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London, England, 1856-12-20 00:00:00

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Pi‘OGIiES3 OF THE UNITED STATES,

LIVERPOOL, DEO. 18.
From the report if the Secretary of tae Treasury on
the state of the finances for the year ending June 30,
1856, we gather some interesting statistics bearing upon
the growing greatness and increasing prosperity of the
United States.
The actual receipts from Customs into the Treasury
for the first quarter of the fiscal year 1857—viz., the
quarter ending Sept. 30, 1856—have been $2,925,431
36c., being $2,150,971 23c, more than the corresponding
quarter of the preceding year. The receipts for the
forthcoming year are estimated at $66,000,000, the
causes which had operated to inert ase the revenue dur-
ing the past year being expected to have the same influ-
ence, though not to the same extent. The receipts from
land were $1,443,345 48c less than in the correeponding
period of the past year. The estimated receipt.: for the
remaining three quarters of the fiscal year had been
reduced to $6 000,000, in consequence of large tracts
having been withdrawn from the market for railroads
and t r meet the land warrants issued and to be issued.
The receipts from miscellaneous sources had been put
down at $955,310 57c.
The advance in the estimates of receipts from Customs
eas made with the knowledge of the large duty-paying
imports already in warehouse, and under the expectation
that the demand for provisions abroad, at remunerative
prices, would not be equal to that of last year ; also, of
the pressure in the European money-market, and the
great demand for their cotton and tobacco, with the
abundance of money in the country, increased by the
payment of the Texas debt and the Californian war
bonds; also the failure of the sugar crop of Louisiana,
acting in favour of increased sugar importation, and at
an advanced price.
For the year ending June 30 the domestic and foreign
exports were 5326,9645918, andthe imports $314,639,942,
being an excess in favour of the former of $12,325,066.
The continued increase of the population, and of ire
ports and exports, with that of their agricultural, manu-
facturing, and mining wealth, and theirfacilities for inter-
nal and external commerce, encourage the secretary again
to recommend a modification of the tariff, of 1846, and a
reduction of the revenue from Customs. He considered
the collection of a greater revenue than was required for
the economical administration of the Government a
wrong against the people who paid the tax, and that it
imparted to the agent who administered the Government
a tendency to undue power, waste, and extravagance.
The tables of imports and exports for the last ten years
exhibited a constant and continued, although not an
annual increase, of imports and exports, and, conse-
quently, of revenue from Customs.
The reciprocity principle, if applied to the same ar-
ticles that were admitted free by Great Britain, would
reduce the revenue between 7,000,000 dels. and 8,000,000
dol., and the amount would also be reduced to the same
extent by the addition to the free list of some articles of
general consumption, such as salt. The amount which
would remain-50,000,000 dols.— was deemed all-suffi-
cient for the necessary requirements of the Government,
the average expenditure of the last five years, excluding
the public debt and the 10,000,000 dols. paid to Mexico,
flaying biit little exceeded 48,000,000 dols.
The Secretary considered that free trade, if expedient,
should be approached gradually. Upon this subject he
reports that, pari passu with the advance to that end by
foreign nations, the modification and reduction of the
revenue as proposed would be a movement in the right
direction, which might be followed when experience and
the condition of their commerce with other nations
should justify it, and contemplated the time when the
producticins of each State, in exchange for the prolate.
dons of the others, would constitute an abundant supply
for most of their wants, at cheaper rates than other na-
tions could afford them, and make a resort to other
modes of raising a revenue a question of necessity; but
that for many years to come their national treasury would
be supplied from a tariff on imports, and that in the Imo-
ifficatton and reduction now called for they should make
t as equal and jut as possible to their own people, and
cake away the discrimination now existing against
them, principally arising out of the legislation of
other countries (in contravention of the industry of
their people. Further reflection on the subject of a re-
tuction of the tariff had only confirmed his views as to
its desirability.
With regard to the manufacture of wool the report
states that their factories heretofore engaged in the
manufacture of broad cloths and the finer woollen fabrics
had been forced to abandon that description of manufac-
ture, and yield their markets for those articles to the
foreign manufacturer. They imported 1,940,697 del. of
wool for manufacturers, who pay a duty of 30 per cent.
upon it ; and they imported 23,297,334 dol. of the
manufacturers of wool, on which they paid different rates
of duty—viz., 30 per cent, on part, 25 per cent, on part,
and 20 per cent. on part; while, with wool free of duty
in other manufacturing countries, the duty operated a
discrimination against the labour and capital of their
own people. Tnieswas peculiarly the case as to the
coarser fabrics, which they admitted at a less duty than
they imposed upon wool. Wool was au article for cloth-
ing and other uses that their climate and their habits did
not permit them to dispense with, and which their people
could and would manufacture for themselves, if their
tariff laws were arranged so as not to discriminate
against them, and in favour of other manufacturing
nations. In 1790 but little manufacturing was done in
the country as a distinct business. Nearly all that was
done was in private farnilie , for domestic use. Now
manufacturing is a separate pursuit, and immense capital
is employed in its various branches. In 1840 the value
of their manufactures was returned in the census of that
year at 483,278,215 dole. ; and in 1850 they were re-
turned in the census of that year at 1,055,595,899 dole.
The ratio of increase made their manufactures for 1855
1,391,031,293 dole. In the same year, 1790, their plan
tors raised no cotton for exportation ; but at present,
after manufacturing the coarse cotton goods for the en-
tire population, they exported 7,000,000 dols. worth
annually to foreign coun ries. Their manufacture of
cotton in 1840 was 46,350,453 dole.; in 1850 61,869,184
dols. ; and the same ratio of increase in 1855 would
give 70,974,712 dole.
In iron and steel, taking the same ratio of produc-
tion from 1350 to 1855 as was taken from the censuses of
1840 and 1850, the production and manufacture was
estimated at 73,406,538 dole., to which must be aided
23,945,274 dole for the amount of the imports of iron
and steel, and manufactures of iron and etee , for the
year 1855, first deducting the export of tho,e articles,
and there was iron and steel, and th,e manufactures of
iron and steel, to the amount of 98,598.340 dole., for
the consumption of the year. He states that they have
in the United States more iron ore and more coal, with
the usual fluxes, in convenient connection and of cheaper
access, than all the other civilised nations of the world,
and have the necessary capital, skill, and labour to pro-
duce all' the iron and steel, and manufactures of iron and
steel, required for their consumption, or that may be
required for centuries to come, and also to enable them
to supply the markets of other countries in fair compe-
tition with the iron and steel of other nations. And the
period he names for the realisation of these eqeectations
is that of 14 years hence—namely, the year 1870.
Among the articles it is proposed to admit free of
duty on the grounds that they are only partially produced
in their country and not in sufficient quantity to supply
the demand, are wools, silk, and bides. Thu manufac-
ture of porcelain, though introduced, is expected to be
among the last that will fully supply the home demand.
In manufactures of hemp and flax the home supply was
inadequate to the wants of the country. The home pro-
duction of coal, lead, and copper was not given, neither
was the number of establishments engaged in manufac-
turing silk, the extended and increased consumption of
which induced large and increasing importation, while
the growth of silk, when compared with the population,
was on the decline, and the home manufacture on the
increase. The manufactured article is, therefore, to
continue to be subject to an import duty; the imports-
t on of the raw material duty free, as previously men-
tioned, it is stated, would injure no home interest.
In reference to the decrease anticipated in sail ton•
nage, he says that the use of steam tonnage, in the com-
merce between the United States and other American
nations and Great Britain, France, and other commer-
cial nations, may, and it is thought by some will, con-
siderably reduce the sail tonnai.• used in commerce, and
ot haat
itocohaeoa paedrvcaaoptietaael ionv
eGr rtehaet
üBo
ited swtl,lt give toe
tetbaamt
tonnage and the carrying trade of their own and other
countries, and they attribute the reduction of their ton-
nage to that cause. Tale may be so, to some extent, but
no continued reduction of their commercial tonnage was
apprehended ; nor was it apprehended then was any
just reason to suppose their enterprising ship-builders
and merchants would surrender the navigation of the
seas to Great Britain, and place that nation in posses •
sion of the carrying business of the world ; yet the sub-
ject was one of interest, and called for a careful examina-
tion of their tonnage laws, and the removal of all impedi-
ments to an equal and fair competition for their foreign
trade and the trade of other nations. The burden of
light money t which their tonnage in the ports of
Great Britain and other commercial nations was subject
should be removed by mutual agreement, or counter-
vailing legislation on their part, and the tonnage duty
now charged on their vessels in the ports of France and
some other countries, and on their vessels in the United
states' ports, shoal', by like mutual agreement, be taken
off, and port charges equalised.
The amount of their agricultural and manufacturing
production for theyearlBss is estimated at 2,602,363,924
dols. ; and 15 per cent. deducted as the estimated
amount of the foreign trade leaves a balance of
1,352,009,336 dole, as the amount of the:r internal trade.
The effect of reciprocal free trade with the British North
American provinces exhibits itself to a wonderful extent,
and ought certainly to urge on those Governments who
continue to be lukewarm in adopting those principles,
for whereas in 1853 the exports of American produce to
those provinces amounted to 7,404,087 dole. and their
admission of the raw material are suggested
importsf from Ame rti he
ae
om ptr oo
d70,05e50t ,07188 a
iddo
pi sr.
0, v
on
eleBBsa6mtohoen
teexd-
dole., and their imports from them to
ports o
1697d015. The enlargement of the free list
to
snl
,d232ltt,hoh7e,
ti
d
and other products, and of cultivating amity
and
eda s e
fdrl4i4e2a,bed ssth beneficial ansurest mode of giving increased
w imtharktehts for
eutthheeruir mnaneingfhabctouurreps,
beneficial employment to their tonnage and in-

and also the beat mode of promoting their own prosperity
next after the mutual free trade they enjoyed with each
other. Mutual beneficial commerce was all that was
required to establish with these nations lasting rutations
t of peace and friendship, and remove from their minds all
apprehension from their expansion. They should :mete
commerce, and not dominion. When other nations
should know and feel that commerce alone was their
object, and that it was as beneficial to the one as to the
other, they should win their confidence, and their friend•
ship then would be lasting. The establishment of a pure
metallic currency is declared to be impracticable under
the constitution and the laws, to say nothing of the sen-
timent of the people. Congress had no p,wer to act
upon the charters granted by the States to the b nis
which represented commercial agencies to the amount
of $344,000,000 of capital, and maintained a circulation
of nearly $200,000,000 of bank notes, and afforded such
valuable facilities to all branches of industry as to make
it undesirable now to dispense with them. Some regu-
lation of their circulation is promised by the withdrawal
of the notes of smaller denominations, the amount of
which undor $5 is set down at $50,000,000. It is stated
that it these etuatl.notes are withdrawn and prohibited
it is believed the operation of the Treasury, in the col-
lection and disbursement of the national revenue, would
be as salutary a restraint upon the banks and upon com-
mercial transactions as could be interposed, and all
sufficient to secure as sound, healthy, and uniform a
currency as it is practicable to have. The imports and
the receipts of bullion at the mint from mines, after de-
ducting the exports up to the 30th Sept., 1856, had
added at least $150,000,000 to the amount of gold and
silver in the country, without taking into consideration
the amount brought in by emigrants and returning tra-
vellers, nor the amount carried out by travellers and
merchants not entered at the Custom-house, nor the-
amount used in manufactures or employed in the arts.
Tne remainder of the report is devoted to the details
necessary fur the internal management of the country,
all of which tend to exhibit a steady but increasing pro-
gression in the material wealth of the States, and a dis-
position on the part of the Executive to lighten the fiscal
burdens of the people to the greatest extent. And to
this end the promised extension of the principles of free
trade offers a cheerful, certain, and favouraAe result.