Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1847-12-10

tariff act Of 1886 WIS in force. During The Hv,
months under the act Of lef2, the amount received
from customs was seven million eight hundred and
forty-two thousand three hundred and six doiiar.
and ninety cents, and during the seven months M
der the act Of 1916 the amount received was fftcei
million nine hundred and Ave thousand Ave hun
dred and hfty-scven dollars md seventy-six cents.
ihe net revenue from customs during the year
ending on the first Of December, 1876, being the last
year under the operation Of the tariff act Of lS42
was twenty-five million nine hundred and seventy.
one Thousand -four hundred and three dollars and
zen cents and the net revenue from customs during
ihe year ending on the first of December, lS4T, be-
ing the first year under the operation Of the tariff
act OF 1896, was about t~hirty-one million FIVE
hundred thousand dollars being an increase OF rev.
enue for the first year under the tariff act Of ls4e,
OF more than eight million five hundred thousand
dollars over that of Inc last wear under The tnritf ~
ls42
The expenditures during the fiscal year ending
on the thirtieth Of june last, wore ffty-nine million
four hundred and ffty-onc thousand one hundred
and scventy-seyen dollars and s~ixty.fvc cents; Of
wwnicn Three million five hundred and twenty-five
thousand and eighty-two dollars and thirty-scven
cents was en- account Of payment Of principal and
interest OF the public debt, including treasury notes
redeemed and not funded. The expenditures, ex-
elusive OF payment Of public debt, were fny-fvc
million nine hundred aud twenty-nine thousand and
ninety-fve dollars and twenty-cight cents.
IL Is estimated that the receipts into The treasury
Tor the fiscal year ending on the thirtieth Of June.
Is4s, including the balance in tho treasury on the
first OF July last, will amount to ~forty-two million
eight hundred and e~ighty-six thousand five hundred
and forty-hye dollars and eighty cents, Of which
thlrty-one million, II Is estimated, will be derived
Irom customs; three million Eve hundred thousand
from the sale Of the public lands four hundred
Thousand nom incidental sources, including sales
made by the Solicitor Of the Treasury and IN
million two hundred and eighty-fye thousand two
hundred and ninety-four dollars and fity-fve cents
ron loans already authorized by law, which, To-
sstner with the balance In the treasury en- the first
Oh Jaiy last, make the sum estimated.
The expenditures for the same period, II peace
with Mexico shall not be concluded, and the army
snail DO increased as Is proposed, will amount, In
eiuding the necessary payments on account OF prin-
cipal and interest Of the public debt and treasury
notes, TO fty-eight million six hundred and fifteen
cents. NV
On The first of the present month. the amount Of
the public debt actually incurred, including treasury
notes, was ~forty-fve million six hundred and ffy-
nine dollars and forty cents. =
The public debt due on the 4thMarch, Ie45, in
GLIDING treasury notes, was seventeen million seven
hundred and Lightweight thousand seven hundred
and ninety.nine dollars and sixty-two cents; and
consequently the addition made 10 the public debt
since that time is twenty-seyen million eight hun
drcd and seventy thousand eight hundred and fifty
nine dollars and seyenty-eight cents.
VI the loan of twenty-fhreem million, authorized by
the act OF the 2sth Of January, 1876, the sum Of five
million was paid out to the public creditors. or ex-
changed at par for specie the remaidlng eighteen
million was offered for specie to the highest bidder
not below par, by an advertisement issued by the
Secretary Of the Treasury, and Published from the
yeh OF February until the 10th OF April, lS47, when
1t was awarded to the several highest 1fdderF. ut
premiums varying from onc-cightk Of one per cent
to two per cent. above par. The prcmium has been
paid into the treasury, and the sums awarded dspos-
tied in specie in the treasury as fast as Il was re-
quircd by the wants OF the Government.
10 meet the expenditures for the remainder Of
the present and for the next fiscal year, ending on
the thirtiefh OF June, is4s, a further loan, in aid Of.
1ne ordinary revenues Of the government, win be
treasury, the loan required for the remainder Of the
present fiscal year will be about eighteen million
hse hundred Thousand dollars. II the duty on Tea
ana coffee be imposed, and the graduation Of the
price or the public lands shall be made At an early
PERIOD OF your session, as recommended, the loan for
the present fiscal year may be reduced 10 seventeen
millions Of dollars. The loan may be further re-
duced BY whatever amount OF expenditures can be
saved by military contributions collected ia Mexico.
The most vigorous measures for the augmentation
Of these contributions have been directed, and a
very considerable sum is expected from that source.
Its amount cannot, however, be calculated with any
certainty. ]. Is recommended that the loan to he
made be authorized upon the same terms, and for
the same time, as that which was authorized under
the provisions Of the act Of the twenty-eighth Of
January, ls47.
Should the war with Mexico be continued until
the thirtieth of june, ls49, it is estimated that a
further loan of twenty million five hundred thousand
dollars 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 gra.
duated in price, and no military contributions shall
be collected in Mexico. II the duty on tea and
coffee be imposed, and the lands BE- reduced and
graduated inpriee, as proposed, the loan may DC re-
duced to seventeen millions Of dollars, and viii be
subject to be still further reduced by the amount of
the military contributions which may be collected
in Mexico Ii is not proposed, however, at present,
to ask Congress for authority TO negotiate this loan
for the next fiscal year, as it is hoped that the loan
asked for the remainder Of the present fiscal year.
aided by military contributions which may be col
lected in Mexico, may be sufficient. IT. contrary to
my expectation, 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 a sum exceeding six million ofdollars Of
this amount be needed before the meeting Of the
session Of Congress In December, ls4s.
The act Of the thirtieth OF July, 1o46, Producing
the duties on imports" has been In force since the
FIRST Of December last and ! am gratilicd 10 state
that all the beneficial effects which were anticipat-
ed from It's operations have been fully realized
The public revenue derived from customs during
the year ending on the first Of December, i547, ex-
ceeds by more than eight millions Of dollars the
amount received in the preceding year under the
operation Of the act of is43, which was supersed-
ed and repealed by il. Its effects are visible in
the great and almost unexampled prosperity which
prevails in every branch Of business.
While the repeal Of the prohibitory and restric-
tive duties Of the act Of 1912, and the substitution
in their place Of reasonable revenue rates levied on
articles imported according TO their actual value,
has increased the revenue and augmented our for.
eign trade, all the great interests Of the county
have been advanced and promoted. ~
The great and important interests Of agriculture
which had been not only too much neglected but
actually taxed under the protective policy for the