It is not meant to recommend that the ordinary and necessary
appropriations for the support of Government should be withheld; but it
is well known that at every session of Congress appropriations are
proposed for numerous objects which may or may not be made without
materially affecting the public interests, and these it is recommended
should not be granted.
The act passed at your last session "reducing the duties on imports" not
having gone into operation until the 1st of the present month, there has
not been time for its practical effect upon the revenue and the business
of the country to be developed. It is not doubted, however, that the
just policy which it adopts will add largely to our foreign trade and
promote the general prosperity. Although it can not be certainly
foreseen what amount of revenue it will yield, it is estimated that it
will exceed that produced by the act of 1842, which it superseded. The
leading principles established by it are to levy the taxes with a view
to raise revenue and to impose them upon the articles imported according
to their actual value.
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