Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1846-06-23
Tpp,c11pER,s REPORT.
The following is the Report OF the Secretary 81
The Treasury, referred to in The PRESIDENTS "'''

Treasury DEPARTMENT, 1ehe ~, =
Sir: havc duly consi sieu ..e $50. ,,;,h
The Senate OF tie Sd oi June, loio' Vse. H.
H., es,I,uacs OF The Secretary Of The navy 0. lne
n "s a,,.n, and ol The secretary OF Wal OF Inc
,Nh instant. submitted by you 10 This Depart
men, and respectfully report To you as iolioWs'
/, anoears that The aggregate estimated eApeh-
dimes M the War and Navy Departments loi
Nc f,sc,I years terminating n the SUN OF June
,Shc and The Both ui June, loiI, amouh' ~ ~,
o. uca nvc, ard above The estimates mace oy
49,. nsnauments in December last, ana men
.,,m;t,cd m my annual report 10 congress. ~
mi report, il was supposed by ms Department
that upon The expenditures 'heh es''diae' W.
safe Of ncacr there would remain, on me Isl ~
Iniv. ls37 ba!aucc in The Treasury oil S4,552 .
AL Dedu,iino this balance ron me excess OF
expenditures above e>ti ated by The war ana
Navy DEPARTMENTS, there would result oeilcen
~ of SIG 62u it3. II is believed, however, 'hd'
mis- deficiency will. from augmented recelp's &C.
crued and accrung for the flscai years 1910 anu
1917 he diminished four millions oil dollars
which would refuge the deficit yin The ST OF july
lsa7, 10 SIS, 620,463.
II is ascertained by experience, that LOT lne GET
lain, prompt, and convenient payment oi lhe pup.
lie creditors, al all lines ana places 'Iiuusnoo.
our extended territory, and Inc supply " .he in'
and branch minis for coinage, sum OF lo'if NIL
Inns of dollars especially DORM. Stale oil war;
must remain on hand in the Treasury, which
Vonld AGAIN raise The sam Ia be pfuydeo lof DC
iure The 30h June. Ist7, 70 i9 620 463 dollars.
|, j. believed however, that d sum eqnal 10
: 534 O57 dollars vi additional revenue lid5 w
psoduc,d by the modification Of Inc TAR" NE
propoeed; namely, 10 adonl AS nasis 'ne o''. -
duciDs The tariff, reported hy the I".'i.ii'ee VI
MAYS and Means 10 the House oil Represents
lives on The Ia Of April la>t, losc'her WIN 'ne
AUGMENTED ami additional dulles no" pr"poseu
and enumerated in schedule A. This change vi
,hs hill; reoor;ed by The commiltee, omillins The
fonrb section. would make an addition 10 The re-
vcnue 10 be produced by that bill OF "a VA OA1.
afisr a very careful examination of The addi-
,;onal data which il has been in my power 10 oo'
,ain since The month OF February last, II Is my
cnnv;c,;ou that the bill oi the committee W:i' pro-
duce neil revenue OF al least twcniy-siS niiiiohs
~ dol,ars. II 10 this lie added the additional Gu-
Ties proposed to be levied in schedule a, Inc o''i
ot The committee with the notifications emnrd-
,ed in that >chetule, would produce neu 'ese-
nue. Of 80 O3i ,057 dollars. This would MAKE an
addition Of 5. 534 057 dollars 10 the revenue .hd'
would be produced under The ACT oil Inc ',o.n -
August 1872 If then, We deduct ms oo3f:.
u57 dollars from the deficit above ssilna'eu'
,rnnld sin leave deficit OF IA Csc, 400 dollars.
If in addition 10 the modification OF the tar'h
above suggested the warehousing system were
adop,ed. as recommended in my annual report oi
December last. II would make an addition 10 'fe
ANIMAL revenue from customs OF one million VI
dullars. which, deducted from The ABOVE uen."'
would leave a deficiency sill remaining Oh lo,-
05o 406 dollars. .,
/, Is ,rue tina; the Introduction OF the ware
lansing system might diminish The revenue du-
ring a portion Of the first year succeeding ~
,d.,nt,on: bur that it would AID one million oi
drllars per annum to the permanent anhuai IL
yenue ifumcGSoms IS not douoeo
II is believed also, that The reduction and era-
dna,ion OF tie price oi The public lands in favor
ri settlers and cuivaiofs. as recommended in
v,ur message OF December laS', would make an
annual addition OF halt million Of dollars 10
he revenue, deIivabe from The proceeds OF The
sales oil the public lands, by bringing into mar
ke, many millions oil acres OF The public domain
which are wholly unsaleab!e al the present MI
Di,oura price established By law. Deducing this
sum Of half a million oil dollars from The dehcii
l,sr abov. mentioned, would leave still unprovd
cd for the sum Of Sl2, 5sGi06 which must be
mel by loans, Treasury notes, direct taxation, or
excuses.
In addition 10 the strong objections which have
been urged agans, direct taxes and excisss, II
would be difficult 10 put in operation sucn sys-
tom in all the States and Territories SO as TO re-
aliZe the required amount in cash before The 3Oh
OF June. lSi7. A system Of direct taxes and cx-
c;s.s Il is believed. would not meet the sanction
Of The people, unless in the emergency OF war
with some great maritime nation, exposing our
commerce 10 elea; hazard, and greatly reducing
the revenue from duties on imports.
The only remaining means ior supplying this
deficit within the required period, is by loans OF
Treasury notes; and | accordingly recommend,
with view to the most vigorous prosecution oil
tae existing war with Mexico, so as 10 bring II 10
a speedy and honorable termination, tina, con-
t.neen, auihoriiy snouli be vested in this Depart
tnsnt, with your sanction, 10 issue Treasury
notes OF effect loan u a sum IN me aggregate
no, exceeding the last above mentioned deficit al
ST.. ae6. 406.
| think i, wculi be mos, advantageous 10 lhe
Government that portion OF this money should
be raised by Treasury notes, and the rerna Under
by loans limiting the interest in both Cases 10
rate not exceeding six per cent. pr annun, aud
furbidding The negotiation in either case below he
mar value Ii The authorities were limited so as
10 cover this deficit and the power given 10 resort
70 loans or Treasury notes. or holh, as the cmeT-
gency might require, the money III ght b. raised
al q mlcn lover fdie of Interest Ihda II ne De.
par,men, were confned either to loan, alone orio
Treasury notes. The experience Of the Gove'n-
ment has demonstrated IN there are periods
occasions when Treasury NOES are much better
adapted To meet the emergency; and lhe power L.
selec, bo h or either from lime 10 time, would
render the negotiation more celain, and probably
save very large amount .! interest 10 the Gov
ernmenl. II the war should be speedily tefmi-
mated, il is possible that resort 10 loans or Trea-
sury NOES nigh. nnl BE- required; or II 50, fur an
inconsiderabls amount The same power that is
now given b. Law 10 redeem he loan, even be-
fore lis maturity, whenever ina funds Of The Gov
ern,nent wlll permit, 50 as 10 liqudaic any pub
lie deb; speedily as possible, should be Con-
tinuea Is a..o the authority .Jr he reissue OF the
Treasury nIt->, . herciVio!e f;c"iccd ~ Jaw,
- well as isr their reser.ins revenue payments
rar additional duties designated in schedule
\ are recommended As q va: measure, and 10
terminate 81 h tue restoration oil peace, or "a >uon
thereafter as The stat. Of pnDic finance will per-
nit ,neir aiscoonIdnce.
| have the honor H. tc, iaost respectfully, your
obedieni servant, K. J. WALhEt.
To The PRESIDENT
gyTEE OREGON SUBJECTIVE learn
from an authentic source, (says the Alexandra
Gazeue,) tha, Mr.. McLanes dispatches received
by the President, state tina, the proposition mace
by the British Government, ior settlement oi 'he
O,enon question, were rendered contrary 10 'i1
.n,n;nn al some Of The British Ministry, inciua-
in Inc ptemirr; and thai he expresses the uec,u.
81 np,n;on. that no sucn propositions wouia nave
been made, had the news ol The war WIZ Mexico
been prevou ,ly received
THE TREATY RATIFIED.
II is with unteigned pleasure (says yes'erdays
National luiellisencer) that we announce 10 Inc
public The ratification by the Senate, ofthe treaty
Tor the sellleinen, OF the Oregon controversy.
The Injunction of secrecy has not been remoV-
ed by The Senate, but enough ui the proceedings
is known, and certainly known, 10 enable US 10
state that The ratification passed by vote Of forty
onr 10 touriccu-a majority, we believe, unequal