, 1842-12-24

of which four millions are expected
from Customs, and three millions and
a half from Loans and Treasury notes.
The expenditures of the first three
quarters of the present year exceed
twenty-six millions; and those esti-
mated for the fourth quarter amount
10 about eight millions; and it is an
ticipated there will be Il deficiency OF
half a million On the lst Of January
next-but that the amount Of out
standing warrants, estimated at $780,
600, vii! leave an actual balance of
about S224.OOO in the Treasury a.
mong the expenditures Of the year,
are more than eight millions for the
public debt, and 5000, 900 on account
Of the distribution 10 the States Of the
proceeds of sales of the public lands.
The present tariff of duties was
somewhat hastily and hurriedly pass
ed near to the close ofthe late session
of Congress. That it should have de
fects, can, therefore, be surprising to
no one. To remedy such defects as
may be found to exist in many of its
numerous provisions, will not fail 10
claim your serious attentian. 1t may
well merit inquiry, whether the exac-
ton of all duties in cash does not call
for the introduction of a system
which has proved highly beneficial in
counties when it has been adopted.
refer TO the Warehouse System.
The first and most prominent effect
which it would produce would be 10
protect the market alike against re-
dundant or deficient supplies offoreIgn
tabrics-both Of which, in the long run.
are injurius as we'll to the manufac.
urer as the importer. The quantity
of goods in store being ut all times
readily known, it would enable the
importer. with an approach to accur
racy, TO ascertain the actual wants OF
the market, and TO regulate himsel
accordingly. II, however. he should
fall into error, by importing al exces.i
above the public vans, he cnnld readi
lily correct its evils by availing him.
self Of the benefits and advantages of
the system thus established. In the
store house the goods imported would
avail, the demands of the market. and
their issues would be governed by the
fixed principles of demand and supply.
Thus an approximation would be
made to 4 steadiness and uniformity
of price, which, if ~a,iaiGable, would
conduce to the decided of mercantile
and mechanical operations.
The apprehension may be well
entertained that without something
to ameiIrate the rigor If cash pay
ments, the entire import trade NAV
tail into the hands Of Il few wealthy
capitalists on this country and ia Eu-
rope. The small importer, who re-
quIres all the money he can raise for
Investments abroad, and who can but
i'll afford 10 pay the lowest duty,
"oulo iiuNC W suuuuCl Ill duSduCe Il
portion of his funds in order te paw
the duties. and would lose the inter-
est upon TIM amour thus paid for all
the time the goods might remain I'M
sold, which might absorb his profits.
The rich capitalist abroad. as well as
at home, would thus possess, after a
short time, an almost exclusive mon
opoly Of the import trade, and laws
designde for the benefit Of all. would
thus operate for the benefit oithe few
Ia result who'll uncongenial with the
spirit Of our intituiions, and anti-re.
publican in ali i,s tendencies.
The Warehousing System would
enable the importer to watch the
) market, and to select his own time
for offering his goods for sale. A
profitable portion of the carrying
trade in articles entered for the bene,
tit of drawback, must also be most
seriously affected, without the adop.
ton of some expedient TO relieve the
cash system. The Warehousins Svs-
tenn would afford that relief, since
the career would have a safe recourse
to the public storehouses, and might.
without advancing the duty, reship
within some reasonable period TO 10.
reign ports. A further effect of the
measure would be 10 supersede the
system of drawbacks. thereby efec.
tualiy protecting the Government a.
gaInst FRAUD, as the right of deben-
ture would not attach to goods after
their withdrawal from the public
stores.
In revising the existing tariff of
duties, should you deem it proper to
do so at your present session, | can
only repeat the suggestions and re.
concentrations which, upon several
occasions, | have heretofore felt it 10
he my duty IN onar IN Con,-