The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1854-12-15
Rhe TreaanrY Report, -

The Treasury Report, --'
The Rdpoftof tlie Treasury has made
rs Appearance, but owing to its legh, we
shall not be able to give our readers more
thana briof outlileof it. 1t is tie plain
statement of man of business, as such a
document ought be. -
The estimated receipts for the fiscal
year ending Juue 80, 1855, are put down
at, including the balance in the treasury
on the LIST July, 1854, $66,966, ,4o4 62,
and the estimated expenditures at $751;
O60, ,277 f2.
The amount Of the public debt out
standing on the fist of July, 1858, was
$67, ,34O,628 78. On the 1st day of July,
1854, twas $47, ,1so, SOC. 05-t thus show
ing reduction in the public. debt Of $2o, :
16O,122 73. tfn 4
The receipts for. the fiscal year ending
aune 80, 1856, are estimated at 1863, ,5o0,-
900, and the expenditures at $60,869,-
833 SO. The balance in the treasury on
the lst of July, 1856, is estimated al S91,-
392.212.
The Secretary says that the large i'm
portations during the last three quarters of
the epast year were kept up by heavy ex-
ports of provisions, caused by the scarcity
in England and France but he anticipates
falling off in the customsin consequence
of the reciprocity treaty and short crops.
Under the reciprocity treaty, articles now
paying duty of $1,524,457 are made
free.
During the past year the tonnage of the
the country shows an Increase of 395;S99
tons.
The imports of the year show an excess
of $26,321,317 over exports but this
excess the Secretary thinks is apparent,
not real, as the profits on our exports, and
the freights earned by our ships in foreign
trade, ought more than cover this excess.
In the exports, it should be recollected,
over $38,0oo,oo0 in specie are included.
The satisfactory condition of the reve-
nue., in connexion withou rapidly-increas-
ing commerce, are used as arguments for
further reduction in the tariff. The Sec.
retary objects to the eight schedules, of
different rates of duties under the present
tariff, as collections are attended with great
difficulties.
Under the act of 1858, over $15,OOO,-
600 of silver have been coined and circu-
lated at the principal cities, and furnished
to citizens at various points. 1t is believed
that the full benefit of silver coinage for
change can never be realized while small
bank notes are encouraged and made cur
rent by the patronage of the community.
The total amount of silver coin in cir
culation on the 1st of October last is es!i-
mated at $241, ,000,005, against which
there is total bank note circulation of
s9o4.689. .2o9.
In regard to the workings of the indie
pendent treasury, the Secretary says that
in rece iving and paying for the last fiscal
year more than seventy-fve millions in
the current coin, it has kept up the demand.
for the precious metals, and has prevented
the large bank circulation from obtaining
the mastery and driving the constitutional
currency from the country. The heavy
export of specie during the past year is in
part accounted for by the large redemp-
ton of the public debt held abroad.
The Secretary is of opinion that the
present pressure in the money market.is
owing to the specie drain, but to heavy
importations, the failure of SO many banks,
and the curtailment of the circulation-and
discounts of others, viii ch, in the last six
months, have reached the enormous sum
Of nearly fifty million.
The remainder Of this very able report
refers principally to the operation of the
United States milt and branches, as we'll
as the operations of the various depart
ments Of the treasury.
I H Illinois. 81"