The Wilmingtonian, and Delaware advertiser., 1826-12-07


last year. The severe shock SO extensively SUE
tanned by the commercial and manufacturing in
tcrest in Great Britain, has not been without a
perceptible recoil upon ourselves. reduced
importation from abroad is necessarily succeed
ed by a reduced return to the Treasury athome
The net revenue of the present year will not
equal that Of the last. And the receipts OF that
which is to came will fall short of those in the
current year. The diminution, however, is in
part attributable to the flourshing condition of
some of our domestic manufactures, and so far is
compensated by an equivalent more profitable to
the nation. 1t is also highly gratifying to per-
ccive, that the deficiency in the revenue, While
it scarcely exceeds the antlcipations OF the last
year, estimates from the Treasury, has not in
terrupted the application of more than eleven
millions during the present year, to the DIS
charge the principal and interest of the debt,
nor the reduction ofupwards of seven millions OF
the capital debt itself. The balance in the
Treasury on the first of January last, was five
millions two hundred and one thousand SIX hun.
dred and fifty dollars and forty-thrcc cents. The
receipts from that time to the 30th of Scptcm-
Der last, were nineteen millions five hundred and
eighty five thousand nine hundred and thirty
two dollars and fifty cents. The receipts of the
current quarter, estimated at six millions OF
dollars, yield, with the sums slready received, u
revenue of about twenty five millions and hall
for the year. The expenditures for the three
first quarters of the year have amounted to eigh-
teen millions seven hundred and fourteen thoi-
sand two hundred and tenty-si1 dollars and sixty
six cents. The expenditures of the current
quarter are expected, including the two millions
of the principal debt to be paid to balance the
receipts. SO that the expenses of the year, a.
mounting 10 upwards of million less than its In
come, will leave u propoltionally increased bal
ancc in the Treasury on the first of January, 1877,
over that of the first Of January last. Instead OF
five millions two hundred thousand, there will
be six millions -four hundred thousand doltars.
The amount of duties secured on merchan-
die imported from the commencement OF
the year until the 30th of Sept. is estimated at
81 millions two hundred and fifty thousand
dollars, and the amount that will accrue dur
ing the present quarter is estimated at fouI'
millions two hundred and fifty Thousand dol
lars, making for the whole year twenty five
millions and half, from which the draw
backs being deducted. will leave clear rev.
cnue from the customs, receivable III the
year 1927, Of about twenty millions four
hundred thousand dollars, which, with the
sums to be received from the proceeds OF
Public Lands, the Bank Dividends, and 9TH
ct incidental receipts, will form an aggre-
gate of about twenty.three millions, sum
falling short of the whole expenses OF the
present year, little more than the portion OF
those expenditures applied to the discharge
of the public debt, beyond the annual appro-
p,iation of ten millions, by the act of third
March, 1917. AT the passage of that act the
public debt amounted to ono hundred and
twenty-three millions and half. On the
first of January next il will be short of sew
enty four millions. III the lapse OF these ten
years, fifty millions of public debt, with the
annual charge OF upwards of three millions
Of interest upon them, have been cxtinguish-
ed. At the passage of that act, of the annu-
al appropriation Of the ten millions, seven
were absorbed III the payment of interest,
and not more than 3 millions went to reduce
the capital Of the debt. Of the same ten
millions ut this time, scarcely four are appli-
cable to the interest, and upwards of six are
effective i'll melting down the capital. Yet
our experience has proved that revenue
consisting 50 largely Of imposts and tonnage,
Gibbs aud flows To An extraordinary extent,
with all the fluctuations incident to the gem
eral commerce of the world. 1t is within
our recollection that even in the compass OF
the same last ten years, the receipts of the
Treasury were not adequate to the expcndi-
lHiCS vi lIlt lNhl, diItl NItl III tHO 9u-NtS
sivc years it was found necessary to resort
To loans to meet the engagements Of the ia
ton. The returning tides Of the succeeding
wears rcplenshcd the public Golfers, until
they have again begun to feel the vicisstude
Of decline. Toproducc these alterations
Of fulness and exhaGsta,on, the relative op-
erations Of abundant or of unfiuitful seasons,
the regulations of foreign governments, po-
litical revolutions, the prosperous or decaying
condition of manufactures, commercial spec
ulations, and many other causes not always
to be traced, variously combine. We have
found the alternate swclls and dimnutions
embracing perlods of from . TO years. The
last period of depression to MS was from
1919 to 1922. The corresponding revival
WAS from 1925 to the commencement Of the
present year. Still we have no cause to APP
prchend Il depression comparable to that of
the former period, or even to antici pate a de-
ficicncy which will intrcnch upon the abili
ty to apply the annual ten millions to the
reduction of the debt. 1t is well tor us,
however, to be admonished Of the necessity
Of abiding by the maxims of the most vigil
liant economy, and ofresorting to all honora-
bic and useful eXpedients. for pursuing with
steady and inilcxble perseverance, the total
discharge of the debt.
Besides the seven millions of the loans Of
1873, which will have been discharged during
the course OF the present year, there are nine
millions which by the terms of the contracts