Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1815-03-11

part.
1t IS proper here 10 observe, that the ac-
'nai issue OF treasury notes on this day (in&
Guiding those due and unpaid, those which
are daily becoming due, and those which
nave deem ordered, but are not vet signedl
amounts to the sum of SIS. 637 1856 so
Cents, and the Amount will be constantly
augmen'ing. IF, therefore, the revenue for
the year 1915, enriched by the duty on i'm.
ports and by the other beneficial effects of
the peace, should amount to s 10000 600,
IL IS stu evident. that the whole of the re-
venue might be expended in the single
purpose Of paying the treasury note debt
'cavin6 every other object of the govern.
nent to be provided ior BY loans, or by new
issues OF treasury ao;es. 4
Havirg suggested the difficulty and the
Danger, Cannot presume TO dwell upon a,
ny expedient for relief, which Congress
nas already refused to adopt but I take
the liberty. with Difference and respect. :,
renew the Recommendation of The plan thak
was submitted to your confederation. in nv
,etser or the 18th January last, under abeS
hef. that, considering the outstanding a.
mount CT treasury notes. any me- issue
snonid De made to rest upon a basis. thas
will enable the government TO emuloy ir.
both as circulating medium, and as t;,ss
means OF raising money, in aid of the re-.
venue How far power given to fund the
treasury notes. upon an advanced interest,
or to pass them in payment of taxes and t,u-
ties. will be sufficient for the pu -poses CON.
teDpiafed, without providing other means
of payment by regular instalments. must
submit to the Judgment of the committee.
3. The ways and means to def ay the va
rions expenses of the governments, for 1915.
VIII consist of the revenue which will be
actually received at the treasury durisg
mat year. Il is not intended on the one
nand, to take into view the balances due
upon the appropriations of preceding
years nor, on the other hand, to take into
view the revenue which will accrue IN the
present year, but which will not be payable,
until the year 1915.
iae direct aaehoration of the resources
OF the country, in Consequence ofthe peace.
applies principally To the item of the duties
on imports and tonnage, The effect, how.
ever, must be confined. with ialmateriaI ex-
ceptions, for 1915, to two tis.,ds, or the
eight concluding months. ~ the year. The
West India ,rad~ will prognce Ii'tis, and
the European trade nothing, by way of re-
venue before the 1st of May next. Some
outstanding adventures beyond The Cape OF
Coed Hope, viii hardly be brought home,
upon the intelligence of peace, before the
present year has expired. ConsiderinS.
therefore, that a credit OF eight. ten. aud
twelve manths, is allowed for the duties on
merchandlze imported from Europe and
that a credit of three and SIX months s al.
lowed Tor the duties on merchandise i'm
ported from the West jndes 7; It is evident
that whatever may be the amount accraing
on merchandise imported froM Europe for
the year 1915, the actual recsipt 1T ne treg-
sury cannot be great; that the whplc of tne
from the West Indies before the ] St of July,
viii be actually recei~cd at the tire SUR 10
the year 1878; and that one moietY OF tae
amount OF the duties on merchandise ifFl-
parted from the West Indies. between the
lst OF July and the Ist Of October, will, al.
so, be received at the treasury IN the year
1915.
The average Of the net revenue of the
customs which ACCRUED tor the three wears.
1906. 1907 and 1903, was more than IA
O0e 90 of dollars for each wear !; and sis
milar average for the three succeeding
years, 1909, 1910 and 1911. was about
9 ,o00t00 of diilarss for each year. But
the first period was one ef uucomTnan COM
mercal prosperity. when the United States
were the on'y neutral nation, ard cannot be
taken as the basis of an estimate for the
present time, when the other nations Of the
world are, also at peace. The second PEI
Rod was embarrassed by commercial re-
strictions; but, probably the effect of those
embarrassmcnts upon the revenue were
counterbalanced by the advantages of our
neutrality. tits thought, therefore, upon the
whole, that in q state OF general peace, the
customs operating upon the single duties,
would not have produced, before the Anne,
rican war, more than sum between nine
and ten millions Of dollars annually. But
the comparatively small, quantity of foreign
merchandise, at present in the Americ41
market, would, probably, give rise to an
extraordinary amount of importations dua
ring the first year Of peace, equal at least
to the supply Of two years, if the face, that
the double duties are limited in their cons
tinuance to year after the termination of
the war, did not operate as a check upon
importations beyond what may be requisite
Tor the consumption OF the current year
These countsractng causes may. therefore,
be reasonably supposed to neutrahze the
force OF each other, aad consequently, to
refer and conhne any estimate Of the dohS
be duties upon merchandise imported IN
the year 1915, TO the amount Of the inc
portatious for the Consumption of a single
year
Under these views it is estimated, that
the prJdsce Of the customs, daring the fifss