Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1848-12-21

REPORT OF THE SECRETARY OF THE TREAS
URY. Secretary Walkers report is as long as
the Presidents Message for Free Trade and
the Sub Treasury. recommends new depart
ment the head OF which to be called the Secrc
tary Of the ln,eror AM t, which the bus nes.
relating to the public lands, U. S. Courts, pen
sions and the patent office should De referred
Of the report
The total resources of the year, including
balance of 81 70l ,2Jl IN hand at lis commence
ment, we're $5S,}9i,70l: the total expense S5o,
2ii, lG7 = showing II balance in the Treasury of
Sl53.534 AT the close Of The next year il is es-
tlmaled tina, there will be on hand balance of
S2S53,G94 In 1850 it is put at 5000 $40
The Secretary states the average annual rev.
enue under the Tariff Of 1912 at S23, S0520S;
that under the Tariff OF 1916 at $30,9U2, 4o9.-
He then proceeds to point out the bad conse-
qnences that would have followed the contlnn
ance of The Taiitf Of 1912, and the distribution
of the proceeds of The sales of the public lands
The result of protection he urges would have
been the destruction OF commerce., the great I'M
portaucc of which he then seis to'th Specific
duties, moreover he says, constantly increase,
as the foreign article falls in price, which prop
osition he illustrates at length Our Inanutac-
turcrs, he says, do not desire The restoration OF
the tariff of AZ, because ii stimulates too much
competition.
Our export Of breads,uffs during the year a.
mounted to S:37 AZ, 75l, -donble The amount ey-
por,ed under the Tariff OF AZ. Our tonnage al
so increased from $3.50 0i6 to 3 l50,5O2 tons.
The most of this increase 10 attributed 10 the
presen, tariff. re-enactnent OF the Ialln u
~ will increase smuggling, great advantages
for winch exist along our coast, as is shown by
elaborate tables.
Mr.. Walker refers To the revulsions Of Europe,
which have injured or trade, an then enters
upon an elaborate vindlcailon of Free Trade
principles, in opposition to those of Protection,
enforced by the example Of the several States
of the Union, among which free trade prevails.
A large section of the report is occupied with
this argument, which Is skilful and plausible,
though no. particularly new. The repea! OF the
Brush Corn Laws is attributed to our arguments.
The protective system is characterized as "ar-
grarlan" and war upon property.
a Gutter has been sent to Oregon, To enforce
! the revenue laws there. No duties can be col
locied in California as yet. 1t is recommended
that other collection districts on the Pacific
| Coast be authorised. Reference Is mldc to the
facilities for commerce in the Pacific, to The
! prnpriety of sending steamers there, aud to the
great desirabeness of u railroad across the 18TH
mus of Darien.
The Secretary recommends that an act be pas.
sed allowing goods tn be taken across the 18th
mus to our Pacific ports, The same as from one
port to another on the Atlantic Coast.
Consus are needed al Chagres and Panama.
Drawback should he allowed on goods export
ed by the Rio Grandc
A variety vi suggestions in regard TO oui
trade in these new possessions are submitted.
The Mexican tariff imposed upon MeAico dur
ing the war greatly increased our means, ana
set u salutary example TO belligerents in future
wars
The Secretary strongly renews his rccominen'
dation for branch mint IN the CITY of N. YORK
II IS urged as necessary in order In secure TO INT
city command of her due proportion OF coin.-
The slorehouse of the goods Of the Union, he
says, must bccone The slorehDuse of lis specie.
The department since March, 1915, has cui't
ed at our uInts the sum Of S}S,7l7709. Mucl
more would have been coined, nlt there been I
branch mint at New York. The branch min
! would also greatly aid the operations Of the as
sIstant treasurer.
The merchants of New York, Crom Jan. !
! I9l7, 10 Nov. 80 1915, PAID s35, 360,675 for du
ties. The uHOunt OF specie received during TN
, same period by the assistant treasurer at New
, York was 1928 ,369, and the coin dsburse'
S55,49G 269.
The Sub-freasury system is vindcated as a
2 galnst the State bank deposit system
g The transactions III regard 10 the loan OF ZIG,
! OOO,OOO IN March lus, ure detailed. The who
l. premium obtained was S457, l6S.
p The public debt has been punctually pal
a whenever II became due. Statements are mad
o showing that 'his has been done at every perlo
r Of our history.
Our present debt is about SOS 1904, 45O, los
s than hay the annual interest on the public deb
l. OF Great Britain.
Our whole public domain unsold amounts /
Il l,442,2i7 1877 acres.
Il The Secretary advises that power be give
d the department to purchase all the public deb
y exclusive of Treasury Notes without premium
!, and also to purchase at the market rate any POI
II ton OF the rest Of the debt. Details are give
of the purchase already made. Reasons are q,
y en- why the debt should be discharged as rapid
Is ly as p)ssibe.
= The Coat survey is making rapid progress
n Six sections of the coast have been surveyed an
l. six new shoals discovered.