The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-12-11
so,5OO,oOo 90
sl,55s,Oss s5

Viz:
Civil foreign intercourse, and mis-
cellaneous, 1868 I57 ST
Military service, &C. l3,9G9,s36 OF
Naval service, &c. 5,6Sl ,096, on
Redemption Of Trea- ...a...
sury notes and other
public debt, S,0500O0 90
For further particulars see the details OF the an
II will be perceived by these statements, that no
surplus balance will probably exist either on the LIST
of January, 1889, or during that year. TO be deposit
ed with the several States for safe-keeping, as a
fourth instament under the deposite act Of Jrne %
1896. Indeed great care will be necessary in re-
strcting the appropriations TO the necessary wants
of the Government, or the receipts will not be SUM-
cent, TO meet the current demands on the treasury
unless those receipts should unexpectedly exceed
the present estimates.
When an anusual excess existed in the treasury,
II was proposed to place that fourth insament with
the States for safekeepng ill needed but before II
became payable, the money was wanted to discharge
existing appropriations. The deposite OF il was
therefore, postponed by Congress till next January,
and the money has been used by the United States,
to which il belonged without mourning the expense
and inconvenience, to all the parties concerned, OF
paying and then Immediately recalling it.
That instalment is not debt due TO the States,
and hence is not requredto be paid like an appro'
priaton for the public service. Yet the remark
may properly be added, that If surplus should
hereafter accrue, large enough, after defraying all
the existing charges imposed by Congress upon The
Treasury, to make The deposite originally conem-
plated, this department, with It's present views,
would feel bound to carry il into effect unless Con.
gress, in the mean time, should further modify the
laws now in force in relation TO the subject.
v. EXPORTS AND IMPORTS IN 1888
The exports during the year ending September
80, 1888, are computed to have been $lO3, 1861 COO
OF these about $50 666 900 were Of domestic, and
600 Of foreign origin.
The former have diminished from the previous
wear IA 1913 Ala and the latter I9 JS4 ,962.
The imports for the same year were $ll2,OOO,-
600
of The previous year. being nearly $7S,OO0,0O0 less
than those under the enormous overlrading and
other overactions which characterized 1886.
For further particulars reference may be had TO
the table annexed. ,. w.. +.
is an interesting fact that during the last three
years more than $S6 900 900 annually an average
of nearly ninetenths of our whole domestic exports,
have been derived from agriculture. More than
seven-tenths of our whole population are probably
employed in that useful pursuit.
AND narENDrruREs AND SUGGESTIONS ON THE MODE
MEETING FLUCTUATIONS IN THEM
The receipts from customs during the present year,
will vary but little from the estimate submitted IN
the last annual report The receipts from lands VIII
be less but the amount OF sales made, and pre-emp-
ton rights existing will not differ essentially from
what was anticipated, though the act of Congress- as
to the latter, passed SO late that payments for an OF
them could be realized till another year. without
causing much Inconvenience and unnecessary pres
sure in some portions of the country. H..
The estimates presented for new appropriations
and for expenditures in 1888 quite as large as
the views of the different departments, al the time
Congress assembled in December last appeared 10
Justify. But the unexpected continuance OF the
Florida war, socitude to induce the Cherokees to
peaceaby, and earnest desire 10 suppress,
with prompitude all threatened disturbances on our
northern frontier, with several other measures OF
less Importance originating in Congress, led that
body to make appropriations amounting 10 nearly
ten millions beyond those requested in the annual
estimates. Some provision OF additional means, cor
responding 10 this excess became, therefore, neces
sary and, in order to discharge the excess, and
guard against contingencies, as well as avert the
consequences of proracted suspension of specie
payments by the banks, Congress wisely granted the
additional authority both to sell the bonds OF the
United States Bank and to issue new Treasury
notes. instead Of such might be paid in before the
time for their redemption arrived.
The apprehensions of embarrassments in the
finances within the year, which had arisen from
those unexpected appropriations and from the failure
that then continued among the banks in most quar-
tiers Of the Union to return to specie payments,
were removed by these opportune provisions. Oc-
casions, however, have not yet arisen to require the
full use of either of them
The whole amount of Treasury notes outsand-
ing at any time since they were first authorized,
in October, 1887 has never equalled ten millions of
dollars. The amount now outstanding is only ST.
754 $50. Besides the restrictions on the sale Of the
bonds of the United States Bank, the want OF power
to guaranty their eventual payment, and the short
period they had to run, with the great quantity OF
State stocks in the market Of better character for
permanent investment caused some temporary in
convenience, and prevented any offer for them above
par, either at home or abroad. The sale, however,
of one becoming expedient, il was effected within
the limitations prescribed. 1t has not vet been
found necessary to dispose Of the other But it is
expected that, when the period for redeeming most
of the outstanding Treasury notes arrives, it must
be sold, unless other means 10 meet the public en-
gagements shall in the mean time, be provided by
Congress ...
If the receipts from customs or lands should ex-
coed the estimates made for the ensuing year. which,
in the vacillaions Of trade is very improbable,
still il is not supposed the excess will be large
all the expected charges the year be betrayed
without sale OF the remaining bond, or some equl-
valent resource.
The estimates of receipts tor 1885, rest the fol-
lowing general views: An OVERLOOKING tide OF
speculation and bank issues like that OF 1886, not
anticipated while the evils and disasters from
these sources fresh in remembrance Nor on
the contrary, is any expectation entertained OF
repetition, so soon, Of the mercantile revulsions
which characterized the year 1887.
The receipts from duties during the last year,
II the bonds had not been postponed, would have
been about SIG 100000. Those OF the present year,
in the ordinary operation Of the laws, without the
postponed bonds, will not probably exceed $4,000
By supposiug a large increase Of 50 per cent in
1889 beyond the ordinary receipts for the last year,
they would amount to between nineteen and twenty
millions, and would be larger than the receipts in
1885 Such an increase would be greater than in
any previous year Of our history, not affected by
commercial restrictions, foreign wars, or important
changes in the tariff
Considering that, under the present credits, the
duties actually paid within any calendar year must
be estimated chiefly on the imports from the first OF
July preceding the first Of July in that year, and
that two biennial reductions in the tariff have &C.
Cured since 1885, 1t is believed that nineteen or
twenty millions is an estimate sufficiently high for
1899 ,'