Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1815-12-14

the time. The existence of such system
would, probably, have invigorated the ear
ly movements of the war might have pre-
served the public credit uniInpaired and
would have rendered the pscuniary contri-
buttons OF the people more equal, as well
as more effective. But owing to the want
OF such system, a sudden and almost an
exclusive resort to the pubic credit. was
necess irily adopted as the chief instrument
OF finance. The nature of the instrument
employed was soon develnpcd--and it was
found that public credit could only be dura-
bly, maintained upon the bread foundations
@! p.biic revenue.
On the opening OF the session of congress
in November 1871, the Legislative attention
was devoted to the organization of the mil
itary and navai departments, upon the en-
iarged scale of q war establishment so
that the appropriations for this purpose, far
exceeded, III q short time, the estimates 6
the resources OF the Treasury, as they
have been already described. Ways and
means were, therefore, provided to nlcetthe
extraordinary demands thus created but
they were derived exclusively from the OPP
erations OF foreign commerce and of public
cT, lit.
7. The Mediterranean fund was at first
continued until the 9TH Of March, 1915. and
afterwards until March 1915, (when it be-
came extinc0 afording an additional duty
OF 1-2 per cent. al valorem, on all inn
ported goods paying duties al valorem, and
a discriminating duty Of 10 per cent. upon
that additional duty. in respect to al goods
Imported in vessels Lot u the United
States. (c)
2. There were imposed an additional du-
ty OF 100 per cent. upon the permanent du-
ties on goods imported into the United
States from any foreign place, discrimi
mating duty CT 10 per cent. upon that add
t!onal duty, III respect to all goods imported
in vessels not of the United States: and an
additional duty of dollar so cents per ton,
(the previous duty being at the rate Of SO
cents per ton) upon all vessels belonging
wholly, or in part, to the subjects c. for cign
powers. But the continuance Of the AeS
being limited to the expiration of ore Year
alter the conclusion OF the peace. these adj
ditional duties will cease on the 18th Of Fe-
bruary, 1Si6.Cd)
J. An authority was given to raise by
loan, sum not exceeding IL 200 600 of
dollars, and to create stock for the amount
bearing interest not exceeding the rate of
per cent. per annum, and reimbursable at
any time after the expiration of - years
from the 1st of January 1873. The pay
the purchase Of this stock, are charged upon
the Sinking Fund.Ce)
4. And an authority was given to issue
Treasury Notes for q sum not exceeding
100000 Of dollars, bearing interest at the
rate OF S 2-5 per cent. per annum, and re-
mburseablc at such places respectively, as
should be expressed or the face Of the notes
one year after the Gay on which the same
shall have been issued. The notes were
declared to be receivable in payment of all
duties and taxes laid by the United States,
and all public lands sold by their authority
and the payment of the interest, and the
redemption or the purchase Of these Notes,
were charged like the funded debt, upon
the Sinking Fund.0D
The effect of the additional ways an
means provided by Congress, from time to
time, during the late war, may readily be
traced. From the Treasury Report, dated
the 1st of December, 1912, it appears that
the actual receipts into tire Treasury, dC.-
ring the year ending on the 3Oth of Sep
TENDER, 1912, including portion Of the
loan, and of the issue of Treasury Notes, "a
mounted to the sum of 1912, 159 dollars
40 cents, (almost double the amount of the
previous estimate and that the actual dis
bursements, for the same year, amounted
to the sum Of 8 II, 368.3 1925 Zoo (Which
was, also, almost double tile amount Of the
previous estimate) Independent of the ba-
lance in the Treasury, at the commence
ment and close of the year. 6 But the esti-
mates for the year 1913 required, OH ac-
count of the accommodating expenditures a
sum of s 1,925,000
For the civil and diplomatic de-
partmentS 1900 600
For the military department 100000
For the naval department 4,925, 900
And for the interest and REIN
buTsement of the principal Of
the public debt 100000
1925, 900
And the subs'sting revenue tomeei these
expenditures was estimated at the sum of
100000 Of dollars, proceeding
From the customs 11,500,OOO
From the sale of pub
lie lands, Sec. 100000
-12, 600. 600
leaving a deficit, for which it was proposed
to provide, LIST, by the outstanding balances
Of the authorised loan and issue of Treasu-
ry Notes, and I'd, by new authority to
borrow, and to issue Treasury Notes, to
the amount Of 1925. 900
Duriag the session Of Congress, which
commenced in November 1912, and closed
on the Sd of March 1913, the appropriate
ons for the army, the navy, and the other
bran hes Of the public service, were clnsi-
derably augmented, but (without advert