FINANCES OF THE UNITED STATES. 



299 



nn<l timely n. lief to many branches of industry, 

 i illy crude petroleum, domestic sugars, 

 cli tilling, boots and shoos, books, cordage, rail- 

 rood freights, mnl tlio niiiniifncturos of 

 iron, ehains, cables, etc. Tho prices of tho arti- 

 cles, however, did not show a reduction cor- 

 responding to that of tho taxation ; but on the 

 contrary, in some instances, owing probably to 

 ict that heavy taxation had previously 

 diminished production to a point absolutely be- 

 low the necessary supply, the prices seemed to 

 have been concurrently advanced with the abate- 

 ment of taxes. The tax on stock-brokers' sales 

 was changed to one-hundredth of one per cent., 

 payable by means of stamps affixed to the bill 

 <>r memorandum of each sale, with tho most satis- 

 factory results. Brewers of fermented liquors 

 were required to make monthly returns of the 

 product of manufacture, and to affix an adhesive 

 paper stamp to each barrel sold, which was to 

 be cancelled by tho retailer. This plan proved 

 to bo a success in preventing frauds. 



But it is necessary to consider the present 

 tariff system of tho country and its operation in 

 order to have a full view of all the elements 

 which enter into the financial condition of the 

 Government and country. The rates of duty 

 imposed by the tariff in operation at the begin- 

 ning of 1866, were about forty per cent, on the 

 total value of imports, and about forty-three 

 per cent, on the values of those paying duty. 

 The following table exhibits the annual imports 

 and exports, and duties of the United States 

 from 1859 to 1866 inclusive : 



So far as relates to the amount of revenue 

 collected, no satisfactory reasons could be 

 brought forward in support of a demand for 

 an extensive change in the existing rates of 

 duty. Since the revision made in 1864, the rev- 

 enue has reached a point much larger than 

 was ever anticipated, and beyond which no ma- 

 terial increase can probably be obtained except 

 by a large increase of importations. Reasons 

 for a change of the existing rates were, how- 

 ever, urged from the condition and necessities 

 of various industrial interests of the country, 

 especially those brought into competition with 

 pimilar producing interests of other countries. 

 The condition and necessities of those industrial 

 interests demanding a change in the rates of 

 duty on imports, were not tho results of the 

 previous duties imposed, but the consequences 

 of abnormal and unusual occurrences existing 

 in other departments of social all'air-, and opera- 

 ting upon those branches of industry affected by 



duties on imports. The basis of all values was 

 a paper currency, tho influence of which WM 

 felt immediately by those manufacturers that 

 came into competition with tho productions of 

 other countries, whose basis of all values was 

 gold and silver. The condition into which these 

 industrial interests had been brought is chiefly 

 shown by the advance in prices. Tho advance 

 in tho prices of the leading articles of con- 

 sumption and in rents indicates an increase of 

 nearly ninety per cent, in 1866, as compared 

 with the mean prices during the four years from 



1859 to 1862. The advance in breadstuff's is 

 estimated at about 70 per cent. ; coal (anthra- 

 cite), 60 to TO per cent. ; salt fish, from 60 to 

 75; pork and beef, from 110 to 120; butter, 

 over 100 per cent. ; rice, 100; salt, from 110 to 

 120 ; soap, from 80 to 90 ; brown sugars, from 

 70 to 80; coffee, from 30 to 40; and teas, 140 

 to 150 per cent. The currency prices of textile 

 cottons in October, 1866, show a nominal ad- 

 vance over the gold prices of such fabrics in 

 July, 1860, of 172 per cent. ; the advance in the 

 gold prices in the same period having been 81 

 per cent, assuming the premium on gold in 

 October to have been 50 per cent. A portion 

 of this advance in these textiles must be attrib- 

 uted to the advance in raw cotton, which varied 

 from 300 to 500 per cent, above the price in 

 1860. The advance in the cost of manufacturing 

 goods in one of the Eastern mills in 1866 over 

 tho average from the years 1857 to 1861, 

 was 133$ per cent. On the manufacture of 

 woollens suitable for ordinary domestic use, the 

 advance was estimated at 53 per cent. On silk 

 goods in general, the advance was estimated at 

 an average a little over 100 per cent., the lower 

 grades having advanced at a still higher ratio. 

 The average increase in tho price of labor since 



1860 has been estimated at 60 per cent., al- 

 though no very exact and comprehensive state- 

 ment can readily be made, owing to the varying 

 nature of the conditions which affect the esti- 

 mate. The following data in branches of man- 

 ufacture show the advance from 1860 to 1866: 



BRAXCH OF MANUFACTURE. 



i wtfttt 



Ml* to 1Mb 



Par cent. 



Agricultural Implements 55 to GO 



Agricultural laborers ID tho Northern, Middle, and 



Western States, average 60 



Book-binding 87J to 50 



Boots and shoes Men's . 60 



Women's and children's. 25 to 83 



First-class custom work. .nearly 100 

 Oar building Skilled mechanics, 60 to 75 per ct. 1 



Laborers, and unskilled. 60 per V 60 



cent 



China decorating. 60 



Clothing Ready made .'.'.'I.'.!!.' 60 



Custom work 95 



Copper mining. 100 



Cotton manufactures general average of all 



branches 6CJ to 90 



Furniture Cabinet 85 



Hardware Files 4gi 



Locks 6,, 



Saws 75 



Hats, wool and fur. 60 



India-rubber manufactures 80 



Ink, printing 75 



Iron Founding 60 to 60 



Rolling 75 to80 



Wire 75 



