The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-12-17
SPIRIT OF THE PRESS.
From the New York Evening Post
The T,rensurxy teuort.


The report Of the Secretary OF the Treasury will be
found in our columns to-day Il is well drawn up, clear
in statement and, as appears to us solid in argument
Inc secretary estimates the expenses q Inc naton Tor
S5524l, 22 o. The receipts for the same year, from
various sources including loans and treasury notes, will
be 10 os, leaving balance OF si779,oi2 OF to
be provided for The expenditures for the year ending
the 30th OF June ls4S, are estimated should the
continue, at cas- 7s4 ST. and the receipts of the
year al S32, 100000
This will leave a balance against the government on
the LIST of July, 1913, OF Sls550,s26 50. But il is
deemed prudent particularly in time of war, to keep
balance OF four millions OF dollars IN the treasury, in or
der TO supply the minis with bullion Tor coinage and to
pay the creditors OF the government their demands at all
times with punctualy, will become necessary for the
government TO provide more than this amount The
Rotary therefore suggests the expectancy OF borrowing
weny-three millions OF dollars unless the be
increased by duties on certain articles which pass
the custom-house free
The plan OF the secretary is TO lay duty OF twenty
five per cent the teas and coffee imported, which, il is
estimated, would produce annually two millions and
hall This duty, he advises, should go Immediately into
effect otherwise IT would have the effect Of raising the
prices Of tea and coffee already IN the Market which
might be introduced IN anticipation of the law, greatly
the emoment OF individuals, but without bringing any
thing into the treasury Another advantage OF this duty
would be, that would strengthen the credit of the gov
eminent Capitalists would lend more freely when they
saw this provision made for repenishing the treasury
government which, when II finds itself Obliged 10 bor
row, lays tax to furnish the OF payment pretty
sure TO find men willing 10 become IFS creditors
There is curious fact stated in the report concerning
the decline OF the under the tariff have Just
repealed The sum received from the customs during
the year ending the 3Oh of June last fell short of the
amount obtained the year previous, by almost million
OF dollars This seems to have been owing TO the prohb
ory character of the specific duties Mr. Walker shows
that for three years past the proportion OF revenue rails
ed by specific duties, compared with that raised by duties
levied on the value OF the commodities imported, has
been continually growing smaller.
IL Is, IN fact the nature OF specific duties manuac
lures to become more and more prohibto. As the ar
ptNrhr
! BY the improvement OF machinery and mechanical pro-
cesses, the specific duty becomes heavier in proper
ton TO their value and more and more dscouages their
importation; The repeal OF these specific duties was
therefore lucky rddance as far the revenue is con-
cerned and justifes Mr. Walkerin estimating higher
revenue from the customs for the next two years than
we obtained last year.
The changes which the report proposes, and the law
establishing the constitutional treasury do not affect the
principle OF that law. That was drawn up in SLOW
emily manner and that II would require amendment
TO make II work well, we suppose was understood by
anybody who had much skill in practical finance, at the
time it passed; 1t was clumsy model OF an excellent
suggested by practical men One of the mprov ements
recommended by Mr. Walker, is the establishment of
branch mint in the city OF New York.
ury bill passed last winter, that the establishment of
branch MINT the safest OF all repositories of the precious
metals in this city, should form part of the scheme
and it was matter OF disappointment that it did Ex
perlence has since shown its necessity.
The argument by which Mr.. Walker exposes the non
sense OF the protectonlsts concerning home market is
very well managed. The manufacturers build few large
mills, with vast apparatus OF machinery collect about
them few workmen, cause laws to be passed discour-
aging commerce and Withdrawing from the occupa
tons connected with it, and then boast that they have
created home market As if the number Of peo
Pile employed in commerce did not consume as much
grain, and much beef and pork, if they were at
work in manufactures The manufacturers leave ont Of
sight the home market created by shpbuders seafarng
men, persons engaged In forwarding the canals and
railways and all the immense class Of laborng men to
whom the exchange of products with other nations gives
occupation.
We have left ourselves space to remark the rest
of the report which contains some suggestions of i'm
porance regard to the public lands, the establishment
of collection districts in Oregon the survey of coast
and the establishment of lighthouses