We are now, however, engaged in a foreign war. We
need money to prosecute it and to maintain the public honor and credit.
It can not be doubted that the patriotic people of the United States
would cheerfully and without complaint submit to the payment of this
additional duty or any other that may be necessary to maintain the honor
of the country, provide for the unavoidable expenses of the Government,
and to uphold the public credit. It is recommended that any duties which
may be imposed on these articles be limited in their duration to the
period of the war.
An additional annual revenue, it is estimated, of between half a million
and a million of dollars would be derived from the graduation and
reduction of the price of such of the public lands as have been long
offered in the market at the minimum price established by the existing
laws and have remained unsold. And in addition to other reasons
commending the measure to favorable consideration, it is recommended as
a financial measure. The duty suggested on tea and coffee and the
graduation and reduction of the price of the public lands would secure
an additional annual revenue to the Treasury of not less than
$3,000,000, and would thereby prevent the necessity of incurring a
public debt annually to that amount, the interest on which must be paid
semiannually, and ultimately the debt itself by a tax on the people.
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