Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-01-22

MAKING n total Of S242S,103 10
The public debt the first of January, 1898, was
S65 692 l3 las per satement exclusive OF the re-
naming 600 deliverable Texas under the act Of
9th September $780, when the provisions OF that law are
fully complied with.
Since the above date additional amount Of the pub
lie debt has been redeemed to the extent Oh ABOUT
$250,000
Tho naparment possesses authority TO Purehaeo az
above par value any portion OF the SIX per cent
loan of lS47 and which is only redeemable In lS6 ex
cept to the Of what balance may remain in the
Treasury from the receipts from the sale of public lands
after the interest that loan has first been paid from
such receipts As the of that stock forms large
portion Of the public debt it would be desirable that
Congress should that restriction by authorizing
its purchase the current market value BY thus giving
extended scope to the application of any surplus
funds the treasury for the purchase of the public debt
would probably enable the Department to procure on
more favorable terms
Some doubts have existed to the direct and positive
authority of the Department to purchase OF the other
stocks rates above their par and in order to
move all uncertainty on the subject would recommend
that express authority should be vested in the Depart
purchase at its discretion at the current market
value any portion of the existing public debt to the
tent of any surplus hand provided the avaa-
BILE balance in the Treasury should never be reduced be-
low five millions Of dollars.
Ways and Means.
The receipts from duties foreign merchandise for the
last fiscal year exhibit decrease compared with the
preceding year Of ST 678 241 go This is deemed but
temporary decline of the receipts from that whilst
it shows how unstable is the reliance placed upon the
large which in times of high prosperity
pected from that branch of the revenue.
The slightest disturbing felt in the channels OF
trade at unfavorably affect the Treasury; any ia
vorabe impetus given to commerce. from often
cidenta tends for the time sudden expansion of its
This is observable to some extent in the
cepts from duties foreign goods for the periods above
mentioned The acquisition of Territories the
Pacific, followed by the development of their immense
for commercial operations The sudden drain of foreign
merchandise from the Atlantic ports to the Pacific left
to be filed by fresh and larger importations Of
foreign dutable goods which of followed
corresponding increase Of receipts into the national
Treasury.
The repeated and disastrous confagratons the prn
cpal port of the Pacific destroying millions of property
in foreign goods tended still further increase of TO-
reign importatons. The channels Of trade however,
having once more themselves to these new
circumstances, find gradual diminuton in the year
Of nearly So, 600, 600. discovery of mineral
wealth, though not within the boundaries of own
country yet within the reach Of its enterprise is followed
by increased buoyancy in trade and corresponding in
in the arising from it. BY referring
my former annual reports the views of this Department
may be found somewhat in detail Of the results which,
my opinion may be expected TO flow later from
aiegslation which tends so njuriousy affect if not t
great extent destroy of the prominent manufac
turing interests Of the country by giving to the foreign
producer the control Of the supplies Of home market
ting the surplus foreign productions in all their variou;
stages Of manufacture to be thrown upon markets al
almost nominal prices and consequently upon the pay
ment Of comparatively nominal duties Importations Of
bar pig and other iron for the year ending 30th june
ls45 l02 723 TOMS producing duties amounting to
T84 and for the year ending Both june 1852 the
imports 435 149 TONS producing duties amounting
to S3,272 49, Thus it is that while the quantity
imported has increased about four and quarter times
that of 1885, the aggregate duties received is less
than double the amount received from that source in
l845 and that too under heavier rate of duty at the
latter period.
This enormous increase in the mportatons Of iron,
prices far below the fair usual cost Of production
both here and abroad while 1t produced corresponding
benefit TO the Treasury destroyed in good degree the
competition Of our producer and manufacturer The
result then foretod is now partially realized The foreign
producer, by reduction of prices his part and OF
duties part having possessed himself Of the
troll Of market raises the prices Of ron il Is believed
beyond the remunerang point and certainly far beyond
the rates ruling during the period Of the late hopeless
struggle Of our manufacturer sustain himself
The effects Of this state Of things felt in the very
large increase o. duties consequent upon the suddenly
enhanced prices OF iron, which must be paid by
sumers and with the most unfavorabe influences upon
numerous railroad enterprises in progress whilst
lis attended with corresponding benefit those whose
capital embarked in this branch Of manufacture has beer
totally lost On the other hand by this rise in the prices
Of iron 1t may be expected that stimulus will be
given to that branch of American labor which may agar
be met by similar consequences, when il shall have be-
formidable competitor with the foreign producer
ending in destructive reduction in price and redun
dant supply.
Whilst the foreign Of the country and the
foreign market for its productions undoubtedly Of
great Importance yet they both probably receive
due share of consideration for they respectively sink into
relative insignihcance when compared with inter
nal and coastwse commerce and with the home market
There records which will enable the Department
to give the Of internal and coastws'
trade but idea may be formed Of its vast exten
when IL is recoected that the annual value Of the ag
cultural mineral and manufacturing productions Of thu
country is not less than three thousand millions Of dol
lars 1900 600 000 as shown by the statistical return
o. the late census large portion Of which is transport
so ~ riVer canal, coasting vessels railroads
ana winch In the Of trade changes hands
nnes before reaching the domestic consumer making il
tne aggregate amount Of traffic counting by thousand
% mnons whilst the whole amount shipped TO foregI
countries IS but $3.50 000, 000 being only one-trente
part Of the entire production Of the country which thu
hnds An outlet in foreign markets
Inc single article Of coal annually transported coast
"s anu IN cahal boats, railroads is Of sufcien
ouk 70 furnish full cargoe for four times the quantity
an tne American tonnage employed in foreign commerce
~ Prooaoy anords the means Of livelihood to create
number Of persons than the latter
The coastvise trade ~ and from the American norts i
the Uui OF Mexico is Of itself probably nearly equal Il
point Of value 70 the entire export OF American produc
tons TO foreign nations
striking difference between the magnitude and inn
portance Of the home market and the foreign one il 10
found IN tne statistics OF exports Of what is familar
called the famine year Of l847 There was some Difficult
ty at that time in procuring sufficient shipping ncud
ing both American and foreign convey our breadstu
to the furnishing nations Of Europe and yet our enr
exports during that year Of the two principal articles
food-lndian corn (maife) and -four were only about
per cent Of the former and about 10 per cent Of the lat