The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-01-21

September 1850 amounting TO $40 900 900; Of which
50 900 900 Of certificates were ready and awaiting
the demand of that State at the date Of my last an
nual report that amount has since been delivered to
the authorized agents lof the State of Texas thus
increasing the aggregate registered debt to s67 500
$50 %. The following reductions have been made
since the last annual exhibit Of the public debt up
to the LIST of January
account Of the debt of the District cities $50 900 90
On account Of the oldfunded and unfundcd
On account Of the loan Of ls43 IN 400 90
On nc eount of the loan of 1886 ............ q "A
10. do. 1871 ............ $50 100 20
10. do. 1913 ............. 5000 90
Treasury notes paid in specie, or received "a
such.......... ................-......... oo W
Making total Of Announcements 42s 7O3 10
The public debt on the lst January. 1853, was
500 l3l 692 Is, Gas per statement) exclusive of the
remaining S5 900 900 deliverable to Texas under the
act of 9th September 1850, when the provisions of
that law are fully complied with.
Since the above date an additional amount Of the
public debt has been redeemed to the extent OF about
S250.000.
at a nate above par value any portion Of the six per
cent loan OF ls47 and which l. only redeemable in
1867. except TO the extent a what balance may
main in the treasury from the receipts from the sale
Of public lands after tbs Interest On that loan has
frsi been paid fas -ueh rceeiFs- A. the amount Of
i i would IA is IL sr .SoI IY remove move
that rs..ris.s' : sas'.'ses !. garvhase At the
tended scoreta a sax surplus funds
In the tFcasuFy = thf pnlaic debt IL
would psFballs ~eE~dtGens 70 procure 1t
some doals hsss e,iasS a. 10 she direct and
positive sstifrt q n department. 10 purchase
some of the other st0sks a. rates above their par
value, and IN order 10 remove Al uncertainty on the
subject would recommend that express authority
should be vested In the department 10 purchase at its
discretion al the current market value. any portion
Of the existing public debt, TO the extent Of any
surplus means ON hand, provided the available
balance in the treasury should never be reduced be-
low five millions OF dollars.
WAYS AND MEANS.
The receipts from duties on foreign merchandise
for the last fiscal year, exhibit decrease, as COM
pared with the preceding year, OF Sl61S24l 30.
This is deemed but a temporary decline OF the re-
ceipts from that source whilst it shows how unstable
is the reliance placed upon the large amounts, which,
in times of high prosperity are expected from that
branch Of the revenue
The slightest disturbing causes felt in the chan
nels of trade at untavoraby affect the treasury;
so any favorable impetus given to commerce, from
causes often accidental tends for the time to a sud
den expansion of its revenues. This is observable to
some extent in the receipts from duties on foreign
goods for the periods above mentioned. The acqui-
stion of our new territories the Pacific, followed
by the Development of their immense mineral re-
sources, gave corresponding extended basis Tor
commercial operations The sudden drain OF foreign
merchandise from the Atlantic ports to the Pacific,
left vacuum to be filled by fresh and larger impor-
tatons of foreign dutiabe goods which, OF course,
was followed by corresponding increase of receipts
into the national treasury.
The repeated and diastrous CONGREGATIONS at
the principal port Of the Pacific, destroying mil
lions of property, in foreign goods tended to still
further increase Of foreign importations. The
channels Of trade however, having once more
accommodated themselves to these new crcum-
stances, we find gradual diminution in the year
Of nearly 81 100000. new discovery OF mineral
wealth. though not within the boundaries of our
rft
followed by increased buoyancy in trade, and cor
responding increase in the revenues arising from it.
BY referring to my former annual reports, the views
OF this department may be found somewhat in detail
OF the results which in my opinion, may be expected
to flow sooner later, from legislation which tends
so nurously to affect, If not to great extent to de-
stroy some OF the prominent manufacturing interests
OF the country by giving to the foreign producer the
control OF the supplies of our home market The iron
interest was cited to show the effect of permitting
the surplus foreign productions in all their VARIOUS
stages of manufacture, to be thrown hton
our markets at almost nominal prices, aud eonse
quently upon the payment OF comparatively nominal
duties. Importations of bar, pig, and other iron,
for the year ending 3Oth June, 1916, were 1927
tons, producing duties amounting to Sl,794,-
7s4; and for the year ending 3Oth June,
ducing duties amounting to 1922 sl2. Thus
it is that while the quantity imported has in
creased four and quarter times over that of 1915,
the aggregate duties received Is less than double the
too under heavier rate Of duty at the latter period.
This enormous increase in the importations of iron,
at prices far below the fair or usual cost Of pro-
ducon, both here and abroad, whilst it produced no
corresponding benefit to the treasury, destroyed in
a good degree, the competition OF own producer
and manufacturer. The result then foretold is
partially realized. The foreign producer, by reduc-
ton Of prices on his part and Of duties on our part,
having possessed himself Of the control Of our
ket, raises the prices Of ron it is believed, be-
yond the remunerating point, and certainly far be-
yond the rates ruling during the period Of the late
hopeless struggle OF our own manufacturer to sus-
tain himself.
The effects of this state of things are felt in the
very large increase Of duties consequent upon the
suddenly enhanced prices Of iron, which must be
paid by our consumers, and with the most unfavor-
able influences upon our numerous railroad enter
prises in progress, whilst it is attended with
corresponding benefit to those whose capital embark
ed in this branch of manufacture has been totally lost
On the other hand by this rise in the prices Of iron,
il may be expected that new stimulus will be given
to that branch Of American labor, which may again
be met by similar consequences, when it shall have
become formidable competitor with the foreign pro-
Queer, ending in destructive reduction in price, and
a redundant supply
Whilst the foreign commerce Of the country and
the foreign market for its productions are undoubted
ly Of great importance yet they both probably re-
ceive an undue share Of consideration, for they re-
spectvely sink into relative insgnifcance when com
pared with internal and coastwise commerce and
with the home market.
There are no records which will enable the DEPART
ment to give the correct amount Of internal and
coastwise trade but some idea may be formed of it.
vast extent when it is recolected that the annual va
lue of the agricultural, mineral, and manufacturing
productions OF the country is not less than three thou
sand millions Of dollars s3 900 900 900 JAS shown by
the statistical returns of the late census large por
ton of which is transported by river canal coast
ing vessels railroads, and which, in the course
Of trade changes hands several times before reaching
the domestic consumer, making in the aggregate an
amount Of traffic counting by thousands Of millions;
while the whole amount shipped to foreign countries
but $40 900 900, being only onethireth part Of
the entire production Of the country which thus finds
an outlet IN foreign markets.
Fhe single article u coal annually transported
eoasIn ~ 2aa N canal boats, og on railroads Is VI