Weekly national intelligencer., 1848-02-05

The estimated receipts into the Treasury for the year end
ing June, ls4s, are
From customs, hee last quarters esma,ed) s3l 00O OOC
Miscellaneous. Observation-Disclosures. 400 00O
sa4, 900, 900
Ipropose to reduce for estimate
Customs. ............. S4, 600, 600
Lands. ................... l,O0O000
Miscellaneous s................. 100000
s29,6oo,ooo
If the revenue is moe the worse for the country producing
such excessive importatons.
Expenditures for the year ending June 80, ls4s
By estimate made December, 1916, per
port. S45 rs, ,7S4
Add to this the additional appropriation already
asked for by Secretary, vide letter OF November
"a, lS4I.............s... .'..-....-.. l5,932, f3o
s5s,7l4,5ls
Already asked additional for Quartermasters de-
partment .-.....,........,.,.... 4,oO0,OO0
sos, $40
Leaving an excess of expenditures receipts
for the year ending June 80, ls4S. ia, 5l9
Add to this the deficiency of the preceding year. 949
War debt June 80, ls4s.. .S5s, ,092, 46s
Besides the So 1876 439 in Treasury July 1886 and the
residue is or must be supplied by loans.
These estimates all undeniaby prove that large amounts
Of money Immediately needed and that large loans will
be required furnish the indispensaby necessary
the public credit Sir opposed the creation of
tiona debt II we will incur responsibilities in of
quest should boldly the emergency by imposing such
taxes will ensure full faith in the pghted honor Of the nation
This wholly insufficient for the crisis and the mme-
date Of the country national debt be created
and the for its eventual liquidation is demanded by
sound policy and just appreciation Of national credit
will trouble the Senate with short extract from
port Of Gen Hamilton upon the principles Of national in
debednes When upon this subject he speaks of "incor-
poratng fundamental marin in the system Of public
credit Of the United States, that the creation Of debt should
atcdys be accompanied with the Of eItngushment
which the true Of rendering public credit immortal"
In the report Of the Secretary of the Treasury nd amidst
its hercses and speculaons upon free ade paragraph
sound and inconrovebe proposing taxation the true basis
Of national faith. will read it. can admire " rich Jewell
in can Ehiops ear" commend it to the considera
ton Of Senators in favor Of this Of conquest for its true and
Just views Of our duties
cit sound rule when contracting public debt TO pro-
vide at the tme such will be adequate for the
prompt payment Of the interest," and the gradual but certain
nguishment of the principal Of the debt So long ashs rule
Is pursued there Is danger Of any alarming accumulation
OF public debt nor any apprehension that the public credit
viii be impaired embarrassed. To refuse the at this
me would be accumulate large debt with augmentng
Of interest and with no certain provided for the
liquidation of such engagements credit Of nations is best
maintained when for all their obligations, adequate provision
is made at the time and there danger that increasing debts
"
great hazard"
During the past fiscal year. the products Of the country have
borne high and unexamped prices. general prosperity
pervaded whole business and monetary The
cotton crop agree, sir the ruling crop OF the countyex-
ccedng but little ls00000 bales ruled prices high and
exorbiianty remuncratng The influence Of the new tariff
and the subeasury had been e there short crops Of
breadstu in continental Europe, famine in Ireland and in
England the product falling far below the general average
created extraordinary demand for the surplus Of the rich
haryess Of country and elevated prices Unexpected
height Cotton advanced 10 points ranging from 10 TO Ia
cents -four SO; corn 81 30.
At such prices portion OF the exports Of the country
valued and that unusual and extraordinary valuation the
whole exports by customhouse returns
and exceeded by S26 900 the export Of any preceding
year. or this about 100000 export Of
foreign goodshus leaving export Of our products OF
$780, 000 This amount export under home valuation
and that valuation based upon excited and inflated Market Is
not the true test Of the value Of EXPORTS Of our ability
to import and the products Of other countries Is
alone the nett proceeds Of these EXPORTS such realized
and returned the country that makes the true accraned
and certain value.
Now sir submit that from this statement Of exports as
rendered by the Secretary Of the Treasury there should
Quoted losses by damage cagos the voyage reduc
ed receipts Of sales less than the valuation at home
charities the hottest and the best Of all EXPORTS suffering hu-
many and losses by bankruptcies and the actual amount
allied 10 the country did not exceed. ,OOOOOo
Imports for fiscal year ending June, is47 Side Gas
specie ....................'t.... A,ooo'Voo
In foreign goods sl22, ,545, ,63s
Upon this estimate the of mpos-over the nett
ceed Of exports has created balance against Of 6
In addition, in consequence Of the monetary
sure in England stocks have been returned and sold TO
amount estimated at. SIC, ,000, 600
Which added 10 imports exports. 6,545,63s
Leaves actual balance of exchange SIC, ,545, sss
tn -.