The voice of freedom. [volume] (Montpelier, Vt.) 1839-1848, 1848-03-23


onng from the present condition of the country, will
convince the Senate that this deduction is by no
means too arge
Secretary's estimate of
1910, S3G,OOo,ooo
Add for over-estimate Of
revenue, viz: fronCuS-
toms year endingJunc
80 ISIS, S7,o00,00O
Public lands same year, 100000
From customs for year
ending June 80, 1885, 100000
Public lands same year. 100000
Total over-estmated, sl7,Oo0,OOO
For short estimate Of expenditures.
Amount fdefciencies for
which the Secretary
asks appropriation for
the current year, $40,
100000, deducting
cess Of expenditure by
his estimate over exist
ing appropriations, say
S3,0OOOOG, 100000
Under estimate of expen-
diture for the fiscal
1919 100000
For the ten regiments con-
templatod by this bill,
not of course included
by the Secretary, 100000
100000
For loans available, al
ready authorized 100000
Aggregate, 75O0O,Oo0
Deduct error in official
report, 100000
Total to be raised by loan
over and above the
venues of the country, s$6S,OO0,OOC
In this estimate notice is taken of the out
standing treasury notes, which may, and probably
will, absorb the revenue to q great extent, and
make further resort to credit necessary.
The first item of correction of the Secretary's re-
port is the estimate of the receipts from customs for
the current year. The honorable Secretary esti-
Sir, one year ago lin December 1850 he estimated
the receipts from customs for the then current year
at twenty eight millions, and, in point of fact they
fell short of twenty-four, mn overestimate of over
four millions, tested by the actual receipts into the
Treasury take the liberty to say, that these esti
mates are always too large. And permit me to re-
mark, that the estimates Of our expenditures are
always too small Our receipts from customs for
the past year have fallen short Of twenty-Gour mil
lions. And on what data or on what ground of an
ticpation does the Secretary increase the sum this
year to the amount of thrty-one mIons-an eX-
cess in the from this source estimated for
the present year. over and above the actual receipts
of last year. to the extent of seven millions Of dol
lars ? Sir, let us institute comparison between |
the condition of things during the past year and the
present. The revenues for the past year in |
creased in the first place. by the combined effect of
the new tariff, which to go into operation, by !
its terms, OH the LIST of December, 1876 and the |
Warehouse bill, which went into effect on the day
of its passage, viz, August 4th, 1916. Both these
bills had been long pending-one having been intro
duced into the Senate on the 2lst of January, and
the other into the House the 18th of April, 1876;
that the passage of both was for long time antici
pated.
Sir, the passage of the tariff bill gave notice to
the commercial world that, on the 1st of December
foowingits passage, the duties were to be reduced.
Your Warehouse bill rendered to them the privilege
Of storing their importations and retaining the du-
ties upon them until they could be withdrawn upon
payment of the reduced rate of duties under tho
new act Under these circumstances, very great
portion Of the mporatons Of the latter part of 1916
were thrown over for the payment of the duties to
the month Of December. The result Of it was, that
there was very great falling off in the amount Of
duties received in that portion of the year 1916. !
Sir, have an estimate which will show you the eff
feet of these two measures upon our revenue for the
year ending june 1917 The receipts for the months
of July, August and September, 1915, amounted to
eight millions eight hundred and sxty-two thousand
dollars The receipts for the same months in the
year 1916 fell to six millions one hundred and fty-
four thousand, making difference of two millions
seven hundred and eight thousand dollars in the
three months constituting the first quarter of the
year ending June 30, 1Sl7. This is shown more
fully in the following table:
Per month.
Receipts for July, August,
and September, 1915, $S,S6l 032 or 50, 953,977
Same months in 1910, 6l53,S26 or 2,05l,275
Difference, 270S,l06 or 902, 7O2