Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1849-01-01
THE VINIDICAT'OR.
sTAUNToN:
ANNUAL REPORT
OF THE
SECRETARY CT THE TREASURY.

ANNUAL REPORT
OF THE
SECRETARY CT THE TREASURY.
This IS lie Document Of the age. Its
distin su;sheH aathor, the head of the Trea-
sury, G s-os. ROBERT J. WALKER. has
feaf1s fsa ~ a5ssseasa!f monument as lasting,
i IS oag ,iasiihl.ions are durable. /. is no
vain spirit Of Boosting, when we assert,
what the whole civilized world will yet
concede, that on all the intricate questions
OF Finance, Mr. Walker stands first in his
/ day and generation. During his Admins
ration, lie people Of the United States
have had ocular demonstration Of the Wis
dom of his policy, The foresight Of his judg-
inent, and the truth Of his principles ofgo-
yernmental policy.
TIE Report Of the Secretary. as submit
ted to Congress, is about the length of the
Presidents Message. Every question per-
tanning to his Office, is argued at full length,
and tssie faeasures necessary to the success
fuI operation of the Government, discuss
ed in the most able manner. Subioined is
the first portion of the Report, treating i'm
mediately on the question of the Tariff
We hope every reader of our journal will
give 70 it that consideration which is so
Justly due to its eminent merit. FROM time
to time we shall give such additional ex-
tracts, as our space will permit.
The Report begins with detailed state
ment as to the condition Of the Treasury
and in substance sets forth, that
The total receipts for the fiscal year
ending June Both, 1913, Wee $50, 1858, $50
add bal. in treasury July LIST, 1877, l, 70l ,25l
Total means, 1854, FOL
Expenditures during same period, 1924 ,l67
Bal. in treasury July LIST, 1913, 1853, 534
Estimated receipts to the 30th June,
1910, including the above balance, 81 ,04S, 800
Actual and estimated expenditures to
same period, So, 1876, 27G
Bal in treasury july LIST, 1S49, 2,S53,6a4
+ ile secfe,ars carries his estimate ,e 3oth
June, 1880, giving the receipts at $685.,
253, 6o4, and the expenditures at $33, 213,-
1872; leaving a balance in the treasury on
the 1st July, 1850, Of 5000, 542. Gun
less new aud extraordinary expenditures
are authorized by Congress-" {says. the re-
port, "no further loans will be required,
and the public debt may be reduced"
The whole net revenue for duties during
the entire period of four years and three
months Of the operation of the tariff Of
1912, (per tas-ae D, was $101, $50, 653 II,
being an annual average of $23 1895, 20S
81. The net revenue received from the ta
riff of 1916 during its entle operation from
1st December, 1916, to 30th September,
'48. (per table e. was $56,654 1858 70, or
an average of $50, 902. 4S9 % per annum,
being an average Of 7,007. $50 SO more per
annum under the tariff of 1916 than was
raised under the tariff Of 1912. The net
revenue for the fiscal year under the tariff
of 1916, (per table A, was $31, ISL, 070
So, (being $757 ,070 SO more than the es-
innate of this Department. and this amour,
would go on augmen,ing every year under
this act, with favorable state Of foreig,
commerce and industry, in a ratio at eas
as great as the increase of our population
AS the high duties under the act Of 1874.
were rapidly substituting the domestic ar.
ticles and excluding the foreign rival, the
revenue must have declined.
If, however, the act of 1S42 had yielded
the average revenue received during the
period of its actual operation, this we have
seen would have been an annual loss o
upwards Of seven millions of dollars, as
compared wih the average revenue of The
tariff of 1916, With such result, instead
of a large surplus on the 30th of June
1850, there would have been an addition
of more than twenty-five millions of dol.
lars to our national debt, which must have
gone on rapidly increasing, requiring ii
time Of peace new and large loans to be
} negotiated. If also, the proceeds of the
sales Of the public lands were taken from
the Treasury for distribution among the
States, the augmentation Of the debt anl
accommodating interest would have been still
more rapid and alarming. From this dis
astrous condition we have been saved b.
| the tariff of 1S46, yielding, from reduced
) tayes, an average excess, thus far, of more
5 than seven millions Of dollars over the ay
erage receipts from the tariff Of 1912. Hal
5 that act remained in force during the wal
, from diminished revenue, the loans mus
have been greatly augmented in amount
with small and declining income, AM
: instead of premiums realized, large dis
counts must have been allowed. That TIL
S revenue would have declined, results from
: the position Of the prolectionists, that b
continuing the system few years the
would supply the whole home market wit
j the protected domestic articles, when tn
= foreign importation must cease, and tn
revenue also. The result, then, of protec
ton, must be the annihilaton of the for
: eign import trade Of the country, so far a
ror,rdc protnctod proAucfe With tho ov