ABSTRACT
The motives which influenced Mr. Tyler to desire that the Compromise Act should stand as long as possible, are of no present consequence. An understanding of the effects produced upon the revenue, by the operations of the act itself, is of far more importance than any inquiry into the political tendencies of his administration could be. In his annual report to Congress, in December, 1841, his Secretary of the Treasury estimated that, after exhausting all the probable resources of the year, a deficit of about $14,000,000 would exist. He, accordingly, recommended that the difficulty be bridged over by issuing Treasury notes, and by extending the time for negotiating the loan authorized by Congress at the extra session. In the exercise of a sound discrimination, having reference to revenue, but at the same time, affording incidental protection to manufacturing industry, it seems equally probable that duties on some articles of importation will have to be advanced above twenty per cent.
