The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-06-27
TREASURY DEPARTMENT,
June IS, , 1916

o4o, lOSetleT Bltil ltlt coItIiutcS vi
Secretary Of the Navy, ofthe 9th inst,
and ofthe Secretary Of War of the 18Th
instant, submitted by you to this de.
partment, and respectfully report to
you as follows:
ltappears that the aggregate estimat-
ed expenditures of the War and Navy
Departments for the fiscal years ter
minating on the 3Oth of June, 1916,
and the 30th of June, 1847, amounted
to S23,852,9O4, over and above the esti-
mates made by these departments in
December last, and then submitted in
my annual report to Congress. In that
report it was supposed by this depart
ment, that upon the expenditures then
estimated for state of peace, there
would remain on the lst of July, l847,
a balance in the treasury of $4,3s2,-
AL. Deducting this balance from the
excess of expenditures above estimat-
ed by the War and Navy Departments,
there would result deficiency of $ls,-
62O,463.
1t is believed, however, that this de-
fciency will, from augmented receipts
accrued and accruing for the fiscal
years l846 and i847, be diminished
four millions Of dollars, which would re-
duce the deficit on the 1st of July,
1847, to $15,69o,463.
1t is ascertained by experience, that
for the certain, prompt, and convenient
payment of the public creditors, at all
times and places throughout our ex-
tended territory, and the supply Of the
mint and branch mints for coinage, a
sum of four millions of dollars, cspeci-
ally during state of war, must remain
on hand in the treasury, which would
again raise the sum to be provided for
before the 3Oth Of June, lS47, to $l9,-
62O,463.
1t is believed, however, that sum
equal TO S5,534,057 of additional reve-
nue. may be produced by the modifca-
ton of the tariff herein proposed
namely, TO 1opt, as basis, the bill re-
ducing the tariff reported by the Com
mittee of Ways and Means to the House
of Representatives on the 14th of April
last. together with the augmented and
additional duties now proposed and emu.
merated in schedule A. This change
OF the bill reported by the committee,
omitting the fourth section, would
make an addition to the revenue to be
produced by that bill, of S4,Os4.o57.
After very careful examination of
the additional data which it has been in
my power to obtain since the month of
February last, it is my conviction that
the bill Of the committee will produce
anet revenue of at least twenty-six mil
lions of dollars. If to this be added the
additional duties proposed to be levied
/ in schedule A, the bill OF the committee.
with the notifications embraced in that
schedule, would produce net reve-
nue. of Sso.O34,O57. This would make
an addition Of $5,534,o57 TO the reve-
nue. that would be produced under the
act of the 3Oth Of August, l842. If,
then, we deduct this S5,534,057 from
the deficit above estimated, it would
still leave deficit of Si4, 4,o86,506.
If, in addition to the notifications OF
the tariff above suggested, The ware
housing system were adopted, as rec
commended in my annual report of De-
cember last, it would make an addi-
ton to the annual revenue from Gus
toms of one million of dollars, which.
deducted from the above deficit. would
leave a deficiency still remaining OF
Sl3,O86,406.
1t is true that the introduction of the
warehousing system might diminish the
revenue during a portion Of the first
year succeeding its adoption; but that
it would add one million of dollars per
annum to the permanent annual reve-
nue. from customs is not doubted.
1t is believed also that the reduction
and graduation Of the price Of the pub
lie lands in favor of settlers and cult
vators, as recommended in your mes
sage of December last, would make an
annual addition of half a million Of dol
lars to the revenue derivable from the
:, proceeds of the sales of the public lands
by bringing into market many millions
of acres of the public domain which
are wholly unsaIeable at the present
minimum price established by law
Deducting this sum of half million o
dollars from the deficit last above men
toned, would leave still unprovided for
the sum Of $l9,586,406, which must be
met by loans, treasury notes, direct
taxation, OF excises.
In addition to the strong objections
which have been urged against dlrec
taxes and excuses, it would be dlftlcull
to putin operation such system in al
States and Territories, SO as to realize
the required amount in cash, before the