The Somerset herald and farmers' and mechanics' register. [volume] (Somerset, Pa.) 183?-1852, 1846-12-29

on nand, and that would be important
forthwith, namely, of coffee from Cuba
and ST. Domingo, and'some other ports,
and of lea in part from the bonded ware
houses of Europe, coming in free of duty
in anticipation Of the law. would contrib
ute nothing 10 Tie country. whilst the
price Of the stock on hand here. as well
as that thus brought in free ofduty, would
be augmented nearly in the same proper
ton as if the duty had actually gone at
once into effect. A delay, then, in i'm
posing this duty on tea and coffee, whilst
il would tax the consumer for several
years as much as if the dirty were i'm
posed at once, would, during that whole
period, bring very little revenue into the
Treasury. Such a delay, then, would on
ly enable a few individuals 10 amass large
fortunes at the expense of the people.
1t is believed that the lo2n required
should be for q period of20 years, reserv-
ing the power TO purchase the stock at
any previous date, at the market price,
Hall of the loan should be negotiated ear
ly in the spring. and the remainder in the
summer or fall, payments being required
only as the money may be needed.
The amount Of Treasury notes paid up
TO Ist inst. under act of Angus! To- 1912,
amount to Sl7,446.31.
Amount of principal of public debt
paid since March 4, 1916, is $l,605.O2,
and Of interest paid S1,52s,O42,6l. Tn
der act of 22d July last, S3,s23,l0O in
Tresury notes have been paid on account
of the five million loan, negotiated at 6 per
cent.
The public debt of every description,
principal and interest. due by the United
States, including loans, treasury notes, d..
amounting, on the lst December last. TO
$24. 259, 494 GO; Of which S17,7SS,7 1884,
GO was contracted before the 4th of
March, 1915; leaving the whole debt in
Cured since that dateS6, 467 ,694, %; en-
bracing $500 .OO0 of the debt assumed by
congress under theMexican treaty.
The receipts under the tariff of 1912
into the treasury were less by the sum of
SSI5,444 So during the fiscal year, ter
minating on the Both June, lS46, than
the receipts during fiscal year ending on
the Both June 1915. For the fiscal year
ending 30th June, 1914, the excess Of
revenue produced by specific over ad
valorem duties, was 81,S60 Il; where
as, during the fiscal year ending 30th
June. IS45. the ad vaIorem exceeded the
! specific duties 81 ,537.57, and during the
last fiscal year the ad valorem exceeded
the specific duties 50, 653,534,94.
The duties collected at The ports OF
Baltimore. Philadelphia and New York,
| during the first five DAYS of December,
1876, under the new tariff. amount to
S416,sO2 97;ard during the first five days
! Of December, 1912, underlh the old tariff, to
S20S.374 so. This rate of augmenta-
ton. it is not supposed, will continue; but
tina, the revenue from duties this year
will reach the amount estimated now,
! and in my report 10 the Senate of the
10th Of July last. S27 $50, 63l, IS, for the
reasons therein stated, fully believed.
The report recommends several a.
m~endments 10 the sub-treasury, not al
fectiug the leading principles of the act,
however. A branch mint at New York
is strongly urged, in order 10 convert for
eign into American coin.
The new tariff is eulogized by the
Secretary, and bright anticipations of the
future INDUCED in.
The reduction and graduation Of The
price of the public lands is urged, which,
if adopted will increase the revenue
therefrom. nearly a million per annum.
If Congress, at an carly period OF the
present session. says the report, would
impose the proposed duty on tea and
| coffee. reduce and graduate the price OF
the public lands i'll favor of settlers and
cultivators, extend the preemplion system
! TO unsuryeyed lands 10 which the Indian
title has been extinguished, and author
lied the sale of that portion of the public
lands containing copper and other valua
BILE ores, the loan might safely be reduced
from tw~enty-three to seventeen millions
of dollars.
The warehouse bill answers lis pur-
pose well, and no amendment is suggest
cd. 1t is urged, that the revenue laws be
extended over Oregon, and donations of
tracts of land be made to settlers.
The report closes with a reference TO
the lighthouse system, and the survey OF
the coast of the Udiied States The lat
ter has made great progress during the
past wear. In this connection. the dlsas-
ter to the surveying brig Washington. Is
mentioned. and high tribute paid to the
conduct of 1t. George NJ. Bache-who,
with ten others, found a watery grave
A strong approval is also expressed of the
conduct of the surviving officers and crew
of that unfortunate vessel.
From the ~. 7. Tribune.
The Message.