It may be obtained to a great extent by reducing the
prohibitory and highly protective duties imposed by the existing laws to
revenue rates, by imposing revenue duties on the free list, and by
modifying the rates of duty on other articles.
The modifications recommended by the Secretary of the Treasury in his
annual report in December last were adapted to a state of peace, and the
additional duties now suggested by him are with a view strictly to raise
revenue as a war measure. At the conclusion of the war these duties may
and should be abolished and reduced to lower rates.
It is not apprehended that the existing war with Mexico will materially
affect our trade and commerce with the rest of the world. On the
contrary, the reductions proposed would increase that trade and augment
the revenue derived from it.
When the country is in a state of war no contingency should be permitted
to occur in which there would be a deficiency in the Treasury for the
vigorous prosecution of the war, and to guard against such an event it
is recommended that contingent authority be given to issue Treasury
notes or to contract a loan for a limited amount, reimbursable at an
early day.
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