A Compilation of the Messages and Papers of the Presidents - Volume 7, part 2: Rutherford B. Hayes by James D. (James Daniel) Richardson
page 60 of 392 (15%)
page 60 of 392 (15%)
![]() | ![]() |
|
may be repealed, except that on whisky, spirits, tobacco, and beer.
Attention is also called to the necessity of enacting more vigorous laws for the protection of the revenue and for the punishment of frauds and smuggling. This can best be done by judicious provisions that will induce the disclosure of attempted fraud by undervaluation and smuggling. All revenue laws should be simple in their provisions and easily understood. So far as practicable, the rates of taxation should be in the form of specific duties, and not _ad valorem_, requiring the judgment of experienced men to ascertain values and exposing the revenue to the temptation of fraud. My attention has been called during the recess of Congress to abuses existing in the collection of the customs, and strenuous efforts have been made for their correction by Executive orders. The recommendations submitted to the Secretary of the Treasury by a commission appointed to examine into the collection of customs duties at the port of New York contain many suggestions for the modification of the customs laws, to which the attention of Congress is invited. It is matter of congratulation that notwithstanding the severe burdens caused by the war the public faith with all creditors has been preserved, and that as the result of this policy the public credit has continuously advanced and our public securities are regarded with the highest favor in the markets of the world. I trust that no act of the Government will cast a shadow upon its credit. The progress of refunding the public debt has been rapid and satisfactory. Under the contract existing when I entered upon the discharge of the duties of my office, bonds bearing interest at the rate of 4-1/2 per cent were being rapidly sold, and within three |
|