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

S'o"'N'''
day for the meeting of Congress- and the House
OF Representatives organized, and elected the Hon.
RoRERT c. WINTHROP, of Massachusetts,, Speaker.
The next day, as both the Senate and House
had convened and the usual prelminarics were 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 concerns of country, &C., substantially
subjoin:
detailed statement of the condition of the fnan-
ces VIII be presented in the annual report of the
Secretary the Treasury The imports for the last
fiscal year, ending the Both of June, 1884, were
of the value OF ,545, 635, of which the amount
exported was $S,0ll ,l5S, leaving s. 1873 534 $50 in
the country for domestic The value of the cx-
ports for the same period S 81, 64S, 622; of
which s $50 637 ,464 consisted of domestic produc-
tons, and SS0ll ,l5S of foreign articles.
The receipts into the treasury for the same period
amounted to $40, 3l6, 1907, of which there was de-
rived from customs S23 141 S6i &c; from sales of
public lands, 81 1920; and from incidental and
mlsce llaneous sources, OO,510.5l The last fiscal
year during which this amount was received embra-
ced hive 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 1912 ,3OG9O and during the seven months
under the act of 1916 the amount received was
s IL, 9O5, 55776.
The nett revenue from customs during the year
ending on the first OF December, lS46, being the last
year under the operation Of the tariff act of 1872
was 297l ,403l 10; and the nett revenue from Gus
toms during the year ending on the first of Decem-
Der, o47 being the first year under the operation of
the tariff act OF 1916, about 81 500 0O0 being an
increase of revenue for the first year under the tariff
act of 1916, of more than SIS, 500 900 over that of
the last year under the tariff of 1912.
The expenditures during the fiscal year ending on
the 3Oth OF June last, were 59 ,45l III 65 of which
3,522, Oo2.37 was on account of payment of princ-
pal and interest of the public debt including treasury
notes redeemed and not funded. The expenditures
exclusive Of payment OF public debt were s 30, $685.,
095.2S.
1t is estimated that the receipts into the treasury
for the fiscal year ending the 30th of June lSI5
including the balance in the treasury on the LIST of
July last, will amount to $40, $50, 545.SU of which
$3 100000, it is estimated, will be derived from
customs 800 900 from the sale of the public lands;
8 100000 from incidental sources; including sales
made by the Solicitor of the Treasury; and SO 2S5-
100 from loans already authorized by law, which,
together with the balance in the treasury on the lt
OF July last, make the sum estimated.
The 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 account of princ-
pal and interest of the public debt and treasury notes
| to $ ,650 60.07.
On the first of the present month, the amount of
the public debt actually incurred including treasury
notes, S IL, 659, 659 40. The public debt due on
the 18th of March, 1915, including treasury notes. was
$l77SS, 90; and consequently the addition made
to the public debt since that time is 21 $40 S59 rs.
OF the loan of twenty three millions, authorized
by the act OF the twenty eighth of January lS4 the
sum OF five millions paid to the public credI-
tors, exchanged at par for specie 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
| lS11 when If awarded the several oh St
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
ed deposited in specie the treasury as fast as il
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, lS49 further loan in aid of the ord-
nary revenues of the government will be necessary.
Retaining sufficient surplus in 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 Your
sion, 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 can be saved by military
contributions collected in Mexico. The most vigor-
Gus measures for the augmentation of these conribu
tions have been directed aud very considerable
sum is expected from that source. Its amount can
not, however, be calculated with any certainty. 1t
is recommended that the loan be made be author
lied upon the same terms and for the same time, as
that which was authorized under the provisions OF
the act of the 2sth of January, 1871
Should the war with Mexico be continued until the
Both of June, 1919, it 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 10 seventeen mil
lions of dollars 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, at present, to ask Congress for
thority to negotiate this loan for the fiscal year
is hoped that the loan asked for the remainder
of the present fiscal year, aided by military contri-
buttons which may be collected in Mexico, may be
sufficient IT, contrary TO 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
| lS4S.
The act of the hrticth of July, 1885, producing the
duties imports, has been force since the first Of
December last; and am gratiicd TO state, that all
the beneficial effects which were anticipated from It's
operation have been fully realized The public re-
venue derived from customs during the year ending
the first of December, lSi7, exceeds by than
eight millions Of dollars the amount received in the
preceding year under the operation of the OF 1912
which was superseded and repealed by it, Its effects
visible in the great and almost uucxampled pros
pcrity which prcvai in every branch of business.
While the repeal Of the prohibory and restrictive
duties OF the of 1892 and the substitution in their
place of reasonable revenue rates levied articles
imported according TO their actual value, has increas
cd the revenue and augmented foreign trade all
the great interests of the country have been advanced
and promoted.
The great an important interests Of agriculture,
which had been not only too much neglected, but ac-
uay taxed under the protective policy for the benc-
fit of other interests, have been relieved of the bur-
dens which that policy imposed on 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 widely the circle of international exchanges