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. Of course, if vast revenues pour in over the barriers of an exacting and exorbitant tariff, amply sufficient revenues would flow in through the easy conduits of moderate and simple duties. The object of our financial policy, however, has not been to equalize receipts and expenditures, but to foster the industries of the country. The Committee of Ways and Means, therefore, do not concern themselves directly with regulating the income of the government—they know that that, in every probable event, will be more than sufficient—but with protecting the interests of the manufacturers as affected by the regulation of the tariff. The resources of the government are made incidental to the industrial investments of private citizens.

This evidently constitutes a very capital difference between the functions of the Chancellor of the Exchequer and those of our Committee of Ways and Means. In the policy of the former the support of the government is everything; with the latter the care of the industries of the country is the beginning and the end of duty. In the eyes of parliament enormous balances represent ignorant or improper management on the part of the ministers, and a succession of them is sure to cast a cabinet from office, to the lasting disgrace of the Chancellor of the Exchequer; but to the mind of Congress vast surpluses are