The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-12-06

,ons. ,hrse millions of dollars froa the sales of the
public lands and one million two hundred thousand
dollars from miscellaneous and incidental in,
Guiding the premium upon the loan, and the amount paid
and TO be paid .lo the treasury account OF military
contributions in Mexico and the sales of and yes
sells and other public property rendered unnecessary loI
the use of the government by the termination OF The
war; and twenty million hundred ana ninety nve
thousand four hundred and hiry-hve dollars and thirty
cents from loans already negotiated including treasury
notes funded which together with the balance in the
treasury the first OF July last, make the sum estl-
mated.
The expenditures for the period, including the
necessary payment account OF the principal and inter
of the public debt and the principal and interest OF
the first instalment due to Mexico on the thteth 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, TO the
sum OF fifty four million hundred and ninety .nye
thousand two hundred and seventy five dcars and six
cents; leaving estimated balance In the treasury on
the first of JULY ls49 of two .on eight hundred and
fity-hree thousand six Hundred and ninety four dollars
and eighy-four cent?.
The Secretary of the Treasury will present, required
by law, the estimate of the receipts and expenditures for
Inc next fiscal year The expenditures as estimated for
that year are thiry-hree million two hundred and
Thirteen thousand hundred and fifty two dollars and
seventy three cents, including three million hun
dred and ninety nine thousand hundred and two
dollars and eighteen cents for the interest the public
debt and three million five hundred and forty thousand
dollars for the principal and interest due to Mexlco on
five million eight hundred and seventy four thousand and
nifty dollars and hryhve cents; which, 4 is believed,
will be ample for the ordinary peace expenditures
The operations of the tariff act of 1913 have been such
during the past year fully to meet the public expeca.
on, and to confirm the opinion heretofore expressed OF
the wisdom OF the change IN our revenue system which
was effected by it. The receipts under into the tTeasu
ny for the first fiscal after its enactment exceeded by
the sum of five million forty -four thousand four hundred
and three dollars and nine cents the amount collected
during the last fiscal year under the tariff OF 1872 end
ing the thineth Of june 1876 The total revenue real
lied ftom the commencement OF It's oPeraton on the hrst
of December 1885, until the close of the last quarter,
the theth OF September last, being twenty two months
was fifty six million six hundred and fifty four thousand
five hundred and sixty three dollars and seventy nine
cents-beng much larger than ever before
ceived from duties during any equal period under the
tariff acts of 1884, 1925 1884, and lsi2 Whilst by the
has been increased the taxes the people have
heen diminished They have been relieved from the
heavy amounts with which they were burdened under
former laws the form OF increased prices or bountes
paid to favored classes and pursuits
The predictions which made. that the tariff act of
1916 would reduce the amount of revenue below that
collected under the act of 1872 and would PROSTATE the
business and destroy the prosperity OF the country have
not been verified With increased and increasing
revenue, the finances in highly ourIshing condi
ton. Agriculture, commerce, and Navigation, are pros
porous; the prices of manu- acured fabrics, and of other
products, much less inuously affected than was to
have been anticipated FROM the unprecedented revuslons
which, during the last and the present year, have over
whemed the industry and parsyzed the credit and com
merce OF so many great and enlightened nations OF
Europe
Severe commercial revulsons abroad have always
heretofore operated to depress, and often 10 affect dis
aStrOuSy, almost every bfancn OF INDUSTRY.
The temporary depression of portion of our manuac
turing interests the effect of foreign causes, and is far
less than has prevailed on all former similar
slons
1t believed that looking to the great aggregate of all
our interests the whole country pros
porous than the present period and rapidly
eign war in which have been involved the loans
which have absorbed large portion of capital,
nor the commercial reyulslon in Great Britain in ls47,
the paralysis of credit and commerce throughout Eu
rope in 1913, have affected nnrously to any consider
able any of the great interests of the country
arrested our onward march to greatness, wealth. and
power
Had the disturbances in Europe not occurred, com
merce would undoubtedly have been still extend
wealth and public prosperity But notwithstanding these
disturbances the operations OF The revenue system
tabshed by The tariff act OF 1916 have been SO generally
country that no change IN It's provisions is demanded by
wise public policy, and none is recommended
The operations OF the constitutional treasury establish
ed by the act OF the sixth OF August 1916 in the receipt
custody. and disbursement Of the public money. have
continued to be successful Under this system the pub
vovng the necessity of loans and extraordinary expend
lures, and requiring distant transfers and dsburse,
ents without embarrassment and loss has occurred
of any Of the public money deposited under its provi
sions Whilst it has proved to be safe and useful to the
government its effects have been most beneficial upon
the business of the country 1t has tended powerfully
to exemption from that imitation and fucua-
ton OF the paper currency injurious 10 domestic
dhsry and rendering the rewards of labor
and il is believed has largely contributed to preserve the
whole country from serious commercial revulslon such
often occurred under the bank deposite system In
the year 1877 there revulsion IN the business OF
Great Britain of great extent and intensity which
followed by failures in that kingdom unprecedented In
number and amount OF losses This is believed 10 be the
first instance when such disastrous bankruptcies occur
ring in country with which have such extensive
trade currency We remained but little affected in
money Market and business and industry still
prosperous and progressive,
During the present year, nearly the whole continent OF
ktrnr has Gph civil lntInu
attended by bankruptcies by unprecedented
fall in their public securities, and almost universal
paralysis of and industry; and yet although
trade and the prices of products must have been
somewhat unfavoIaby affected by these have
easy and public and private credit have advanced and
improved.
It's confidently believed that have been saved from
their effect by the sauiary operation of the constitutional
treasury II is certain, that it the wentyfour millions
of specie imported into the country during the fiscal year
ending the thirieth OF June, 1Si7, had gone into
the banks TO a great extent it must have done, it
the basis of augmented bank paper issues probably TO
amount not les. than sixty seventy millions of dollars
producing inevitable consequence of inflated cur
rency ex,ravagant prices for time, and wild speculation
which must have been followed, on the refux to Eu-
rope the succeeding year, of much of that specie, by
the prosraton OF the business of the country, the
pension of the banks and most extensive bankruptcies
Occurring, this would have done, at period when
The country engaged in foreign war when con-
siderable loans OF pecle were required for distant dis
busements. and when the banks, the fiscal agents OF the
government, and the repositories of its money,
pended. the public credit must have sunk, and many
millions OF dollars, the during the