The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-09

was on an average quite $6,00O,OO0 Sometimes il
exceeded even 100000, and SO late as 1888 "a
and 90 amounted 70 nearly $5,000000 annually
Bul IN the year ending September Both, 1887, the
exports OF them fell of nearly million while the
imports were augmented in value 10 the unprece-
dented amount OF more than four and half millions
This reyulsion, so great and so sudden, from
bringing home small amount 10 importing so many
millions worth Of products mostly for single puf-
pose, and that one important in domestic economy
as bread SUITS was OF itself sufficient 10 create Sc
we're shock From whatever cause the necessity Of
II may have happened, the result conveys warnings
which Il is believed have recently exerled salulary
influenza IN aiding 10 restore a judcious system Of
agriculture, and 10 promote an increased attention to
habits OF productive industry.
"A moments reflection on the detailed effects Of
the high prices, which attended the Revision, will
show that they and the burdensoine change Of FIVE
or SIX millions IN our exports and imports, must,
when united, have affected the pecuniary difficulties
Oh the country and indirectly is trade and currency,
much more sensibly than most people have imagined
Besides the grain which is distilled, or employed in
The arts or consumed by domestic animals il is be-
lieved that, on an average, one pound of flour or
meal per day 10 each person is used for bread stus
alone.
The whole quantity for a population of $4,000
600 would al that rate be nearly 500 900 600 pounds
year. Al the price Of three cents per pound for
wheat hour, and only one and a half cents per pound
Tor meal from the cheaper varieties of grain which
is not far from the average Of 1884 and 1885, the
cost for bread alone (f only one-haf the population
used wheat -four, and the rest materials less costly)
would be about Si2i 900 600
But the average price to consumers during the
past year was increased in most places quite eighty
per cent. Whether this great rise should be aliri.
buted 10 short crops, TO an undue portion of labor
bestowed upon the production Of oher articles, TO
depreciation in the value OF the circulating medium
in consequence of excessive issues of paper or TO ali
these causes combined il seems To be clear that The
increase IN Inc cost OF bread alone exceeded $780,
100000.
If only half of the whole population not raising
their own grain obliged 10 purchase il al such
an enhanced price, the new tax imposed that class
alone, on account of their bread, exceeded $50 O0O
600
This addition to their burdens was nearly seven
dollars per head and when for this remuneration
was made to many persons, as there was only to
some BY higher prices Obtained for their labofs and
merchandise exchanged the increase alone was four
times much as The average tax imposed By means
OF all the great duties on foreign merchandise. On
the present OCCASION the undersigned would forbear
from entering further into the consideration of va
rious other matters connected with this interesting
subject. But when the influence of il upon different
portions of The country is traced into some of its
numerous bearings and carefully weighed, new
topics of inquiry are presented which will be found
to have an intimate connection not only with the
value OF some OF our staple exports, but in other
spects with vital the prosperity OF large portions of
Union.
ditrcs for 1887 and the effect upon them by lascs
passed al the Lats special session.
1t may be interesting 10 Congress TO have a few
more details concerning the receipts and expendi-
lures of the CURRENT year.
The receipts within II have been diminished by
recent Legislation over four millions. Had the duties
not been postponed, the revenue from all sources
after deducng the expenses OF collection and other
charges usually imposed on it, would not, in the
aggregate have differed materially from the esti-
mates formed by the Department in December last.
The receipts, during the current half Of the year
have also thus far corresponded with the views pre-
sented by 1t at the late session. except that the post
poneme of duties, subsequently authorized by Con-
gress, has not been SO uniformly accepted as was
anticipated and portion OF the current expenses of
collection, including debentures and bounties, has
under new law, been paid from the Treasury, in
stead of being deducted formerly from the accru-
ing revenue, before it goes into the Treasury.
1t should also be explained that the estimates of
receipts for any particular quarter or year. though
made accurately, will often vary from the subsequent
official statements; because the money is not carried
by warrant upon the books of the Register, till after
it is placed in public depository, actually
paid out by the collecting officer on special drafts
In ordinary times the results would not be much
changed by this circumstance. But during 1uctua-
tons, such as have characterized the last two or
three wears, the difference caused by il NAV occa-
sonally extendto some millions. Thus large sums
will be technically carried into the Treasury in the
last quarter Of 1897 and stand on the books credited
to that quarter, when, in fact, the money was col
lected and subject 10 the orders of the Treasurer,
in the first half of the year.
The expenditures have not yet essentially varied
from the amount anticipated in September. In or
der To defray them il was then supposed 10 be neceS
sary under the existing laws and liabilities 10 post
pone the fourth instalment of deposites with the
States, or adopt some other auxiliary measure. Ex-
pcrience since has confirmed the opinion that, I'M
der those laws il could not have been placed in the
custody ofthe States, except in funds and in man
very inconvenient, as well as with consequences
requiring immediate recall of other depositeS
with the States, which would have bsen exceedingly
embarrassing 10 the finances of both them and the
General Government
The postponement Of that insalment, therefore,
afforded great relief to ell concerned, and left the
resources of the Treasury entirely at liberty to be
applied in the necessary discharge Of the appropria
tons made BY Congress.
Those resources would have been sufficient for
that purpose, had further legislation taken place.
But the delay which was Afterwards gran ed beyond
the year for the payment ofamost all the duties and
the still longer delay which profercd 10 the for
deposite banks and accepted by several of them,
for the adjustment & what they owed 10 the United
States, gave rise 10 the necessity for temporary
issue of Treasury NOES. The Department, with
the aid of them and its remaining resources, has,
notwithstanding those indulgences 10 the public debt
ors, been enabled to meet the great demands upon
il with puncuality, and in manner which, con-
Sidcring the severe embarrasSments Of the times
is believed to have generally proved satisfactory.
II now appears prob BILE that during the next year,
means will b, possessed, without any permanent
loans recall Of former depositcs increase of tax
eS sufficient TO redeem SeaSont bly, the TseaSury
notes that become payable, well 10 meet all the
ordinary appropriations.
Some difficulties have arisen in the construction
of the laws granting further delay to the merchants
and the former depose banks; but they have thus
far been enforced under liberal view of their OBJ
ect, and in this manner are supposed to have
afforded sensible relief not only 10 those immedi-
ately interested, but through hem TO the people at
large.
In respect to the act for settling with the banks,
some of them since September have paid over all
the public money which then stood 10 the Gre
dit of the Treasurer. Others are supposed to have
executed bonds according 10 one of its provisions,
and several are preparing 10 do SO with view to
receive further indulgence. The remainder are