The republic., 1852-01-07
s62.560,395 90

Statement (D) showing the redemption OF
Treasury notes, Is transmitted in obedience TO the
requirements Of the twenty second section Of the
act of 2oth January, 1871.
"rhe amount OF money expended at each Gus
tom house in the United States during the hscal
year ending the 30th June last the number of per-
sons employed, and the occupation and salary OF
each person at each Of said custom houses during
the period aforesaid," is transmitted, (statement
Ed in accordance with the sIth section OF the
act Of Sd March, lSs9.
WAYS AND MEANS.
The receipts from customs for the last fscal year
as before stated were upwards OF forty nine mil
liOns OF dollars. Should importations Of for
cign merchandise for the current and next fiscal
years equal those OF tho past year, the revenue from
that source for the three years ending 30th June,
1853, will have been about $50 900 900. Aside
from demands upon the Treasury for our new Ter
ritorics, this sum wuold have been sufficient to
have met the ordinary expenses Of the Government
and 10 have liquidatod the entire public debt Not
withstanding those extraordinary demands, there
has been effected since the first Of December last,
n redemption Uf the registered debt 10 the extent
Of s. ,667 ,Sl3 II. During the next fscal year the
loan Of 81 March, ls13, Cue lst July, 1888, must be
provided for and 1t Is expected may be paid in each
out Of the receipts from the usual sources Of
nuc. The amounts of the land fund 10 be in.
vested in accordance with Law will probably amount
20 about > 925 900. The old funded and unfunded
debt, with the anpual payments on account of the
debt Of the District cities, will probably amount to
a further sum Of 4 S6l 800, making aggregate
proposed redemption of the public debt during the
No xt fscsl year of 81 ,23i ,792 3j.
The premiums p@id on S2523, 200 OF certificates
uf Government stock purchased at market rates
amounted to S325, ,655 70, or at cost Of more than
one ci ghth Of the entire debt purchased. These
ratcs II applied TO the whole debt as IL stood the
20th November last, would require for lie liquida
ton, in addition 10 that amount, about the sum Of
gS,W4,3lS 81. The probability IL that increased
rates will follow a known demand by the Govern
mcnt.
IA nav N, n tc o,,,st;ped rbchcr ao,tpd pol;cv
does not demand that some discretion shall be given
90 the Department 70 purchnec, out OF any avail
able surplus revenue, sound State stocks, when it
can bc done at or par value. 10 be held as
sinking fund towards the redemption Of the public
debt as 1t becomes due, and thus save 20 the Gov
orntncnt the large premium, which otherwise will
be required IN the redemption by purchase, NJ
market prices, of the stock of the United States.
In the opinion 81 this Department such "a course
is desirable, and IL 10 submitted for such action
thereon as may bc thought expedent
The language Of the act of 2Sth september, 1850,
extending the grants Of lands, has prevented the
warrants ssucd by virtue thereof from passing into
the hands OF tho actual settlers by assignment; and
consequently the receipts from that source have
not been seriously affected by that act The re-
ceipts from sales of the public lands, for the quar-
ter ending 30th September last, indicate revenue
from that source for the current year OF upwards
Of two millions OF dollars. Any excess Of receipts
over the expenses connected Herewith is already
appropriated, aud therefore those receipts. whether
moro or lcss. cannot affect the balance in the
Treasury subject TO appropriation at the end Of
the iscal year. The greater or less amount OF
public debt redeemed will depend upon the in
crease or diminution OF such receipts. The revc-
from imports, consequently, is the great source
upon which the country has to depend for the
means to carry on the Government.
The uuo rpccted addition TO the boundaries Of our
country, covering Of more than five hun
dred and twcpty sis thousand square miles, has
without doubt been cause of the large and
sudden increase Of our foreign importatons,
and consequent increased receipts from custom
duties. Our expenses consequent upon such acqui-
sition have more than Kept pace with the increase
of receipts, and they will remain permanent
charges upon the Treasury. Revenue TO meet these
required expenditures must bc provided for, aud
that during period when public debt is matur-
ing. u cannot for one moment be thought advisa-
BILE 60 pre- suppose renewal OF any portion of such
debt aud therefore II should be our aim To- obtain
revenue sufficient TO meet these maturing liabli-
tics in addition to the annual expenses OF the Gov
ernment,