The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1848-03-21
NUMBER Al.

/ self discards it as the basis of IN estimate.
Being dissatisfied With this result, he proceeds
to ascertain the relative proportion OF the rev
enue Of the first quarter Of the year as com
pared with the revenue of the year, for Sc
ries Of years. He thus ascertains that the first
quarter is the most productive, and, by redu-
/ cling his estimates in proportion, be brings his
calculations down to forty millions instead OF
| forty-fye. But he IS still dissatisfied. The
next step is to ascertain the revenue for the
five months next previous to the first of De-
cember, 1S47, which he tells us amounts to-
$4,000, 257, or little over S3,000.000 per
month. Estimating the revenue for the
twelve months at that rate, (making. proba~
fbly, an allowance for the greater productive
ness Of the first quarter,) he would make the
revenue OF the year amount to $50, CO, 900
| But he is not satisfied with this. What nextT
| lie ascertains the receipts for the last two
months of the FIVE. viz, October and Novem-
! Der, to he S2,2O0,000 per month; ard esti~
mates the receipts for the residue of the fs~
cal year at that rate. To this he adds the &C.
tual receipts Of the first quarter, and it gives
about SS1 100000 for the year, as will be seen
by the following table:
Actual receipts for five months end
ing December l, 1871, S15,5o6,257
Receipts for the first quarter as per
annual report. deducted f1.106,2j7
Leaves for October s, Nov, 100000
Cor an average off, 100000 per
monthly
Estimating 3 months at that aver
are, 100000, 19SOO,O00
Add actual receipts Of first quar-
ter, 11,lO6-23E
Gives for the year, S0,906.2jE
Or, in round numbers, Sl,C0O,0G0
Here YOU have the basis of the estimates Of
the honorable Secrrtarv.
Now. the Secretary lin,lsliS receipts rapid
" declining because the importatioas are de-
clinin1. Ii appears. IS heretofore stated, hat
the receipts for the first quarter Of the cur
rent year amount to Sl1.l0G, 257, or equal to
S3,702. 6S5 per month. The receipts FOR De-
t0Ler and November arc equal to - 100000
per month. Thus we have 4 falling off du-
ring the first five months OF the fiscal year,
from IS, 1929 SJ for July. August, and Sep
TENDER, 10 > .20O, eco, TIE average of Octo-
her. or falling oil Of ; SOC, 900 per month.
Is 1t not apparent 10 every Senator who
hears me, that this decline must continue
Is il not apparent chat there is an Overstocl
Of goods in the county; and is it not well
known that the scarcity Of moncy has induced
! importers 70 ,ounternand their orders for
goods? Sir, we have it from the very best
authority.
Under these circumstance, although there
may be a grca; influx Of revenue during u.e
first qcayter of the year, II is apparen, that it
Is the mere effect of the accumulation Of rev..
enue in that quarter for the reasops / have
mentioned The very fact that your imports,
and, consequently your revenue, arc in
creased in one portion Of the year, must leaf
you to expect that it viii decline in the other
portions
Now, ask, on what principle it is expeo,
ted that the amount Of the revenue from M
ports this year VIII exceed that Of The last
Sir, the true rule of comparison would be to
take the fiscal year. snd chat for the very
reason that have already assigned. The tar
III Of 1916 covers the fiscal year ending 1st
july, 1917, although it went into effect in De
cember, because the payment Of duties was
in great measure suspended during the in
terycniag time between the passage OF the
act and the time of is going into operation,
Well, sir, ] will not pursue this branch Of the
subject
What is the next ground of the honorable
Secretary estimates lie estimates three
and half millions as the proceeds OF the
sales Of the public Lands. Wen, sir, daring
the past year YOUR sales did not reach two
millions and half Upon what theory, then.
It IS that the Secretary estimates one million
more from the receipts for public lands than
WAS actually received last year, j have yet 10
learn. Iii point which | am not prepared
to discuss, because | can see no reason at all
for such an estimate and, unless reasons are
presented from some other quarter, ] shall
still be incrcdulous. Gcduct, therefore, one
million from the estimated receipts from the
public lands, because the estimate exceeds
MI experience, and because no reason has
been assigned, and none, in my Judgment,
can be assigned for it. That makes eight
millions TO be deducted from the Secretary's
estimate Of revenue for the current year as
and to be added to the estimate Of dehcien-
cY
The next item is an over-estimate Of the
revenue from customs for the year ending
june, 1879. have very little to say in re-
gard TO this ] merely refer to the fact that,
the revenue having fallen of, ! cannot per-
ceive upon what calculation it is that in the
peculiar condition Of the country, the reve-
nue. from the customs Is to rise TO thirty-two
millions for the ensuing year. The present
state OF the country renders il impossible; and
prospect oft. Well, sir, take the Sec1eta-
rvs estimates; and must deduct eight mil
lions from his estimated receipts from customs
for the year ending dune, 1879. then take
the estimate Of the receipts from public lands
for the coming year, which ne has given TO us
as three millions, and ask upon what basis
does this estimate rest? Do We not all know
that we have granted land bounties TO our sol
dicrs 10 the extent Of NJ least seventy tbous-
and, which will cover y millions of acres Of
your public lands? Your average sales are
but two and a half millions anaaally, and yon
have actually thrown ntothc market, in boun-
ties to your soldiers, cuNugh to eover, at this
aversge, an amount o. sales for five years.
Now, under thee circumstances, when. land
warrants arc thrown abroad over the country,
sufficient TO cover five wears sales, we are pre-
sentei with grave calculation Of an increase
of million of dollars from this source. Time
NAV possibly bring tins slogt. The Secreta-