American Republican and Baltimore daily clipper. [volume] (Baltimore, Md.) 1844-1846, 1844-12-18
ANNUAL REPORT

This report occupies upwards Of eight close
! ly printed columns the Washington Globe,
and is too lengthy for insertion in our columns.
! The following abstract, however, will show
! pretty clearly its contents
/, The report commences with the declaration,
that the Support Of the public credit is of the
2 first importance to the national honor, national
{ safety, national prosperity, and the welfare OF
7 the citizens individually and collectively" and
y proceeds to argue the necessity of meeting with
{ punctualtyal all our pecuniary engagements and
. administering the affairs of the nation with the
/ strict observance of Justice and good faith
{ Of the Treasury notes issued since the year
i 1897, there has been redeemed, in this fiscal
!, year, commencing on the LIST July, 1914, the
sum, for principal and interest, of 1922, 5S4 6l.
\ OF the stocks redeemabc LIST January, lo45,
! he has caused to be purchased the sum of
! S539, $50, of principal and interest, thereby
4 i6g an interest of S4,Oll07.
q The certificates Of tho public stocks are now
i above par value in the market transferable
/ and readily convertible for gold and silver at
J the pleasure of the holders. If guarded against
! depreciation, they may be accounted SO
4 much capital to aid business and enterprise
| as a currency of the most approved order in
the genus of paper currency, entitled to impli-
1 cit confidence.
[ 1t is of high concern to the interests of the
] holders and dealers in those certificates Of pub
| lie debt, to the general transaction of business,
i to the prosperity Of the country, and to the
national honor, that the certificates of public
I stocks and treasury notes be guarded against
/ depreciation, and established firmly in the con-
i fdence Of moheyed men.
\ Under the provisions Of the act Of July
l, lS4l, certificates OF stock were issued to the
} sum of S5,672 ,976 SO, bearing interest at the
y rate of five and a-haf per cent. per year, re-
q deemablc on the first day of January, in the
> year lS45. These certificates of sock will be
i. paid on that day, if presented the funds in the
o treasury are sufficient for the purpose. The
y Secretary of the Treasury has caused public
notice to be given, so as to stop the running Of
u interest from and after that day.
n The present time is propitious FOR laying the
4 foundation for an anticipated redemption ofthe
v public debt, and for alleviating the burden of
D taxation The circulating medium is sonnd,
u and sufficient for all useful purposes; business
d u reviving from the depression of past events;
ID tho habits of the great body Of the people are
\, Frugal; the rates OF duties imposed by The act
: d l842 with the sales of the public lands, and
ynnage duties may be fairly estimated as
} Fielding an annual revenue greatly beyond the
u wants Of the government, lrugally and econo-
mically administered, in time of peace The
b taxes imposed upon the people indirectly, but
certainly, by duties on imports Of goods and
/ merchandise, ought to be revised, reformed,
y and lightened, as soon as justice to the credi-
tors of the government, and sound policy as re-
A CARDS the interest of those who are importers
and dealers in goods and merchandise import
n, ed under the existing rates Of duties, will per-
ii nit
Before the law for reducing the rates of du-
ii ties 10 the proper standard of necessary revenue
/, should take effect, reasonable notice and time
!, should be given to those who have imported
n and dealt in goods and merchandise under the
Il high rates of duties to dispose Of their stock of
merchandise before they shall be in competi
ton with those who shall import like goods
j and merchandise under the lower rates of duty.
:, Merchants should have notice to accommodate
4 their OUTLAWS and adventures to the new scale
i of duties. Commerce is beneficial and essen
I tial to tho prosperity of the country; it is the
II handmade of agriculture and manufactures
III The interests of merchants deserve to be re-
Il tDected by the government, and should not be
IN oppressed by sudden changes in legislation any
IA more than the interests of any other class of
" ,AeR who are contributory to the public veal.
II As the annual proceeds of the duties on inn
tborts and tonnage and the proceeds OF the sales
y of the public lands are uncertain in amount, and
II tho disposable surplus above the annual wants
kdi vi Sohhct oo cA"Ct'J
y known, it seems to be most convenient to adopt
4 the plan used under the acts of 1890 and 1875,
of applying the annual surplus of revenue above
Il the sum necessary for the support of govern
ment; and it is respectfully recommended that
4 the commissioners Of the sinking fund-to con-
sise of the chief Justice ofthe United States the
| A Secretary of State, the Secretary of the Troa-
h sury, and the Attorney General-or majority
4 of them, shall be authorized from time to time
J to determine the rates at which the certificates
4 of stock shall be purchased at par or above par
1yalue.
n The Secretary of the Treasury, in the dis
| jcharge Of the duty required of him by the act
Establishing the Treasury Department, most
II unexpectedly recommends to Congress review
lV and reformation of the act Of lS4s to provide
4 (revenue from imports.
j Weighty considerations before mentioned,
~ nd others to be mentioned, concur in pleading
Il. oJr such review and reform.
H. The Constitution of the United States Or
ldains that ''all duties, imposts and excuses shall
,1be uniform throughout the United Staes."-I
I;ENo preference shall be given, by any reguIa-
!.tion of commerce or revenue, to the ports Of
I.1one State over those of another" The act
drboes not purpurt any violation of those provi-
SEions of tho constitution; but the lack oil pers-
bcuiiy and exact definitions in some of the en-
.fkctments Of that law gave rise to different con-
,itructions by collectors at different ports; so
sha practically, and in fact, different rates oil