US Presidency
1877

The total exports during the last fiscal year, including coin, have been $ 658,637,457, and the imports have been $ 492,097,540, leaving a balance of trade in favor of the United States amounting to the sum of $ 166,539,917, the beneficial effects of which extend to all branches of business. The estimated revenue for the next fiscal year will impose upon Congress the duty of strictly limiting appropriations, including the requisite sum for the maintenance of the sinking fund, within the aggregate estimated receipts. While the aggregate of taxes should not be increased, amendments might be made to the revenue laws that would, without diminishing the revenue, relieve the people from unnecessary burdens. A tax on tea and coffee is shown by the experience not only of our own country, but of other countries, to be easily collected, without loss by undervaluation or fraud, and largely borne in the country of production.