The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-06

commencement OF it's operation, the first Of Decem-
thrtieh of September last beipg tive nty Two months
was nifty ELK million six hundred aud fifty -four thou
Sand hve hundred and sixty dollars and seventy
sine cents-bsing q much larger sum than
before received from duties during any equal period
under the tariff acts 1924, 1928 1882, and 1912 Whilst
BY the repeal of highly protective and prohibtory
duties the revenue has been increased the taxes
the people have been diminished. They have been
relieved from the heavy amounts with which they
burdeu.d under former laws in the form of increased
prices bountes paid to favored Glasses 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 1912 and would pros
rate the business and destroy the prosperity Of the
country, have not been verified. With an increased
and increasing revenue, the finances are in highly
fourishipg condition. Agriculture, commerce, and
navigation are prosperous; the prices Of manufacture
ed fabrics, and Of other products much less nur
ously affected than to have been anticipated from
the unprecedented revusions which, during the last
and the present year. have overwhelmed the industry
and parayze the credit and commerce of so many
great and enlightened nations of Europe.
Severe commercial revulsIons abroad have always
heretofore operated to depress and often to affect d.
sastrousy almost every branch Of American industry
The temporary depression Of portion of manufac
turing interests the effect of foreign causes and is
far less severe than has prevailed all former similar
is believed that looking to the great aggregate Of
all our interests, the whole country more
prosperous than at the PERIOD and more
rapidly advancing In wealth and 20 puaton. Neither
the foreign war in which have been involved, nor
the which have absorbed large portion of
capital nor the commercial reVuson IN Great BRITAIN
in lS47, the paralysis of credit and commerce
throughout Europe in 1913 have affected njurously to
any considerable extent of the great interests OF
the country or arrested our onward march to great
Had the disturbances In Europe not occurred our
commerce would undoubtedly have been still more ex-
tended and would have added still more to the ma
tional wealth and public prosperity. But notwith-
standing these disturbances, the operations Of the
revenue system established by the tariff act Of ls4e
have been 30 generally beneficial to the government
and the business of the country that change in its
provisions is demanded by wise public policy and
The operations Of the constitutional treasury estab
lshed by the act Of the sixth Of August 1S46 in the
receipt, custody. and disbursement Of the public
money, have continued to be successful Under this
system the public finances have been carried through
foreign war involving the necessity of loans and ex
serd1ary expenditures and requiring distant Trans
loss has occurred Of any of the public money de-
posted under its provisions Whilst it has proved to
be safe and useful to the government its effects have
been most upon the business of the country
1t has tended powerfully to secure exemption from
that in ation and fuctuation of the paper currency
injurious to domestic industry and rendering so
uncertain the rewards Of labor and it believed has
largely contributed to preserve the whole country
CURED under the hank deposite system In the year
1s47 there was revulson in the business OF Great
Britain of great extent and intensity, which was fol-
lowed by failures in that kingdom unprecedented in
number and amount of losses. This is believed to be
the first instance when such disastrous bankruptcies
occurring In country with which we have such ex-
tensive commerce, produced little noinjurous effect
upon our trade or currency We remained but little
affected in our money market. and our business and
industry were still prosperous ami progressive.
During the present year nearly the whole contnent
Of Europe has been convulsed by civil and revolu
tions, attended by numerous bankruptcies, by I'M
precedented fall in their public securities and al
most un:ver al paralysis of commerce and industry =;
and yet although trade and the prices of pro-
ducts must have been somewhat unfavorably affected
by there cauree we have escaped revulson our mo-
ney market Harativey easy and public and pri-
vste credit b rsnced and improved.
1t is comic 3. we'd that we have been saved
from their effect 10y sautary operation of the con-
sttutionsl treasury is certain, that if the twenty
four millions Of specie imported into the country dur
ing the ecal year ending the Both Of June, 1847
had gone into the banks as great extent it must
have done, it would in the absence of this system
have been made the basis of augmented bank paper
issues probably to amount not less than sixty or
seventy millions of dollars producing as an inevitable
consequence Of inflated currency, extravagant
prices for time and wild sPecuiatio Do which must
ceedng year. of much Of that specie hy the pros.
tration of the business Of the country the
OF the banks, and Tbst extensive bankruptcies Oc-
currpg as this would have done, at period when the
country engaged in foreign war when consider
able loans Of specie required for distant dsburee-
ments, and when the banks the fiscal agents OF the
government, and the repositories of its money, were
suspended the public credit must have sunk aud many
millions Of dollars, the durius the war Of
1872, must have been sacrificed in discounts upon
loans and upon the deprecated paper currency which
the government would have been compelled to use
Under the operations of the constitutional treasury
not dollar has been lost by the depreciation Of the
currency. The loans required to prosecute the
with Mexico negotiated by the Secretary Of the
The restraining effect of the system
the tendencies to excessive paper issues by banks
has saved the government from heavy losses and
Of our business men from bankruptcy and
ruin. The wisdom Of the system has been tested by
the experience of the last and it is the die
tate OF sound policy that 1t should remain undis.
turbed The notifications in some of the details Of
this measure, involving none of its essential princ.
pee, heretofore nded again presented for
our favorable consideration.
In message Of the sixth Of July last transmitting
to Congress the ratified treaty Of peace with Mexico
the adoption of measures for the speedy
pay ment Of the public debt In rsiseTating that re-
feated in that message in its support. The public
debt, including that authorized to be negotiated in
notes amounted at that time to sixty.dve million
seven hundred and seventy eight thousand four hun
dred and fifty dollars and forty one cents.
Funded stock Of the United States, amounting to
about half million of dollars has been purchased,
authorized by law since that period, and the public
debt has thus been reduced the details Of which will
be In the annual report Of the Secretary Of
tie Treasury.
The estimates Of expenditures for the next fiscal
year submitted by the Secretary Of the Treasury 1t
believed viii be ample for all necessary purposes II
the appropriations made by Congress shall not exceed
the amount estimated the means in the treasury will
ment to pay of the next nstament Of three millions
Of dollars Mexico which will fall due the thrtieth
To- +
y
Of the public stock and reduction Of the debt Should
enlarged appropriations be made the necessary con-
sequence viii be to postpone the payment Of the
debt. Though debt compared With that Of most
other nations is small it our true policy and In har
mony with the genius of our institutions, that we
should present to the world the rare spectacle of
great republic, possessing vast resources and wealth,
wholly exempt from public indebtedness. This would
add still more to strength, and give to . still
more commanding position among the nations Of the
earth
The public expenditures should be economical, and
be confined to such necessary objects clearly
within the powers Of Congress. All such as MT
a. absolutely demanded should be postponed and the
payment of the public debt at the earliest practicable
period should be cardinal principle Of our public
policy.
For the reason assigned in my last annual message,
repeat the Recommendation that branch Of the
mint Of the United States be established at the city Of
New York. The Importance Of this is greatly
Increased by the acquisition of the rich mines of the
precious metals in New Mexico and California, and
especially in the latter.
/ repeat the recommendation, heretofore made, in
avsr of the graduation and reduction of the price Of
,ucb Of the public lands have been long offered In
The market and have remained unsold and In favor Of
extending the rights Of emption to actual settlers