The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-12-11

states; whereas, II no such duty i. inn posed. and
as onsequence, a loan Tor q sam 50 large a,
twenty-three millions without this additional reve
nue. must be made during period Of war. uncrr
tain IN lis duration, and attended with heavy ex
pendi,ures, judging Of the future by the past. the
government may b subjected to n serious loss il
negotiating the loan, or involved in enbarrass
ments alike iujarisus TO the credit and honor O
the country.
In negotiating for so large sun as nineteen o,
twenty three millions in time Of war, with heavy
expenditures, uncertain in their duration all expe
rience Al home and abroad proves thar loan foI
long term viii save large amount to the uea
sury, compared with one of shorter date and h
believed that in this case the loan should be fo
conferred ty existing laws to purchase the stock
ar the market price at any prior date, when oul
means may permit, 90 that the debt may be ex.
tinguIsh"d as soon as possible, and long before ia
maturity, II practicable. In this way under ordi.
nary circumstances. the advantages OF long and
short loan are to some extent combined. The
first half Of the loan should, il is thought be neeo.
tated early in the spring, payments being re.
the remainder, if wanted, should be negotiated
some time during the succeeding summer or fall
payments only to be made, also in this case, M
the money may be required; 50 that no larger
sum may he borrowed, in any event, than may
be demanded by the wants of the government. .
In com liance with the proviso or the first sec.
ton of the act of the 10th Of August last a full
statement IS herewith communicated (mar ed d.
VI uh uCdSuIy uOtcS pau uuOcI Tile UrOvl1lOnS oil
that act, amounting on the first of this month to
7,446 81.
Table +, hereto annexed, shows the pav-
ments made since the 4th of March, 1916, of the
principal and interest of the public debt up the
cipal thus paid was 81, &c. COS g. and OF interest,
$l.528,O42 62-makiDg an aggregate of public
debt paid since the 4th OF March, 1885, f93 28s.
az o., OF which lexcep, the sum Of $5ls soO) the
debt, incurred before the 4th of March, ls45
Statement +, hereto annexed, shows the
amount OF treasury notes issued under the provi-
sions the ac; of the " July last, being total
OF $685. 100; of which the amount of 81 766 45()
bore an interest Of one mill per cent on every
hundred dollars, and 50 066 $50 an interest of five
and two-1llhs per cent per annum.
In the same statement will be found the
amount paid into the treasury on account of the
five million loan, which, in pursuancs of the public
notice hereto annexed (marked FF) was nego-
hafed at six per cent interest, under the act of
the 22t July last, either at par, or Gas was the
case for a small porton) above par. The sum
paid and entered on the books of the Register of
the Treasury was, on 1st December last S3 46l !.
QUO. The. payments are still progressing, the
stock bearing interest only from the date Of the
In the same table will be found q statement of
the public debt of every description, principal
and interest due by the United States, including
loans, treasury notes, 30, amounting, on the Isl
Sl7, ~, 799 50 was contracted before The 4lh
March, lS45, leaving the whole debt incurred
since that date So 467 694 SO, embracing $3.50, 900
Of the Mexican treaty indemnity debt assumed
by Congress at its last session.
AT the date of the repeal of the tariff of 1912.
the revenue was declining. The receipts under
It into the treasury We're less BY the sum OF
$8l5 ~ So during the last fiscal year terminating
on Goth June, 1886, than the receipts during the
fiscal year ending ON the Both June, lsi5.
That this decline was progressive. and aros,
from tbs prohibitory character of tho specific
duties, is proved by the table hereto ANNEXED
(marked G.) from which it appears that, for
the fiscal year ending 3Qth june. isl4 the excess
al, lEeyepQe odnced by apecifc over ad vaiorcm
year ending 3Oh June, 1916, the al valorem tx.
ceeded the specific duties 81, 1871 $40 81; and
during the last fiscal year the ad valorem exceed
ed the specific duties ,66S 5Si9I As the specific
duties in their practical operation were becoming
every day more prohibitory, the revenue under
the tariff OF 1872 must have continued TO sink 20
rapidly as soon to have caused great deficit,
even in time of peace, and thus have required
ultimately q resort - direct taxes or excuses TO
The duties collected at the ports of Baltimore,
Philadelphia, and New York, during the first
five DAYS of December, 1916, under the new tariff
amounted to sac. 500 %; and during The first
five days Of December, lS45, under the old tariff,
to S20S, s74 80 This rate Of augmentation, il is
not supposed, will continue; but that the revenue
from duties this year will reach the amount esti-
mated now, and in my report to the Senate oil
TIC uiy 2St oOO, tOlS lOI the I66~
sons therein stated, fully believed.
Herewith are Transmitted the regulations,
(mark II, y adopted by this department in obe-
thence to the provisions of the law of the 9th OF
August last, establishing the constitutional trea-
sury. II will be perceived, by reference to these
instructions, that this department has proceeded
TO carry into full effect the intentions Of Congress
in the enactment OF this law. The rules estab-
lshed in relation to treasury drafts have rendered
impossible that they can ever be converted INTO
sxloss~ Tbo a.
fectvc in some Of its details. No appropriation is
made by the law for the payment of the salarss
OF the assistant Teusurers, or the additional sala
res of the treasurers Of the mint, nor for the COM
pensation OF the examining agents authorised by
the law, and whose services are so necessary,
under its provisions, for the security of the public
money. The provision for incidental expenses is
wholly inadequate; the number of clerks sIso is
Insufficient to transact the public business under
the provisions ofithis law; and il is thought,
ought to be augmented from ten to twenty-more
than five times the latter number having been
required 10 transact the same business when these
moneys were kept, transferred, and discussed by
the banks. No adequate security is provided by
law for the safety of the public money in the
hands Of dsbursIng agents; and whilst transfers
are required to be made from place to place, OF
specie, no appropriation is made by this law to
pay the expenses Of these transfers, or to enable
dlsbursng agents to pay the public creditors at
all times and places with punctuality and dis
patch. The powers of this department in relation
" mat pOLtion vi TIC puohC tuoneyS WHICH Ihust
be paid on the other side OF the Atlantic, or in any
foreign country, through the medium of agencies
existing, 10 be created there, and by the opera
uon Of foreign bills oil exchange, not sufficient
ly defined by law. This authority, which expe-
pelience has shown TO be necessary at all times,
Is now rendered of the highest importance by the
payments and disbursements required 10 be
made in so many portions ofthe republic Of Mex
leo, and many OF them so distant from any depos-
tory. The great object, in these cases, would
not be TO circulate paper among our troops in
Mexico, but TO facilitate the obtaining and trans-
ferring specie there for circulation, through the
operations of foreign exchange, ON terms highly
advantageous TO the government 1t being the
anxions desue OF this department., even for benc-
fetal purposes, never to exercise any doubtful
powers, the prspriety Of some more clear and adj
equate provisions ON this subisct is submitted to
the enlightened consideration 81 Congress.
In coRnexion with the amendments proposed
to the bill organizing the constitutional treasury
far the most Important would be the establish.
ment of branch OF the mint of the United States
- a AZ ~ -