The Democratic pioneer. [volume] (Upper Sandusky, Ohio) 1845-1853, 1847-12-24


orexchauged a par for speci,. The re
naming 81, 1000 900 was offered for spe-
Gle to the highest bidder, not below par,
~ an advet lsement issued BY the Secre
tary ofthe Treasury, and published from
4 the 9th Of February TO the l0,h Of April
lS47, when il was awarded to the several
4 highest bidders, at premium ranging
from one eighth Of one per cent, TO two
per cent, above par. The premium has
been psid into the treasury, and the sums
awarded, deposited 10 specie 10 the trea-
sury, as fast as it was needed by the a mis-
of the government.
To meet the expenditures for the re-
mainder Of the present, and for the next
fiscal year, ending on the 30th of June
lS49, further loan, in aid of the ord ina
ry revenue, will be necessary. Retaining
a sufficient surplus in the treasury, the
present fiscal year will be above $lS 500,.
600. IL the duty on tea and coffee be i'm
posed, and the graduation of the public
lands shall be made at an early period Of
your session. as recommended, the loan
for the fiscal year may be reduced to Sl7,-
000,0 900. This may be further reduced
saved BY the military contributions col
lected in Mexico. The most vigorous
measures for the augmentation of these
contributions have been dlrected: aud
very considerable sum is expected from
that source. It's amount cannot, bow ever,
be calculated with any certainty. 1t is
recommended that the loans TO be made
be authorized upon the same terms, which
was authorized under the provisions of the
act Of the 2Sth Of January, 1S47.
| Should the war with Mexico be continued
till the 30th of June, l849 it is estimated that
further loan Of $40, 100000 will be required,
for the fiscal year ending on that day, in case
no duty be imposed on tea and coffee, and the
public lands be not reduced and graduated
in prlce, and no military contributions shall
be collected in Mexico. If the duty on tea
and coffee be imposed, and the lands reduced
and graduated, in price, as proposed, the loan
may be reduced to $l7,000,000; and will be
subject 10 be still further reduced by the
amount of the military contributions which
may be collected in Mexico. 1t is not pro-
posed, however, to ask Congress for authority
to negotiate the loans for the next fiscal year;
as it is hoped that the loans, asked for the
remainder of the present fiscal years, aided
by military contributions, which may be col
lected in Mexico, may be sufficient. If, con-
trary to my expectations, there shall be ne
cessity for it, the fact will be communicated
to Congress in time, for their action, during
their present session. In no event will sum
exceeding $60,0O0,Oo0 of this amount be
needed before the meeting of the session Of
Congress Of 1s4S.
The act of July 1876, reducing the duties
on imports, has been in force since the first of
December last; and am gratiied to state
that all the beneficial effects which were an
ticipated from its operations have been fully
'cuiHous l. He puoIlc IePcHuc ueElVeu lluui
customs during the year ending lst of De-
cember l847, exceeds by more than $s000,-
030, the amount received in the preceding
year, under the act of l842, and which was
superseded dy it. It's effects are visible in
the great and almost unexampled prosperity
which prevails in almost every branch ofbus-
iness.
While the repeal of the prohibitory and re-
strctive duties Of the act of l8l2, and the
substitution, in their place, of reasonable rev.
enue rates, levied on articles imported, ac-
oording to their actual value, has increased
the revenue, and augmented our foreign trade,
all the great interests of the country have
been advanced and promoted.
The great and important interests of agri-
culture, which had been not only too much
neglected, but actually taxed under the pro-
tective policy for the benefit Of other inter-
ests, have been relieved of the burdens which
that policy imposed on them; and our farmers
and planters, under more just and liberal
commercial policy, are finding new and profit
able markets aboard for their augmented pro-
ducts.
Our commerce is rapidly increasing, and is
extending more widely the circle of inerna-
tional exchanges. Great as has been the in
crease of our imports during the past year, our
exports of domestic products sold IN foreign
markets have been still greater.
Our navigation interest is eminently pros
porous. The number Of vessels built in the
United States has been greater than during
any preceding period of equal length. Large
profits have been derived by those who have
constructed as well as by those who have nav
igated them. Should the ratio of increase in
the number Of our merchant vessels be pro-
gressive, and be as great for the future as dur
ing the past year, the time is not distant when
our tonnage and commercial marine will be
larger than that of any other nation in the