Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1846-06-19
JAMES X. POLK.
TREASURY DEPARTMENT.

June Is, l546.
SIR have duly considered the resolution Of the senate
OF the 80 Of June 1896 together with the esma,es Of
the Secretary OF the Navy Of the 9th inst and of the s.
reary OF war OF the 18th Instant submitted by you to
this department and respectfully report follows:
IL appears that the aggregate estimated expenditures of
the War and Navy Departments for the fiscal wears ,cri
mating on the 5Oh OF June 1886 and the Both Of June
lo47, amount 10 S23,952 9O4 and above the esti
made by these Departments in December last ard
then submitted IN my annual report Congress- In thai
report 1t was supposed by this department. upon the
expenditures then estimated Tor stale Of peacs there
would remain the LIST o July lS47 a balance in IN.
treasury OF S4332,+4l o. Dedueung this balance from
the excess OF expenditures above estimated by the War
and Navy Departments, there would result deficiency Of
$40, 1863.
1t is believed however, that this deficiency will from
augmented receipts accrued and aecruug the fiscal
years 1916 and le4I, be diminished four mens OF dol
ars which would reduce the deficit on the lI of Jav
lS47, TO SIS. 62O,463.
1t aseertained by experience that for the certain
prompt and convenient payment Of the public Creditors
al all times and places throughout extended territory
and the supply OF the mint and branch minis for cunaye
sum OF four millions OF dollars, especially during 4 state
OF must remain hand in the treasury which womb
again raise the sum To be PrOyi5ed for before the 3Oh Of
June, lS41, to Sl9 620,463.
IL Is believed however, that equal to S5534O57
OF additional revenue be produced by modification
OF the arf herein proposed namely: adopt as basis
the ball reducing the tariff reported the Committee of
Ways and Means to the House OF Representatives on the
18th OF April last together with the augmented and add
uonal duties now proposed and rated in schedule A.
This change OF the bill reported by committee omit
ing me iourth secuon, would make addition the re-
venue 10 be produced by that bill, OF S4U3I,057
After very careful examination Of the additional data
which has been IN my power obtain since the month
OF February last, II my conviction the bill Of the
committee Will produce net revenue Of least twenty
SIX millions OF dollars. II this be added the additional
duties proposed to levied in schedule A. the bill of the
committee with the notifications embraced in that sche-
DUE, would produce net revenue Of S30U3I 057 This
would make addition Of 0j7 to The revenue thai
would be produced under act Of the Both of AugBst
1912 IT, ihen deduct this 53iO5 from the deficit
aHtFVa aFfFuaf IH.HHU -.
400. ''
IT, 10 addition the modfcuons Of the tariff shove sug
gested, the warehousng system adopted as recon-
mended IN my annual report December la, II wsud
make addition the annual revenue from euston,s ~
one million OF dollars, which, deducted from the alb I've
deficit, would leave deficiency sr remaining m "a use
400. -0''O''-
1t IS that the introduction Of the wa,ebousipg ~
tenn might diminish tho revenue during portion Of the
inst year succeeding its adoption bl, that It would aed
one million OF dJas per 10 the permanent annual
revenue from customs u not doubled
II believed also that the reduction and graduation of
the Prce OF the pIbe lands IN favor Of settlers and cu
vatJ a. recommended in your message OF December asst
Noua make On hHnual addition OF half million Of dol
lars 10 the revenue drvsbe from The proceeds Of the es
Of the public ihads, by bringing market many mil on-
Of Of the public dOmain which are wholly
az the present minimum price estab shed by law Deduct
Ing this sum Of half million Of dollars from the deficit
ssi above mentioned, would leave still unprovided for the
sum Of Sl2 5e64OG, which be met By loans treasury
notes. direct taxation, or eGcises
In addiuon 10 the sr0ng objections which have been ur
ged against direct taxes and oEcses would be difficult To
putt operation such system IN oil States and Tern
tones 50 os TO reazs the required amount in cash before
the 3Oh Of June, lo47 system Of direct taxes and eT
cises, II - believed, would the sincon Of the
people, unless ~ the emergency Of war with some great
mahume NATION, cap sing oOT commerce great hazard
and greatly reducing the from dues on imports,
The only remaining for supplying this deficit
within the required porod by loans Or treasury notss
and would accordingly recommend, with a view 10 the
most vigorous prosecuting Of the existing war with Mo1c,
80 az TO BRING At 10 speedy and honorable termination
ha' contingent authority should be vested IN this depart
meat, with your sancon treasury notes. or effect
loan OF sum IN the aggregate exceeding the last
aforementioned deficit VI Sl2,j5G4OG.
think 1t would be advantageous 10 the govern
mcn That portion Of this money should be raised by ea
suy notes. and the remainder by loans limiting the nte
est IN both cases 10 exceeding six per cent per
annum, and orbdding the negotiation in either case be-
Io" me par value u the authority were limited
cover this doe and tho power given resort to loans or
treasury nJos, both, the emergency might teouis
the money might be raised much lower rate Of inter-
es than 1t the department confined either To loans
Alone u 10 treasury notes The experience Of the gov
efnmeht las demonstrated hat there periods when
0sns are most Available add tho there are occasions when
treasury notes are much better adapted m, 81 s emsr
gencyi and the power select both or either from time
- ums' would render the negotiation certain, end
p'ynOy save very large amount Of interest 10 the gov
eminent II the should be speedily terminated IL il
possible that loans Or treasury notes might NOT
b required, or %, for uncomfortable amonnt The
same power hsti- now gwen BY law to redeem the osn
even before Do maturity whenever tho funds II the GOV
eminent will permit % Iiquidafe any public debt o
spce1iy potsbs should be continued as also the sp
tnofy of he reissue of the treasury notes a. heretofore
provided BY law, ts well os for berscopt 10 revenue pay
monu.
The additional duties designated in schedule A. arc re-
e'nmen1cd a. war measure and 20 forminso with the
ie9a'n Of peace, thereafter a. Tho state Of
ne public finances will ptrmn their discontinuaneo.
have the honor to BE-, ss,
Moaf fssr..rff,ffy