Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1812-02-07
TREASURY DEPARTMENT,
January 10, 1919.

DIR,
In answer to the first inquiry of the com
mittee of ways and means, relative to the IN
terest arising on the proposed loan of 100000
dollars, necessary to supply the deficiency In
the receipts of the year 1912, | beg leave to
observe that that item was not included a
mongst the expenses of that year, because the
estimate being made with reference to che
expenses alone which had previously been au-
thorsed by law, and a considerable proper
ton of those on account of the public debt
falling on the last day of the year, it would
not have been necessary in that view OF the
subject to borrow that sum previous to that
day, and the interest would not therefore have
become charge till the year 1918.
With respect to the second inquiry OF the
committee, it was certainly contemplated, In
conformity with the recommendation of the
President, whose expressions were adopted in
the report, to raise a revenue sufficient at
least to defray the ordinary expenses of go
vermment, and to pay the interest ON the pub
lie debt, including that on new loans which
may be authorised" The sum of about nine
millions of dollars was assumed as answering
that description for the present, and the ex-
preston of ''tixed venue which had been
used in reference to existing circumstances,
was inadvertently applied to the case of war.
1t will undoubtedly be proper, as remarked
by the committee, to provide annually an ad
ditional and gradually increasing revenue suf-
fcient to pay the interest on the loans requir-
ed in the event of war. If, therefore, the loan
for the present year will, according to the
suggestion of the committee, amount to ten
millions of dollars, the receipts into the trea-
sury to be povided for the year 1918, should,
on those data, amount to about $500, 900 dol
lars.
The committee ask IN the next place, the
best opinion which am able to form of the
probable amount of receipts from duties on
tonnage and merchandise in the event Of war
As that amount will depend on the extent of
the commerce between the United States and
nations at peace with them, and on the num-
bers of the captures respectively made by our
own privateers, and by the enemy, it is a mat
ter of conjecture and not a subject of calcula-
ton: for which reason it was stated in the re-
port, that that amount could not at present be
determined. Considering the rigorous re-
strictions laid by France ON the commerce of
the United States with her own dominions
and other countries under her influence the
dangers to which our commerce with the Bal
tic and with China will be exposed the re-
lations of England with Portugal and with
Spain; and also that no inconsiderable part
of the captures made by our privateers will be
sent into foreign ports, great defalcation in
the receipts on duties on imported merchan-
disc must be expected. The amount under
existing laws and circumstances, has from cor
rect data, been stated in the annual report at
six millions of dollars. 1t would in my opin-
ion be unsafe, in an estimate of ways and
means intended to be relied on with certainty.
to calculate in the event of war, on more
than 100000 dollars as the present rate of
duties
70 the next enquiry Of the committee, res
pectlng the increase of those duties which is
thought practicable and advisable, it is an
swered, without hesitation that the rate of
duties may in the event of war be doubled
without danger or Inconvenience. There will
in such an event, be less danger of smuggling
at that rate, than there is now with the ex-
isting duties. With that increase the duties
will still be much less on an average than
those paid on importations in England France.
and most other countries And thew will be
collected with more ease to government and
less inconvenience to the people than could
be devised to- the same amount in any other
manner
A duty on imported salt might now be cal
,culated on at least 100000 bushels; but in
time of war cannot be estimated on more than
two millions of bushels, producing, at the rate
of 20 cents per bushel 100000 dollars
The duties on tonnage and imported mer-
chandise, including the former duty on salt
and doubling the rate of all the Others,
would, according to that estimate, amount
to $5,400,000
To which adding the pro-
ceeds of the sales of public
lands estimated as by the an
nual report, at 100000
| Makes an aggregate Of 100000
| And leaves deficiency of 5000 900