Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-12-13

gent operation Ol the treasury, II Wds W ohe
advances 10 The mint for the purchase OF silver tor The new
coinage and enable The mint 10 pay promptly ana IN 40
vance OF coinage tor gold bullion 49,,
1 wss by the list
July 10 ss5l7 $50 o. and The 25th Of Novemott
1853 Sill 4h 0S9 3d. This enabled the mint to give Eo,
which circulated money, for silver that was out o. liz
alion, because of the premium is and Tor e''i
that could not circulate money until coined tho effect
1t Is believed that this operation tended 10 @
OF the accumulation; but the accumulation sun
wns 1bonoh, further 10 by The purchas.
of another portion Of the public debt at mt NJ Vt ns VII
price, in the cities Of Philadelphia anu view I'D with bro
ihorized nv law. md an arrangement was mace WIN Wv
r sach o those places make such purchases 10 DC
maid for on the assignment and delivery OF Inc s'och " "
treasury. ,;o, ,;I tho l., lnlv 1888
md after that date The amount sui continuing %
accumulate in the treasury apprehensons "Ile Of Nv
contraction of discounts by the city banks oil Ne"
Work would result from the weekly statements
those banks under act of The Legislature OF INA!
and combining with the fact of the large amount ~
treasury might have an Injurious influence on financial auo
commercial operations. With view therefore, 10 give pup
lie assurance that money would not he permitted 10 accae
late in the treasury if the public debt could DC mao a'
current market price, public offer was MADE on 'e 'o
July TO redeem the treasury between mat lne aa wy
first of December the sum Of 50 OF nu IND
Is47 and s4S at premium of q per cent ana sS
from the let OF July, 1883 on the principal Ann co W
August another public offer was made Tor VI m
loans PAYABLE in 1856 and 1862 the former at premium
ner cent and tho latter at premium Of 10 per centwlt
like interest from the lst July, 1883 Ihesc notlces mar
and F. accompany this report. was lhought ,ha sus
:.
would be expeden the part Of The anu Jus
and fair 10 the holders have beneficial etec upon me mo
ney Market and secure larger amount OF Inc puoT hs
than any other mode that couiu DC aooP'su' i''
boon satisfactory , ,.e nj
the District assumed by Congress in 1885, being ~ rh
communication sent 10 The agent OF the trustees ~
lonn and price agreed and accepted to ine eAu ;d
S696 900; and it Is expected that the balance WI" NC
al ns o pns also made for par, of the s. Texan
bonds beuring per cent. interest and purchase u. T%
of them effected in tho manner slalea ~ oh dscrnrIon
fac, is established that the public debt OF each
can he nbianpd nj the premiums offered aud PAID ana Una
The premiums may be reduced as The Time hAeu y! '
of the law for redemption approaches o c.to,
The balance In the Treasury on me SUN OF osp.,o.
with the estimated receipts for the "a 50 anu 4t
The prcseut fiscal year. being so far in excess OF
;npnn nf sl5 600 600 10 the purchase OF the deo ana
eays sufficient surplus in the treasury ol ay pc. con
purpose The purchase OF the oso. mas dnrine
h sscond ouarcr of the year. Ii considered that the
nresen prosperous condition Of the Treasury growing ou
Of the great prosperity of all the industrial pursuits o. ,
country affords an opportunity apply the surplus 10 Inc
discharge of the public debt and that should moi OK M W
cmharass The operation of the government IN any lut
contingency which may require all lie energies ana resout
The estimated receipts of the second third and fourth
of present fiscal have been predcaea on
the presen high price Of the great staples on good
mand for our surplus and large duty paying impoatons
computed in view of the large stock OF on mana
and the strln2ency In the MONEY markell ooth mere anu III
England and The effect Of the short crop thrre
The recepts for the fiscal year 1854 do reach
the receipts OF the fiscal year 1858 although the hrs
quarter of 1854 exceeds The tspUhong quare1o' e year
| 1853 BY IS OPS 291 20 49,
The estimated receipe for the fiscal ending June 30
1855 hsve not results Of the first quarter to verify then
nur The unqucsoned data OF cool crops and gh prices
but the estimate rests upon average of preceding years
with estimated Increase proportionae 10 an increasing
population capacity purchase and pay calculated
without regard the chances oil war; short crops CONNER
cia embarrassment or reduction OF the tariff
The imports of the fiscal year 1853 including specie have
been S6 97S 647 and the exports have been 4oZ 29u
fair estimate for profits exports and the freight OF
our vessels would the balance Of this account IN ou
favor without estimating the money brought in by emil
grants of which no account is taken 1t is believed that
large stock Of imported merchandise remains in the hands OF
the merchants and fer that and because OF The sn
gency in The money market both here aud IN England II
calculated there will be, during the remaining three
quarters Of the year. diminished importation, compared
with that OF The h:st quarter.
The es,imu,e for fiscal year 1855 has been made Ia
Exceed that of 53 for the That is believed that The
causes of diminished mporlaons during the latter part
the fiscal year 1854, will be extended into part o.
the succeeding fiscal year. and because The agitation OF
reduction of the tariff will have tendency 10 prevent I'M
portations beyond the actual demand for consumption
Most articles OF manufactured merchandise, like the annnh
productions Of agriculture are necessarily consumed WHINE
The year. and again restored by productive INDUSTRY iof n
succeeding year; and with population able 10 pay there
great uniformity in the annual amount Of imports anu eA
ports. There often causes however, wnich prcveh
and progressive increases such as snort crops 10"
prices for expG either abroad without inc as
urboc influence of Sill Is believed thst the re1ep
a
lures Of the year and reasonable purchase OF ~ M
debt and justify reduction of the duties by adong 10 m
free ia, and reducing the tax upon many o'es
The table f. accompanying this report, exhlha me 10
reign articles imported free of duty and their value ol m
six years 1913 to 1853 inclusive ana also Inc
articles imported paying ou'y' WIZ" '''" ~
duty for the same lme .o,o., ovb,h0 sana,,u
list of the foreign articles whcn 10 % tho 20
venun The revenue collected from me ar'lces IN laoe
s h lac, vfar is about S. 900, in which amount,
NAV he computed the revenue VIII DC feo4cen ny e auoP
| lion of the proposed additional tree iist.
This will leave the revenue larger IMAM proper ae eco
nomica administration OF the government WIN ft9ulei an
;or ,ha nnInose of further reduction It is now proposed
,anoe the articles paying duty In two casees-ihe on
a 40 Contained in the table K. accompanying ms report
pay what may be considered he hgn auy So pei
9 ,he other class pay The moderate daty oil % per cent
nd ~ include all imported articles not in tie Tree lst no
a. 1 y. table of high duties This eqn za'ion will reduc
The abou. 81 sUVOo s s sbouI SIX 600 600 from
below which point 1t is not proposed to reduce tn
Ju,ea unit. the public debt Is paid Inc change now pro
no sed in The rate oil GUY - oesentu W '""' ee ' "
AFTER the lst January, 1885,
The elect of making The duties Is per cen" on oil arce
mported not included in tho Tree ano hsner nss WIN DC
Greatly less trouble in the collection OF the revenue an
70 mise The dulles articles and reduce them o.
others When the duties raised Inc change may act
restraint of Importation and when reduced 10 ihe' favor
~ tho one result 10 some extent will counterfeit the other
The proposed reduction had it been applied during Inc as
would leave abundant revenue for all the reasonnoi
Il government VI
nroper addition the army and navy TO meet The eSSen
c;es of an augmenling population and an Increasing con,
MERGE and leave receipts from the sale OF public land
10 be applied the purchase OF Inc puoc oeot 10 WHO
these proceeds are pledged by law
u proposed enter into any extended argu nent
prove that The articles In table should be added TO The Ire
list nor TO prove the propety OF the proposed reduction
duties 10 the uniform standard OF Is per cent When rcve
nue. is not needed articles OF general use Tor manuacurn
aud other purposes The growth or production OF n
United States but partially should not be laXed an
no hipher taxes should be levied on other mpoaons thu
nav be necessary for the economical wants OF The govern
ment thus leaving commerce as free and Unrestricted
possible Let the eriif be reduced Congress- in view
The present Of the government shall deem best IN
increasing population prodacon, industry and enteprs
of The nation will still necessarily 6Gd 10 the Importation
and consequently the revenue, what shall be needed
increased expenses. ,,,
The tables accompanying this report exhibit the Tree lis
of fnpland, FraEac Belgium. Portugal. Brazil Ausr
Spain Russia Cuba, ZoI Ftrcin Chill Nether!and
Hans Towns Norway MEXICO and Sweden, and marx IN
progress OF free trade among commercial nations unr
strained commerce, binding the aaons OF the earth
stronger of peace by mutual benefit has nuncrou
and sing in this and other cour
es The prtncipe Of free Trade may not yet be suelen
" verified from experience in this and other nations,
Justify s full adoption, but the progress towards Tree trad
nov pnposcd will be justified Il ls believed by both publ
4 10