The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-04-07


To this amount suppose and hope our
expenses may be reduced, until, on due IN
Iyestigation, i, shall be discovered that
still further reductions may be effected.
Well, then, having fixed the amount at
TWENTY-FIVE millions for the ordinary cur
rent expenses of government, have sup
posed it necessary and proper to add two
millions more to make provision for the
payment of the existing national debt,
which is, in the event of the loan being ta-
ken up, seventeen millions. And then |
90 on to add two millions more as reserv-
ed fund TO meet contingencies: so that,
should there be temporary rise of the
expenditures beyond twenty-five millions,
or any sudden emergency should occur
which could not be anticipated or calculat-
cd on, there may be the requisite means
in the treasury TO meet it. Nor has there
been single secretary at the head OF the
treasury since the days Of Mr.. Gallatn, in
GLIDING the respectable gentleman from
New Hampshire opposite, (Mr. Woodbu-
v,) who has not held and expressed the
opinion that reserved fund is highly ex-
pedient and proper for contingencies
Thus | propose tina. twenty-five millions
shall be appropriated for ordinary expen-
ses, two millions more TO provide for the
public debt, and other two millions a re-
served fund to meet contingencies; making
in all twenty-siX millions.
The Dext enquiry which presents ltsell
is, how this amount ought to be raised
There are two modes Of estimating the
revenue TO be derived from foreign I'M
ports, and either of them presents only
ground for a conlectural result; but SC
fluctuating is the course Of commerce, that
every one must see it to be impossible &c
! estimate, with precision, the exact amount
Of what it VIII Weld. In forming my cs
innate have taken the amount of export:
as presenting the best basis of calculation
But here Lei me add, that at the treasury
they have taken the imports as the basis
and am gratited TO he able to state that
| understand, on comparing the results ar
rived at, although the calculations were
made without concert, those Of the secreta
ry turn cut to be very nearly, if not exactly
the same with those 10 which have beer
conducted. will here state why il is
have taken the exports as the ground of my
calculations, adding thereto fifteen per cent
for profits. The exports are one means
Of making foreign purchases. Their value
is ascertained at the ports Of expectation
under the act Of $50, and the returns gon
orally presents the same value. Th,
price OF cotton, as an example, at home, il
always regulated by the price in the Liv
erpool market. 1t follows, therefore, tina
I by taking the value of any commodity a
the place OF ITS export, You reach lis true
value; for, if the price realized abroad b,
I sometimes above and sometimes below tina
amount, the excess and deficiency viii pro
badly neutratize each other. This is tht
fairest mode for another reason; il in an,
one year more foreign goods shall be pur
chased than the exports OF that year woul,
pay for, credit is created abroad which
must be extinguishcd by tho exports 0
some succeeding year.
/ lMr. Buchanan here inquired IL any de
dGction had been made BY Mr.. Clay from
the exports, to pay the interest, sc. OF
American debt held abroad. Mr.. c. re
piled that the Senator would presently sec
that be bad.
think the Senate will agree with me
in assuming tina, the exports form more
correct and reliable standard Of estimation
than the imports; however that may be
the accidental coincidence between tho re
suits arrived at in either mode fortifies am
proves tho calculation itself to have beer
founded in correct principles. Those re
suits, as shown by tho secretary Of tht
treasury, are now, | believe, in tie House
end regretted that | could not cxamin,
them before | rose TO address the Senate
/ will now show you that the export.
from 1886 TO Isil, inclusive, a period o
six years, amount to S62l ,004,l2j, being
an average annual amount Of Sl03 900
] Gs7. That take as presenting a saio
ground Of calculations for the future. X
this | propose to add fifteen per cent. fo
profts--in which do but follow Mr.. Ew
ing, the late secretary, IN his report Mt tn,
extra session. 1t is certainly great pro
fit, Il include of course all expenses apt
charges of every kind and with this adj
dltion, the annual amount will be SIis.
95S,l57 say ll9 millions. Deducting
for the interest and principal of the Amer
lean debt abroad, ten millions per annum
It will leave nett amount Of l09 millions
There can be no dispute as to the proprie
ty Of such deduction; tho debt exists i
must be provided for; and my fear is thai
this amount will prove too small TO meet it
think that muck more may probably he
needed; but certainly none can object Ia
the reserve Of ten millions. We thus get
as said, a nett balance from our annnaI
exports, including profits, Of 1909 millions.
vi this amount Of importation how much
IS now free from duty The free goods,
including tea and coffee, amount to 80 mil.
lions; from which amount deduct for tea
and coffee, assuming that thsy will be
subjected TO moderate duties, II millions.