Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1846-06-25
rrATE OF THE FINANCES

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calling for informatin relafire to the fsssa's-
ces, SC.
To the Senate Of the United States:
h answer 10 the resolution of the Senate OF
the "a inst. | Communicates herewith estimates
prepared by the War and Navy Departments,
Of the probable expenses of conducting the ex-
isting wal with Mexicod during the remainder oil
the present and the whole Of the next iscaiyear.
/ | communicate, also, report of the Secretary
| Of the Treasury, based upon these estimates.
containing recommendations Of measures for
raising the additional means required. II IS
probable that the actual expenses incurred du-
ring the period specified may fall considerably
/ below the estimates submitted, which are for a
larrer number of troops than have vet been
! called TO the field As precautionary meas
ure, however, against any possible deficiency,
the estimates have been made at the largest
amount which any state of the service may
require.
il will be perceived fromthe report Of the
Secretary of the Treasury, that considerable
portion Of the additional amount required may
be raised by a modification OF the Rates OF duty
imposed by the existing tariff laws. The high
duties at present levied on many articles total
! w exclude them from importation, whilst the
quantity and amount Of others which are i'm
ported are greatly diminished. BY reducing
these duties TO a revenue standard, II Is not
doubted that large amount OF the articles on
which they are imposed would be imported,
and corresponding amount OF revenue be re-
ceived at the treasury from this source. by
imposing revenue duties on many articles now
permitted to be imported free Of duty, and by
regulating the rates within the revenue STAN
dard upon others, q large additional revenue
will be collected. Independently OF the high
considerations which induced me, in my an
nual message, to recommend modification
and reduction of the rates of duty imposed by
the act Of 1912, as being not only proper IN
reference to state OF peace, but just TO all the
great interests OF the country, the necessity oil
such modification and reduction as war
measure must now be manifest. The country
requires additional revenue for the prosecution
Of the war. Ii may be obtained, 10 great ex-
tent, by reducing the prohibitory 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
duty on other articles.
The modification recommended by the Sec
rotary of the Treasury in his annual report in
December last, We're adapted 10 a state of
peace, and the additional duties now sugges-
ted by him, are with view strictly 10 raise
revenue as a war measure. AT the concln-
sion of the war these duties may and should
be abolished, and reduced to lower rates.
Ii is not apprehended that the existing war
with Mexico will materially affect our trade
and commerce 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 in a state Of war, no
contingency should be permitted TO occur in
which there would be deficiency in the trea-
sury, for the vigorous prosecution of the war;
and TO guard against such an event It is recon-
mended that contingent authority be given TO
issue treasury notes, or TO contract a loan for
limited amount, reimbursable at an early day.
Should no occasion arise TO exercise the pow
er, still il may be important that the authority
should exist should there be 4 necessity for II.
1t is not deemed necessary to resort TO direct
taxes or excuses - the measures recommended
being deemed preferable as means of increa
sing the revenue. 1t is hoped that the war
with Mexico, if vigorously prosecuted, as is
contemplated, may be of short duration. |
shall at all times be ready TO conclude an hon
orable peace, whenever the Mexican govern
ment 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, we shall be
prepared to sheathe the sword, and tender to
her the olive branch of peace
JAMES X. POLK.
Washington, Jnne l6, 1876.
TREASURY DEPARTMENT, June 10, 1876.
Sri have duly considered the resolution
of the Senate, of the Sd of June, 1876, togeth-
er with the estimates of the Secretary of the
Navy, of the 9th inst, and Of the Secretary Of
War, of the 18th inst, submitted by you to
this department, and respectfully report to you
as follows:
II appears that the aggregate estimated ex-
penditures of the War and Navy Departments
for the fiscal years terminating on the 30th of
June, 1916, and the 30th of June, l647,
amount to $23,952, 904, over ard above the
estimates made by these departments in De-
cember last, and then submitted in my annual
report to Congress. In that report it was sup
posed by this department, that upon the ex-
pendtures then estimated for state OF peace,
there would remain on the first of July, lS47,
balance in the treasury of 81 1892, AL o.
Deducting this balance from the excess OF ex
penditures above estimated by the War and
Navy Departments, there would result def
cheney OF SIS, 620, 463.
III IS DeIeVed, however, lnat thlS ueHclency
will, from augmented receipts accrued and ac-
cruing for the fiscal years 1876 and lS47, be
diminished four millions Of dollars, which
would reduce the deficit, ON the LIST of July,
lS47, to SIS 1870, 463.
1t is asceraned by experience, that for the
certain, prompt, and convenient payment of
the public creditors, at all times and places
throughout our extended territory, and the
supply of the mint and branch minis for coin
age, sum of four millions Of dollars, especi-
ally during state of war, must remain on
hand in the treasury, which would again raise
the sum to be provided for before the Both Of
June, lS47, to $40, 620,463
II is believed, however, that sum equal to
S., 534 ,057 of additional revenue may be pro-
duced by the modification of the tariff herein
proposed TO adopt, as basis, the
bill reducing the tariff reported by the Com
mittee of Ways and Means to the House Of
Representatives on the l4th of April last, to-
gether with the augmented and additional du-
ties now proposed and enumerated in schedule
A. This change of the bill reported by the
committee, emitting the fourth section, would
make an addition TO the revenue to be produ-
ced by tina. bill, of $4 ,034 ,057.
After very careful examination of the adj
ditional data which it has been in my power
to obtain since the month of February last, il