Democratic banner., 1848-12-25

ment of principal and interest Of the pub.
lie debt, were forty,two millions eight hum
dred and eleven thousand nine. hundred and
seventy dollars and three cents. o"go "a
1t is estimated that the receipts into the
Treasury for the. fiscal year ending on the
thirtieth of June, ls49, including the bal7
ance in the treasury on tIleIfrst Of duly.
last, wiii amount to the sam Of S57s04s.-
969 80; Of which twelve miliioHs itqs' estfl
mated, will be derived from CUSTOMS 'thtes
millions from the sale of public lands; and
one million two hundred jtAeHsaad from
miscellaneous and incidental sources iti-
Icluding the premium ON the loans, and the
amount paid, and to Be paid into the treas
ury on account of military contributions in
Mexico, and the sales Of arms and vessels
aud other public property, rendered an
NECESSARY to the Government by the terni-
nation of the war: and twenty millions sir
hundred and ninety-6vs thousand four hun
dred aud t~hirty-iive dollars and thirty cents
from loans already negotiated, including
the treasury notes fanded;fwhich. together
with the balances III the treasury on the Isl
Of July last, make the sum estimated.
The expenditures for the same period,
including the necessary payment On &C.
count Of the principal and interest Of the
public debt; and the principal and interest
of the first instalment due TO Mexico OH
the 3O,h May next, and other expenditures
growing out Of the wal, to be paid during
the present year, will mount (includins
the reimbursement of the treasury notes
to the Jun of s54,l95,275 O6, leaving AL
estimated balance in the treasury onthe Is:
of July, ls49, Of 1886, 3s4 81. .,,
The Secretary of the Treasury will pre-
sent as soon as required BY law, the esti-
mates of the receipts aad expenditures FOX
the next fiscal year. The expenditures as
estimated for that year, amour; TO S33, 49,
l02 10, for tile interest on the public debt,
and $l3,000,5 $40 for the principal and in
~.terest due to Mexico on the 3lst Of May,
1850; leaving the sum Of $~25,S74,H50 80,
which, it is believed, will be ample for the
ordinary peace exI enditure.
The operations of the Tariff act Of 1916
have been such, during the past year, as
fully to meet the public expenditures, and
to confirm the opinion heretofore expressed
on the wisdom of the change in our Reve-
nue. system, which was effected by that act.
The receipts under it into the Treasury for
the LIST fiscal year after its eenactment,
exceed BY the sum of S5.O44,40 O9, the a.
mount collected during the last fiscal year,
under the Tariff act Of 1912, ending Both OF
June 1916. The total revenue raised from
the commencement Of the operation, on the
first of December, 1886, until the close of
the last quarter, on the 30th Of September
last, being twenty-five monthsj was $685.
654 1858 10, being q much larger sum than
was ever before received from duties dur
ing any equal period, under the action of
highly protective and prohibiting Duties
The revenue has been increased; the tax,
es on the people have been diminished
They have been relieved from the heavy a
mounts with which they were burdened un.
der former laws, in the form of increased
prices or bounties paid to favored classes
and pursuits. .s4.l ,ga.
The predictions which wefs made that
The tariff act OF 1916 would reduca the a.
mount Of revenue below that collected un-
der the act of '4a, and wholly PROSTATE
their industry and business, and destroy the
prosperity of the country, have not been
verified. With an increased and increas-
ing revenues the finances are in q highly
furnishing condition. Agriculture, COM
and navigation are prosperous, and
the prices of manufactured fabrics and Of
Other products are much less in%juriously
than was to have been anticipated
from tie unprecedented revuisions which,