By the nineteenth section of the act of 28th January, 1847, the
proceeds of the sales of the public lands were pledged for the
interest and principal of the public debt. The great amount of those
lands subsequently granted by Congress for military bounties will, it
is believed, very nearly supply the public demand for several years
to come, and but little reliance can, therefore, be placed on that
hitherto fruitful source of revenue. Aside from the permanent annual
expenditures, which have necessarily largely increased, a portion of
the public debt, amounting to $8,075,986.59, must be provided for
within the next two fiscal years. It is most desirable that these
accruing demands should be met without resorting to new loans.

All experience has demonstrated the wisdom and policy of raising a
large portion of revenue for the support of Government from duties on
goods imported. The power to lay these duties is unquestionable, and
its chief object, of course, is to replenish the Treasury. But if in
doing this an incidental advantage may be gained by encouraging the
industry of our own citizens, it is our duty to avail ourselves of
that advantage.

A duty laid upon an article which can not be produced in this country,
such as tea or coffee, adds to the cost of the article, and is chiefly
or wholly paid by the consumer. But a duty laid upon an article which
may be produced here stimulates the skill and industry of our own
country to produce the same article, which is brought into the market
in competition with the foreign article, and the importer is thus
compelled to reduce his price to that at which the domestic article
can be sold, thereby throwing a part of the duty upon the producer of
the foreign article. The continuance of this process creates the skill
and invites the capital which finally enable us to produce the article