Baltimore commercial journal, and Lyford's price-current. [volume] (Baltimore, Md) 1840-1849, 1848-03-04

$4,000, 900
| No man, as it seems TO me, can examine these
tmatcd receipts, without being satisfied that they
are exaggerated. II we compare them with the
cepts Of preceding years, or if we inquire into the
amount OF imports we must perceive At once that the
receipt of S3l 900 900 from customs is out of the
| question. To obtain that revenue, must import
for home consumption goods, and merchandise,
to the amount Of $lS0,S40,O2l; which would be
500, b32 more than the average OF the four pre-
ccding years. The average consumption of imports
for the years 1914 lS45, and 1916 03 0b7 $50,
the consumption for the year 1917 s. 3o, 1874 $50;
being $50 AGO. 7SS than the average of the three
preceding years Seeing the imports for domestic
consumption for the last year $r35, 166, 900
above the former average am satisfied that the
people cannot in theirprescnt embarrassed condition,
pay for import Of = lS0, S4O,02l; which would be
So, 305, 5il more than purchased last year, and
SIT 172, 329 than the average of 1914 1915 and
1916. And yet this enormous importation must be
made, in order give Mr.. Walker his S3l 900, 900
of revenue from customs The principal reason why
our imports so large last year was the famine
in Europe, which enabled TO send abroad S4l,-
600, 900 of bread suts and provisions than the
preceding year. But that cause has now passed
way; and 10 infer that we can import SU,7I2,OOO
more than the average of ls44, lS45, and 1896 now
that the famine has ceased because we imported
900 more than that average while the famine
existed, shows love OF the marvellous hardly
sistent with financial calculations
believe that the revenue from customs cannot
for the year o45; and to obtain that revenue must
import for home consumption $l5i ,O59, sol; which
more than Sl2, O,0OJ above the imports OF last
year, and more than the country can support. In
estimating the revenue for the present year have
taken the last years imports and revenue the basis,
though that basis is altogether too favorable TO the
Secretary. Five twclfths Of the last year I'M
der the tariff of 1912, where the rates OF duty were
from five TO per cent higher than under the pre-
sent tariff So that realize the $3l 5000 esri
mated by the Secretary, we must in fact import a
larger amount than have stated and the S26, $780,,
900 which have set down as the amount 10 be re-
ccvcd would in fact require import of more than
the s l54 059 600 already stated. But, as wish to
be upon the safe side, have chosen 10 adopt the
ratio of the last year. If am correct ill my posi-
lions, s. $780, 900 must be stricken from Mr.. W al
ker's revenue from customs.
He estimates the revenue from the public lands at
100000 which believe is at least s ,5OO,0OO
than can be realized from that source. The
average income from the lands for the last three
years has been S2,i23,2I6, and there are causes
which must operate untvorably upon that branch OF
the revenue. By the act OF February IL, 1917, IL
was provided that all soldiers who have served
twelve months in the Mexican war, or have been
killed in battle, have been discharged in consc-
qucncc Of sickness incurred in the service, shall re-
ceive hundred and sixty OF land scrip 10
the amount of one hundred dollars. Some twenty |
five thousand OF these soldiers have been discharged,
and these land warrants are being issued III large
numbers, and these warrants will absorb large
quantity of the public lands, and SO divert the pro-
cccds of the sales from the Treasury. If am right
ia these calculations the at the end Of
the year will be materially affected The case
would then stand thus:
Expenditures above the estimates. SIS ,5O0OO
Revenue from customs less than esti'te, 4,5OO000
Revenue from lauds less than estimate, $780,
$l4, $685. 900 |
Which sum of Sl4, 800, 900 added to Mr.. Walkers
corrected balance would make S23, 3lI OBS excess
OF expenditures means on the 3Oh oil June next
and hence the loan, including S3,OOO,OO0 10 be left
in the Treasury, should be S2O,3l4,OOo instead OF
$l6000uO0.
regard this part of the subcc so important that
must beg leave to dwell upon it more in detail.
have already shown that the importations for the last
fiscal year, after dcducting the re-eXportatlons,
amounted TO So 534 $50, and that this exceeded the
average OF the three preceding years BY ,466,7SS
1t must be manifest every acquainted with the
laws of trade that ourimpors and exports for series
OF years must nearly balance each other. During the
last fiscal year our exports oil domestic products
amounted to $50 637 4b4, being 5O, 3b2, SIS more
than the average for the three preceding years But
this excess consisted almost entirely OF breadsuits
and provisions, and was occasoncd by the failure oil
the crops in almost every part OF the eastern CONT
ncnt The Secretary himself informs that the |
breadstulls and provisions exported during the last
wear exceeded the export oil the same articles the
preceding year by S4l ,332,2o2. This fact confirms
my position that this large export arose from the |
failure Of foreign crops. This excess over former cX
ports consisted only in the increased quantity but
also in the increased price. But the improved har
vest in Europe has checked this export and we have
no reason TO expect that we shall be able 10 send
forth the same quantity; and the reduced price will
greatly diminish the value OF our exports In the
articles of cotton and flour alone, the reduction OF
price, even il the quantity the same, would re-
duce our exports several millions.
This European famine not only increased our
ports and consequently our imports, but turned the
balance Of trade $l2,lo2,sSi in our favor But