Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1828-12-18

STOCK oil the chesapeake and Ohio Canal Company
an enterprise designed to open the shortest outlet
between the waters OF the Ohio and the Atlantic
Ocean. This duty has been performed: and IL is
satisfactory 10 be able to state that the national
work which it is designed to advance. a work dis
uns uished from kindred enterprises to which Con-
grcss has heretofore lent its powerful aid by its
connexion with the national metropolis. has been
commenced considerable portion of the line
OF the Canal is in process of excavation, and un-
der circumstances that promise well towards the
successful prosecution OF the whole work. In its
completion, large and enriching increase of
hoihe trade IN this part OF the Union, dIusing its
commercial and fiscal benefits 10 other parts and
much of it CONGO utr a:ing in district under the
peculiar and exclusive care of Congress, cannot
but be witnessed.
The retrospect intended is here closed Itlook.
ed to but two things FIRST, a condensed statement
OF the leading facts belonging to the history of the
department at the termination of one of those ne
RODS oil time into which the Constitution has divid-
ed the movements of the Government; and. Sec
on9ly, 10 general reference to the principles of
public policy which have guided the present in
cumbent, i'll The performance of its leading du-
ues. 80 deeply do the finances of State always
enter into the estimate OF its prosperity often of
ITS very existence, that he has at no time felt him
sell al liberty TO take restricted view OF the law
commanding him to make an annual report To Con-
gress " ON the subject of finance;' but puts him
sell upon the indulgence of that body for having
coupled with this annual performance ofhis duty,
principles and reeommen dations which hesbelicves
eventually calculated, in the language of dat law,
10 improve and increase the finances of the u nion.
The report will now proceed to state the receipts
and expenditures of the past and present years as
lar as ascertaned; and estimate of those for the
year ensuing.
Inc actual receipts from all sources during the
year 1927, amounted. as will be seen in document
NO. Z, TO S22 ,966 1853 96 cents, which, with the
oalahce IN the Treasury on the LIST Of Jan. of that
year. Oh $o,Sos $50 Is cents, gives an aggregate
OF S29,S2o0o0 Ii cents. OF the sum rcceiy.
ed as above, during 1927, the customs Welded up
wards OF ~ millions and a half and the sales of
pubic lands nearly ~one million and half The
expenditures OF the U .. for the same year a
mounted 10 go, 656, 764 CT cents The same doc
ument will supply specification of the particu.
iars' ana show balance in the Treasury on the
LIST OF Jan. 1928, Of $6,66S,2S 10 cents
The actual receipts during the three first quar-
ters OF 1928, document No. 81 are supposed TO.
have amounted 10 sis, 633, $50 81 cents; and those
OF the 4th quarter, it is supposed, will amount TO
S. ,2S3 40 cents making the total receipts for
1873, $24 09i .S63 CT cents which, added to the
balance IN the Treasury on the first of January as
ABOVE stated, gives an aggregate of $50, 763, i49
~ cents. The expenditures Of the three first
quarters oi the year tsame document are suppos.
q" 20 have aiuolned co. i5 PA 907 q cents; and
nose Tor me th quarter, II is supposed vii! amount
TO S!,Ss2603 az Cts; making, for the whole year
i'sil o3 cents This expenditure includes,
as ule items IN the document will show, upwards
OF IL millions on account of the debt and will
leave in the Treasury on the first Of Jan 1890 an
estimated balance OF So, l25 1913 II cents. This
oaiance VIII be subject 10 the appropriations of
moneys ior the service of 1928, that have not, as
yc,' oeen Called ior-a sum estimated at So $780,
ooo; ana includes the one million of dollars in fund,
not now effective, as heretofore explained
Estimate Of Rerenue s. Expenditure for 1929.
The gross amount of duties secured by custom
house bonds during the 3frst quarters of the pres
eni year, is estimated at $22997 900; and the a.
mount that will be secured during the 4th quarter,
year, of S27 1897 900. The debentures for draw
back OF duty, issued during the first quarters, a.
mounted to S2,962,5S4 SO cents and the amount
outstanding on the last day of the Sd quarter, was
'26l,! 1913 %, of which $I,045,l44 40 cents are
chargeable upon the revenue of 1929. The A.
amount Of bonds in suit, at the close of the third
quarter, was "a ,624,27S rs cents, which exceeds,
by $4S7 ,466 III cents, the amount that was in
suit on the corresponding day of 1927
Making the proper deductions on the foregoing
and other accounts, from the gross amount OF iu-
ties secured in 1928, the revenue TO be RECEIVED
from the customs i'll 1929 may be estimated at
twenty one millions five hundred thousand dol
lars; that from the sales of the public lands may
be put down at one million that from bank dlyi.
dendS lat four hundred and ninety thousand dollars
and that from incidental sources, at about one
hundred and fifty thousand dollars; making total
OF twenty three millions one hundred and forty
thousand dollars. The expenditures are estima.
ted thus; for the whole civil list, including mis-
ceilaneous objects, and the ten millions for the
debt, twelve millions one hundred and sixty thou
sand dollars for the military establishments, and
objects Ill conDexiou with them, FIVE millions and
sixty thousand; and for the naval four millions four
hundred and twenty thousand, making, in the
whole, twenty-one millions six hundred and forty
thousand dollars, and giving excess of receipts.
for the year 1929 owe. its expenditure of one mil.
lion FIVE hundred thousand dollars.
The receipts for 1928 were estimated at twenty
two millions three hundred thousand dollars but
are likely TO amount in point of fact, 70 above
twenty iour miliIsns of dollars. The receiuts for
1917 are estimated, as Is seen above, at twenty
three millions one hundred and forty thousand dol
lars. IL has not been considered safe TO MACE
them, by any decided anticipation, at a higher
sum; yet there are appearances in the CONNER
cial and political world, which, in their further
development, may carry the actual receipts of
ie29 at least as far above their estimated amount,
rs is likely to be the with those of 1928 Hfor
example, without abiding TO other contingencies |
any continued or further activity in the demand
Tor grain and flour, should lead TO heavier expor
ta'ions OF our produce than usual, within a few
mon,hs 10 come, there would of course be re.
How OF heavier importations.
The revenue of 1929 would feel the effect of
these IN increased receipts; because, even under
the long credits allowed on duty bonds portion
OF the duties that accrue within the year are re.
ceivable within the year. But such events as
these, although TIT perhaps 10 be incidentally hint
ed at, are TO be viewed with caution as the ground
work Of any positive financial calculations; and
accordingly have not been adopted in that sense
upon the present occasion.
Upon the whole, in bringing this report to a
close, there is room for misgng feeling of con-
gratulation to the National Legislature, with the
stdtemen MS which it has exhibited. The receipts
of the existing year, greater by nearly two mil.
lions Of dollars than had been foreseen with a