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It also proposes responsible tax reductions to encourage a more productive economy, and adequate funding of our highest priority programs within an overall policy of constraint. Fiscal restraint must be continued in the years ahead.
I would have submitted the Commission's recommendations, except the advice that I received from the leadership and you usually are consulted about matters that affect the Congress was that the Congress would not accept the $50,000 recommendation, and if I expected my recommendation to be seriously considered, I should make substantial reductions.
The great reduction of the currency which the banks have been constrained to make in order to continue specie payments, and the vitiated character of it where such reductions have not been attempted, instead of placing within the reach of these establishments the pecuniary aid necessary to avail themselves of the advantages resulting from the reduction in the prices of the raw materials and of labor, have compelled the banks to withdraw from them a portion of the capital heretofore advanced to them.
These effects have continued to operate in various degrees to the present period, and in addition to the decrease in the revenue thus produced two and a half millions of duties have been relinquished by two biennial reductions under the act of 1833, and probably as much more upon the importation of iron for railroads by special legislation.
And not only did M. Lamoignon, the Keeper of the Seals, in the speech in which he dismissed them, venture to affirm that these reductions would be found to have effected all that was needed to restore universal prosperity to the kingdom; but the President of the Assembly, in his reply, thanked God "for having caused him to be born in such an age, under such a government, and for having made him the subject of a king whom he was constrained to love," and the thanksgiving was re-echoed by the whole Assembly.
"We never expected, you know, that we could cut rates in the San Joaquin the very first move; that is for later. But you will see we made very material reductions on shipments from the upper Sacramento Valley; also the rate from Ione to Marysville has been reduced eighty cents a ton." "Why, rot," cried Annixter, "no one ever ships wheat that way."
"You must remember," he said quickly, "that though the estate is recovering, and rents have been fairly paid about here during the last eighteen months, you may be called upon at any moment to make the reductions which hampered your uncle. These reductions will, of course, fall upon you as before, seeing that the farmers, in a different way, will be paying as much as before.
Adjustment after adjustment and many reductions in power had to be made before the projection ceased leaping millions of miles at a touch, but finally the operators became familiar with the new technique and the ray became manageable. Soon they were hovering above what had been Mardonal, and saw that all signs of warfare had disappeared.
The public debt was now nearly extinguished, and it was clearly advisable to reduce the revenue; but Clay and his followers made the reductions almost entirely on articles not produced in America, and so, in defiance of the nullifiers, made the new tariff as protective as the old. Jackson had gradually given up most of his protection ideas, and so the tariff did not please him.
"But think of the power which this corporation must eventually possess, and the powerlessness of any individual or organization, business or otherwise, to oppose it." "Why should they wish to oppose it?" Gorham continued. "As I have said, the combinations suggested can but result in economies in production and consequent reductions in the living expenses of the masses."
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