It is believed that there are not in the list
of imported articles any which are more properly the subject of war
duties than tea and coffee.
It is estimated that $3,000,000 would be derived annually by a moderate
duty imposed on these articles.
Should Congress avail itself of this additional source of revenue, not
only would the amount of the public loan rendered necessary by the war
with Mexico be diminished to that extent, but the public credit and the
public confidence in the ability and determination of the Government to
meet all its engagements promptly would be more firmly established, and
the reduced amount of the loan which it may be necessary to negotiate
could probably be obtained at cheaper rates.
Congress is therefore called upon to determine whether it is wiser to
impose the war duties recommended or by omitting to do so increase the
public debt annually $3,000,000 so long as loans shall be required to
prosecute the war, and afterwards provide in some other form to pay the
semiannual interest upon it, and ultimately to extinguish the principal.
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