The Lancaster gazette. (Lancaster, Ohio) 1846-1852, 1850-01-04
Report Of the Secretary Of the
Treasury.

We have beforeus the report of the
Secretary Of the Treasury, which is a.
bout as long again as the Presidents
Message. .a,sa7 .a.a .ras. g
The receipts for the fiscal year, end.
ing June 30th, 1s49, from all sources, a
mount to $59.S16,632:1o. The expen.
ditures ID cash for the same year and the
amount of Treasury notes funded amount
TO S57631, ,667;S2, leaving balance in
the Treasury on the first of July, 1S49,
of SO, 2,1s4,964:2S CTR
The estimated receipts for the fiscal
year ending June 30th, 1850. from the
various sources, amount to $37, ,S23, ,464;-
2S. The estimated expenditures for the
same period reach $43, ,651 .5S5:94, leaV-
ing deficit, upon the 1st of July, of$5.-
S2S, ,12l:66. n.s a.so.. ..l.a a,.s
The estimated receipts for the fiscal
year, ending June, 3Oth, 1851, amount to
S34,45O,OOO. The expenditures, dur
the same period, are estimated to reach
$44, 997,O92:73, leaving deficit. July
lst, 1851, of $lO,547, ,O92.73, which ad-
ded to that Of 1850, amounts to SIG, 6,375,-
214:39. ..-- ....
These deficits are caused by the ex-
penses growing out Of the Mexican War.
An estimate Of these expenses is made
by the Secretary. The excess of army
appropriations for three years, from A.
pril 1876 to April lS49, over those of the
three years proceeding, amounts to $5S,-
S53,993:4l. The excess of navy appro-
priations for Two and a half years. a.
mounts to 81, ,75l ,627;9O, making togeth-
er the sum of 500 sos, ,62l:3l. The in
crease of debt, by loans and Treasury
notes, only amounted to $40, 900 900,
leaving difference between these sums
of $l4,6O5, ,621:3l, which of course was
paid out of the revenue.
In addition to these expenses are to be
taken into consideration the land war
rants issued to soldiers, which will divert
about 81, 900 per year from the Trea-
sury. The Secretary estimates the ell
tire number at SIS. 900. 900.
To meet this deficit the Secretary re.
commends a loan of not more than $l6,-
100000; and for the purpose of meeting
the further expenses growing out Of the
War, provide for the payment of the in.
stament due TO Mexico in 1852, meet
the interest and provide for the extin,
guiShment of the public debt; the Sec,
retary recommends raising of the duties
upon imports. ... ..
The public debt amounts, at this time,
to the sum of$64, ,7O4, ,693:7t. al of wifi
may be redeemed by the 1st of July,
1868. ..
In raising the duties upon imports. the
Secretary recommends that proper dis
ordinations be made in favor of Amer.
ican Industry, aud return in all ca.
ses, where it is practicable, to specific
duties; and when this cannot be done, he
recommends that duties be levied ac
cording to the market value, in our owr
country, at the time of delivery.
The Secretary goes into an excellen
and elaborate argument, showing the
wisdom and policy Of discriminating
Tariff and the advantages of establish
ing manufactures in our own country
The fluctuations in the foreign markets
for the last few years. denote an un
healthy and feterish state Of business
and tits our duty to protect our own laboI
aud build up healthy market at home -
Capital may not be plenty now but il
we make demand, it will Aow in.
The Secretary does not think that il
is unconstitutional to offer proper pro
lection to the labor and industry of oul
own countryj and deems it as unwise tC
send cotton abroad to have it manufact
ured into cloth, as the famer would bt
foolish to send his seed wheat away tina
crops might be grown from it in foreign
country. All Legislation designed to ia
vor particular class is unjust, and tina
which cripples one branch of ihdustr!
cripples the whole. VA g .;,.e.. ..
The Secretary is opposed to the Ware
housing System. 1t answers no goot
purpose and does not pay expenses
Very few articles are brought TO th
country to be exported again. 81
He recommends some important mod
! ifcations in the Sub Treasury, uules
Congress see fit to aboish it altogether.
The establishment of branch mint i
California, the erection of light houses
buoys. sc. in various places, for tn
: protection Of Commerce, are also tn
, subjects Of special mention. r.
The report is an able one and exhibit
I financial skill of high order in its au
8 thor. Mr.. Meredith shows that he ha
y paid particular attentiorrto the duties q