The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1848-12-15

the principal and in,crc't of the irst insta mt
due (, Mexico On the 3rth May next, and Other
exprnd lures CROWN! out Of the war, To be paid
: dnr.n The present year will amount lin, luding
The rcinhur cmcnt AZ the treasury notes t. the
sum of s5i,l95,a75,0 leaving an estimated
balance in tie treasury the first of July, lS49,
of s2c5 ,51l.Sl.
TIC secretary Of the Treasury viii present.
US soon required by law, ia, c,timltcs of the
receipts aud expenditures for the next & .cal
year. i e expenditures, as estiIn ted, Hr that
year, amount to 81, I99 ne dollars l. cents, r
the interest on the public debt, and S'S 10 l,alJ
for the principal aud interest due 10 N'Nicn an
the 3Ist Nav, 1851: lea vim! the sun of S!6,N5 L.
05O35, which, it is bclieyei, vii be ample llr
the ordinary peace expenditure.
The operations Of the Tariff act nf 1915 have
been such. during the past year, ~ fully t. m-c;
the public expenditures, and 4 cuunr.u IA o in-
ion bcrctoiUre expressed on the wi,d an of The
change in onr Revenue sy,t,m, hich was e.
fcctcd 10y tat act. 'rhc receipts under il into
the Treasury flr tn u li.ctl year gi'- It's en-
actmcnt, exceed ny the sum % Sjllt ,in3 %,
the amount collected dirins the LIST tSca wear,
under the Tariff act Of T. -. ending 3'tb JJus
1916. The total res nae realized from the com-
mcnccnci,t OF the opcr liun. o. tie 1T D,cym.
ber 1876 until the close Of tno last quarter, on
the 3Jth Of S,pi mbcr lat,, being twenty two
months, was 5000 1853 ~, beng mucb lar
GER sum than wa, ever before received ifUm du-
ties during any equal p, Rod, under the action
of highly pr tcctIvc and prohibiting Duties
The revenue has been Increased; tac tr>Cs ON
the people have been diminished They have
been relieved from The heavy amour with
which they were burdcncd uudcr former laws,
in the form of increased prices or bountics paid
TO favored cl4ss's and pursuits
The predictions which were made,
thai tue tariff act Of is III would reduce
the amount of revenue below that cot.
lec'ed under the tariff act Of 1872, and
wholly PROSTATE their industry sud business
snd destroy the prosperity OF the ccun-
irF, have not been verified. With an in.
created and increasing revenue tie finances
are in highly hourishiug condition. A..
riculmrc. Commerce and Navigation are
prosperous,
The prices of manufactured fabrics, and
other products are much less nluriou>'y
affected than WIS to have been anticipated,
from The Unprecedented reyu!sions, which
during the past and prcsen, year have over
whelmed the industry, and p3ra'yses the
commerce Of 50 many great aud ruiighten-
ed nations of Europe.
Severe CON nerria revolutions al-oad
have always heretofore operated to deprcss
and equally affect dlsls,rously almost every
branch of American industry. The temp
orary depression Of portion Of our manu-
featuring interests is the effect Of foreign
cause aud is FAR less severe than has pre-
vailed on all former similar occasions.
II is believed that, looking TO the great
aggregate Of all our in eresls, the whole
country was never more prosperous THAI
al the present period, and never more rap
idly advancing in wealth and population
| Neither the foreign war in which we have
been involved nor the loans which have
absorbed SO large portion Of our capital,
nor The commercial revolution in Great
Britain in 1917, nor the paralysis of credit
and commerce throughout Europe in ISIS,
have affected njuriously to any consider
able extent any OF The great interests OF the
country, or arrested our onward march 10
greatness, wealth and power.
lad the disturbances in Europe not &C.
cured our commerce would undoubtedly
have been sill more extended, aal would
have added still more TO the Nation
al wealth and public prosperity. But not
wihslandng these disturbances, the oper'
atoms of the revenue system established by
the tariff ac, of Si6 have been so gener-
ally beneficial to the government and to the
brsness Of tie country, that no change in
its provisions is demanded by wise pnbIlc
l onit,, a,,h ia IpI
The operations of the Constitutional
| Treasury established by the act Of the 6.h
Of August, 1916, in the receipt, custody and
disbursement, Of the public money. have
continued TO be successful. Under this
system, the public finances have been car
ried through foreign war, involving the
involving the necessity Of loans and extra.
ordinary expenditures. and requiring dist
iant transfers and disbursements, withOu.
embarrassment. and M loss has occurred
under lis provisions. Willis, it has proved
to be safe and useful TO the government,
its effects have been most beneficial upon
( the business of the country. 1t has tended
powerfully 10 secure an exemption i.0m
that imitation and fiuciualIon uf the paper
currency so Injurious TO domestic Industry
and rendering 50 uncertain the rewards oI
labor, and. ii is believed has largely conri.
buied 10 preserve the whole country from
serious commercial revolution. all such
az has often occurred under the Bank de-
posi,e system. In the year lsi1, there
was a revolution in the business of Grea
Britain, Of great extent and intensity, whlcl
was followed by extensive failures in tina
kingdom, unprecedented in number am
amount of losses. This is believed TO b,
the first instance when such disastrous
bankruptcies. occurring in a country will
which we have such extensive trade or eur
rency. we remained but little affected il
Gus money market, and our business an,
, industry were still prosperous and progress
sive.
During the presen; year nearly The Who'll
continent, has been convulsed with civl
wars and revolutions, attended by numer
, Gus bankruptcies. by an unprecedented ia
+. in their public securities. and an almost ur
Il a ,,r,l,s,s az and ind stry