The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1850-12-23
Report Of che seoretarv 81 the TreaaurY.

M New YoRK, Dec. Is, 1850.
By the report Of the Secretary Of the
Treasury it appears that the total receipts,
from all sources, during the fiscalyear end
ing June S0th, 1850, including the balance
on hand at the beginning Of the year, was
S49, ,607, ,70l Is. Total expenditures, in
cluding Treasury notes funded. $43,002,
l66 68, leaving a balance in the Treasury Of
$6, ,604 ,54449 The estimated total receipts
for the current year, including the above
balance, is $54, 3l2, $40 49, aud the esti-
mated expenditures s53 1853, 500 so, leaving
an expected balance of $459,996 80. The
estimated receipts for the fiscal year ending
June 30th, 1852, are $47.258, ,996 SO, and
the expenditures of all kinds, $48, 1884,
993 l8, leaving deficit Of 1855, 1886 TO-
The average expenditures, exclusive of trust
funds, public debt, and expenses of collect
ing the revenue for l843, '44 and 45,-the
three years preceding the Mexican war, was
$2l ,S77,9Ol 81. Those cfsiS46, 47 and '4s,
TIE three years OF the war, were GAL ,733,
672 81, and those of l849, 80 and '5l, the
three years subsequent to the treaty Of
peace, $38, ,974 059 81. Including the ex-
penses of collectiog the revenue from Gus
toms, public lands, duties returned, draw
backs, debentures, bounties. &C., the an
nnal expenditures for the three periods
above mentioned, were conside rably higher,
being for the first period, $25,4l0, 1900;
for the second $45, 1888 SO; for the
third, BAL ,702,257 80.
Secretary Corwin proceeds to show that a
continuance of these largely increased ex-
penditures will be required for an indefinite
period. In fact. he estimates-and his es-
Inmates are sustained by an elaborate array
Of calculations embracing sufficient details
I-chargeable directly to the Mexican war
and acquisition of Territory consequentup-
on the Treaty Peace at $2l7, ,l75, ,575 SO,
and this he adds, does not embrace many
claims presented and to be presented, aris-
ing directly and indirectly from the war
There are great variety Of these, forbid
ding even approximation either as to mum
Der or amount, The Bounty Land system
"a legacy mainly Of the war-involves a
prodigious burthenl by diverting from the
Treasury one of the sources OF revenue
During the years l847, 8 and g, the quanti-
ty of land located on bounty land warrants
amounted to IA, ,727, ZAP acres, valued $l8,-
I9ll, ,l44, and the warrants yet to be present
ed will cover 78,922,5l3 acres, valued al
$98, ,653, ,l40.
The Secretary estimates that taking the
annual sales at the average of the three
years above mentioned, over sixteen years
will be required to absorb and satisfy the
warrants yet to be issued under the several
acts now in force, and he calculates there
will be diverted from the Treasury, from tht
sale OF lands, the sum of $ll3,244, 1896, no
anticipated at the date when the revenue
law of 1916 was enacted.
A large portion Of the report is occupied
by an exposition of the working of the pres
ent tariff system and he urges upon Con
gress the necessity of such modification @
the law of 1916, as will subserve the doubl
end Of increasing the revenue of the Gov
eminent, and protecting the interest Of ou
citizens. His first recommen ndation is, tha
there should be change from ad valorer
to specific duties, wherever the change Cal
be safely made with substitution of tn
home for foreign valuation, where the ad va
lorem system is retained.
His second recommendation is, that
specific duties be rejected, a general hom
valuation principle should be adopted; AM
his third recommendation, supposing th
two former to fail, that the present rae {
duties should be increased on the article
which it is known could bear such increas
with the most saluiary effect upon bot
trade and revenue.