American Republican and Baltimore daily clipper. [volume] (Baltimore, Md.) 1844-1846, 1846-12-11

ihhpOIlco lOTlnWtn, namely, Ol CoHte houl
Cuba and St. Domingo, and some other ports
and of tea in part from the bonded warehouses
OF Europe, coming in free of duty in anticpa
tion of the law, would contribute nothing tc
the revenue of the country, whilst the price
OF the stock on hand here, as we'll as that thus
brought in free Of duty, would be augmented
nearly in the same proportion az if the duty
had actually gone at once into effect A de-
ley, then, in imposing this duty on tea and
coffee, whilst it would tax the consumer for So
Veral years nearly as much as if the duty were
imposed at once, would, during that whole
period, bring very little revenue into the Treu-
sury. Such delay, then, would only enable
few individuals to amass large fortunes at the
expense the people.
1t is believed that the loan required should
be for period of 20 years, reserving the power
to purchase the stock at rny previous date, at
the market price, Half of the loan should be
negotiated early in the spring, and the remain
der in the summer or fall, payments being re-
quired only as the money may be needed.
The amount of Treasury notes paid up to LIST
inst. under act of Aug. 10, 1915, amount to
Sl7,446Sl.
Amount of principal ofpublc debt paid since
March 4, ls45, is 81 $50, sos ,02, and of inter
est paid S ,52S, 0426l. Under act of 22d July
last, $3.50, 100 in treasury notes have been is
sued. The sum of IS, 46l 600 has been paid
on account of the five million loan, negotiated
at per cent. .... ....
The public debt of every description, prnc-
pal and interest, due by the United States, in
GLIDING loans, treasury notes, &C., amounting,
on the LIST December last, to S24, 256 ,494 go;
of which Sl7788,7 1919 81 was contracted be-
fore the 4th March, lS45; leaving the whole
debt incurred since that date S6,467 GOA So;
embracing $4,000 of the Mexican treaty
indemnity debt assumed by congress at its last
session.
The receipts under the tariff of lS42 into
the treasury, were less by the sum of $685.
444 SO during the last fiscal year, terminating
on the S0th June, lS46, than the receipts dur
ing the fiscal year ending Ola the 30th June,
, la45. For the fiscal year ending S0th June,
1874, the excess of revenue produced by speci-
fic over advalorcm duties, was ISL 800 ID;
whereas, during the fiscal year ending S0th
June, 1915, the ad valorem exceeded the spe-
cifc duties $I,5S7,479 81, and during the last
fiscal year the ad valorem exceeded the spec-
&c duties 81, $50, 534 "a.
| The duties collected at the ports of Balt-
more, Philadelphia and New York, during the
| first five days of December, 1916, under the
new tariff, amount to $4l6,S 81; and, during
| the first five days of December, lS45, under
the old tariff, to S208,S74 so. This rate of
augmentation, it is not supposed, will continue;
but that the revenue from duties this year will
reach the amount estimated now, and in my
report to the Senate of the 18th July last, at
s. 1885, 73l, is, for the reasons therein stated
| fully believed.
The report recommends several amendments
to the sub-treasury, not affecting the leading
principles of tue acts, however. A branch
mint at New York is strongly urged, in order
to convert foreign into American coin.
The new tariff is eulogized by the Secretary,
and bright anticipations of the future INDUCED
| in.
The reduction and graduation of the price
of the public lands is urged, which, if adopted
will increase tho revenue therefrom, nearly
q million per anHum.
If congress, at an early period of the present
session, says the report, would impose the pro-
posed duty on tea and Coffee reduce and gra-
duate the price of the public lands in favor OF
settlers and cultivators, extend the presumption
system to the unsurveyed lands to which the
Indian title has been extinguished, and author
ize the sale Of that portion of the public lands
containing copper and other valuable ores, the
loan might safely be reduced from twenty
three to seventeen millions Of dollars.
The warehouse bill answers its purpose well
and no amendment is suggested. 1t is urged
that the revenue laws be extended over Ore
gon, and donations of tracts of land be made to
settlers.
The report closes with reference to the
light house system, and the survey of the coast
of the u. States. The latter has made great
progress during the past year. In this connec
ton, the disaster to the surveying brig Wash
ington, is mentioned, and high tribute paid tc
the conduct Of Lit. Geo. Nj. Bache-who, with
ten others, found watery grave. A strong
approval is also expressed Of the conduct o
the surviving officers and crew of that unior
4 tunate vessel.