Iowa capitol reporter. [volume] (Iowa City, Iowa) 1841-1855, 1848-12-27

The receipts into the Treasury for the
same period, exclusive of loans, amount
cd to S25, 436, $50 50, Of which there was
derived from customs $50, 755, $50 50;
from sales of public lands $3,328, 642 30:
and from miscellaneous and incidental
sources, 1851 ,O37 OF.
1t will be perceived that the revenue
from the last fiscal year exceeded by
$797 ,07O So, the estimates of the Secre-
tary of the Treasury in his last annual re-
port; and that the aggregate receipts du-
ring the same period from customs, lands
and miscellaneous sources. also exceeded
the estimates by the sum of $536,750 rs.
indicating, however, very near approach
in the estimate to the actual result.
The expenditures during the fiscal year
ending the thirtieth Of June last, inclu-
ding those for the war and exclusive Of
payment Of principal and interest Of the
public debt, were forty-:wo millions eight
hundred and eleven thousand nine hun
dred and seventy dollars and three cents.
1t is estimated that the receipts into the
treasury for the fiscal year ending on the
thirtieth Of June, lS49, including the bal
ance in the treasury on the first Of July
last, will amount to the sum of forty-sev-
en- millions, forty eight thousand nine hun
drel and sixty-nine dollars and ninety
cents; of which twelve millions, it is es-
timated, will be derived from customs,
three millions from the sales Of public
lands, and one million two hundred thou
sand from miscellaneous and incidental
sources, including the premium on the
loans, and the amount paid, and to be paid
into the treasury OH account Of military
contributions in Mexico, and the sales of
arms and vessels and other public proper
ty, rendered unnecessary 10 the govern
ment by the termination Of the war: and
twenty millions six hundred and ninety
five thousand fo1r hundred andthirty-
dollars and thirty cents from loans alrea-
dy negotiated, including the treasury notes
funded; which, together with the balance
in the treasury on the fist of July last,
make the sum estimated.
The expenditures for the same period,
including the necessary payment on ac-
count Of the principal and interest of the
public debt, ana the principal and interest
oil the first instalncnt due to Mexico on
the 30th May next, and other expenditures
growing Out ofthe war, to be paid during
the present year, will amount (including
the reimbul sement Of the treasury notes
to the sum Of s54, l95,275 06, leaving an
estim tied balance in the treasury on the
first Of July 1919, of $2a5,39l 81.
The Secretary Of the Treasury will
present, as soon rs required by law, the
estimates Of the receipts ana ex pcnditurcs
for the next fiscal year. The expcndi-
lures, as estimated, for that year, amount
TO $33. 1891 IS, for the interest on the
public bcbt, and :Sl3, 900, $40 for the prin-
cipal and interest due to Mexico on the
3lst May, 1850; leaving the sum Of $685.
$4,000 50, which, it is believed, will be
ample forth ordinary peace expenditure.
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 express
sed on the wisdom Of the change in our
Revenue system, which was effected BY
that. The receipts under it into the Treas
ury for the first fiscal year after its enact
ment, exceed by the sum of 1904, 4o3
%, the amount collected during the last
fical year, under the Tariff act of 1912,
ending both June, 1916. The total rev.
enue realized from the commencement of
the operation, on the Ist December, 1S4G,
until the close of the last quarter, on the
3Qih Of September last, being twenty-five
months, was $50 654 ,563 IS, being a
much larger sum than was ever before re-
ceived from duties during any equal peri
Cd, under the action Of highly protective
and prohibiting duties. The revenue has
been increased; the taxes on the people
have been diminished. They have been
relieved from the heavy amounts with
which they were burdened under former
laws, i'll the form of increased prices or
boun,ies paid to favored clsscs AMI pur-
sl,i,s,
The predictions which were made, that
the tariff act of 1916, would reduce the
amount Of revenue below that collected
under the act of 1912, and wholly pros
trate their industry and business, and de-
stroy the prosperity Of the country, have
not been verified. With an increased and
increasing revenue, the finances are in a
highly floarishing condition. Agriculture,
commerce and navigation are prosperous
and the prices Of manufactured fabrics,
and Of other products, arc much less in
juriously affected than was to have been
anticipated, from the unprecedented revul-
sions which, during the last and present
year, have overwhelmed the industry and
ptraiized the credit and commerce of so
many enlightened nations Of Europe.
Severe commercial revulsions abroad
have always heretofore operated TO de-
press, and o'ten TO affect disastrously, al
most every branch of American industry.
The temporary depression of portion of
our manufacturing interest is the effect of
foreign causes, and is far less severe than
has prevailed on all former similar oeca-
sions. 1t is believed, that, looking to the
great aggregate Of all our interests, the
whole country was never more prosper
Gus than at the present period, and never
more advanced in wealth and population.
Neither the foreign war in which we have