Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1828-12-03


The res, are in train OF negotiation, whic'
,vs hone NAV terminate to mutual satisfaction,
and that il may be succeeded by Treaty OF
Commerce and Navigation upon liberal prin-
ciples, propitious to grea, and growing conn
mrrce, already important 10 the interests Oh
our country.
The condition and prospec,sof the Revenue,
are more favorable than our mos, sapguine ex-
npc,a,ions had anticiDa,ed. The balance In
The Treasury on The first Of January last, ex-
elusive of the moneys received under the Con-
yen,ion of 18th November, 1926, with Great
Britain. was five millions egh, hundred and
sixry one thousand nine hundred aud seventy
two dollars, aud eighty three cents. The re-
CENTS into The Treasury from The first OF Janu-
sry 10 the soth of September last, so Tar IS
thew have been ascertained 10 firm the basis
Of an estimate, amount TO eighteen millions SIX
hundred and thirty three Thousand three num-
dred and eiph,y dollars and twenty seven cents,
which, with the receipts Of The present quarter,
estimated a, five millions four hundred and SIX
~ one thousand two hundred and eighty three
dollars and forty cents, form an aggregate OF
receipts during :he year Of twenty four mil.
lions and ninety tour thousand eight hundred
and sixty three dollars and sky seven cents.
The expenditures of the year may probably a.
noun, 10 twenty -four millions elglt hundred
and thirty one thousand one hundred and Lines
weight dollars and thirty six cents; and leave
in the Treasury OIL The first OF January next
the sum If Ave millions one hundred and TWEEN
" five thou sand six hundred and thirty eight
dollars, fourteen cents.
The receipts OF the present year have a.
mounted % near two millions more than was
an,icipated at the commencement OF the last
session OF Congress.
The amount Of duties secured On Imports
lions from the first Of January to the 3oth oil
September was abou, twenty two millions nine
hundred and ninety nine thousand, and that oil
he estimated accruing revenue is hive millions,
leaving an aggregate for the year ofnear twen-
" eight millions. This is one million more
than the estimate made las, December for the
acsruing revenue Of the present year, which,
with allowances for drawbacks and contingent
deficiencies, was expected 10 produce an actu'
al revenue Of twenty two millions three hun
dred thousand dollars. Had these only been
re alised, the expenditures Of the year would
have been also proporlonably reduced For
of these twenty-four millions received, upwards
of nine millions have been applied to the ex-
tinc,ion Of public debt bearing an interest oil
SIX per cent. year, and of course reducing the
burden OF. in,eres, annually payable in future
by the amount of more than half Million
The payments on account Of interest during ;he
current year exceed three millions OF dollars;
presenting an aggregate Of more than twelve
millions applied during the year to the dis
charge Of the public debt, the whole OF which
remaining due on the first of January next will
amount only TO 6fy-eight millions three hun
dred AID sixty two thousand one hundred aud
-. n III MY eigh. cents.
That the revenue of the eRsuing year will not
tall short Of that received in the one now ex-
pirlng, there are indications which can scarce
ly prove deceptive. In our country, an uniform
experience Of forty years has SHOWN that wha!-
ever the arif Of duties upon articles imported
from abroad has been, the amount OF importa-
tons has always borne an average value nearly
approaching 10 that oil the exports, though &C.
casionally differing in the balance, sometimes
being more, and sometimes less. Ii, is indeed,
general law Of prosperous commerce, that
the real value ofexpolls should, by small, and
only small balance, exceed that of imports,
tina, balance being permanent addition 10 the
wealth Of The nation. The extent Of the 2ros>
porous commerce Of the nation must be regu-
lated by the amount of It's exports; and an i'm
portant addition 10 the value Of these will draw
after it a corresponding increase Of impor,a-
lions. II has happened, in the vicissitudes of
The seasons, that the harvests Of all Europe
have, in the late Summer aud Autumn, fallen
short OF their usual average. A relaxation Of
the inlerdict upon The importation OF grain and
-four from abroad has ensued; a propi,ious
market has been opened 10 the granaries Of
our country; and new prospect OF reward pre-
sened 10 M. iabDrs OF tbs husbandman which,
for several years, has been denied. This &C
cession TO the profits Of agriculture in the mid
die and western portions Of our Union is acct
dental and temporary. II may continue only
for single year. IL may be, as has been often
experienced in the revolutions Of time, but the
frs, Of several scanly haryests in succession.-
We may consider il certain that, for the APP
preaching year, it has added an item Of large
amount 10 the value Of our exports, and that
il will produce corresponding increase OF
importa,iors. Irmay, therefore. confidently be
foreseen that the revenue Of 1929 will equal,
and probably exceed, that of 1928, and will af.
ford the means Of ex,inguishiug ten millions
more Of the principal Of the public debt.
This new element of prosperity 10 that part