Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1846-06-25
THE NATIONAL FINANCES.
MESSAGE FROM THE PRESIDENT OF
UNITED SEAEES

UNITED STATES.
The following is an authentic copy Of the Mes
sage which transmitted by the President of the
United States to the Senate on Tuesday:
WAsHINoroS, June l6, 1916.
To The Senate Of the United States:
In answer to resolution OF the Senate Of the Sd |
instant, communicate herewith estimates prepared
by the War and Navy Departments OF the probable |
expenses OF conducting the existing war with Mex
leo during the remainder of the present and the |
whole OF the next fiscal year. ! communicate also
report Of the Secretary of the Treasury based up
on these estimates, containing recommendations of
measures for raising the additional means required
1t Is probable that the annual expenses incurred du
ring the period specified may fall considerably be-
low the estimates submitted which are for Il larger
number of troops than have yet been called to the
field. As a precautionary measure, however
against any possible deficiency the estimates have
been made at the largest amount which any state of
the service may require.
1t will be perceived from the Report OF the Sc
cre2ry of the Treasury that considerable portion
of the additional amount required may be raised by
modification of the rates of duty imposed by the
existing tariff laws. The high duties at present
levied on many articles totally exclude them from
importation, whilst the quantity and amount of 9th
which are imported are greatly diminished
by reducing these duties to a revenue standard, ii
Is not doubted that larger amount of the articles on
which they are imposed would be imported and
corresponding amount of revenue be received at the
treasury from this source. BY imposing revenue
duties on many articles now permitted TO be import
ed Tree OF duty, and by regulating the rates within
the revenue standard upon others, a large addition
nj revenue will be collected. Independently of
the high considerations which induced me i'm my
annual message to recommend modification and
reduction of the rates of duty imposed by the act of
1872, as being not only proper in reference to the
continuance OF peace, but just all the great inter
ests OF the country, the necessity of such modiica-
ton and reduction as war measure must now be
manifest. The country requires additional revenue
for the prosecution of the war. 1t may be obtained
to n great extent by reducing the prohibitions and
highly protective duties imposed by the existing
laws to revenue rates, by imposing revenue duties
on the free list and by modifying the rates OF du
ties on other articles.
The notifications recommended by the Secretary
OF the Treasury In his annual report in December
last were adapted TO state of peace and the addi-
tlonal duties now suggested by him are with view
slfctiy 10 raise revenue as war measure. AT the
conclusion of the war these duties may and should
be abolished and reduced to lower rates
1t Is not apprehended that the existing war with
Mexico will materially affect our trade and COM
lnerce with the rest of the world. On the contrary
the reductions proposed would increase that trade
and augment the revenue derived from it.
When the country is i'll state OF war; no con-
tlngency should be permitted to occur i'm which
there would be deficiency in the Treasury for the
vigorous prosecution of the war; and, to guard
against such an event, it is recommended that con-
tingent authority he given to issue Treasury notes
or to contract loan for limited amount, reimbur-
sable at an early day. Should no occasion arise to
exercise the power, still it may be important that
the authority should exist should there be neces-
sty for it,
IL Is not deemed necessary to resort TO direct tax
es or excuses, the measures recommended being
deemed preferable rs Il means Of increasing the rev
enue 1t Is hoped that the war with Mexico if vi
3c Ic atod h., 90
short duration. shall be at ali times ready to con-
cludo en- honorable peace whenever the Mexican
Government shall manifest like disposition. The
existing war has been rendered necessary by the
acts OF Mexico, and whenever that Power shall be
ready to do us Justice shall be prepared to sheath
the sword and tender to her the olive branch of
peace. JAMES X. POLK
The following is the Report of the Secretary of
the Treasury referred to in the preceding message
TREASURY DEPARTMENT, June Is, 1896
Sir: have duly considered the resolution of the
Senate of the Sd of June, 1916, together with the
estimates OF the Secretary Of the Navy Of the 9th
instant, submitted by you to this Department, and
respectfully report to you as follows
III appears that the aggregate estimated expendi-
lures OF the War and Navy Departments for the
hscal years terminating on the 30th of june 1916,
and the Both of june IS47, amount to $23, 952 9O4
partments in December last, and then submitted in
my annual report to Congress. In that report it
was supposed by this Department that upon the ex-
penditures thus estimated for state of peace there
would remain, on the list of July, lS47, balance
in the Treasury of $685., AL. Deducting this
balance from the of expenditures above esti-
mated by the War and Navy Departments, there
would result deficiency of $40 62O, 463 1t is be-
heved, however, that this deficiency will, from
augmented receipts, accrued and accruing, for the
fiscal years 1916 and l847, be diminished four mil
lions of dollars which would reduce the deficit on
the LIST OF July, 1S47, to Sl5,620, 463
1t is asceralned by experience, that for the GER
TAM 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 minis for coinage sum of four millions of
dollars, especially during state of war, must re-
main on hand in the Treasury, which would again
raise the sum to be provided for before the 30h of
June, 1S47, to $19,62O,463.
1t is believed, however that n sum eoual 10 g.
534,05 Traditional revenue may be Produced by
the modification of the tariff herein proposed, name
ly: TO adopt as basis the bill reducing the tariff
reported by the Committee Of Ways and Means to
the House OF Representatives on the 18th of April
last, together with the augmented and additional
duties now proposed and enumerated in the sched-
ule A. This change of the bill reported by the
committee, emitting the fourth section would make
an addition to the revenue 70 be produced by that
bill OF S 034 ,O57
After very careful examination OF the additional
data which 1t has been in my power to obtain since
the month Of February last il is my conviction that
the bill of the committee will produce nett reve
nue. of at least twenty six millions 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 i'm that schedule wOud