Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-07-31
33oItttcat.

9 From THE Nat. INTELLIGENcER.
! The Administration journals are ex.
y ultlng nightly at the importations oil
Q specie from abroad, which arc now
e daily reported. They seem not to
comprehend in the least, that these inn
portatlons, so far as they are unusual,
instead of being the subject Of congrat.
| ulation to the friends of the Executive
are among the delcterious consequen.
r ces predicted from the experiment. "
They do not even appear to be aware
, OF the TACT, that every importation OF
specie (instead of return cargoes oil
foreign goods, is positive loss to the
, Treasury, OF perhaps one. third of the
amount Of such importation. Thus, il
twenty millions of specie be imported
within six months from this date, whilst
f the country can derive no direct benefit
from the importation, the Treasury pikl
be made bankrupt By it. We dare say
that this will appear strange to the
President, ifhe is suffered to read it,
and II may do SO to some ofour interior
readers, who are not familiar with the
sources and manner of collection Of the
mass of the annual revenue OF the Uni.
ted States. 1t is never theless true, &
susceptible of demonstration.
About five. sixths of all the revenue
OF the United States is deriv I'd from
the Customs, or nett proceeds of duties
on Foreign Goods imported into the
United States. The revenue for the
current year, for example, was estima.
ted IN the Annual Report of Mr.. Score.
tary TANEY at eighteen millions and
half of dollars, viz: fifteen millions from
customs, three millions from the public
lands, and halt Il million from bank di.
/ vi!cnds. The surplus IN the Treasury
| (in the Pc, Banks on the first ofJanu-
airy last, after deductns the then una.
valuable funds, was estimated at nearly
eight millions of dollars, making the es.
tmated available means ofthe Govern.
ment, for the year 1884, just $26,4 S3,
790. This sum, the Secretary estima.
ted, after paying all demands on the
Treasury during the year, would leave
a balance IN the Treasury, on the first
OF January next, of 1881 800 Tor
nearly three millions of dolIars.) Now
| IT, instead of that amount in value ofdu.
, table goods, there were to be imported
within the next Six months twenty mil
lions of dollars of specie (Which PAYS
Z. no duty) it is clear that the Govern.
ment would lose all the duty which
+ would have been paid on the goods
had they been imported, as usual, in.
stead OF the specie. Considering the
e large proportion ofwoolen goods (pav.
h ing high duty) which are usually i'm.
: ported IN the third and fourth quarters
e OF the year, we may safely estimate
: the amount of revenue which would be
I lost to the Government by importing
:. such an amount of value in specie in.
, stead of goods, at five millions OF
0 dollars (thot IS, thirty three aud third
e per cent upon fifteen millions, allowing
. five millions of dollars for the ordinarl
importation OF specie within the same
= perod.) Five millions of dollars alb.
/. stracted from the revenue in this man.
r ner, would, upon the Secretary's es,i
o mate otthe expenditure, leave the Trea
n sury minus, on the 1st January next.
e by more than two millions of dollars,
70 The deficiency would be in fact greater
', because the Secretary's estimate of the
+ expenditures Of the current wear is a
J. million or two below the mark. We
u have been content, however, in the pre-.
ceding view, TO take his estimates as
data.
An excessive importation Of specie,
therefore, would oblge the admnistra
). ton to resort to loans, before the end
) OF this year, to carry on the Govern.
ment; not to speak of the proba BILE me-
# cessity of lis borrowing money from
the inability 20 make available the
| funds of the Government in the present
. deposite banks.
fl FROM THE SAME.
i The effects upon the Financial AID.
I mlnistration of the Government of the
Executive usurpaton in removing the
Public Depesites, are only just begin.
ming to be felt. They will be felt more
sensibly every day, until, under their
operations, if the "Experiment" be
Persevered in, the wheels of the Gov.
ernment will certainly come to a stand
still.
As long as the Treasury had money