Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-01-22
estimated at
32,79I,OIO 10



sion, in the adjustment of the tariff it is not
practicable to form estimates of the reve-
nue. which may be derived from that source
with much precision. Those now submit
ted have in view the present rates of duty,
and their final reduction to 20 per cent. ad
valorem after the 3Oth of June next. The
scale of duties thus established has been ne
cessarly assumed as the basis of calcula-
ton for the remainder of the year 1912,
estimated with reference to the anticipated
importations of that year, compared with
the average importation of former days.
In the estimated receipts, the amount
which will come into the Treasury from the
sales of the public lands in 1912 has been
excluded, as the act of Congress Of the 4th
of September last directs its distribution
among the several States and Territories.
With regard to the receipts from the loan
already authorized by law, it is to be re-
marked that, owing to the short period
which is to elapse before it becomes re-
deemable, together with the unsettled state
of the money market, it would not be safe
to expect that any considerable portion
will be obtained for the service of the year
1912, before the expiration of the time linn
tied for effectng it.
The law authorizing the issue of Treasu-
ry notes also expiring early in 1912, not
more than $4,000, it is supposed can be
made available from that source.
In estimating the expenditures of the
year 1912, it is assumed that no other APP
preparations will be made than those now
submitted in the estimates from the several
Departments; and that the balance of those
appropriations unexpended at the end of
the year 1912, will be equal to that at the
close of the present year.
1t is proper further to remark that esti-
mates of expenditures can only be made for
such as may be required under existing
laws, and arise in the ordinary operations
of the Government. The power of appro-
priation, as well as the power Of raising
revenue, being at all times in the hands of
Congress, this Department cannot found es-
Inmates upon its own sense of what the pub
lie interest may be thought to require, es-
pecially at 4 time when the condition of
the country may be supposed to call for
more than ordinary means of defence and
security.
The amount required for surveys of the
public lands, and the compensation OF the
officers employed in that branch of the pub
lie service, being payable out of the pro-
ceeds of the sales of those lands, is not con-
cluded in this estimate of expenditure.
To meet this deficiency in the year 1912,
amounting to $l4,2lS,570 GS, it is respect
fully recommended to Congress to author
ize:
l. An extension of the term within which
the residue, not yet taken, of the loan al
0 ready authorized shall be rcdeemabe
amounting to S6,500,00O.
9 The reissue of the Treasury notes
heretofore authorized by law, amounting tc
S5,OOO,OOO.
The balance still required of salts,
$40 6S, together with an additional sum OF
S2,OOO,OOO, Ia surplus deemed necessary III
the Treasury, TO meet emergencies of the
public service) to be supplied from impost:
upon such foreign articles imported as may
be selected, with due regard to rigid re-
stricton, in amount, to the actual wants OF
the Government and proper economy
in its administration.
III Re-adjustmem Of the Tariff.
The last reduction of duties on imports
provided for by the act of the ID of March
1888, will take effect Immediately after the
3Oth of June next. From that day no du
ty will exist on any imported article exceed
ing twenty per cent. ad valorem; and GER
tain other legal provisions of the same act
of great Importance, are to come into op
Grafton at the same time.
One of them is the enactment which, at
ter that time, requires all duties to be paiC
in ready money; thus putting an end to
system Of credits which prevailed from tn
first establishment of this Government;
system which, however necessary or conye
nient in the infancy of our commerce, whe
the mercantile capital Of the country wa
inconsiderable, and a strong desire was fel
to foster and encourage foreign trade by a
10 practicable means, may at the present da
- well yield to the important objects TO be SC
cured by cash payments.
3o Another deemed at the same time an es
= scntial provision of the act, is that whc
he declares that, after June, 1912, all duties o
n, imported articles shall be assessed upon tn
hit value of such articles at the port where tn
IN same shall be entered, under such regu!i
d. tons as shall be prescribed by law. Hitt
erto throughout the whole history of tn
r. Government, the cost or value in the fOrelg
market has been assumed as the basis fo
as the calculation of ad valorem duties, and I
M this cost or value certain additions hay
~ been made, supposed to be equivalent t
the charges of Importation. But underva
uations abroad, frauds real or supposed il
~ voices, and the unjust advantages whic
0 0o were believed to exist in the hands of fol
W eign manufacturers, who had become,