The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-12-09


an enhanced price to the consumer, without producing
correspondent revenue. "FH.na
The stock now on hand, and that would be imported
iorhwith-namely, OF coffee from Cuba and St. Domin-
go, and some other PORTS and OF tea part from the bond
ed warehouses OF Europecoming free OF duty, in an
ncipaton OF the law would contribute nothing the
enue OF the country; whilst the price OF the stock hand
here well that thus brought in free of duty would
be augmented nearly IN the same proportion If the duty
had actually gone at into effect delay then, in
imposing this duty tea and coffee, whilst il would tax
duty were imposed at once would during that whole pc
rod, bring very little revenue into the treasury Such
delay then would only enable few individuals to
large fortunes at the expense OF the people Such has
been the almost uniform effect OF the posponement Of the
operation OF laws imposing new or additional duteso
which the examples numerous under the tariff OF
1884, as also preceding laws The reduction OF the loan
from twenty three TO nineteen millions, together with the
imposition OF this duty tea and coffee towards meeting
the payment, WILL il is conceived, make difference in
the terms on which the loan be effected, which in the
period OF twenty years, would large amount OF the
tax to the people OF the United States whereas, if no
such duty Is imposed, and, consequence loan for
sum so large twenty three millions without this add-
onal revenue must be made during period of war; UNI
certain in its duration and attended with heavy expeni-
lures, judging of the future by the past the government
may be subjected to serious loss in negotiating the loan,
or involved in embarrassments alike injurious TO the
credit and honor OF the country.
In negotiating Tor so large sum nineteen or twenty
three millions in time OF war, with heavy expenditures,
uncertain IN their duration, all experience at home and
large amount 10 the treasury, compared with one Of
shorter date and is believed that in this case, the loan
should be for period OF twenty years, reserying the
power conferred by existing laws 10 purchase the stock
at the market price at any prior date, when
may permit that the debt may be eXnguished
possible, and long before lis maturity, II practicable
In this way under ordinary circumstances, the advan-
ages Of long and short loan some extent COM
bined The first half OF the loan should il is thought be
negotiated early in the spring, payments being required
only as the money may be needed and the remainder if
he tod 1rrno tha suc-
ceedng summer or FALL payments only to be made also in
this the money may be required that larger
sum may be borrowed, in any event, than may be de.
handed by the wants OF the government.
In compliance with the proyso of the first section of
the act OF the 10th Of August last full statement is here
with communicated marked d. of all treasury notes paid
under the provisions of that act amounting the first of
this month to STAG 81.
Table 4, hereto annexed, shows the payments made
since the 18th of March, 1915, OF the principal and interest
OF the public debt up the first of the present month
The amount OF principal thus paid was 81 6sO6O5 o.
and OF interest 81 ,52s Oi2 62-makng aggregate OF
public debt paid since the 18th OF March, ls45, OF S32Us
CAT Ga OF which Except the Of S53 6OO) the whole
amount consisted OF debt interest upon debt incurred
before the 4th March, 1915.
Statement i, hereto annexed, shows the amount of
treasury notes issued under the provisions of the act
the ED July last, being total Of $3.50 lOO Of which
the amount of 81 1856 $50 bore interest OF one mill per
cent every hundred dollars and So Os6 $50 an inter-
est OF five and two-hfths per cent per annum.
In the same statement will be found the amount paid
into the treasury on account OF the fve-milon loan,
which, in pursuance OF the public notice hereto annexed
narked ~ was negotiated at six per cent interest," under
the act of the Dad July last either at par las the
for small portion) above par The sum paid and
entered the books Of the Register of the Treasury was
on LIST December last S3,4Gl 800. The payments are
still progressing the stock bearing interest only from the
date of the actual deposte of the money the treasury
In the same table will be found statement OF the pub
c debt of every description principal and interest due by
the United States, including loans, treasury notes, &c
amounting the LIST December last ST. 25640i 90 of
which ST. 7ss,799 ca was contracted before the dt
March, is45, leaving the whole debt incurred since that
date So 40 1894 oS, embracing $500 900 of the Mexican
treaty indemnity debt assumed by Congress its last
session.
At the date of the repeal of the tariff of s42 the rev.
enue declining The receipts under it into the treas
ury were less by the Of $S1544 SO during the last
fiscal year terminating the 30th June, 1885, than the
receipts during the fiscal year ending the 3oth June,
1915.
That this decline was progressive and arose from the
prohibitoy character of the specific duties, proved by
the table hereto annexed, marked g. from which ii APP
pears that for the fiscal year ending goth June 1874 the
dunes was $sls60 a. whereas; during the fiscal year
ending Both June, 1885, the ad vaorem exceeded the
specific duties 81 81 and during the last fiscal year
the ad valorem exceed the specific duties 81 ,53i 81
As the specific duties in their practical operation were
becoming every day prohibitoy, the revenue under
the tariff OF 1912 must have continued to sink rapidly
as soon to have caused great deficit even in time OF
peace and thus have required ultimately resort to direct
taxes or excuses TO support the government.
The duties collected at the ports of Baltimore Pha-
NeW 1Olk, lust I'VE Vi De-
cember 1916, under the tariff amounted to $il6,-
500 81 and during the first five days OF December, 1915,
under the old tariff to $20S,34 so. This rate OF augmen-
taon il is not supposed will continue; but that the
from duties this year will reach the amount est-
mated now, and in my report to the Senate of the 10th
July last at $27 ,731 is for the therein stated
fully believed.
Herewith Transmitted the regulations (marked H.
adopted by this department in obedience to the provisions
of the law OF the 9th of August last, establishing the
constitutional treasury 1t 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 established in relation
to treasury drafts have rendered it impossible that they
can ever be converted into circulating medium. The
bill, however, is defective in of its details No APP
preparation is made by the law for the payment of the
aries OF the assistant reasures, the additional sal
aries of the reasurers of the mint for the compen-
saton of the examining agents authorized by the law,
and whose services necessary under its provisions
for the security OF the public money The provision for
incidental expenses wholly inadequate; the number
business under the provisions of this law; and il
is thought ought to be augmented from ten to
twenty-more than five times the latter number hav-
ing been required to a4tfansact the same business
when these moneys were Kept transferred and dsbursed
by the banks No adequate security is provided by law
for the safety of the public money in the hands OF dis
bursting agents; and whilst transfers required TO be
made from place to place, of specie, appropriation
made by this law TO pay the expenses of these transfers.
to enable dsbursng agents to pay the public creditors
al all times and places with punctiaity and despatch
The powers OF this department in relation to that portion
OF the public moneys which must be paid on the other
side OF the Atlantic, any foreign country, through
the medium OF agencies existing to be created there
and by the operation Of foreign bills of exchange, are
not sufficiently defined by law This authority which
rendered Of the highest importance by the payments and
disbursements required be made in so many portions of