AMERICA.

Colonist, Volume II, Issue 156, 19 April 1859, Page 4

AMERICA.

By the Africa, which left New York on the ! Bth December, the President's message was received in iilngland." The document is as usual, of" considerable length. We select the following passages as most generally interesting :— : " Settlement of the Right of Search Question with England. "It is my earnest desire that every misunderstanding with the Government of Great Britain should be amicably and and speedily adjusted. It has been the misfortune of both countries, almost ever since the period of the revolution, to have been annoyed by a succession of irritating and dangerous questions, threatening their friendly relations. This has partially prevented the full development of those feelings of mutual friendship between the people of the two countries, so natural in themselves and so conducive to their common interest. Any serious interruption of the commerce between the United States and Great Britain would be equally injurious to both. In fact, no two nations have ever existed on the face of the earth who could do either so much good or so much harm. " Entertaining these sentiments, I am gratified to inform you that the long pending controversy between the two Governments in relation to the question of visitation and search, has been amicably adjusted. "The British Government at the same time proposed to the United States that some mode should be adopted, by mutual arrangement between the two countries, of a character which may be found effective without being offensive, for verifying the nationality of vessels suspected on good grounds of carrying false colours. Ihey have also invited the United States to take the initiative, and propose measures for this purpose. Whilst declining to assume so grave a responsibility, the Secretary of State has informed the British Government that we are ready to receive any proposals which they may feel disposed to offer having this object 'in view, and to consider them in an amicable spirit. A strong opinion is, however, expressed that the occasional abuse of the flag of any nation is an evil far less to be deprecated than would be the establishment of any regulations which might be incompatible with the freedom of the seas. This government has yet received no communication specifying the manner in which the British Government would propose to carry out their suggestion ; and I am inclined to believe that no plan which can be devised will be free from grave embarrassments. Still, I shall form no decided opinion on the subject until I shall have carefully and in the best spirit examined any proposals which they may think proper to make. " The Qlayton-Bulwer Treaty. _ " I am truly sorry I cannot also inform you that the complications between Great Britain and the United States, arising out of the Clayton and Bulvver treaty of April, 1850, have been finally adjusted. " Our relations with*the great empires of France and Russia, and as well 'as with all other Governments on the continent of Europe, except that of Spain, continue to be of the most friendly character. "Financial Condition of the United States"ln connection with this' subject, it is proper to refer to our financial condition. The same causes which have produced pecuniary distress throughout the country have so reduced the amount of imports from foreign countries that the revenue has proved inadequate to meet the necessary expenses of the Government. To supply the deficiency, Congress, by the act of the 23rd of December, 1857, authorised the issue of 20,000,000 dollars of treasury notes; and this proving inadequate, they authorised, by the act of June 14th, 1858, a loan of 20,000,000 dollars, '_ to be applied to the payment of appropriations made by law.' " The true Financial Policy of the Country— " How the Revenue should be Raised. "No statesman would advise that we should go on increasing the national debt to meet the ordinary expenses of the_ Government. This would be a most ruinous policy. In case of war our credit must be our chief resource; at least for the first year, and this would be greatly impaired by having contracted a large debt in time of peace. It is our true policy to increase our revenue so as to equal our expenditure. It would be ruinous to continue to borrow. Besides, it may be proper to observe that the incidental protection thus afforded by a revenue tariff would at the present moment, to some extent, increase the confidence of the manufacturing interests, and giye a fresh impulse to our reviving business. To this, surely, no person will oljject. "In regard to the mode of assessing and collecting duties under a strictly revenue tariff, I have long entertained and often expressed the opinion thatsound policy requires this should be done by specific duties, in cases to which these can be properly applied. They are well adapted for the commodities which are usually sold by weight or measure, and which, from their nature, are of equal or of nearly equal value. Such, for example, are the articles of iron of different classes, raw sugar, and foreign wines and spirits. "In my deliberate judgment, specific duties are the best, if not the only means of securing the revenue against false and fraudulent invoices; and such has been the practice adopted for this purpose by other commercial nations. Besides, specific duties would afford to the American manufacturer the incidental advantages to which he is fairly entitled under a revenue tariff. The present system is a sliding scale to his disadvantage. Under it, when prices are high and business prosperous, the duties rise in amount when they least require their aid. On the contrary, when prices fall, and he is struggling against adversity, the duties are diminished in the same proportion, greatly to his injury. " Neither would there be danger that a I higher rate of duty than that intended by

Congress could be levied in the form of specific duties. It would be easy to ascertain the average value of any imported article for a series of years; and instead of subjecting it to an ad valorem duty at a certain rate per centum, to substitute in its place, an equivalent specific duty. ♦•By such an arrangement the consumer would not be injured. It is true he might have to .pay a little more duty, on a given article in one year; but, if so, he would paj^a little less in another, and in a series of years these would counterbalance each other and amount to the same thing, so far as his interest is concerned. This inconvenience would be trifling when contrasted with the additional security thus afforded against frauds upon'the revenue in which every consumer is directly interested. " I have thrown out these suggestions as the fruit of my own observation, to which Congress, in their better judgment, will give such weight as they may justly deserve."