New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-01-07
The Treasury Report.

TIE current year will exceed the expenditures
SIl,45s,143 90 and on the LIST July, 1888,
he estimates that there viii be in the Treas
ury balance Of 500, St. rs 80. 4 sum suf-
ficient to pay off the S6,23- 81 - of public
debt maturing on that day, and meet such
extra appropriations as Congress may au-
thorize. These estimates are based upon
an annual income Of S49,O0O.O00 from Gus
toms, 100000 to 50 100000 from public
lands. and 100000 from miscellaneous
sources.
The expenditures demanded by the new
territories are stated in the Report sepa-
rately from those for the general purposes
of the Government; the former are set
down at 8! millions. the latter at 33l.-
The Secretary advocates a liberal policy
toward the territories, and on sufficient
grounds.
The entire public debt is now $1,000.
395 o. Notwithstanding the extraordi-
nary demands on the Treasury, $ ,667, Si3
IL Of the debt have heen redeemed in the
last year. In investing the surplus funds
of the Department in U. S. stocks at mar
ket rates a heavy premium has had 20 be
paid, amounting, on p millions, to S32j,-
655 "a; and if the entire debt should thus
be bought up in advance, this premium
would amount to above millions of dollars;
and should it be known that the Govern
ment was thus in the market, the premium
would rise still higher To obviate this
the Secretary proposes to buy instead,
sound State stocks, and hold them as a
sinking fund for the redemption of the debt
The Report then considers how a revenue
equal to the permanent wants of the CO.
vernment can be secured, at time when
the debt is coming to maturity and must be
paid, for its renewal is out Of the question
This brings up the influence of the present
tariff upon the industry and prosperity of
the country. Mr.. Corwin discusses this
topic in very brief and condensed man
ner The great question which he con-
sders is whether the present tariff will con-
tinue to produce a sufficient revenue and
THE he dwells upon without any reference
to the principles of economical science, or
TO any collateral points. The fact, he pre-
sents on this head are such as shOuld compel
the earnest attention of Congress, and of all
81. 80 10 10 fha
exports of American products in the past
year aside from gold, exceeded by forty three
and half millions those of the year preyi-
Gus, this excess was due to the shOrtness
of the cotton crop for the last two years,
whereby the price of that staple was greatly
enhanced, a state of things not again 20 be
counted on. At the same time the exports
of bread stuffs and provisions have declined
from the immense amount Of lS47, after the
famine, and Of 1913, the year after the Eu-
ropean revolutions, to within q millions OF
what they were when the British corn laws
were in full force and rice and tobacco
have also largely fallen off. During the
year ending June 30, 1851, the export of
specie was 20 millions during the first five
months Of the present year, 27l millions
have been exported, or nearly as much as
IN the whole year preceding, notwthssand-
ing large shipments of cotton. And this
expectation must continue to increase unless
there should be reduction in the importa-
ton of foreign fabrics.
Should the importation increase, domestic
manufactures will be broken down, aud the
people engaged in them must go to farming,
with a diminished market for farming pro-
duets at home and no increase in the mar
ket abroad. Thus they will become im-
poveIiShed, their ability u buy foreign pro-
ducts diminished, the revenue from Gus
toms Will fall off and tn Government will
be driven 10 direct taxation for its support
and the paymen: Of the public debt
The history Of the iron trade furnishes
the Secretary with forcible illustration of
his positions In ls42, under the operation
Of THE compromise tariff. the Consumption
OF iron in the country-imported and home
made-was equal TO iOs lbs. to each person
OF the population IN 1916, under the iniiu-
cree Of protection. 1t had risen TO 81 lbs. per
head, and while the Importation had fallen of
osly 81 pei cent, the home production had
actually increased $50 per cent; in 1913, the
tariff having been changed, the NOV ement
reached is climax; the consumption vas
99i lbs. per head, but now the importation
had nearly doubled, while the home produc
tieR had increased less than per CEN. AZ