Martinsburg gazette and public advertiser. [volume] (Martinsburg, Va. [W. Va.]) 1826-1833, 1826-12-14

present. Their absence has indeed de
prived us of the opportunity of possess
ing precise and authentic Information of
the treaties which were concluded at
Panama; and the whole result has con-
Ermed me the conviction Of the expedi-
ency to the United States of being repre-
scented at the Congress. The surviving
member of the mission, appointed ea-
ring your last session, has accordingly
proceeded to his destination, and sue
cessor to his distinguished and lamented
associate will be nominated to the
Senate. A Tresty Of Amity, Navi.
CATION and Commerce, has in the course
of the last summer, been concluded by
our Minister Plenipotentiary at Mexico,
with the United States of that CenfeGe-
racy, which will also be laid before the
Senate, for the advice with regard to its
ratification.
In alvcrting 10 the present condition Of oar
fiscal concerns. and to the prospects Of our
Revenue, the Erst remark that calls our at ten.
ton, is, that they are less exuberantly prospe.
rous than they were at the corresponding period
of the last year. The severe shock 50 exten-
aiveiy sustained by the commercial and manu-.
featuring Interests in Great Britain, has not
been without perceptible recoil upon our
selves. A reduced Importation from abroad s
necessarily succeeded by a reduced return TO
the Treasury at home. The net revenue of
the present year will not equal that of the last
And the receipts Of that which is to come will
fall short of these in the current year. The
diminut,on, however. IS in part attributable TO
80. - e
mestc manufactures. and so far is compensated
by an equivalent more profitable to the nation.
Ct is also highly gratifying to perceive, that the
deficiency in the revenue, while it scarcely ex
ceeds the an:icipaiioEs Of the last years est.
mates from the Treasury, has not Interrupted
the application Of more than eIevea millions
during the present year, to the discharge OF
the priRc ipel and interest Of the debt nor the
Reduction OF upwards Of seven millens of the
capital debt itself. The balance in the Treasc.
ry on the first Of January last, was Eve millions
two hundred and enc thousand six hun dred and
fifty dollars aud forty three cents. The receipts
from that time to the 30,h OF September last,
vera nineteen mlions FIVE hundred and eighty
five thousand mere hundred and thlrty-two dol.
lars ndfitty cents. The receipts of the cur
rent quarter, estimated at six millions of dol.
lars, yield, with the sums already received, a
revenue OF about twenty-five millions and
half for the year. The expenditures for the
current quarter are expected, including the
two millions OF the principal debt 10 be pad
20 balance the receipts. So that the expenses
of the year, amounting 10 upwards OF million
less than its Income, will leave proportional
ly increased balance in the Treasury or the first
of January, 1897, over that of the first of Jan
last. Instead of FIVE millions two hundred
thousand, there will be SIX millions four hun
dred Thousand dollars
The amount of duties secured on merchandise
imported from the commencement of the year
until the S0th Sept. is estimated at twenty .one
millions two hundred and FIFTY thousand dolls
and the amount that will probably accrue du-
ring the present Quarter, IS estimated at four
millions two huadred aud fifty thousand max
ing for the whole year twenty.fiv millions and
o half from which the drawbacks being de
Quoted. will leave a clear revenue from the
customs. receivable in the year 1897, 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 other incidental receipts, wilf!orm an sg-
gregate of about twenty-three millions, sum
falling short of the whole expenses Of the pre-.
sent year, little more than the portion OF those
expenditures applied to the discharge of the
OF the ten millions, by the act of Sd March, 1917.
At the passage of that act, the public debt a.
mounted to nine hundred and twenty three
mi Hons and balf. On the first of Ian. next
It will be short of seventy four millions. In the
lapse OF these ten years, FIFTY millions of public
debt, with the annual charge of upwards of
1nree millions OF interest upon them, have been
ext'nguished AT the passage of that act, of the
annual appropriation OF the ten millions, seven
were absorbed in the payment OF interest, and
not more than three millions went to reduce the
capital of the debt. OF the same ten millions.
at this time scarcely four are applicable to the
Interest, and upwards OF six are effective in
melting down the capital. Yet our experience
6as proved that revenue consisting so largely
OF imposts and tonnage, GIBBS and flows TO an
extraordinary extent, with all the fluctuations
incident to the general Commerce of the world.
1t Is within oar recollection that even in the
Compass of the same last ten years, the receipts
OF the Treasury were not adequate to the ex.
penditures Of the year; and that in two success
sve Years Il ives found necessary to resort to
loans to meet the engagements of the nstioR.
The returning tides OF the succeeding years
-repienished the public Golfers, until they have
again heguH 20 feel the vicissitude If decline.
To produce these alterations of tnlness and
exhaustion, the relative operation OF abundant
or OF untrulttuI seasons, the regulations of 70
reign Governments, political revolutions, the
prosperous or decsying condition of manufac-
lures, commercial speculstiOhs, and many other
causes. not always to be traced, variousy
combine. We have found the alternate swells
and dIminutions embracing periods of from two
TO three years. The last period of depression
20 US was fiom 1919 to 1922. The correspoh-
ding revival was from 1928 to the commence
ment OF the present year. Stiu we have no
cause 10 annrehend a denressinn cnnnnnrahle