Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-12-10
Total stock redeemed. SO, 1914, sc
$50, 336,157 80

Of the public debt it appears that So $50 was
deemed and purchased from the 1st July, 1852 the
4h Of March, 1853, and Sl2 1872 1875 from the 4th
March, 1858, to the Sd December, 1858 But the daily
payments at the Treasury in discharge of the public liza
bes and the redemption of the debt did equal the
receipts and large surplus continued accumulate in
the Treasury until it became of alarm
cial and financial circles The resorted to by the
Department to arrest panic and to lessen the
aon then stated in detail by the Secretary Large
depostes made at the Mint to enable it procure
silver for coinage and efforts made redeem the
public debt at the market price, which
cessul to some extent The Secretary then proceeds:
"The balance in the Treasury the 30th Of Septem.
ber with the estimated receipts for the second third
fourth quarters of the present fiscal year. being
of the estimated expenditures for the time
will justify the further application of Sl5 000 900 to the
purchase of the debt and leave sufficient surplus the
Treasury for any practical purpose The purchase of
the debt has therefore been continued and 495 "a
expended in the purchase during the second quarter
the year is considered that the present prosperous
condition Of the Treasury growing out Of the great
perty of all the industrial pursuits Of the country a
opportunity to apply the surplus to the discharge
of the public debt and that it should not be left to
barrass the operation of the Government in any future
contingency which may require all its energies and
sources.
The estimated receipts Of the second third and fourth
quarters of the fiscal year have been predcated
the present high price of the great staples good
foreign demand for surplus and large duty paying
mportatons computed in view of the large stock of ina
poratons hand and the srngency the money market
both here and in England and the effect of the short crop
there.
The estimated receipts for the fiscal year 1854 do not
reach the actual receipts of the fiscal year 1862 although
the first quarter of 1854 exceeds the corresponding
ter of the year 1853 by SIS, OBS, 297 20.
The estimated receipts for the fiscal year ending June
3d. 1855 have not the results Of the first quarter veri
y them the unquesoned data Of good and high
prices but the estimate rests upon average OF pre-
cedng years. with estimated increase proporonate
an increasing population and capacity to purchase AND
pay, calculated without regard the chances of
short crops commercial embarrassments, reduction
Of the tariff.
The imports Of the fiscal year 1853 including specie
have been 1921 976 647, and the exports have beer
$3.50 49, $50 fair estimate for profits exports
and the freight Of vessels would the balance
this account in favor without estratng the money
brought in by emigrant Of which account is taken"
The estimate for the fiscal year 1855 has not been
made TO exceed that of 1852 for the that il is be-
eyed that the Of diminished mporatons during
the latter part Of the fiscal year 1854 will be extended
into part Of the succeeding fiscal year. and because the
agitation Of reduction Of the tariff will have tendency
to prevent imporaons beyond the actual demand fol
consumption"
The Secretary, for the purpose Of reducing the
nue. proposes admit free Of duty number Of foreign
articles which duty is paid. The revenue col
ected last year upon the articles which it is proposed
add the free list about So 00O 0o0 in which
It may be computed, the will be reduced by thu
adoption Of the proposed additional free list But th
reduction viii still leave the larger than pro
per and economical administration Of the Government
viii require the Secretary further proposes Arrange
the articles paying duty two classes-the one class
pay the high duty Of hundred per cent and the ohe
class to pay the moderate duty Of twenty-five per
the latter TO include all imported articles not in the
list in the table Of high duties This equalization
will further reduce the about "a 500 000 anc
leave its aggregate amount computed upon the i'm
ports Of 1852 at about S45 900 900 from customs be
low which point II Is not proposed to reduce the dutie
until the public debt is paid The change proposed il
the Of duty designed take effect from and afte
the lst Of January, 1856. The Secretary says:
"The effect Of making the duties twenty-five per cent
all articles imported not included in the free and high
err lists will be TO give greatly less trouble in the collec
ton Of the revenue and TO raise the duties ar
cles and reduce them on others When the duties ar
raised the change may act in restraint OF importation
and when reduced in their favor and the result
some extent, will counterfeit the other.
"The proposed reduction, had il been applied durinj
the last year, would leave abundant for nj
the reasonable Of the Government in time Of peace
and allow the proper addition to the army and navy
meet the eKgencies Of augmenting population and
increasing and leave the receipts from the sal
Of public lands TO be applied 10 the purchase Of the publ
: debt TO which these proceeds pledged by law"
The principle Of free trade may not yet be sufficient
~ verhed from experience in this and other nations
justify its full adoption but the progress towards fire.
trade now proposed will be justified it is believed, b.
both public opinion and public interest II Is consider
Cd that the taking of the duty the material use
IN our manufactures will counteract the reduction
: duties on foreign manufactures, and, when compare
with the operations Of the present tariff will not mate
rally affect the interests Of domestic industry
!. merce
at Is not proposed change the principle Of ad
loren duties but il is for the consideration OF Congress
whether specific duty iron, made from the averag
OF the last three or four years ad valorem duties Nigh
not give greater stability to the iron business and NOR
satisfaction 70 consumers, and at the time, prov
n equally beneficial to the revenue
cit is proposed to make salt free Of duty The
age annual revenue from that article for the FIVE yeai
TO 30th June, 1852 is only 1922 284 while the
fishing bountes, exclusive Of the drawback on pickle
fish, for which the salt duty is prete1t, amount
$2S94l3, besides other heavy annual expenses 70 pr
vent frauds"
II is recommended that the fishing bounty be repeA
ed and that branch Of industry be left to the fair con
petition which causes other maritime enterprises
flourish.
The imports and exports for the fiscal year ending s0
June 1863 compare fsvorsby with those Of precedir