Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1850-01-04

military land warrants issuabe under the act of 18th
1847 and the act of August TO- l848, is
TO be taken into consideration. Under those acts,
S. III warrants for 160 acres each and 5219 for 40
acres each have already been issued. Claims to the
of 900 have been suspended or rejected and
it is estimated that the number of claims yet to be
presented will amount to 1900. (See statement
marked q, hereto annexed
The whole amount of warrants issuable under the
act above mentioned may; therefore, be estimated as
equal to 10000 of 100 acres each, which, at S2O0
EACH will amount to $18,o00,000. Of course until
these warrants shall be exhausted large proportion
of the revenue from sales of public lands must be
thereby diverted
Nv predecessor estimated the revenue from public
lands for the last fiscal year. to be received at the
treasury at So, 100000.
The actual receipts at the treasury from that source
in the year ending Both June, 1848, were 8642
Sc.
During the calendar years 1847 and 1S48, and
three quarters of184 there located for patents
on military bounty land warrants 5,025 400 acres,
amounting at 81 25 per acre. to the sum of $685.,
759, viz:
In 1S47 239,88O acres. 5000, $50 90
In 1913, 22ss, 96O acres 1861, 200 90
of 1849, 2,496,560 acres ..... 3,l2O, 700 90
5,O25, 400 s6,2S1, $50 90
See statement marked CD
The receipts into the treasury from sales of pub
lie lands, during the last fiscal year. were l,6o095O
SIS.
It is not probable that additional sales would have
been made to the full extent of the number of acres
located under the military bounty land warrants but
think it may be safely considered that this source
of revenue may be taken at nearly 100000, of
which part is absorbed by the land warrants; a
part, say 81, 657,050, (that being the amount paid
and payable during the present fiscal year, is ap-
piled to the payment ofnterest the loan and trea
sury notes, under the act of January %, 1S47 and
the remainder is pledged to the extinguishment of
the debt created under that act estimate $2000,-
900 per annum of the from lands diverted
by the land warrants and the extnguishment of debt
During the last fiscal year there were paid, under
stipulations in the treaty with Mexico, sums amount
ing in all to 81, 623 los.
Public debt to the amount of $790,566 80 (inclu-
ding Treasury notes received for customs and lands
was also paid off or purchased out of the general
funds of the treasury and extnguished besides $685.
500 of the stock and Treasury notes issued under the
act of lS47 purchased out of the land fund and
celled. See statement marked (K) Ofthese sums,
$500, It's, debt contracted since the COM
mencement of the war.
The balance in the treasury on the LIST July, 1919,
was 80, $4,000 %.
The aggregate of these sums, viz:
Balance in the treasury on lst July, 49, $2849 %
Payments under the treaty. 1929 1O8 90
Payments out ofgeneral fund on account
OF debt 80. ........ .......... $4,000 81
Land fund diverted. .................200 100000 90
Amounts to-. ST., 6O4, 630 61
and would have made a balance in the treasury to
that amount the LIST July, 1849 had none of them
been applied to the extraordinary purposes above de-
signated.
During the current fiscal year there will be requi-
red, in May next for the payment of an instament
to Mexico 49, $4,000, and the land revenue, estima-
ted diverted, will be $4,000 OO0-making together
900, which, added to the aforesaid sum of
Sl2,604638 81, would make S18144,538 81, from
which deducting the estimated deficit the 1st Ju-
ly, 1850, of $5,828121 g. would have left an esti-
mated balance in the treasury that day, of ST.
S16,4l7 OIL. Adding to that balance the instalment
to Mexico, due in 1851 So 800, 00O and the revenue
from lands diverted 50 000,0 OO would make an ag-
gregate of 7676417 OIL, from which deducting the
estimated deficit the LIST of July, 1851, $10>54,-
O92 49, would have made an estimated balance in
the treasury, on that day, of 81, 1884 90.
The Secretary proposes that authority be given to
contract further loan to the amount of 600 600
He also proposes to increase the duties upon imports
in order to raise increased revenue. He also advo
Gates higher rate of duty for the purpose of protec
ton. He says:
81 find no obligation written in the constitution tc
lay taxes, duties imposts at the lowest rate that
will yield the largest revenue"
He is in favor of laying protection or prohbitory
duties upon such articles as may come into competi
ton with our own manufactures. He proposes to af
ford additional protection to wooens cotton hempen
good, iron, sugar coal, salt, &c.
He is in favor Of specific, instead of ad ualorem
duties.
He does not approve of the warehousing system.
He recommends certain changes
The Secretary submits to Congress the QUESTION O
continuing the Independent Treasury system and il
case that it should be continued recommends severa
alterations in its practical operation Alusion i
made to the operation of the coast survey the
tions of the mint and other subjects. The number
| lighthouses upon the shores of the ocean and tn
lakes is about three hundred and sixty-two oatn,
| lights.