The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-06-24

~ ~ Vtulot T" Nttndh VIM AHC cuNfCs
on the books Of the Register Of he Urea
sury do not alasys show The irue daies
Of the receipts and expenditures. An
item involved in the above statement table
D) will serse TO illustrate this fact. The
sum OF s5l2.l36 AZ was. on the 81 and
3lst OF October. 1910. paid by The Bank
OF The United States on lis last bond TO
William Armstrong, superintendent a.
Fort Gibson. by order ofths Secretary Of
War. Though this sum was il faoi re.
erived and expended on those davs, il
did not Ind us way inio the Office OF the
Register until The 9Th Of March. 1871. on
which day |. appesrs on his books both
as reeeip, and an expenditure.
Thus and 10 this extent. within The
last four years, were the expenditures
pushed beyond the amount Of .he revenue.
They we're made to absorb the surplu, in
the Treasury and the outstanding debts
due TO the United States. so that The
Treasury wac. on the 4lh OF March, 1871,
exhausted of it's mesns and subjec, to
hesvy and immediate liabilities. Il was
already burdened with deb, incurred in
time Of peace. and without any adequate
resources exeep, the authority granted By
law TO augment that debt.
As yet no provision has been made 20
reduce this debt or to check IFS constant
and rapid increase. Wa findit. therefore.
as far as pas, legislation and financial
arrangements characterize it, permanent
and increasing ns,ional debt. The tenn
porary expedients BY which i. has been
sustained Go not at all vary its essential
character.
The attention of Congress 10 respect
fully invited to the necessity Of early and
effeclusl measures to prevent its further
augmentation. The obvious remedy is 10
increase The revenue as far az may be
wi,hou, unressonably burdening CON-
merce, and to reduce the expenditures
within the limits Of strict economy.
But as il may mol eomport with The
views of Congress 10 60 into a revision
and adjustment Of the customs so long
before the act Of March 3, 1888, comes
TO have It's final and permanent opposition,
the undersigned would respectfully re-
commend, as a temporary measure. the
levy Of duty of 90 per cent. adj valorem
on all articles which are now free OF duty.
or which pay less duty than 90 per cent.
excep, gold and silver, and the articles
specifically enumerated in the 9Th section
Of the &C, Of Msrch %. 1888.
Ir this measure be adopted, il is esti
mated that there will be received into the
Treasury from customs. in the last quar-
ter OF the presen, year. about So 300. 1000
in all o! the year 1912 about S22, 500
600; and in The year 1913, after the ina
reduction under the act of March 9. 1888
sbou, s2O,s00.000. The details Of thi'
estimate will be fouad 10 the accompany
ing paper. marked Z. and enclosures.
! Its believed that, after the heavy ex
!, pend,,ures required for the public servic'
, in The pressn, year shall have been pro-
vided for, the revenues which will accrue
from that, or nearly proximale rate o
duty, will be sufficient to defrsy the ex
pensas Of Government, and leave sur
, plus to be annually applied ,o.,hs gradua
J paymen, of the national debt, leaving tn,
i proceeds Of The public lands to be dispose
} Of as Congress shall think fit a%
l The general principles on which III
6ual revision of the tariff is to rest ar
= perhaps simple aud easy to be apprshen
ted, bu, The work Of revision itself, in il