Baltimore commercial journal, and Lyford's price-current. [volume] (Baltimore, Md) 1840-1849, 1847-12-11
xxxrn CONGRESS OF THE U. STATES.

fHa SeSSlOn.-MondayI last was the Institutional
day for the meeting of Congress- and at noon the House
OF Representatives organized and elected the Hon.
RoBERT c. WISIHRoP, of Massachusetts, Speaker.
The next day, soon both the Senate and House
had convened, and the usual prelimnarics set
tied, by the appointment of Committees, &C., the
President sent in his Message The document is very
long, and much of it the subject of the war with
Mexico; but that portion of it which relates to the
fiscal of our country, &C.. we substantially
subjoin:
A detailed statement of the condition of the fnan-
ccs will be presented in the annual report of the
Secretary OF the Treasury. The imports for the last
fiscal year, ending the Both of June lS47, were
of the value OF Sl46,545 ,635, of which the amount
exported SS,0ll ,15s, leaving s. l3S 534 $50 in
the country for domestic use. The value of the cx-
ports for the same period was S l5S ,645 622; of
which j. l5O,637 ,l6i consisted of domestic produc-
tons, and Ss,Oll ,l5S of foreign articles.
The receipts into the treasury for the same period
amounted 10 $2G,3I6, 19037, Of which there was de-
rived from customs S23, 747 ,S64 GO; from sales of
public lands 81 ,i9S ,335.2O and from incidental and
miscellaneous Sources 100, 510.5l The last fiscal
year during which this amount was received embra-
ccd five months under the operation OF the tariff act
OF lS42, and seven months during which the tariff
act OF 1916 was in force. During the five months
under the act of 1872, the received from Gus
toms was > 42,3JO9O, and during the seven months
]
| s l5, 905, 557.76.
The nett revenue from customs during the year
ending on the first OF December, 1916, being the last
year under the operation of the tariff act of 1872
was S22,9Il ,lO3lO; and the nett revenue from Gus
toms during the year ending the first OF Deem
Der, ol, being the first year under the operation OF
the tariff act OF 1916, about 81 800 000 being an
increase OF revenue for the first year under the tariff
act OF 1916 OF more than IS, 900 over that OF
| the last year under the tariff of 1912.
The expenditures during the fiscal year ending on
the 10Th OF June last, were 500 45l 65; of which
| S3522 o231 was on account of payment Of prnci-
pal and interest of the public debt including treasury
notes redeemed and not funded. The expenditures,
exclusive OF payment OF public debt, $50 929,
| 0952S.
1t is estimated that the receipts into the treasury
Tor the fiscal year ending on the goth of June, 1915
including the balance i'll the treasury on the LIST of
July last, will amount to 42 ,SS6, 5l5 ST; of which
$3l 100000, it is estimated, will be derived from
customs; 200 from the sale Of the public ands
/ S4OO,OOO from incidental sources; including sales
made by the Solicitor Of the Treasury: and SO 80
294 90 from loans already authorized by law which,
together with the balance in the treasury the lst
OF July last, make the estimated
! Ths expenditures for the same period, if peace
with Mexico shall not be concluded and the army
shall be increased is proposed, will amount in
GLIDING the necessary payments of princi-
pal and interest of the public debt and treasury notes.
| to s IS, 6l5, O6007.
On the first of the present month"; the amount of
the public debt actually incurred, including treasury
notes, was S45, 1853 ,659.4O. The public debt due on
the 4th Of March, 1915 including treasury notes was
$Iiio9, 9J'02; and consequently the addition made
to the public debt since that time is 21 SIC, S59 IS
Ot the loan OF twenty three millions, authorized
by the act OF the twenty eighth of January S1 the
sum OF five millions was pad out TO the public cred
tors, or exchanged at par for spccc the remaining
eighteen millions offered for specie to the high
est bidder not below par, by advertisement issued
! by the Secretary of the Treasury, and published
from the ninth of February until the tenth of April,
| lSI7, when it was awarded TO the several highest
bidders, at premiums varying from eigth of one
per cent. to two per cent above par. The premium
has been paid into the treasury, and the award
cd deposited In specie in the treasury fast il
was required by the wants of the government.
To meet the expenditures for the remainder Of the
present and for the next fiscal year, ending on the
Both of June, 1919, further loan in aid of the ord-
nary revenues OF the government will be necessary.
Retaining sufficient surplus i'll the treasury the
loan required for the remainder of the present fiscal
| year will be about eighteen millions five hundred
! thousand dollars. If the duty on tea and coffee be
imposed and the graduation of the price of the public
lands shall BE- made at an early period of yonr
sion, as recommended, the loan for the present fiscal
year may be reduced to seventeen millions of dol
lars. The loan may be further reduced by whatever
| amount OF expenditures be saved by military
contributions collected in Mexico. The most vgor-
Gus measures for the augmentation of these contrbu
| tons have been directed, and very considerable
sum is expected from that Its amount can
not, however, be calculated with any certainty. 1t
! lllal the loan TO DC made be author
lZcd upon the same terms, and for the same time,
that which was authorized under the provisions of
| the act of the 2sth of January, 1871.
| Should the with Mexico be continued until the
Both OF june lo49 it is estimated that further loan
of twenty millions five hundred thousand dollars will
be required for the fiscal year ending that day,
in duty be imposed on tea and coffee, and the
public lands be not reduced and graduated in price,
and military contributions shall be collected in
! Mexico. If the duty on tea and coffee be imposed
and the lands be reduced and graduated in price,
proposed, the loan may be reduced TO mil
lions of dollars and will be subject be still further
reduced by the amount of the military contributions
which may be collected in Mexico. 1t is not pro-
posed however, at present, TO ask Congress for au-
thorty negotiate this loan for the fiscal year,
il is hoped that the loan asked for the remainder
of the present fiscal year, aided by military conri
buttons which may be collected in Mexico, may be
sufficient. II, contrary my expectation, there should
be necessity for it, the fact will be communicated
TO Congress in time for their action during the pre-
sent session. In no event will sum exceeding six
millions of dollars of this amount be needed before
the meeting OF the session of Congress in December,
lSlS.
The act ofthe thrticth of July, 1916 reducing the
duties on Imports, has been in force since the first of
December last; and am gratiticd 10 state, that all
the beneficial effects which anticipated from its
operation have been fully realized. The public re-
venue derived from customs during the year ending
the first of December, 1917, exceeds by than
eight millions OF dollars the amount received in the
preceding year under the operation of the act of 1872
which superseded and repealed by it, Its effects
are visible in the great and almost uuexampled pros
pcrity which prevails in every branch of business.
While the repeal Of the prohbitory and restrictive
duties of the Of 1872 and the substitution in their
place of reasonable revenue rates levied on articles
imported according to their actual value, has incrcas
| ed the revenue and augmented our foreign trade all
the great interests of the country have been adva
and promoted.
The great an important interests of agriculture,
which had been not only too much neglected, but
ualy taxed under the protective policy for the bcnc
fit of other interests, have been relieved of the bur-
dcns which that policy imposed them; and our
farmers and planters, under more just and liberal
commercial policy, are finding and profitable
markets abroad for their augmented products.
Our commerce is rapidly Increasing, and is extend
ing more widely the circle of international exchanges.
Great as has been the increase of imports dnring