The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1847-12-18
PRESIDENTS MESSAGE.
(CoiIcluded.)


The most vigorous measures for the aug
mentation of those contributions have been
directed, and a very considerable sum is ex-
pected from this source. Its amount cannot,
however, be calculated with any certainty.-
1t is recommended that the loan TO be mnde
be authorized upon the same terms and for
the same time, as that which was authorized
under the provisions of the act ofthe twenty
eighth of January, lS47.
Should the war with Mexico be continued
until the thirtieth of June, 1S49 il is estima-
ted that Il 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 OH tea and coffee, and
the public lands be not reduced and gradu-
ated in price, and no military contribution
shall be collected in Mexico.
If the duty on tea and coffee be imposed,
and the lands be reduced and graduated in
price, as proposed, the loan may be reduced
TO seventeen millions of dollars, and will be
subject to be still further reduced by the
amount of the military contributions which
may he collected in Mexico.
1t 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 contribu-
lions iromNlexco may be sufficientIf CONTRA
ry 10 my expectation, there should be q neces
sity for it, the fact will be communicated TO
Congress in time for their action during the
present session. In no event will Il sum eX-
ceeding six millions of dollars of this amount
be needed before the meeting of the session
of Congress in December. 1913,
The act of the thirtielh ofJulv, 1S4G, Gre
ducng the duties on imports" has been in
force since the first of December last and
am gratIfed to state, that all the beneficial
effects which were anticipated from its oper-
alton have been fully realized. The revenue
derived from customs during the year ending
on the first of December, 1S47, exceeds by
more than eight millions Of dollars the
amount received in the preceding year under
the operation ofthe act of 1912, which was
superseded and repealed by it. Its effects
are visible in the great and almost unexam-
pied prosperity which prevails i'll every branch
of business
While the repeal ofthe prohibitory and res
uictlye duties of the act of 1912, and the sub
stitution in their place of reasonable revenue
rates levied OH articles imported according to
their actual value, has increased 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 had been not only too much
neglected but actually taxed under the pro-
tective policy for the benefit ofOther interests,
have been relieved ofthe burdens which that
policy imposed on them, and our farmers and
planters, under more just and liberal COM
mercal policy,are finding new and profitable
markets abroadlor their augmented products.
Our commerce is rapidly increasing, and is
extending more widely the circle of interna-
tional exchanges. Great as has been the in
crease of our imports during the past year,our
exports ofdomestc products sold in foreign
murkets have been still greater.
Our navigation interest is eminently pros
porous. The number of vessels built in the
United States has been greater than during
any preceding period ofequal length. Large