The Northern star, and farmers' and mechanics' advocate. [volume] (Warren, R.I.) 1830-1834, 1833-12-14

our commerce, and with the protection Of
our seamsn. AT the close Of the last
session Of Congress communicated re-
port from the Secretary of State upon the
subject, to which now refer, % contain
ing information which may be useful in a
ny inquiries that Congress may see 6t 10
institute, with view to salutary reform
Of the system.
1t gives me great pleasure to congratu-
late you upon the prosperous condition Of
the finances ofthe country, a. will ap-
pear from the report which the Secretary
Of the Treasury will in due time lay be-
fore you. The receipts into the Treasu-
ry during the present year will amount to
more than thirty-two millions of dollsys.
The revenue derived from customs will, i
Is believed, be more than twenty-sighl
millions, and the public lands will yield
about three millions. The expenditures
within the year for all objects, including
$2, ,572, ,248 SO ON account Of the public
debt, will not amount to twenty five mill
ions; and large balance will remain in
the Treasury after satisfying all the ap-
prOpriations chargeabfe on the revenue
Tor the present year.
The measures taken by the Secretary
OF the Treasury will probably enable him
to pay off in the course Of the present
year the residue Of tho exchanged four
and half per cent. stock, redeemable on
The first OF January next. 1t has there
fore been included in tho estimated ex-
penditures Of tins year, and forms part
Of the sum above stated to have been paid
on account Of the public debt. The pay
ment Of this stock will reduce the whole
debt of the United States, funded and un-
funded, 10 the sum of $4,76 ,082 Os. And
as provision has already been made for
the four and half per cents above men
toned, and charged in the expense ofthe
present year, the sum last statedls all that
now remains OF the national debt; and the
revenue Of the coming year, together with
the balance now in the TreasuI y, will be
sufficient 10 discharge it, after meeting
the current expenses Of the govern
meht. Under the power given TO the
Commissioners of the Sinking Fund, Il
will, have no doubt, be purchased on 70
vorable terms within the year.
From this view OF the state of the finai,-
ces and the public engagements yet to be
fulfilled, you will perceive, that il Provi-
dence permits me to meet you at another
session, / shall have the high qualification
of announcing TO you that the nafioEal
debt is extinguished. cannot refrain
from expressing the pleasure feel at the
near approach Of that desirable event..
The short period of time within which the
public debt will have been discharged is
strong evidence ofthe abundant resources
of the country and ofthe prudence and g.
economy, with which tho Government has
heretofore been administered. We have
waged two wars since we became h ma
ton, with one Of the most powerful king
doms in the world-both of them under
taken in defence Of our dearest rights
both successfully prosecuted and honora-
bly, terminated-and mnny Of those who
partook In the first struggle, as well as
the second will haVo lived TO see the
last item Of the debt incurred in these nec-
essary, but expensive conflicts, faithfully
and honestly discharged-and We shall
have the proud satifaction Of bequeathing
to the public servants who follow US in the
administration of the Government; the
rare blessing ofa revenue sufficiently a.
buntant, raised without injustice or op-
preston to our citizens, and unincumber-
ed with any burtherns but what they them
selves shall think proper to impose upon
it.
The floutishing state Of the finances
ought not; However, to encourage us to
indulge in lavish expenditure Of the pub
lie treasure. The receipts of tho present
year, do not furnish the test by which we
are to estimate the income Of the next
The changes made in our revenue sys-
tenn by the acts Of Congress- Of 1892 and
1893, and more especially by the former,
have swelled the receipts Of the present
year, far beyond the amount TO be expect
ed in future years upon the reduced ta-
riff Of duties. The shortened credits on
revenue bonds, and the cash duties on
woollens, which were introduced by the
act Of 1892, and took effect on the fourth
Of March last, have brought large sums
into the Treasury In 1888, which, accord
4 ing to tho credits formerly given, would
not have been payable until 1894, and
would have formed part Of the income
Of that year. These causes would Of
themselves produce great dminution Of
the receipts in the year 1891, as compar-
ed with the present one; and they will be
still more diminished by the reduced rates
Of duties which take place on the first Of
January next, on some Of the most i'm
portsnt and productive articles. Upon
the best estimates that can be made, the
receipts Of the next year, with the aid Of
the unappropriatcd amount now in the