Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-12-09


eh Of June last including those for the and exclusive
payments of principal and interest for the public debt
foy-two million eight hundred and eleven thousand
Z, nine hundred and seventy dollars and three cents
II estimated that the receipts into the Treasury for the
fiscal year ending the 30h Of June lS49, including the
balance in the Treasury the first of July last will amount
10 the sum OF htyseyen million eight thousand nine
hundred and sixynne dollars and ninety Of which
thirtywo millions of dollars it is estimated will be derived
from cusoms three millions of dollars from the sales OF the
public lands and million hundred thousand dollars
from miscellaneous and incidental sources including the pre-
MUM upon the oan and the amount paid and TO be paid into
the Treasury account Of military contributions in Mexico,
and the sales OF and vessels and other public property
rendered unnecessary for the of the Government by the
termination Of the war; and twenty million six hundred and
nneyf thousand fou hundred and thirty five dollars and
thirty cents from loans already negotiated including Iea
suy funded which, together with the balance in the
Treasury the first of July last, make the estimated
The expenditures for the period, including the
say payment Of the principal and interest Of the
public debt and the principal and interest OF the first install
due to Mexico the theh Of May next aud other
expenditures growing out Of the to be paid during the
present year. will amount, including the reimbursement OF
Treasury notes. the of y-four million hundred
and ninety five thousand hundred and dollars
and six cents leaving estimated balance in the Treasury
the first OF July, s49 of two million eight hundred and
thousand six hundred and ninety -four dollars and
eghy-four cents.
The Secretary of the Treasury will present. required by
law the estimate the receipts and expenditures for the next
fiscal year. The expenditures estimated for that are
thirty three millions hundred and thirteen thousand one
hundred and fifty dollars and sevenythree cents nclud
ing three millions hundred and ninety thousand
hundred and two dollars and eighteen cents for the inter
the public debt and three millions five hundred and
forty thousand dollars for the PRINCIPAL and interest due
Mexico the 30h of May, 1850, leaving the OF TWEEN
tyve millions eight hundred and seventy -four thousand and
fifty dollars and thryve cents which, It is believed, will
be ample for the ordinary peace expenditures.
The operations of the tariff act of 1916 have been such
during the past year fully the public expectation,
and confirm the opinion heretofore expressed of the wisdom
of the change in system which effected by it,
The receipts under into the Treasury for the first fiscal year
after its enactment exceeded by the of five millions forty
four thousand four hundred and three dollars and nine cents
the collected during the last fiscal year under the la
riff act Of 1912, ending the 0h Of June, 1896 The total
realized from the commencement Of its operation,
the LIST of December 1885, until the close of the last quarter,
the 30h of September last being twenty-five months,
fy-six millions six hundred and fifty -four thousand five hun
bred and sixty three dollars and seventy censbeng
much larger than before received from duties
during equal period under the tariff of 1924, 1925
1892 and 1912. Whilst by the repeal of highly protective
and prohmory duties the has been increased the
the people have been diminished They have been
relieved from the heavy amounts with which they bur-
dened under former laws in the form of increased prices
bounties paid to favored classes and pursuits
The predictions which made, that the tariff act Of 1876
would reduce the of below that collected
der the act of Sf2 and would PROSTATE the business and de-
stroy the prosperity Of the country have not been verified
With increased and increasing revenue, the finances
in highly ourshing condition. Agriculture, commerce,
and navigation are propeous the prices OF manufactured
fabrics and Of other products much less injuriousy a
fected than have been anticipated from the unprece
dented evusons which, during the last and the present year.
have overwhelmed the industry and the credit and
Of many great and enlightened nations of Eu
rope.
Severe commercial revusons abroad have always hereto
fore operated depess and often to affect disasruusy al
most every branch of American industry. The temporary de-
preston OF portion of manufacturing interests the effect
OF foreign causes and far less than has prevailed
all former similar occasions.
is believed that looking to the great aggregate Of all
interests the whole country prosperous than
at the present PERIOD and rapidly advancing
wealth and population Neither the foreign in which
have been involved the loans which have absorbed
large portion OF capital the commercial revulsion in
Great Britain in si7 the paralysis credit and
throughout Europe in ls4s, have affected inuriousy
to any considerable extent of the great interests of the
country, arrested onward march to greatness, wealth.
and power.
Had the disturbances Europe occurred,
would undoubtedly have been still extended and would
have added still The national wealth and public pros
pery. But notwithstanding these disturbances the operations
of the system established 10y the tariff act Of 1916 have
been generally beneficial to the the business
of the country, that change in its provisions demanded
by wise public policy, and none is recommended.
The operations of the constitutional treasury established by
the The 9th of August 1885, in the receipt custody, and
disbursement of the public money have continued to be
cesn Under this system the public finances have been car
red through foreign war; involving the necessity OF loans
and extraordinary expenditures and requiring distant transfers
and Disbursements without embarrassment and loss has
Cured Of any Of The public money deposited under its prov
sons Whilst it has proved be safe and useful to the Gov
ernment its effects have been most beneficial upon the bust
OF the county. II has tended powerfully
empton from that imitation and fucuaon Of the paper
rency injurious domestic industry, and rendering
certain the rewards Of labor and is believed has largely
rbued TO preserve the whole country from serious CONNER
ca Ievuson such often occurred under the bank depose
system. In the year S47 there evusion in the bust
Of Great Britain OF great extent and intensity, which
followed Ivy failures that kingdom unprecedented in number
and amount Of losses This believed to be the first instance
when such disastrous bankruptcies occurring in country with
which have such extensive commerce, produced little
injurious effect upon trade currency Wcremained but
little affected in money market and our business and indus
try were still prosperous and progressive.
During the present year, nearly the whole continent Of
Europe has been convused by civil and revolutions at
tended 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 unvosy
affected by these causes have escaped evulsion our
money market comparatively easy, and public and private
credit have advanced and improved. II
II is confidently believed tina, have been saved from their
effect by the sautay operation Of the constitutional treasury
Il is certain that the twenty four millions Of specie imported
into the country during the fiscal year ending the hirteth
Of June lS47 had gone into the hanks great extent
il have done, would, in the abcnce Of this SYSTEM
have been made the basis Of augmented bank paper issues
probably amount not less than sixty seventy millions
Of dollars producing inevitable consequence of an in
faed currency prices for time and wild specu
a,on which have been followed, the reflux TO
Europe the succeeding year, of much Of that specie, by
the prostitution Of the business Of the country, the suspension