Washington sentinel., 1853-12-11
REPORT OF THE sECRETRY OF THE
TREASURY.

with us.
REPORT OF THE SECRETRY OF THE
TREASURY.
This important document was published in
our issue of yesterday, and will command very
great attention 1t will elicit from the press
generally, as well as from Congress, discussion,
and demands mature consideration.
1t is written with clearness, and in the style
of man of business. 1t is unambitious, and
is free from augmentation upon the subjects
it recommends. 1t contains many interesting
details, and is full of recommendations deeply
concerning the financial and commercial policy
of the country. OF these we cannot now speak
at large, reserving for future occasions more
extended comment. Indeed, it is now impos-
sble, with the pressure of executive documents
upon our columns, to do more than commend
their perusal to our readers.
A striking fact presents itself in the opening
of the report. According to the estimate of the
late secretary, the receipts from customs for
have been $4,000, 000; while the actual re
ceipts from that source, have been $5S, 1881 1865
80, or nearly Sl0,000,000 advance in the reali-
ty over the estimate. On the other hand, while
the estimated expenditure for the same year
was $60,56O,056 sc, the actual expenditures
were only $54,O26,SlS 2l-or over $6,000,000
less in the reality than the estimate. Thus,
taking the two results together, the condition
of the Treasury is $l6,000,0OO better off than
was anticipated by the head of that department
under the late administration. This fact is a
striking commentary upon the prophecies of
the opponents of the tariff of 1916, and demon.
strates that commercial freedom is entirely con-
sstent with the financial prosperity of the
government.
In respect to the public debt, a gratifying
decrease in its amount has resulted from the
redemption of it from the oyerRowing re-
sources of the treasury. The amount discharged
during the year ending June 80, 1853, is
Sl0,4S2555 39-reducing the total public
debt, by subsequent payment and redemption,
mp to December 3, 1853, to S56,336,l57 80.
The actual receipts from customs for the
first quarter Of the present fiscal year is
Sl9,7l9,s22, and the estimated receipts for the
remaining three quarters are $37 ,O00-
making, from customs for the present year,
nearly $5s,OOO,0OO.
These figures point to q rapid extinction of
the public debt, and the liberation of the
business of the country from all taxation, save
what may be needed for an economical admin
istration of the government.
The Secretary explains how far the iniuri-
GUS effects of an accumulated surplus have
been sought to be remedied by means Of ad-
vances to the mints of a portion of it, for the
purchase of bullion, without which the coinage
of the bullion would not have been issued to
meet the demands Of business in the country
for weeks. The purchase, also, Of United
State stocks, even at the premium at which
they were held, has proved efficient in relieving
the plethora of the treasury, the tightness Of
the money market in the cities, and has avoid.
ed the evils of an enormous surplus, by dis
charging the public liabilities.
The recommendations for a revision Of the
tariff policy of 1916, to meet the change in our
financial and commercial condition, will com.
mand the attention and excite the scrutiny Of
all parties. A Recommendation TO increase the
list of free articles to reduce the duties on all
other articles to the two rates Of loo per cent
and % per cent, and to change the duty on
iron from the ad ralorem duty, to one based
upon the average ad ralorem duty for the last
three or four years-these are important
changes, which we must reserve for future con.
sideration and discussion. AT present, without
seeing the tables I) containing the free list
or (H) containing those articles upon which is
to be imposed the rs per cent. duty, or (K, }
containing those taxed 100 per cent, we re-
IRAN from any further comment at present.
II appears tha. our tonnage has greatly in
creased, and Though the figures are not pre-
sented IN the report) that the imports and ex
ports las was well known) show vast aup
mentation over past years.
The history of the operations Of the su,troo.
sury, under the construction which the secre.
tary has given to the law, is fully set out; and
numerous recommendations respecting the in.
ternal organization of the department are made
and commended to congressional action.
These matters we cannot dwell on, but con
clude by recommending this first treasury re
port of the new administration to the eonsid
Grafton of our readers