mr. McLane's bill And we have the actual amount of reductions proposed by Mr. McLane, viz: probable amount of revenue, $10,976,007 4,665,750 6,310,257 20,000,000 23,000,000 And allowing for the increase of importations incident to reductions, we shall probably have under Mr. McLane's bill, an annual revenue of not much short of twenty-four millions, after the public debt shall be paid off. Mr. McLane's error consists in assuming the receipts of 1830 as the basis of his calculation, whereby he includes in his calculation, duties as existing, which have since been repealed. The only true busis is the probable receipts at this time, after these reductions have taken place. The actual receipts for the year 1831, if assumed as the basis of the calculation, would give the following results, viz: Nett amount from Customs, for the year ending 30th Sept. 1831, $24,224,441 17,439 22 $22,215,333 Now, if from this amount, there be taken the reduction under Mr. Mc Lane's bill, we have remaining a revenue of But it may be said, that a portion of the duties on salt, molasses, &c. which have been repealed by the Acts of 1830, contributed somewhat to swell the receipts of 1831. We readily admit, that the true basis for our calculations, is the probable receipts hereafter. And here we have the Treasury estimate of those receipts for the year 1832; and we know of no good reason why the receipts of future years should be less. In the Annual Report of the Secretary of the Treasury, for the present year, it is stated"That from all t e information which the Department has been able to obtain, the receipts into the Treasury, during the year 1832, may be estimated at viz: $30,100,000 Customs" [excluding, of course, the duties heretofore taken off from salt, teas, molasses, &c. under the acts of May, 1830] $26,500,000 "Public Lands Bank Dividends Incidental Receipts Now, if from the recepts of 1832 There be taken the amount of the reduction under Mr. McLane's bill, we have 6,310,257 $23,789,743 As the probable amount of revenue, should Mr. McLane's bill become a law; which, if the expenses of the Government be estimated at twelve millions, will leave an immense annual surplus in the Treasury. If there be error in this estimate, we shall be glad to see it pointed out. We have only a few additional remarks to offer on this subject. As far as the amount of re ductions proposed by Mr. McLane's bill is intended to relieve the public burdens, they are, in part, counterbalanced by the cash duties, the diminishsd credits, the tax on auctions, and the proposed bounty on ships. Mr. Mclane includes, in his estimate of reductions, the whole amount of duties saved to the merchant by the proposed abolition of the 10 and 20 per cent. now added to the value of goods. The amount of this saving may be seen from the Treasury statement, to be upwards of half a million of dollars. Now, the cash and auction duties proposed in the bill, cannot be estima It is true, these amounts will not go into the treasury, but they are surely burdens on the people, imposed for the benefit of the manufacturer; and, if deducted from the six millions of estimated reductions, will leave the public burdens, under the proposed tariff, lightened only by about four or five millions of dollars per annum, even if Mr. McLane's bill should become a law. But if, as is now pretty well understood, the tariff party in Congress intend to strike out of that bill the proposed reduction on woollens, wool, iron, and salt, amounting to upwards of two millions of dollars, there will, in point of fact, be no reduction worthy of the name. Mr. DICKERSON'S bill we have had no opportunity of examining, with sufficient care, to attempt to trace its practical operation. On woollens, iron, and some other articles, the reduction proposed is considerably less than is provided for by Mr. McLane's bill, and we are confident it will appear, from calculation, that it will produce a larger revenue than the Treasury scheme itself; and it is very certain, that neither of the measures will afford any substantial relief to the people from the burdens of the present tariff. We have thrown out these views and calculations in order to call public attention to this subject. If we have fallen into errors, we shall feel ourselves under obligations to any one who will point out and correct them. Our only object, is truth, and our end, justice. |