Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1846-12-15
Total estimated expenditure, s45. 49, 1874 5

This sum is composed OF the following Pos,'-
Collars:
Civil list, foreign intercourse, and :,
miscellaneous, b.U9i o3J ou
Army proper, b,5ao2an3 - -
Volunteers l7932,33l 90
m;I;,, &c 1872 1G5 90
Pensions, 2,lUI o5U w
Indian department, ,2ah9l5 w
Naval establishment. 9,004727 "a
Interest on public debt, l,40o344 u
.l5, 7sl, 1874 81
Deduct total means for lheseryce
OF the fiscal year ending June -
So l5iS 27,2o,9o7 ~
Excess of expenditures over
means Isl July, 1913, -SlS,560,o2o %
The sum oil 1854 900 for supplying deficiency In re-
venue from postagss, Tor postaees o. congress
sumed by the United States for the cities Of the District
Of Columbia, incnded in the above sum-
This excess is based on Inc assumption that The
whole amount o, i've millions is Outstanding oil
treasury note. authorized by the &C: Of the 22i
July, 1916, under a renewed authority now re-
oussted to be conferred by Congress 10 Issue the
same; but as the whole amount cannot be out
standing al the same time, on account OF The mum.
Der OF notes cancelled before new note is issued,
the excess of expenditures over means on the Isl
OF July, 1913, should be estimated al nineteen
millions Of dollars; which will cover all e1pendi-
lures, including that Of The war; il continued up 10
that daie.
| II is important al all times as shown by uni
form experience, but especially in a period OF
war, 10 keep balance oi al least four millions
of dollars in The treasury in order 10 supply the
mint and branch minis with bullion FOR coinage,
and foreign coin Tor re-coinage as also 10 be en-
ab!ed a, all times 10 pay the public creditors al
every point both in and out oil The country. with
punc;uai,y and despatch. Although, then, the
actual deficit on The 30lh Of June, 1913, nigh.
not exceed nineteen millions OF dollars, The me-
cessity OF having surplus OF lour millions 10 The
treasury at all times requires that loan OF twen-
ty-three millions should be authorized, unless ad-
ditiona revenue is raised by some new provision
of law. As one OF The means OF augmcnling the
revenue, il i, proposed that Congress shall aulho-
rize duty II twenty-five per cent. on lea and
coffee, which i, is estimated would reduce the
loan required 10 nineteen millions Of dollars.
Annexed (marked O is a table .. imports Q.
tea. and also 81 coffee, tom 1921 10 1916. IL
will be perceived that The imports OF lea being
Is 50 ,020 pounds consumed in the United States
Tor The last fiscal year, amounted 10 lie value Of
IS 9S3, 337; and OF coffee. being i21 a3G 03i
puGnl>, Ul the value vi J ,OVIioJti iudhiIg dill
aggregate uf Sll, $50 23l "a duty Of twenty-five
per cent on which would yield an annual Teve
nue. OF s., 94G557 rs. Alter making full al
l,u, moo inr dec col consu p.n account of
the duties, the additional annual revenue from
This source might be safely estimated al g. $780,
600.
This duy, however, would be rendered nusa-
tory in part, Tor several years, unless il were i'm
pos i during very early period OF The session.
srto nffs limo mt LAT i
bic, than The Isl OF January next. Between that
date and some time early in the spring. large i'm
pcrIa;ons OF lea, and, IL some extent, OF coffee
are brought into The country. and ought 10 be sub
jected 10 the duty, in order that revenue should
be raised from such imports. Ii This Is otdoDe,
and the duty is 10 go into operation al much Ia
ter period, the tax will operate as an enhanced
price 10 The consumer without producing cor
respondent revenue.
The stock now on hand, and that would be i'm
ported Overwhelmingly, Of coffee from Cuba
and ST. Domingo, and some other ports; and oil
tea, in par from the bonded warehouses Of Eu.
representing in tree OF duiy, in anticipation OF
the law, would contribute nothing 10 The revenue
Ut The country; whilst the price OF the stock on
hand here, as well as that thus brought in free OF
duty, would be augmented nearly in the same
proportion As il the duty had actually gone al
once into effect. A delay, then, in imposing this
duty on lea and coffee whilst il would lax The
consumer Tor several years nearly as much as il
the duty were imposed al once, would, during
tina, whole period, bring very lille revenue into
the treasury. Such delay, then, would only en-
able lew individuals 10 amass large fortunes al
The expense Of the people. Such has been the
almost uniform effec, of heSPostponement oil
the operation OF laws imposing new or addition
al dnties-ot which the examples are numerous
under the tariff OF 1872 as also preceding laws.
The reduction Of The loan from lwenly-lhree to
nineteen millions, together with the imposition Of
this duty on lea and coffee towards meeting The
payment, will, il is conceived, make difference
in the terms on which the loan can be effected,
which in the period OF twenty years. would save
a large amount Of the tax 10 the people o the U.
States; whereas, if no such duty is imposed and
as consequence, loan for sum 50 large as
twenly-ihree millions without this additional re-
venue must be made during period Of war, un-
certain in lis duration, and attended with heavy
expenditures judging Of The future by the past
the government may be subjected 10 serious
loss in negotiating The loan, or involved in EN-
barrassments alike injurious 10 The credit and
honor ofthe country.
In negotiating for so large sum as nineteen
or twenty three millions in time Of war with
heavy expenditures, uncertain in their duration,
all experience al hom&R nd abroad proves that
10 the treasury compared with enc OF shorter
date; and il is believed that in this case, the loan
should he for period oilwenty years, reservins
The power conferred by existing laws TO purchase
the stock at the market price al any prior dale
when our means may permit, So that The debt
may be exlinsuished as soon as possible, and
long before its maturity, it practicable. In this
way, under ordinary circumstances, the advana
ses OF long and short loan ara to some extent
combined. The first half OF the loan should, il is
thought, be negotiated early in The spring, pay
menls being required only as the money may be
needed and The remainder, if wanted, should be
negotiated some time during The succeeding sum-
mer or fall, payments only 10 be made, also, in
thi, case as the money may be required, SO tina,
no larger sum may be borrowed in any event,
than may be demanded by The wants Of The Go
vernment
In compliance with The pToviso OF The first sec
iion oil the &C; Of The 10Th ot August last, a ull
Statement, is herewith communicated (marked
D) Of all treasury notes paid under the provisions
OF that ACT, amounting, on the first o! This month,
to STAG 81.
Table E, hereto annexed shows the payments
made since the 4th Of March, 1915, OF The princi-
pal and interest Of The public deb, up 10 The first
OF the present month. The amount Of principal
thus paid was 5l,6s0,G05 OF, and Of interest 81
523 0i2 62-making an aggregate oil public debt
paid since The Alb OF March. l645, Of S320S, CAT
81; OF which Except The sum Of S5l3,600) The
whole amount consisted of debi, or interest upon
debt, incurred before the 4ih March, lSi5.
Statement F, hereto annexed, shows the amount
of treasury notes issued under The provisions OF
the &C, Of The 22i July last, being total of So
S53 100; of which The amount of 81 ,766, $50 bore
an interest Of on mill per cent. on evsTy hun
dred dollars and 81, 05G $50 an interest Of five
and two-ht;hs per cent per annum.
In the same statement will be iouni the amount
paid into The treasury on account OF the FIVE mil
lion loan, which, in pursuance of the public no.
lice hereto annexed, (marked F F. was negoti-
a,ed at six pei cent. interest, under the att OF the
22d July last either a. par, or (as was the case Tor