Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1850-12-25
orrHr sEcK ErARY OF TnETREAsUKY

I
The receipts for the fiscal year ending June 80
| 1850 from all sources, were $47,42l, 74S 80; TO
which add the balance in the Treasury July l. lS49
$2,lS4,964 %; making together $49,6O6,7l3 IS
The expenditures for the same fiscal year were 43,-
002 l6S 6S, leaving balance in the Treasury July
l, 1850, of S6,6O4,5 44 40. The estimated resour-
ces for the year ending June 30, 1851, are S543l2,
594 40, including the balance stated above. The
expenditures for the year estimated at $685.
S53597 so. Thus it will be seen that but for the
balance remaining in the Treasury on the first of
July last, there would be deficiency of more than
six millions at the close of the present year. The
estimated expenditures for the year ending June 30,
1852, exceed the estimated means, by $S65,996 10.
In view of these facts the Secretary says increase
of revenue will be found necessary, unless Congress
shall discontinue many of The objects of expenditure
which originated in our recent territorial acquisitions,
and this, he thinks, would be equally impoi!ic and
unjust.
The public debt of the United States on the 30lh
November last, was $64,22S, 23S 81, having been
reduced somewhat since the Isl December 1919.
a
subject ofth tariff The evils and abuses of the
present ad valorem system with its foreign valuation
are clearly set forth Frauds, by means Of under
valuation, are Systematically perpetraed, and the de-
parment has undeniable evidence of the fact. The
operation of the SYSTEM also is 10 tax imports high
e when the prices higher,hus enhancing the price
paid by the consumer, al time when he is less
able 10 bear the additional burden; and as the prices
fall the rates of duties reduced, thus affecting IN
luriously the interests Of domestic manufacturers
"rhese variations, giving high duty when least re-
oured, and low duties when prices are runous, tend
to an excess Of mportations, and subject all the pro-
dncts Of labor in our own country to the frequent
and enormous fluctuations in the market abroad"
Mr. CoRwIN urges the policy OF encouraging the
manufacture Of our own materials and sending them
abroad to other nations in their most valuable form.
During the past year exports Of cotton amounted
to $7l 1884 GIG, while Of domestic cotton msnufac-
lures we exported only TO :he extent Of 81, 734 424
and during the same period the mportations Of COT
ton manufactures amounted 10 Sl9,6S5,936. In pro-
portion as we increase the manufacture of cotton and
other materials of which we have an abundant sup
plv, shall we be enabled 10 command the produce,
manufactures, and coin Of other nations. AT present,
however, foreign debt is accommodating against US,
notwithstanding the large expectation of COTTON
We imported during the last fiscal year to the amount
of Sis, 1363lS; and we exported $l5l,S9S,72O,
leaving balance against us of $26y247, 59S. ''li
this operation be repeated for only few years. 1t is
obvious that it will effect the Withdrawal from US OF
quantity Of the precious metals equal, or nearly So
to the amount of the accumulated debt bringing
with it bankruptcy in all departments OF business,
consequent inability 10 purchase foreign goods, and
thus, for the time, causing ruinous depression IN
the receipts into the reaury. then becomes equal
y the duty of Congress and the interests of the peo-
pie f possble) so 10 regulate imports as to confne
the mporations into this country, 10 an amount about
equal to such exports Of our as can find mar
ket at remunerative prices abroad"
The Secretary contends that the agricultural inter
est of the United States will derive more benefit by
encouraging diversity Of employment at home, than
by inviting nerket for produce abroad through a
a low tariG He says that Great Britain will only
buy our wheat and Indian corn largely whena search
ty compes her, and that increase of imporations
on our part will enlarge the demand abroad for our
agricultural products; and to support his assertion
quotes the fact that, in lS47, England took from the
United States nearly sixtynine millions Of food, and
in 1850, only twenty-sx millions, and this though
the importations of British manufacturers into the
United States were greater in 1850 than in l947.
If the ad valorem system should not be abolished,
the Secretary recommends that The home instead Of
the foreign valuation should be adopted and if nei-
Their Of these suggestions shall prevail, then that the
present rates Of duties should be increased OH va
riety Of articles.