The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1842-03-24

&akea ~. sesenifen mAlMns- Al1 sh1A
A 90 on n aAd TWO nillioas moro - = re-
serEea fand 70 mseI eoanngea-ies. 50
that, shomld there BE- Temporary Fise e
che expenditures beyoad twenty-five mn
lions, or any snddrn emergency should
occur whieh could not BE aniripaied or
eslcala,ei On, there may be he requisite
means IN ths treasury 20 meet a. Nor
mas there beea single secretary a. the
head Of the treasury since The daysoi Nc.
Ga,latin, iacladiag Inc respectable genlle-
man from New Hampshire opposite. Mr.
Woodbury. who has not held ana ek
pressed the opinion that reserved iuna
l. highly expedieat and proper Tor con
singeneies. Thus ! propose lhai twenty
Two millions shall be appropriated Tor on
binary expenses. Two nillions more 10
provide for The pa5ke debt and other two
millions ! reserved fund 70 meet coniin-
eenciess making in all twenty-six mil
lions.
The next inquiry xhirh presents itself
Is, how Ibis amount ought 70 be raised!
There arc tao modes Of estimating the
revenue 10 be derived fron foreign i'm
pors-, and either Of them presents only
ground lpr conieclursl result; bat so
flaelnz,ins Is the cosTse Of commerce,
that every one sanst see Il 10 se lmpossi-
bic u estimate. with precision, The exact
amoanl OF what il will yield. In FORM
eng nav s-imale have taken the amount
OF exsoiis a. presenting The best basis oil
ralcuia.ion. But here lei me add. that At
the treasury they have taken the imports
rs the basis; aad an graiifed 10 be able
10 state that. understand, on comparing
The results arrived al. allhosgh the ealcu.
ia,ions were made without concert, ihnse
OF The secretary turn ont to be very near
". if not exactly, the same with those 70
which 1 have been cenduc;es. | viii
hele state why Il Is have taken the ex-
por.s q the ground Of my calculations.
adding thereto fifreen per cent. Tor profits.
The c1porls are one means Of making To-
reisa purchases. Their value Is asccr-
sained at the ports Of expectation under
ahe act OF 1920, and The returns generally
preseA, he same value. The price OF
cotton, as an example, al home, IS always
reg dated By the price in the Liyerpool
market. Il follows, therefore, that by
taking irs value OF any commodity at the
place or is export, you reach its true val
ne: for, if The price realized sercad be
semslimss above snd Sometimes below
that amount, abe excess and deficiency
will probably neuualize each other. This
Is The fairesl mode FOR aaolher reason: If
in any one year more foreign goods shall
be purchased than the exports of that year
would pay for. credit is created abroad
which must be extinguished by the ex-
ports OF same succeeding year.
TAr. Buchanan here inquired il any
deduction had been made by Mr.. Clay
from the exports, TO pay the interest. DC.
oh American debt held abroad. Mr.. q.
replied that the Senator would presently
L. .-l
think the Seaate will agree with me,
IA assuming that The exports form a more
correct aud reliable standard of estimation
ihah he imports; however dat may be.
abe accidental coincidence between the
results arrived at in either mode foriifies
and proves the calculation itself 10 have
been founded in correct principles.
Ihoss results, As shown BY the secretary
of the treasury, are now, believe, in the
House; AMI | regretted that could not
examine Them before rose to address the
Senate.
will now shov yoa that the exports
from 1885 tn 1871, inclusive, period Of
six years, amount to 1921. 00f.I25, be-
ing an average aanual amount OF sl03,
500,6Sz. That | take as presenting a
safe gfo1nd cg calculations for the future.
TO this propose to add fifteen per cent.
for profls--in which do but follow Mr.
Ewing. the late secretary, in his repor, al
the extra session. II is certainly great
proGl, Il include Of course all expenses
and charges Of every kind and with this
addition, the annual amount will be Sis,
95s.Is7. say k9 millions. Dsdacling,
FOR the interest and principal Of the Ame-
riela debt abroad, ten millions per annum,
I'll will leave a ne;t amount Of 100 mil
lioas. There can be no dispute as 70 the
proprisiy Of such a deduction: the debt
exists: il mas. be provided for; and my
fear Is that Shis amoant will prove too
small 10 meet it. Think that much more
my probably be needed; but certainly
none can object to the reserve Of ten mil
iioss. We Tins get, as | sail, a nett ba-
lance rom orr ANIMAL exports, including
profits, Of 100 millions.
o. this am1lnt Of importation, hoy
mich IS nov free from dllys The free
gaois, including lea and coffee, amount
60 30 millions; from which amount de-
diet for tea AMI coffee, assuming that
they will be ss5jectel 10 moderate duties,
IL milisas. leaving the amount Of free
articles at Is millions: deduct this from
400 millions, the amount Of exports. and
it will leave balance Of OIL millions,
which may be assumed as the amount OF
daiiable articles for some years 70 come.
How, then, ont Of these 80 or 81 mil
ainas of n 1tiaAle con1s are wa IN ra;se a