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

In this estimate no notice is taken OF the
outstanding Treasury notes, which may, and
probably will, absorb the revenue to Il great
extent, and make further resort to credit
necessary.
The first item of correction of the Sccreta-
rvs report is the estimate Of the receipts from
customs for the current wear. The honorable
Secretary estimates these receipts at thirty
one millions of dollars. Sir one year ago, Gin
December, 1860 he estimated tie rece. pts
from customs for the then current year at
twenty-eight millions, and, in point of fact.
they fell short of twenty-iour, an over-estlmdte
Of over four millions, as tested by the actual
receipts into the Treasury. l take the liberty
to SLY, that these estimates are always too
large. And permit me to remark, that the eS-
Inmates Of our expenditures are always too
small Our receipts from customs for the past
year have fallen short of twenty-lour millions.
And on what data, on what ground Of antici-
patton, does the Secretary increase the sum
this year to the amount OF thirty-One millions
an excess in the revenue from this source
estimated for the present year, over and above
the actual receipts of last year, to the extent
of seven million OF dollars ? Sir, let us insti-
tute a comparison between the condition OF
things during the past wear and the present
The revenues for the past wear were increased
in the first place, by the combined effect Of the
new tariff, which was to 30 into operation, by
its terms, on the first Of December, 1916; and
the Warehouse bill, which went into effect on
the day ofits passage, viz, August 4th, 1916
Both these bills had been long pending-one
having been introduced into the Senate on
the 2Ist January and the other into the
House on the 14th April, 1916; so that the
passage ofboth was for long time anticipated.
Sir, the passage Of the Tariff bill gave no.
tice to the commercial world that, on the first
of December following its passage, the duties
were to be reduced. Your Warehouse bill
rendered TO them the privilege of storing their
mportations, and retaining duties upon them
until they could be withdrawn upon tine pay
ment of the reduced rate OF duties under the
new act. Under these circumstances, very
great portion of the impOrtations OF the latter
part OF 1916 were thrown over for the pay
ment of the duties to the month OF December.
The result of it was, that there was very
great falling of in the amount Of duties re-
ceived in that portion Of the year 1916. SIR
| have an estimate which will show you the
effect of these two measures upon our rev
enue for the year ending June, lSi7. The
receipts for the months of July, August, and
September, 1915, amounted TO eight millions
eight hundred and siXty-two thousand dollars.
The receipts for the same months IN the year
1916 fell TO six millions one hundred and fifty
four thousand, making difference OF two mil
lions seven nun dred and eight thousand dol
lars in the three months constituting the first
quarter of the year ending SOth June, 1871
This is shown more fully IN the following ia
bic:
Raceints for .Julv. Au- Per month.
nus. &September. 10, SS,s61 ,932orS2, 953,971
same months in 1919, 6,153,s26 OF 2,05l ,275
Difference. 2,7Os,1OGor 9O2, 7O2
Receipts for first quar-
ter of fiscal year 46-'7, 6,153,s2G or 2,051, 977
Receipts for October
and November. 1916, 1,6sS,4eO or i4,14O
Difference. s1,2O7 ,sS7
Why was this =? Was there any thing in
the commerce of the country to produce this
decline in the revenue ? Was not the coun-
try advancing in prosperity during those
wears? 1t was Enthusiastically the effect Of
the measures to which | have alluded. The
revenue fell off because the importations were
placed in warehouses to be entered upon the
PAYMENT of reduced duties Well, what next
In the months OF October and November your
receipts fell to one million six hundred and
Lightweight thousand dollars, or an average OF
eight hundred and eighty-four thousand dol
lars per month. During the months Of July,
August, and September, the duties averaged
two millions fifly-ene thousand and a fraction.
The effect ofthese measures, then, was pre-
cisely what had been predicted on this floor.
1t was most extensive falling off in the in
come of the country, until the period Of the
first of December, 1876, arrived, and then