The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-12-08


s1 g 90 rom these rsnsastioss; but 1t was
,d that such advance Of money to agents for the
..rshs.s Of the debt was Doubt nj policy, and might
ksssns hazardous and lead to mis.pphcatioa Of the
srtnus method Of rsdseming and purchasing tbs
= bio d bt Public notice ct given that the
sssnsbls on the July 1884, would be redeemed at
~ easury that day, At earlier period set
md the lat July, 1853 The notice, marked D.
o0m panies this report
ne daily payments at the treasury in discharge Of the
public Liabilities and the redemptit OF said loan did not
equal the receipts large surplus accumulated in the
treasury AZ became cause OF alarm in commercial and
AnAnoal circles. II hoped that the accumulation in
Ehs treasury would exercise bene ncal restr snt upon
perso and speculative credit Enterprises and bring
shs bu,ness the country into safe and wholesome
pondiio yet, und err the apprehension that q panic
might arise from too stringent operation OF the tres
sury it WAS rhine to make advances the mint for
tAe purchase Of silver for the coinage and TO enable
ne mint to pay promptly and in advance OF coinage Tor
Ths amount OF money on deposit in the mint the
eA Of March So 09s 20 and was Increased oy Inc
lt OF July 500 o. and on tae 10Th OF NO
vouber 1858 Sill 45l co. This enabled the mint to
R1ve gold which circulated money for silver that was
sat circulation because CT the premium upon IT. aud
coined. 'N''''
It is believed that this operation tended to lessen the
unect OF the accumulation but the accumulation still
suu uing thought advisable further lessen it
the purchase Of another portion OF the public debt at
Ne current marset price IN tse cities OF rhlaaeipniA
DsIt made with brok ~ each OF those places TO
make such purchases 10 be paid for ON The assignment
md delivery Of the stock 1T the treasury These pur
aliases continued until the LIST July 1853 and ceased
after that date. The amount still continuing 10
ats sury approximations entertained that
cton OF discounts by the city banks of New York
would result from the weekly statements required from
these banks under an act OF the Legislature OF that STATE
and ccmbinng with the fact ef the large amount in the
treasury might have injurious influence financial
and commercial operations. With view, therefore, TO
rive Do bile that money woald not be permit
I'D to accumulate IN the treasury IL the pubbc debt
could be had at the current market price, spubic oasr
made ON the Soth July to redeem 81 the u essury
between that time the list of December the OF
s90e ooo of the loans OF S4l and lss At Of
Per and interest from the LIST of July 1853 en-
the principal And the I'D August another public
oer uas ade for 81 o00o00 OF the loans payable ia
1856 md lsC2 tae former at Uranium Of Ss per cent
and tie latter p emium of liz per cent with like in
from the lst July, 1903 These notices, marked
public cer the stocks at the then current market
pacs would he expedient the part Of tbs govern
and Jest aud lair to the holders have beneficial eea.
the money market and secure larger amount Of
fse pubic DEBT than any Other mode thst coald DO
adopted The resuls has been satisfactory
The balance Of he loan of the hrse corporate ties Of
nss District assumed by Congress in 1885, being sT20
90, Communication was sent 10 the. agent o. the
she Of 1896 COO and is expected that the bal
asce viii he OBTAINED, AZ the same price, IN short time
Al offer also made Ter part Ct the S. 600 900 Tex
bonds bearing five cent interest," and purchase Of
ne Of them effected ia the stated in the tables
Tie fact 4 esiabsh,d that the public debt Of each
scr pton be obained At tie premiums offered and
Paid nd that tbs premiums nay be reduced as tie time
Fixed BY the terms OF the law for redemption approaches
The balance the tveeArJy the 30th OF
with tie estimated receipts Tor the second third,
sonriA quarters o. the present fiscal year. being far il
the estimated expenditures for the same time
win justify the further application Ok soOJeOeo TO the
purchase of the debt and leave sufficient Surplus in the
treasury any practical purpose The purchase oth debt
has therefore continued and 81 S57 s95 81 expended
IN the purchase during the second quarter OF tbs year 1t
70 considered that the present prosperous condition OF the
sr~ssuy growing out OF the great prosperity the
naustria pursuits Of the country, affords opportunity
apply surplus The discharge Of the public debt
ana that IL should net be left TO ensa rass the operation
IN V,Ehi
mcguire all its energies and resources.
The estimated receipts of the second third and fourth
suArters present fiscal year have been predicted
e high price Of the great SITS Pies on good for
egn demand for plus, and large duty paying
Expectations computed in view Of he large stock of in
portaops hand and the sr agency 10 the money
kt both here and in England AMI the effect OF the short
The estimated receipts for the fiscal year 1854 do no.
reach the actual receipts Of the fiscal year 1858 although
The erst quarter OF 1854 exceeds II corresponding quar-
The estimated receipts for the fiscal year ending
- 1856 the results Of the first verify
them tho unquestored data Of good crop, and high
picss estimate upon average OF proceed
Ex years with ests ted increase proportion 70
sersasing population and capacity purchase and pay
calculated without regard to the chances Of saort
srope, commercial embarrassment or reduction OF tho
The imports Of the fiscal year 1853 including specie
haye 5267 CAL and the exports have been $780,
ls2 80 Affair." estimate fo profits exports and
the freight of vessels woud cast the balances of this
account in favor, without estimating tEe money
brought In by emgrants, Of phch no account s taken
RENAME in the hands Of the merchants aud for that
son. and because of the sringency in the arket
10th here and in England il is calculated that there will
be, during The remsinns three quarters Of the year
dmirshed Importation compared with that Of the hrst
The estimate for the fsc. yesr 1855 has not been
70 exceed that Of 1853 for the that s believed that
The Of diminished mporations during the latter
fat Of the fiscal 1854 ii De extended in.o part II
the succeeding fiscal year, and because the agitation Of
reduction Of the taai will have tendency prevent
tnpor,aons be, ond the actual demand for consumption
merchandise.
annual productions Of agriculture are necessarily CON
sued within the yeas and again restored by objective
industry for the succeeding year and with population
abe TO pay there is great uniform ity in the annual
howe yer which prevent regular and progrsssiys In
0reaxe such short crops Low prices for exports either
IT home or aoresd without the disturbing influence
year 1855 will be sufficient 10 meet the expenditures q
the year and yeasonaos purchase Of the pabl' dept
end Justify reduction Of the duties by adding to the free
list and reducing the tax upon many othr articles Of in
portaton.
The table b. accompanying this report, exhibits the
foreign articles imported ree q duty and their value
the six years rem ls4S 70 1853 inclusive and also the
foreign articles imported paying duty with their value
and rate OF duty, for the same time.
The table accom- panyiny this report exhibits sepa
rate list " the foreign articles which II i hereby pro
posed shall be added the free hat for the purpose
reducing the The revenue coliecte5 from tn,
articles in table for ths last YER abou, s. 900 600
In which amount 1t may be computed the rsyenue viii
reduced By the adoption Of the proposed additional
fsee hist
This viii le.ve the revenue larger than proper and
ssooonisl ADMINISTRATION OF the government viii
qnire and for the purposs Of further reduction Is
proposed ~ arrange the articles paying duty ii To
oasses-tte che class contained in the table X,
panyng this report to pay " a. may Be considered the
sh d1ty ef 100 per cant ana tie other as pay tha
moderate duty Of Is per cent and - include al i'm portea
articles not IN the free List in the table O. hi "a
ontass This equalization viii reducs the about
0A6e Gee. This stu leaves TIE revenue computsQ apon
TIE imports Of ls63 al about SIS 005 TO from
bsicv which poBt i net 70 reduce tie dgt.s
until the public DEBT Is paid Ihs change possl
In the rate Of duty designed 70 take eject
after the lst January, 1868
The effect Of making tie duties twenty I've cent al
afces i'm ported not included 10 the free AMI hb lists
win Be TO give greatly es trouble ia the collection Of the
and TO raise the duties articles and
ance them or others. When the duties rAsei this
change msy act 10 restraint OF i'm orsation and when
r0S1eed in their favor; and tbs result 20
tent viii ccuIterac the other. TIE proposed REDUCTION
hAd II been applied during The last year would leave
abundant for a the reasonable yatt OK the
government In time Of peace and allow the proper sld
EoE 70 the army and naTy - meet the ergenclss .!
nfpx I'm taa ueraasLny ana