The southern press. [volume] (Washington [D.C.]) 1850-1852, 1851-12-11
sll,lOl.sO5 81

ST., lOl .s05 81
N. NoURsE, Acting Register.
Treasury Department, Registers Office,
October 81, 1851.
Our fiscal year commences on the first of
July every year, and terminates on the 30th of
June in the year succeeding. Now, the official re-
suits, for the first quarter of the present fiscal
year, commencing on the lst of July last, and
terminating on the Both of September last, are
as follows: The revenue from duties alone, for
the first quarter is l4754, 900 dollas--or at
the rate OF 59,0l9,2l9 dollars per annum. Our
total revenue from all sources, for that quarter,
was 100, 100000 dollars or at the rate of "a,
OOO,0 900 dollars a year. Our surplus, during
that quarter, of receipts over expenditures,
amounted to 100000 dolars-or, at the rate
of Is 900 900 dollars year. Now, as our whole
debt is but 64,O0O,OOO dollars, such surplus,
if continued annually for four years, would
leave us then Gas We have been twice before)
without debt, and lead necessarily to another
reduction Of duties. Cheers Oar average
annual exports under the reduced taiif of
1916, were l6l FAC, 1888 dollars. Our average an
nual exports, under the high tariff Of S42 were
los, 92O, 4l2 dollars. The average annual differ
ence in the amount of our exports between the
tariffs of 1912 and 1886, was 55,526, 1916 dollars
Our exports for the last fiscal year Of the tariff
of l842 were ll3 ,488 SIG dollars. Our exports
for the last fiscal year, under the tariff of 1916,
were Gas given in the protection journals) 1876,
89S650 dollars, showing a difference. in one
year, in favor of our reduced tariff, of S2,4l0,-
l34 dollars. The increased per centage of our
exports, comparing the results under these two
last fiscal years of the tariffs of 1912 and 1916,
was 70 3-5ths per cent, whilst our population
increased, in the meantime, only 1911 per cent /;
showing an increase Of our exports in nearly
four times as great ratio as that of our popu-
iaton. Applause. Well, gentlemen, the excess
of our export of breadstu1s and provisions from
1886 to 1850, under the'tarif of 1916, over the
four years preceding under the tariff of 1912,
was 99,5S6624 dollars and for three years, un-
der both tariffs, striking out the year of famine
and a corresponding year under the old tariff,
the difference in favor of the new system was
59,000,00O dollars. Applause. And gentle
men, when | see it stated in your own official
returns that, without any decided augmentation
of the population of the United Kingdom, you
consume now some nine or ten millions of
quarters more of grain per annum, than you did
before the repeal of your corn laws hear -
believe, gentlemen, that your population do
not eat too much now, and therefore, must
conclude that under the former system they did
not eat enough. Hear, hear, laughter and APP
plause. 1t is said, by the opponents of our
own reduced tariff, that our imports have ex-
ceeded our exports too much, under the act of
1916. 1t is said in my country, by the pro-
tectionists, that under our reduced tariff, we
took too large an amount Of British manufac-
lures, thereby, | presume, INJECTING terrible
injury upon England. Laughter and applause, |
Our imports, according TO the protection our
nails of America, for the last fiscal year, ending
Both June, 1851, were 1928, 057.260, and our
exports for the same time were 1876 ,S9S, $50,
the difference being S27I5s0l0, or about St
per cent. on the aggregate of our imports and
exports. Now, this is said to be an unfavorabe
balance of trade. But we must bear in mind
that our exports are given at their home value
namely, the value which they bear at New
York, New Orleans, and our other shipping
ports. Hear, hear. Well, gentlemen, sup
pose the Yankee nation don't raise and ship
these exports for nothing. We make a large
profit, as indicated by our high rate of interest
and rapidly increasing wealth. Hear hear
Experience has shown this profit on our exports
to be about 10 per cent, which would amount,
for 1851, to Sl9,5S9,S65 Then, gentlemen,
we don't carry, | suppose, imports or exports
in American vessels without receiving the
freights. Experience has shown that sum, for
such an aggregate is given for the year 1851,
to be at least twenty millions of dollars, which,
added to the profit on our EXPORTS leaves a clear
balance in our favor of Sl2,43l ass, after de-
Quoting the S27l55,6l0 before given. Our
total imports, for the last five years, under the
reduced tariff of 1876, were SS50,574,73l, and
our exports for the same time, SS06,233 943,
showing an excess, in these FIVE years, of i'm
ports over exports, Of S44, 34O,78S, or 5 18th
per cent on our imports,
Now, the gain to the United States from the
profits upon our exports, and from freightS, on
the principles above stated, would be Sl62,-
623,394, and, deducting the excess of Imports,
would leave our profits on the balance sheet
principle, 8 l8, 383,606. But this would be a
very imperfect view of our actual increase of
wealth during these five years, as the result of
our reduced tariff Oar domestic products and
fabrics, consumed at home, similar TO those ex
ported abroad, must havo amounted. during
these five years, TO an aggregate of at least
y 100000, 900 and, allowing an enhanced
price for the whole, Of 3 per cent, growing out
of the increased demand, sales, and enhanced
price of the portion exported abroad, il would
bring our increase of wealth, from that item
alone, during these five years, up to three hun
dred millions of dollars. But, gentlemen, how
fallaoious is the doctrine that reduced tariffs in
crease the balance of imports over exports, Is
shown by looking at the result under our high
est tariff, the act of 1928, known as the bill Of
denominations -Qaughter) land which from it's
exorbtant character, seemed likely to produce
civil commotion. Now, under the tariff Of 1928,
this balance of imports over exports, was ten
per cent upon the Imports or nearly double the
per cenage of balance under the reduced tariff
of 1916 Here is decided proof that high du-
ties diminish exports fully az much, if not more,
than they do imports. Since our government
existed, the excess Of imports, ~ shown by the