New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-12-08

y
highly gratifying 10 Observe that our ar,
also In prosp.fous condition. None OF rulnous If
fects upon THIS Interest which we.e spprehended By
some a. the resnt Of the operation Of the
tenn established ~ the &C, Of 1896 have been expert
enceo Oatne contrary. tne Number of manufactures
ana lne amount Of oapiis Invested IN them IL steadily
sna IsploD nereshrg .iyroDg gratifying proofs thai
American enterprise and ski employed In this branch
OF domestic incusuy. with other advantages .hsn
nose fairy aud Incidentally sccrups from just system
' revenue doils are abundan,y able to meet success
to.y al competition from abroad and si derive felt
and remun.rs,irg profits.
Whls capital invested In nsuussctures IL yielding
adj qusie ard fair profits under the new system the
ga 81 labor whether employed IN mhnusctures asr
culture commerce. Or navigation. have been augmented
The toi.pg millions. whose daily labor furnishes the
supply Of food and raimont aud all the necesssres and
comforts n lis receiving higher wsaes and more
steady aud permanent employment than In any 9th.
country, or At any previous period Of his
tory
80 succe"fs hsve been ell our branches Of industry
Inst foreign war which generally ominishes the r..
sources Of nation, has Ia essential degrees ratard.
ed our onward progress or checked general pros
psfity.
Win such gratifying evidences of prosperity and of
me successful operation Of the act Of 1916 eve.
~ CONFEDERATION OF public policy recommends tbs, II
shall remain unchanged L Ia hoped that The SYSTEM Of
mpost duties which It established msy DO regarded ss
tho permanent policy Of the country and that the CREST
interests effected by il may not again be subject 10 De-
nJuriousy disturbed they have heretofore been By
frequent and sometimes sudden changes
For the purpose OF increasing the revenue. and with
out changing or modifying the imposed by ths act
Of l-f6 on The du.able articles embraced by is prOv
sions again recommend 10 your favorable CONSIDERS
non The expedency OF evyipg revenue duty tea and
conee Tbs policy which exempted these articles from
duty during peace and when the revenue be derived
from them was Dot needed ceases TO exis, when the
country Is engaged In war and requires the of all
its available resources. is tax which would be
generally d1used among the people, that II would be
iet oppressvey By none, and be complained Of by
Il Is believed ths there not 10 the list Of OPDfsf
srressssi a. an, Ka6d e5ifSe-
Ills estimated that three millions of dollars would be
derived annually by moderate duty imposed on these
articles.
Should Congress avail itself Of this additional source
of revenue. not Ouy would the amount OF tee public
loan rendered sssry BY the war win Mexico be
diminished that extent but the public credit and the
public confidence Ia the ability snd determination oil the
government 70 meet all is engagements promptly
would DO more firmly established and the reduced
amount OF the loan which IL may b. necessary 10 negO
tate could probably be obtained at cheaper rsts
Congress lie, therefore, called upon 10 determine
whether IL Il wiser 10 impose the war duties recon-
mended or, by emitting 70 do so, increases me puohc
debt annually three millions OF dollars so long A. loans
shall b. required 10 prosecuts the war, and serwsd
provide ia other form 10 pay the semisnnus To-
erest upon IT, and ultimately to extipggish the prnc
pal II, 10 addition 10 these duties, Congress snould
graduate and reduce the price Of such Of he pubic
lands az expernce has proved will not conmA nd the
price placed upon them by the government en- addition
81 annual income to the treasury of between hall mil
lion and million OF doiaIs II Is estimated, would be
derived from ths source. Should both measures re-
cege the sanction of Congress, the annual amount OF
public deUt necessary 20 be contracted during the con
truance Of the war would be reduced near TOUR hlE
lions of dollars
The duties recommended 10 be levied on tea ard eof
fee II is proposed shall be limited In their duration 70
tho end Of the war and until the public debt rendered
necessary be contracted by II thall b. discharged
The of the public debt 20 be contracted should
be limited 10 the lowest practicable snm and should De
sxnguished early after the conclusion oil the war Is
the Inesns OF the treasury will permit
With this view Is recommended that NJ soon IS Inc
war shall be over all the surplus in the treasury. not
needed for other Indispensable objects shall constitute
sinking fund and be applied 10 the purchase OF me
funded debt and that authority be conferred by law for
that purpose.
The &C, of the sixth of August 1876 ito establish 4
warehousing system has been ia operation more haH
year and has proved TO be nm important auxiliary 10
rs tariff act OF 1876 10 sugmen,ing the revenue and
extsndiug tho Of the country Whilst Il hAs
teoded enlarge cOmmercs, II has been bench isl 70
manufactures. by diminishing forced sales Al auc
ou Of foreign goods At low prices to raise the duties 10
b. advanced on them, sud by checking fluctuations IN
the market Tbe system. although sanctioned by Tue
experiences OF other Countries was entirely new IN ne
United States. and 10 susceptible OF Improvement In
some Of lite provisions The Secretary OF the Treasury
upon whom devoyed large discretionary power. IN
carving this into effect hse collected and Is
now cOatDg the practical results oil me system IN ON
or countries where II has long been established ard
will repor, early period OF your session such FAR
Their regulations suggested by the ioyesgsoh as nay
render IL still more effective and beneficial
By the act to provide for the better ORGANIZATION OF
the Treasury and for the collection safe keeping and
disbursement Of tho public revenue all banks were
discontinued as fiscal agents OF the Government, and
the paper currency Issued By them was no longer per
mtied 10 be received 10 payment of public dues
Tho Constitutional Treasury created by this act wen,
into operation the lst Of January last Under the
system established by H. the public moneys nave bsen
collected safely kept and dsbursed by the direct agency
of officers of the Government In gold and tlver sno
transfers of large amounts have been made from points
of collections to points OF disbursement without loss 70
the Treasury Injury Inconvenience to tbs trade OF
! tho country.
While the fiscal operations of the governmen, have
been conducted with regularity ana ease under THIS sys
tenn IL has hsd sslutary effect n checking and pre-
venting an undue nAson of the paper currency Issued
| by tho banks which exist under State Charters he
auirDg II does all dues TO the governmen 70 De paa
In gold and silver its effect Is TO restrain excessive issue
of hank pap by the banks dispropOroned TO the spe
Gle In their vaults for the reason that they are at al
times liable to be called Gu By The holders OF tner hoe'
for their redemption, In order to OBTAIN specie Tor the
PAYMENT of duties and other public dues The BANKS
therefore must keep their business within prudent iim
it's and be always in condition TO meet such calls OF
ruu the hazard of being compelled to suspend specie
| payments and DO thereby oiscredted.
The amount of specie imported into the United State,
during the last hscsl year twentyt four million on,
| hundred and twenty one thousand two hundred sne
eighty nine dollars OF which there was detained IN int
country twenty-five million two hundred and seventy
six thousand one hundred and seventy dollars. HaC
tho former financial system prevailed, snd me puol'
moneys been placed on deposite Ia banks nearly The
whole of this smount would have gone into their vaults
NOT 10 be thrown into circulation by them but 10 0'
withheld from the hands OF the people ss currency
and made the basis of sDd enormous Issues Oi osu'
paper A large proportion OF the specie Imported hal
been paid into the treasury for public dues and site
having BEEN to great extent rsconed al the mat ma
been paid out the public creditors and gone into cir
( culsuou as a currency among the people. The amour
of cold aud silver coin Ia circulation 10 the coun
| try is larger than at any former period.
The I'm sncsl system established by the CONSTITUTIONS
treasury has been thus far emnen,y successful In IL
operations and recommend adherence 10 all It's es
genital provisions and especially to that vital provision
which wholly separates the government from All con
nsciiou sfth banks aud excludes bank paper from al
evepue receipts.
Ia some Of its detss not Involving ne general prn
cples the systom Is detective and will require moo
! nestion Theses defects aud such smendmenis IS ar
deemed important were forth in the LAST snpus r.
port of the Secretary Of the Treasury These amend
nenis are aean recommended TO the early and is'ors
! BILE consideration Of Congress.
During the past year the coinage st the mint and "
branches has exec eded twenty millions oil dollars I'M
mas ssted chiefly In converting the coins OF foreis
! countries into American coin
The largest amount OF foreign coin imported has bee
received Al New York and II branch mint was estA1
Nshcd Al tina, city, all the oreign coin received az ms
oort could Al once bs converted into own CON- VIII
out the expeuse risk and delay Of Transporting II 10 N
mini Tor that purpose and the amour, recoined "oa