Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-03-25
For appropriations not in.
cluded in the estimates
100000

inves'lgaton, it shall be discovered that
sstiIl further reductions may be effected.
Well, then, having fixed the amount at
twenty two millions for the ordinary cur
'Eent expenses of Government, have
supposed 1t necessary and proper TO add
two millions more to make provision for
the payment Of the existing National
debt, which is, 10 the event of the loan
being taken up, seventeen millions. Aud
then 20 on 10 add two millions more as
a reserved fund, 10 meet contingencies: so
that, should there be a temporary rise OF
,the expenditures beyond twenty two
millions, or any sudden emergency should
occur which could not be anticipated or
calculated on, there may be The req lis
lie m ians ir the Treasury to meet it
Nor has there been single Secretary at
ahe head Of the Treasury since the days
OI Mr.. GiIlatin, including the respecta-
bIe gentleman from New Hampshire op.
posite (Mr Woodbury. who has not held
and expressed the opinion that reser-
we'd fund is highly eXpedient i proper
for contingencies, Thus | propose that
twenty two millions shall be appropra
ted for ordinary expenses, two millions
more 10 provide for The public debt, and
other two milionsa reserved fund TO
meet contingencies; making in all TWEEN
ty six millions.
The next inquiry which presentsi,s.
elf is, how ought this amount to bo
rased9 There are two modes Of es.
timatiDg the revenue to be derived from
foreign imports aud either Of them pre-
Rents only ground for a conjectural re.
suit, but so Hucuatng is the course OF
commerce, that every one must see il
30 be impossible to estimate, with pre-
sion, the exact amount Of what it will
yield Ia forming my estimate have
taken the amount Of exports as present.
ing the best basis Of calculation But
here let mo add, that at the Treasury
they have taken the imports as the ba
sis; and am gralltied TO be able to state
that, | understand, on comparing the
results arrived al, although the caIcula
lions were made without concert, those
of the Secretary turn out to be very
nearly, il not exactly, the same witt
those 10 which have been conducted
will here state why ii | have taker
she exports as the ground Of my cal
CulHlions, adding thereto fifteen per cen
for profits. The exports are one mean:
Of making foreign purchases. ThoiI
value is aScertalned at The ports Of eX
'portation, Under the sct Of 800, and the
returns generally present the same val
lie. The price Of cotton, as an exam
rH, nj home, is always regulated by The
prlce in the Liverpool market. II fol
lows, therefore, that by taking the vaIu,
Of any commodity at the place Of it
export you reach its true value, 'or,
below that amount the excess and de
fciency will probably neuIraIize eacl
other. This is tho fairest mode for an
other reason: II, in any one year more
foreign goods shall be purchased thar
the exports Of that year would pay for
credit is created abroad which mus
10 cxtinguiSbed by the exports Of som
succeeding year
Mr. Buchanan hora inquired if an
deduction had been made by Mr. Clay
from the exports, to pay the interest tI(
on American debt held abroad Mr. [
replied tho Senator would presently Sc
lhat he had
think the Senate will agree with m
in assuming that the exports form
uore correct nnd reliable standard q
estimation than the imports; howeve
that may bo, the accidental colncdonc
b"woen the results in either mode fort
fas aud proves the calculation itself I
have been founded in correct principles
Those results as shown by the Sccre
'lory Of the Treasury, are now, | be!ev
in the House; and | regretted that
.cou'd not examine them before | ros
10 address, the Senate.
will now show you that the export
from 1896 to I84l, inclusive, n porl0
of SIX years, amount to 62 ,0O4 l25, bt
ing an annual average amount of lob
2OOG87. Tbat | lako as presenting
safe ground of celebrations for the #
Suro TO this | propose 10 add li('ee
per cent profits in which ! do but 70
low Mr.. Ewing, the late Secretary,
his report at the extra session. II
certainly a great profit, include
of course ali expenses aud charges
every kind) and with this addition, III
.unuuni amount will be 1i8 9J8, ,lS7, sa
ll0 mi lions Deducing, for the int
torest and principal of tho AmericU
debt abroad, ten millions per Onnum,
will leave nett amount Ol lO0 million
There can bo no dispute as to tho pr
pricly of such deduction; tho debt 9
lists; it must be provided for; and II
fear is that this amount will prove t,
small to meet it, think that mu,
more may probably DO needed; but &c
tainy none can object to the reserve
tln millions We thus get, as | said
rlcu balance from our annual expor