The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1848-12-16

domestic use.
The value of the exports for the same period
was one hundred fifty -four million thirty-two
thousand one hundred and thirty-one dollars,
consisting ofdomestic productions amounting
to one hundred and thirty-two million nine
hundred and four thousand one hundred and
twenty-one dollars, and twenty-one million
one hundred and twenty eight thousand and
ten dollars of foreign articles,
The receipts in the treasury for the same
period, exclusive of loans, amounted to thirty
five millions four hundred and thirty six thou
sand seven hundred and fifty dollars and fifty
| nine cents; OF which there was derived from
customs thirty one millions seven hundred
and fifty seven thousand and seventy dollars
and ninety.si cents; from sales of public
lands, three million three hundred and TWEEN
| ty eight Thousand SIX hundred and forty two
dollars and fftY-six cents; and from misccllH-
neous and incidental sources, three hundred
and ffty.onc thousand aud thirty seven dollars
and sevon cents.
1t will be perceived that the revenue from
customs for the last fiscal year exceeded by
seven hundred and fifty-seven thousand and
seventy dollars and ninety-six cents the est-
mate Of the Secretary of the Treasury in his
| last annual report; and that the aggregate re-
ceipts during the same period from customs,
| lands, and misce llnncous sources also exceed
| ed the estimate by the sum of five hundred and
! thirty -sX Thousand seven hundred and fifty
dollars and fiity-nine CONTEMPLATING, how
ever, n very near approach in the estimate TO
| the actual result.
The expenditures during the fiscal year end
lag on the thirtieth of June last, including
| those for the war, and exclusive of payments
of principal and interest for the public debt,
were forty two million eight hundred and q.
levcn thousand nine hundred aud seventy dol
lars and three cents.
tits estimated that the receipts into the
treasury for the fiscal year ending on the Both
of June, lS49 including the balance in the
treasury the first of July last, will amount
to the sum of flty-seven million forty eight
thousand nine hundred and EiXty-onc dollars
and ninety cents; of which thrty-two million
of dollars, it is cntimated, will be derived from
customs; three millions of dollars from the
sales of the public lands; and one million two
hundred thousand dollars, from iscellaneous
aud incidental sources, including the premium
upon the loan, and the amount paid and to be
paid into the treasury on account of military
contributions IN Mexico, aud the sales of arms
and vessels aud other public property render
ed unnecessary for the use of the government
by the termination of the war; and twenty
million six hundred and nincty-tive thousand
four hundred and thirty dollars and thirty
cents from loans already negotiated, including
treasury notes funded, which, together with
| the balance in the treasury on the first of July
last, make the sum estimated.
The expenditures for tho same period, in
GLIDING the necessary payment on account of
and the principal and interest of the first in
stulment due TO Mexico on the thrtieth of May
next and other expenditures growing out of
the war, to be paid during the present year,
will amount, including the reimbursement of
treasury notes, u the sum of fifty-four million
one bundled and nnGty-fve thousand two
hundred and seventy-fve dollars and six cts;
leaving an estimated balance in tine treasury
on the first of July, 1549, SO, s53, 94,S4.
The Secretary of the Treasury will present,
as required by law, the estimate of the receipts
and expenditures for the next fiscal year. The
expenditures as estimated for that year, are
$3.50, 2l3, 1875, including 5000, lO2,lS for
the interest on the public debt, and $3,512,-
10000 for the principal and interest due to
Mexico on the thrtieth of May, 1850; leaving
the sum of 1926, S74 050,35, which it is believ-
ed, will be ample for the ordinary peace ex-
penditures.
The operations of the tariff act of 1916 have
been such during the past year as fully to
meet the public expectation, and to confirm
the opinion heretofore expressed of the wis
dom of the change in our revenue system
which was effected by it. The receipts under
it into the TREASURY for the first fiscal year after
its enactment, C Exceeded, by the sum of So
O44, 403, 90, the amount collected during the
last fiscal year under the tariff of 1912, end
ing the Both June 1916. The total revenue
realized from the commencement of its opera
ton, on the 1st of December. 1916, until the
close of the last quarter, on the Both of Sep
tember last, being % months, was $50, 654,.
500, 79-being much larger sum than was
ever before received from duties during any
equal period under the tariff acts of 1924, 1928,
1882 and 1912. While by the repeal of highly
protective and prohibitory duties the revenue
has been increased, the taxes on the people
have been diminished They have been re-
lieved from the heavy amounts with which
they were burdened under the former laws in
the form of increased prices of bounties paid
to favored classes and pursuits.
The predictions which were made, that the
tariff act of 1885, would reduce the amount
of revenue below that collected under the act
of 1S42, and PROSTATE the business and destroy
the prosperity ofthe country, have not been
verified With an increased and increasing
revenue, the finances are in highly flourish
ling condition Agriculture, commerce and
navigation, are prosperous; the prices of man.
ufactured fabrics, and of other products, are
much less injuriously affected than was to
have been anticipated, from the unprecedent-
ed revulsons, which, during the last and the
present year, have overwhelmed the industry
and paralyzed the credit and commerce of so
many great and enlightened nutions of Europe
! Severe commercial revulsjons abroad have
always heretofore operated TO dcpress, and of
ten to affect disastrously, almost every branch
of American industry. 11The TEMPORARY de.
! preston of portion of our manufacturing in
terests lie the effect of foreign Causes and is far
less severe than has prevailed on all former
| similar occasions.
1t is believed that, looking at the great ar
| gregate of all our interests, the whole country
was never more prosperous than at the present
period, and never more rapidly advancing in
wealth and population. Neither the forcpn
war in which we have been involved, nor the
| loans which have absorbed so large portion
of our capital, nor the commercial revulsion in
| Great Britain in 1847, nor the paralysis of
credit and commerce throughout Europe in