Ypsilanti sentinel. [volume] (Ypsilanti, Washtenaw Co., Mich.) 1843-1900, 1847-12-22


advertisement issued by the Secretary of the
Treasury, and published from the 9th of Febru
rry to the 10th of April, l847, when it was a.
warded to the several highest bidders, at premi-
ums varying from one eighth of one per cent
to two per cent above par. The premium has
been paid into the treasury and the sums awar-
ded deposited in specie In the treasury as fast as
1t was required by the wants of the Government
10 meet the expenditures for theremainder of
the present. and for the next fiscal year, ending
on the Both of June lS49, further loan, in aid
OF the ordinary revenue of the Cover nment will
De necessary. Retaining a sufficient surplus
In the treasury, the loan required for the renal
nder of the fiscal year will be about eighteen
million five hundred thousand dollars. If the
duty on tea and coffee be imposed, and the grad
uation of the price of public lands shall be made
at an early period of your session as recon.
mended, the loan for the present fiscal year may
be reduced to seventeen millions of dollars
The loan may be further reduced by whatever
aniountof expenditures can be saved by the mil
litary contributions collected in Mexico. The
most vigorous measures for the augmentation
OF these contributions have been directed, and
very considerable sum is expected from that
source. Its amount, however, cannot be calcu-
lated with any considerable certainty. tbs re-
commended that the loan to be made be author
lied on the same terms, and for the same time,
as that which wss authorized under the provis.
Ion of the act of the 2Sth of January lS47.
Should the war with Mexico be continued
until the thrtieth of June. 1S49, it is estimated
that further loan of twenty millions five humid
red thousand dollars will ne required for the fs-
cal 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 price, and no
military contributions shall be collected in Mex
leo. 1t the duty on tea and coffee be imposed
and the land be reduced, and graduated in price
as proposed, the loan may be reduced to seven
teen millions of dollars, s. will be subject to be
still further reduced by the amount of the mill.
/ ary contributions which may be collected in
Mexico. 1t is not proposed, however at pres
ent to ask Congress for any authority to negoti-
ate this loan for the next fiscal year, it is no.
ped that the loan asked Tor the remainder cfthe
present fiscal year, aided by military contribu.
tons which may be collected in Mexico, may
be sufficient. If, contrary to my expectations,
there should be a necessity for il, the fact will
be communicated to Congress in time for their
action during the present session. In no event
will sum exceeding six million of dollars be
needed before the mekting of the next session
of Congress in December 1913.
The Tariffs of ~ and '46,-Prosperisy of
.4gricultuse and Commerce, and Of course the
famine aud scarcitg) imputed to The latter
The act of the thirteenth of July 1916, ''redu
cling the duties on imposts,' has been in force
since the first of December last-and am graf
flied to state that all the beneficial effects that
were anticipated from its operations have been
| fully realized. The public revenue derived from
customs during the year ending on the first of
December, lS47, exceeds by more than eight
millions of dollars the amount received in the
preceding year under the operation of the act OF
1912, which was superseded and repealed by it.
Its effects are visible in the great, and almost
unexampled prosperity which prevails in almost
every branch of business. While the repeal of
prohibitory and restrictive duties of the act of
1912 and the substitution in their place of rea-
sonable revenue rates levied on articles import
ed according to their actual value, has increas-
ed 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 has been not only too much neg
lected, but actually taxed under the protective
policy, for the benefit of other interests, have
been relieved of the burdens which that policy
imposed OH them and our farmers and planters
under more just and liberal policy, are finding
ing new and profitable markets abroad for their
augmented products.
Our commerce is rapidly increasing, and is
extending more widely the circle of iDternati
onal exchanges. Great as has been the increase
of our imports during the past year, our exports
of domestic products sold in foreign markets,
have been still greater.
Our navigating interest is eminently prosper
Gus. The number of vessels built in the Unit'd
States has been greater than during any pre-
ceding period of equal length. Large profits
have been derived by those who have construct
ed, as well as by those who have navi ga ted
them. Should the ratio Of increase in the num-
Der of our merchant vessels be progre. slve, and
be as great for the future as during 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 world.
Whilst the interests of agriculture, OF COM
merce and of navigation have been enlarged and
invgorated, it is highly gratifying to observe
that our manufactures are also in prosperous
condition. None of the ruinous effects upon
this interest, which were apprehent ed by some,
as the result of the operation ofthe revenue sys-
TEN established by the ect of 1916, have been
have been experienced. On the contrary, the
number OF manufactures, and the amount of
capital invested in them is steadily and rapidly
increasing, affordng gratifying proofs that A
merican enterprise and skill employed in this
branch of domestic industry, with no other ad-
vantages than those fairly and incidentally &C
cruing frem just system of revenue duties, arc
abundantly able to meet successfully, all compe-
ttion from abroad, and still derive fair and re-
munerating profits.
Whilst capital invested in manufactures is
yielding adequate and fair profits under the new
system, the wages of labor whether employed
in manufactures, agriculture, commerce or nav
igation, have been augmented. The toling
millions, whose daily labor furnishes the supply
of food and rament, and all the neccessaries
and comforts of life, are receiving higher wages
and more speedy and permanent employment,
than in any other country, or at any previous
period of our own history.
So successful have been all branches of our indus
try. that foreign war, which generally diminishes
the resources of nation, has in essential degree
retarded our onward progress, or checked our gen.