The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-12
$3s, 253,694 81

This statement shows balance in the Treasury on
the 30th June ls49 Of S53 604 81 and balance in
the Treasury on the 3Oth June 1850 of 5000 H.
In the estimated expenditures for the year ending
the sOh of june 1880 included balances of appro
pristtons, amounting to the sum of 3762 637 20,
considerable portion Of which may not be required.
Unless new and extraordinary expenditures autho-
1ise by Congress, further loans will BE- required
whole net revenue from duties during the en-.
tire period of four years and three months of the
operations Of the tariff Of 1912 was $lol 654 663 H.
being an annual average of $23 sos POS 81 The
net revenue received from the tariff of 1916. during
its entire operation from LIST December, ls46, TO
Both of September 1SaS (table) $50 654, 563 TO-
Or an average Of $40 900 489 % per annum being
average of $1,000, $50 96 per annum under the
The net revenue for the first fiscal year, under
the tariff Of 1916, (per table, S3l75707O 90,
being $757,o7o 90 more than the estimate Of this
department, and this amount would go on aug
menting every year under this act with favor
able state IT foreign commerce and industry, at q
ratio at least as great as the increase of popu
lation As the high duties, under the act OF 1872
rapidly substituting the domestic articles and excud-
ing the foreign rival the revenue must have declined
IT, however the act Of 1912 had yielded average
venue received during the period Of its actual opera
ton, this. We have seen, would have been annual
loss Of upwards Of seven millions of dollars,
pared with the revenue of the tariff Of 1S46. With
such result instead Of large surplus the 30th Of
June looO there would have been addition OF more
than twenty five millions of dollars to our national
debt which must have gone rapidly increasing re-
stsd H. also the proee.ds OF thu ssss 10 nsso1
lands were taken from the treasury for distribution
among the states, the augme ntaten OF the debt
accommodating interest would have been still more
rapid and alarming From this disastrous ondition
ave bee saved by the tariff Of lSl6 yeldp g
reduced taxes an average excess thus far, of more
than millions Of dollars the average receipts
from the tariff of 1872 Had that remained In
during the war, from diminished revenue the loans
must have been greatly augme nted ia amount with
email and de- cining income and instead of premiums
realized large discounts must have been allowed That
the revenue would have declned results from the
tion Of the protectionists that by continuing the
system few years, they would supply the whole Mons
market with the protected dom6tia articles when the
foreign Importation must cease, and the also
The result then, Of protection must bs the annihi-
1aton Of the foreign import trade Of the
far regards protected products with the exclusion
or dimnution Of imports, the exports must cease
or be reduced Tor foreign pstions could not buy them
We exported last year tper table, $3.50 2O3 700 In
value OF domestic products aud fabrics and exclusive
of specie, and under the low duties this must 20
augmsnting. But how can foreign countries pay for
the exports II we will take imports very few in
return Clearly our export must In time fall
to very small sum the foreiga markets must BE- de-
stroyed and the price OF staple EXPORTS Of cotton
of rice, Of tobacco, Of brsadstuGs, and PROVISIONS
must dechre, for we cannot take the return in
specie from abroad without exhausting tho arhets
In q single year psume At home this aug
menting surplus The British pire (per table ~
took from us mot during the OF famine 1t Is
called OF lS47 but in Is4S> domestic EXPORTS in
GLIDING cotton, tobacco, rice, breadsu9s and provi
sions and other domestc articles exclusive of specie
TO the value of S1sfl 4o and Great Britain and Ire
land of the value Of S64 222 26s aud this Ia the
OF our best foreign customer which pro-
posed to tacrfce by high prohibtory duties II the
tariff OF 1912 gradually excluded, as must, nearly all
British fabrcs, could they take In value Of
our exports whilst We would take from them scarcely
any ng but spece In exhange? Such trade would
exhaust Great Britain Of her 'oIpn. .pscis 10 single
our sxports and 40 on In regard to all other cations
Thus would go our foreign markets. commerce. aud
vr,,ss and steamships would remain ct the wharves
without freight.
the importation Of protected articles would rapidly