American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1822-05-28

i for the year 1925, and they feel well founded
confidence that it WILDE verified by the result But
Fit is bottomed on no certainty it is on estimate, &
who can estimate with precision a revenue mainly
arising on duties on imports, subject to the winds
the waves, the caprice OF commerce, to the mer-
chants making greater or less reexportauon, 70
the want of punctuaty in payment OF bonds when
! due, and to other events that no human being can
foresee? Has any Secretary ofthe Treasury, since
the commencement Of the government, been accu
rate in his estimates of the revenue NO one mas,
and no one eper can. The present Secretary has
been nearer to the result than his immediate pre-
decessors, as appears by document, winch the
committee ask leave to present as part OF their re-
port yet he has not been entirely accurate. AT
the last session. he estimated the imports tor 1921,
at fourteen millions. This was esteemed by the
best informed me mbers of the House, as too low,
and the Secretary was onentu censured Tor presen
ting view of the finances worse than they really
were. The Committee of Ways and Means were
directed by the House 70 investigate the subject and
they reported that the imports would give fifteen
millions of dollars. They were incorrect, Tor the
customs gave little more than thirteen millions In
1921, yet the committee formed their opinion upon
data that they thought tenable; they took the
average receipts for the four preceding years, which
gave the sum Of II 1868. 800 dollars and they might
have, with such result, been justified in estima
u
themselves safe in assuming for 1921, the amount
actually received from the customs IN 1920 to wit ::
Of fifteen millions. 1t appears however, from the
actual receipts, that their estimate was erroneous
The result being so much less than they had pre-.
sumed, arose from a variety OF causes. A less
amount was received from bonds in suit than had
been expected a greater amount oil debentures
were issued than could have been anticipated, owing
to the distress of the merchants compelling them
to export, to enable them, by the debentures, to
meet the payments of tner bonds and to the follow
ing circumstance: Debentures amounting to sum
exceeding 100000 dollars, which were payable in
800 we're not paid until 1921, thus beco ming AMI
unexpected charge upon 1921.
If that charge had been paid in 1920. the esti-l
mate OF the Secretary, OF 8l4,00O00o from the
customs, would have been nearly correct and the
report OF the Committee of Ways and Means would
have been different from what it Other causes
operated most powerfully AN inability to pay for
the imports on the part of the consumers, and the
rapid increase OF the manufactures oil the country
increase that the most Sagqfne had not ANTICIPATED
The following view will shew the great loss of re
venue in two years and particularly in that arising
Fl ON cottous and woolens those articles pay AMI
ad valorem duty OF 25 per cent none others do nl
the year 1918, il will be seen, that the imports oil
those articles amounted to S24 ,804, l88; and in
1920, only to SS,980,075 beng a loss, in twol
years, on those two items, of 1894, 8; a loss
% an extent that no human being could have tore.
seen. 1t, however carries with it this consolation
hat it shews the great and salutary increase OF the
national manufactures, and gives well founded ex
pectaton that, in few years, own manulac-
lures OF cotton and woollen will be equal to our con |
sumption
OF goods paying an ad valorem duty, the average
value in the years 1918, 1919, and 1920, was,
COST. DUTIES
In 1918 S58,66l5O4 Sll,947, 600
1919 39,885,467 9,63l,738
1920 22l28,497 4,420959
amount Of IMPORTS al seperal rates of duties
Is per cent. 90 per, ent. Is per cent.
In 1873 Sl9445 ,525 S9524,5Sl 824,so4 1873
1919 1927, 593 5,979,736 l6,555,S99
1920 9,407 1888 9,400,789 8,9s0,075
Duties o. spirits
In18l8 S2,646,l86
1919 1959,l25
1920 1,728,665
Difference between 1918
and 1920 S9l7,52l
On Coffee.
In 1918 S959,970
1890 664,592
Difference S295,S78
The committee submit, herewith, three state
nents, obtained from the Treasury Department.
rom these statements it appears, that, after the
10Th of September, 1924.
| he interest on the pub.
lie debt will be S4948,s9e,67
Add interest on $4,000.
600 to claimants under |,
the Spanish treaty, at 5
per cent. 100000
|
S5198,899 67