The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1848-12-12


thirty>six thousand seven hundred and II
~ doIIars and fifty-nine constructing
however, very near approach in the est
. mate TO the actual result.
The expenditures during the fiscal yea
ending on the thirtieth of June last, il
GLIDING those for the war, and exclusiv
of payments of principal and interest fc
the public debt, were fortytwo millio
eight hundred and eleven thousand min
hundred and seventy dollars and thre
cents.
Ii is estimated that the receipts into tn
treasury for the fiscal year ending on tn
thirtieth of June 1S49, including the bal
lance in the treasury OIL the first OF Jul.
last. will amount to the sum of hity-seVer
million forty~eight thousand nine hund
red and sixty-nine dollars and ninetl
cents; of which thirty-two millions o
dollars. it is estimated will be derived
from customs; three millions Of dollar.
from the sales of the public lands and
one million two hundred thousand dollars
from miscellaneous and Incidental sour
ces, including the premium upon heloan,
and the amount paid and TO be paid into
the treasury on account of military con-
tributions in Mexico, and the sales OF
arms and vessels and other public proper
" rendered unnecessary for the use of
the Government by the termination of the
war; and twenty million six hundred and
ninety-6ve thousand four hundred and
thirty-fve dollars and thirty cents from
loans already negotiated, including treas
ury notes funded, which together with
the balance in the treasury on the first
of July last, make the sum estimated.
The expenditures for the same period,
including the necessary payment on ac>
count of the principal and interest of
the public debt, and the principal and
inter st of the first instalment due to
Mexico on the thirtieth 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 flty>four
million one hundred and ninety five thou
sand two hundred and seventy-fve dol
lars and six cents; leaving an estimated
balance in the treasury on the first of Ju-
ly, 1919, of two million eight hundred
and fifty-three thousand six hundred aud
ninety-four dollars and eighty -four cents
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 es-
tnated for that year are thirty-three mill
lion two hundred and thirteen thousand
one hundred and fifty>iwo dollars and sew
enty-three cents, including three million
seven hundred and ninety-nine thousand
one hundred and two dollars aud eighteen
cents for the interest on the public debt,
and three million FIVE hundred and forty |
thousand dollars for the Princip pal and in
tcrcst due TO Mexico on the thirtieth Of /
MAY, 1850: leaving the sum Of twenty (
five million eight hundred and seventy
four Thousand and fifty dollars and thirty- |
five cents: which, it is believed, will be |
ample fot the ordinary peace expendi>
lures.
The operations of the tariff act Of 1916, |
have been such during the past year as
fully to meet the public expectation, and
10 confirm the opinion heretofore express
cd of The wisdom in the change in our
revenue system which was effected by it.
The receipts under il into the treasury
for the fiscal year after its enactment ex-
ceeded by the sum Of FIVE millions forty |
four thousand four hundred and three dol /
lars nine cents, The amount collected du |
ring the last fiscal year. under thetarlfi
r 1910 ,a 00fh nf limo
IS46. The total revenue realized from
the commencement of its operations on
the first day Of December, 1876, until the
close Of the last quarter, on the the thlr>
tleth of September last, being twenty
months, was fiiry-six million six hundred
and fifty-four thousand five hundred and
sixty>three dollars and seventy-nine cents
being much larger sum than was ever
before received from duties during any
equal period under the tariff acts of ls24,
1923, 1882, and 1912.
Whilst by the repeal of highly protec>
tive and prohibitory duties the revenue
has been increased, Il e taxes on the peo-
pie have been diminished.--They have
been relieved from the heavy amounts
with which they were burdened under tor
mer laws IN the form of increased prices
or bounties paid to favored classes and
pursuits.
The predictions which were made, that
the tariff act of 1916 would reduce the
amount of revenue before that collected
under the act of 1912, and would pros>
trate the business and destroy the pros
perity of the country, have not been veri-
fied.-Nith an increased and increasing
revenue, the finances are in a highly -four
ishing neutrality-suspicious., COM
merce, and navigation are prosperous !;
the prices of manufactured fabrics, and of
products, are much less injuriously affec-
ted than was to have been anticipated,
from the unprecedented revulsions, which,
during the last and the present year, have
overwhelmed the industry and paralyzed
the credit and commerce ofso many great
and enlightened nations of Europe.