Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1853-12-22
WHOLE NO. Ile.

y
public expenditures for the sa me pe-
riod, exclusive of payments on ac-
count Of the public debt, amounted
to forty-three million FIVE hundred
and filty-four thousand two hundred
) aid sixty-two dollars; leaving a bal
ance of thirty-two million four hun
} dreG and forty-seYen dollars Of re
, ceipts aboT e expenditures.
i This fact of increasing surplus in
the treasurg y, became the subject of
anxious co hsideration at very early
period of q by administration, and the
path Of du ty in regard to it seemed
to me OBJ tious and clear, namely:
first, t B apply the surplus revenue to
the iii scha rye of the public debt, so
FAR MS could judiciously be done; aud
secondly, to devise means for the
gradual reduction Of the revenue to
the standard Of the public exigencies.
Of these objects, the frs! has beea
in the course of accomplishment, in
manner and to a degree highly sat
isfactory. The amount of the pub
lie debt, Of all classes, was, on the
4th of March, 1853, sixty-nine mil.
lion one hundred and ninety thou
sand and 'thirty-seven dollars;-pay
ments on account Of which have been
made, sin ce that period, to the amount
of twelve million seven hundred and
three tn pusand three hundred end
twenty-nl Inc iollars-leaying unpaid,
and IN the c9ntlnuous course Of liq-
uFdatlon, the sum Of fiity-six million
four hundred and eighty-six thou
sand seven hundred and eight dol
lars. ThesP T. payments, although
made at the market price Of the re-
Ispecti We clasfes of stocks, have been
effect ed read lily, and to the general
adyan tage of the treasury. and have
at tn e same time proved of signal
utility in the relief they Ihave Incl.
dental ly afforded to the money mar
ket, a nd TO the INDUSTRIAL and COM
merci Pl pursuits of the country.
The second Of the above-mentionc
objects, that Of the reduction of the
tariff, iseof great Importance, and the
plan suggested by the Secretary Of
the t Ireasury, which is 70 reduce the
duties on certain articles, and to add
to the free list many articles now
taxed, and especially such as enter
into manufactures, and are not krge-
ly, or at all, produced in the coun-
try, is commended to your candid
and cifreful consideration.
Yo q will find in the report of lho
Secre tary of the Treasury, also abun
dant proof of the entire adequacy of
the present fiscal system to meet all
the requirements of the public SER
vice, and that, while properly admin
iStered: 1t operates to the advantage
OF the community in ordinary busi-
ness relations,
l 7 especially ask your attention
to su ndry suggestions Of improve
mentS in the settlement Of accounts.
as regards the large sums
of outstanding arrears due to the
COVER fnment, and Of othci reforms in
the a administrative action Of his he
partr4cnt, which are indicated by The
Secretary; as Also to the progEcss
made in the construction Of matino
hospitals, custom-houses, and of u
new mint in t'aliforniaand assay Office
in the city Of New York, heretofore
provided for by Congress; and ;Iiso
to the eminently successful progtess
Of the Coast Survey, and Of the
Lighthouse Board.
Among the objects mcriting your
will be important recon-
mendations from the Secretaries of
War and Navy. | am fully satisfied
tha I the navy Of the United States
IS pot in condition Of strength and
efficiency commensurate with the
ma gnitude of our commercial ard
9TH Ter interests; and commend to your
especial attention the Suggestions on
his subject, made by th4 Secretary
)f the Navy. ! respectfully submit
-ha the army, which, under our sys-
-eEi, must always be regarded with
the highest interest, as nucleus
lropnd which thd volunteer forces Of
he nation gather in the hour Of dan
ger, requires augmentation, 81 nod
fcation, to adapt it to the present
limits and frontier relations
If the country, and the condition cf
he Indian tribes in the interior of
he continent; the necessity Of which