Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-04-09

in the naval on a footing with that in the mil
itary appropriation, and still leave great
er apr opria;ion than usual to that depart
ment. The reduction to six millions and
half is as large as think will be practical
bic, if we are to provide for proposed OK
periments in the application of steam, and
are, besides, to add largely to the marine
corps.
How, then, will the total of our expcn-
ditures stand! We shall have
For civil and diplomatic expenses Of
the Government $4,000 600
For the Military service 5000 O06
For the Naval service 6,j00.00O
For permanent appropriations 900 900
For appropriations not included in the
estimates 1900 900
Making an aggregate of S2200O, 900
TO this amount suppose and hope our
expenses may be reduced, until, on due in
vestigation, it shall be discovered that still
further reductions may he effected.
Well, then, having fixed the amount at
twenty-five millions for the ordinary cur
rent expenses of the Government, have
supposed if necessary and proper to add
two millions more to make provisions for
the payment of the existing National Debt,
which is, in the event of the loan being ia
ken up. seventeen millions. And then | go
on 10 add two millions more as reserved
| fund, TO meet contingencies, so that, should
there be temporary rise of the expendi-
lures beyond twenty-five millions, or any
sudden emergency should occur which
could not be anticipated or calculated on,
there may be the requisite means in the
Treasury to meet it. Nor has there been
single Secretary at the head of the Trea-
snry, since the days of Mr. Gallatin, inclu-
ding the respectable gentleman from New
Hampshire opposite, (Mr. WoopBuRY) who
has not held and expressed the opinion that
reserved fund is highly expodient and
proper for contingencies. Thus propose
that twenty-five millions shall be appropri-
atcd for ordinary expenses, two millions
more to provide for the public debt, and
other two millions a reserved fund to meet
contingencies; making in all twenty-six mil
lions.
Thu next inquiry which presents itself is, how
This amount ought to be raised? There are two
modes Of estimating the revenue to be derived
from foreign imports, and either Of them presents
only ground for con ectural result; but so luc-
tuating is the course Of commerce. that every one
must see it 10 be impossible, to estimate with pre-
cisioD, the exact amount OF what it will yeld.-
! In forming my estimate, | have taken the amount
Of exports as presenting the basis Of calculation
But here let me add that at the Treasury they
$ have taken the imports as the bass and | an
gratihed TO be able TO state that, understand or
comparing the results arrived at, although the cal
, culatons were made without concert, those OF the
Secretary turn out to be very nearly, if not ey
actly, the same with those 10 which have been
conducted will here state why it is have ia
ken the exports as the ground Of my calculation,
: adding thereto fifteen per cent. for profits. The
exports are one means OF making foreign purcha
ses. Their value is ascertaned at the ports OF ex.
rorta!ion, under the act of 1920, and the returns
generally present the same value. The price oil
cotton, as an example, at home, is always regu.
lated by the price in the Liverpool market. 1t
f follows, therefore, that by taking the value OF any
commodity at the place Of its export, you reach
its true value; for, if the price realized abroad be
sometimes above and sometimes below tina
+ amount, the excess and deficiency will probably
neutralize each other. This is the fairest modt
Tor another reason: if in any one year more foreg
:, goods shall be purchased than the exports OF lha
year wonId pay for, credit is created a5roa
l. which must be eytnguished by the exports OF son.
r succeeding year.
i Mr.. Buchanan here inquired il any deduclio
II Rad been made by Mr.. CLAY fiom the exports
h TO pay the interest, &C., on American debt he'll
: abroad? Mr.. C. replied that the Senator woul
Is presently sec that he had
c think the Senate will agree with me in al
!. suming that the exports form more correct an
70 reliable standard Of estimation than the imports
!. However that may be, the accidental coincidenc
between the results arrived at in either mode ol
, tifes and proves tke calculation itself to hav
=, been founded in correct principles, Those rt
u suits, as shown by the Secretary of the Treasury
q are now, believe, in the House; and regrette
s. that could not examine them before | rose
u address the Senate.
e | will now show you that the exports frol
= 1886 to 1871, inclusive-a period OF six years
e amount to 1921, 00l, l25, being an average al
= nual amount of SOB, 500,687 That take
h presenting safe ground of calculations for II
l. future. To this propose to add fifteen per cent
for proGis-in which do but follow Mr.. EwrNc
e the late Secretary, in his report at the Eetra Sc
= sion. 1t is certainly great profit, q include
\ course all expenses and charges Of every kind
IL and with this addition, the annual amount will
e Sis, 1857, 1S7-say 1l9 millions. Deductn
p, for the interest and principal Of the America
III debt abroad ten millions per annum, it will lea,
IN a nett amount Of 100 millions There can |
IS no dispute as TO TIE propriety Of such deduction
OF the debt exists: it must be provided for; and n
n. lear Is that this amount will prove too small
er meet it, ] think that much more may probab
d. be needed; but certainly none can object to Il
II. reserve Of ten millions. We thus GET as | sail
~. nett balance from, nur animal vnorts ip,JrJ;r