These payments and reimbursements of
the funded debt, with those which had been made in the four years and a
half preceding, will at the close of the present year have extinguished
upward of twenty-three millions of principal.
The duties composing the Mediterranean fund will cease by law at the
end of the present session. Considering, however, that they are levied
chiefly on luxuries and that we have an impost on salt, a necessary
of life, the free use of which otherwise is so important, I recommend
to your consideration the suppression of the duties on salt and the
continuation of the Mediterranean fund instead thereof for a short time,
after which that also will become unnecessary for any purpose now within
contemplation.
When both of these branches of revenue shall in this way be relinquished
there will still ere long be an accumulation of moneys in the Treasury
beyond the installments of public debt which we are permitted by
contract to pay. They can not then, without a modification assented to
by the public creditors, be applied to the extinguishment of this debt
and the complete liberation of our revenues, the most desirable of all
objects. Nor, if our peace continues, will they be wanting for any other
existing purpose. The question therefore now comes forward, To what
other objects shall these surpluses be appropriated, and the whole
surplus of impost, after the entire discharge of the public debt, and
during those intervals when the purposes of war shall not call for them?
Shall we suppress the impost and give that advantage to foreign over
domestic manufactures? On a few articles of more general and necessary
use the suppression in due season will doubtless be right, but the great
mass of the articles on which impost is paid are foreign luxuries,
purchased by those only who are rich enough to afford themselves the
use of them.
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