Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1846-12-31

now requested to be conferred by Congress 10
issue the same; but as the whole amount can
not be out standing at the same time, on ac-
count Of the numbef ofnotes cancelled before
new note is issued, the excess ofexpenditures
over means on the LIST ofJuly, l54S, should be
estimated at nineteen millions of dollars which
will cover all expenditures, including that of
the war, if continued up to that date.
The Secretary then proceeds -Four mil
lions of dollars should be kept in the Treasury
especially in the time Of war. though the ac;u-
al deficit on the 30th June, rs, may not ex-
coed 100000 He recommends therefore
loan of $23, 900 600, unless additional Reve-
nue. can be raised. He therefore recommends
a duty Of % per cent on Tea and Co6es, which
would render loan Of 10 millions sufficient
During the last fiscal year there were 6,S9l,-
900 pounds Of tea consumed in the United
States, valued al s.. 1888 1857. There were al
so consumed l24 1856 054 pounds of coffee,
valued at 81 SOP 1914. A duty Of % per cent.
on these sums would raise revenue of 81,
946,557 rs, or allowing for decrease Of imports
81, 50O,0 900. He recommends that the Tariff
on Tea and Coffee should take effect on the
first OF January--that is in three weeks from
this time. If the duty is not laid be aPpre-
bends embarrassment in obtaining the loan.
4
wears.
Trea, ury Notes paid under pro-
visions Of act of Aug. '46, sl7 JAG 81
Public Debt paid TO Isl Dec.
inst. Principal l,690,6 %
Interest l,52S. 042 60
Treasury Notes issued under act
Of July last 1858, 100 90
OF which at / mill per cent on
every 500 17G6,450 90
5.2-5 per cent. 2,0S6,650 90
Amount paid INTO Treasury on
account Of the millions loan 1851 GOO 90
Amount Of Public Debt Dec. LIST "a pc, 494 60
He then states that the revenue was decll-
ming at the date Of the repeal Of the Tariff Of
'42. The receipts being some $4,000 less
last year than the previous one. This he at
tributes TO the specific duties,
The duties under the new Tariff, in Baltimore,
Philadelphia and New York, the first FIVE
DAYS Of Dec. 1876, were Sil6,SO2 81
Do. first five days Of Dec, 1916 208,314 SO
Duties this year estimated at 27.835,73l 90
The Sub Treasury law is mex, discussed,
and several defects are pointed out A Branch
Mint is recommended al New York. Tho re
coming Of foreign currency is advised
The New Tariff receives a laboured vindi-
cation. This is about as much the feature Of
the Report as the War is OF the Presidents
Message. The good effects Of the new sys-
TEN are referred TO- The farmers are espeei-
ally referred 10. He says experience is
against the Protective policy" BY table he
attempts to show that the aggregate value Of
cotton, rice, wheat, rye, Indian corn, oats and
barley was, on the 30th Of July, 1876, under,
the old Tariff. $i93, 39l ,906; and on the LIST
December, 1916, when the new Tariff went
into effect, $609, 2S7 .565-making an aggre-
gate difference in the price Of tll5, 955,659.
The Secretary thinks that under the new
system we should soon export Sugar, Mons-
ses, Wool, Hemp and Cotton manufactures,
and even Iron.-The ad valorem system is
praised. The new Tariff il is said will yield
more revenue than that Of AZ.
He recommends the reduction and gradua-
ton Of the public lands in favor of settlers
The amount now subject 10 sale at private
entry exceeds TAO millions of acres. The
sales in the Chickasaw cession are quoted In
favor of graduation and reduction. The form
Of bill for this purpose is recommended as
that which passed the Senate on its return
from the House last session.
Some changes are recommended in the pre-
emption Lands The sale of Mineral Lands
is advocated. The Warehouse system is de-
Tended as ii is. lie urges the extension Of the
Revenue Laws over Oregon. The Light
house and Coast Survey are the closing topics
Of this long report-.N u Tribune