Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1854-12-09

Making the estimated sum Of .....$82, 262, GAG 20
for the service Of the fiscal year 1856.
Estimated expenditures for the fiscal year 1856:
Balance OF former appropriations, to be
expended this H. 300 ~
Permanent and indefinite appropriations,
to be expended this year. 1884, All 40
Appropriations asked for, and to be ex-
pended this 4l,I22,olo ~
500, 869, s33 81
Leaving the of S2l,s92,212 90 on the lst of July
1856.
Upon this estimate of the receipts aud expenditures of
the fiscal year 1856 there will be balance in the reasu
ry the LIST of July 1856, of SCI 1927 92 without
expanding any thing the redemption OF the public debt
but if l2 900 shall be applied the redemption of
the public debt which may be done, there will remain
estimated balance in the Treasury Of So ~ 81
1t appears the receipts from customs for the second
third and fourth quarters Of the fiscal year 1904 were
diminished from the pressure IN the money market
and other causes, as expected in my former rePst.
They kept up from importatons, growing out or
large exports of provisions caused by the scarcity in
England and France and the expected demands Of the
European war; and by the shipments to this country of
foreign manufacturers who, owing to the want Of
nerating market in those countries, sought the benefit
| Of ours.
They also kept up oy greater uniformity and
better valuation of foreign goods and dminuon IN
smuggling caused by increased vigilance on the part of
the officers The foreign and internal lmmigra-
ton to the new States and Territories combined with
speculative investments in the public lands, greatly in
the receipts from that that instead OF
reduced revenue anticipated,
greater than in any previous year.
1t also appears from the statement of the receipts Of
the first quarter Of the fiscal year 1854 that the receipts
both from and lands have been greater for the
quarter than fair proportion of the estimated receipts
for the year, This has grown out Of the same causes
that kept up the receipts from customs and lands for the
last three quarters of the fiscal year 1854 aided as TO
lands extent by the effect Of the act graduating
the price, which operated in favor OF the receipts for the
i latter half Of the quarter,
i The receipts from customs for the remaining three
quarters of the year cannot be in proportion to those of
the first quarter owing to the reciprocity treaty intro
ducing free trade with the British colonies and the short
crops in almost all portions Of the country which must
materially affect the expectation of provisions and the
turn importatons, and diminish the ability to purchase
pay for foreign goods The effect Of scarcity
Visions with consequent high prices has always been to
diminish the consumption of other articles of customary
use and may be expected to operate the mporatons
for the remaining three quarters OF the year. as certain
i ~ will on the consumption
Moreover the United States have enjoyed long period
of agricultural manufacturing and commercial prosper
b under extended bank and other credit facilities backed
by the immense production of gold from the mines OF Ca
forna This has led to large speculative Investments
in railroads. lands lots houses ships stocks and other
enterprises and to enhanced prices for rents labor pro-
visions and all the necessaries Of life The bank and
credit facilities have been in check for than year,
with prospect of continued check; whilst the large
and extended indebtedness Of operators has to be met
der receding prices without the stimulating effect OF new
enterprises This viii also act in restraint of importa-
lions and consumption
In the estimated receipts from customs for the three
remaining quarters of the current fiscal year the effects
OF the reciprocity treaty and reduced mportaons have
been considered whilst also, the causes will ope-
in the sale of the public lands but the effect Of the
act graduating the price has been considered sufficient to
keep the receipts from the latter source to what they
were for the fiscal year 1904.
The estimate of receipts for the fiscal year 1856 has
been made from expectation that the same causes
which will operate to reduce the appropriations and CON
sumption of foreign goods for the remaining three quar-
Jfsrao he wear
part of the succeeding year and sensbly affect the i'm
poration and consumption Of foreign goods.
The accompanying table exhibits the particulars OF
the public debt on the 1st of july 1853 and the
panying table exhibits the particulars of the public
debt on the lsof july 1854 (which Suspended table
exhibiting the interest paid the public debt during
fiscal year 1854 and the principal interest and premium,
the part redeemed within that year Table exhibits
the principal interest and premium on the public debt
redeemed from the 1st Of july 1854 to the 10th of No
yember, 1854
422 3 of the public debt redeemed between the st
of July 1885, and the 1st of july 1854, and that the
interest and premium paid the amount redeemed was
$685. 49, and the principal interest and premium
on that part of the public debt redeemed between the st
of July, 1854 and the Goth of November, 1854, was
Il So, Goa, 2oS.51.
The table g. which accompanies this report, exhibits
the tonnage engaged in foreign and coastng trade
from the year 1889 to the 30th of June, 1854 1t will
be the increase for the last year has been $685.
20-95 tons.
u,
our exports and imports for the time and the table
which also accompanies this report exhibits the
received into the Treasury from customs public lands,
including loans and Treasury notes.
and the tariff and particular price Of the public lands
under which the received also, the annual ex
penditures during the period From the table of
exports and imports 1t appears the imports are
of the exports account being taken OF the
4 precious metals brought in by emigrants.
The profits exports and the freighs earned by
ships in foreign trade ought to than cover this
excess The exports include 900 of specie
and bullion exported but, whilst specie and bullion are
product and must enter into foreign trade articles
of commerce. and have preudicia effect upon the
great interests of the country These tables combined
exhibit the growth OF commercial marine Of our ex
ports and imports and the receipts and expenditures of
Government and prove that the receipts into the
Treasury are sufficient all reasonable expend-
lures discharge the public debt and allow reduction of
the of taxation with almost the certainty that
increasing commerce will give increase Of revenue
Il equal to the reasonable demands of the future
Therefore feel necessary again to call the atten
ton of Congress the proprety Of reducing the
from customs that money shall be received
into the Treasury than is required for economical adj
minstration Of the Government The reduction proposed
in my former report carried out by the bill prepared
in this Department. and the reduction proposed in the
bill prepared and reported by the Committee of Ways
and Means of the House of Representatives would each
have effected the object of bringing the receipts from
customs to the proposed revenue standard
4 The present tariff has eight schedules, different
rates of duties, follow The 6rs of 100 per cent,
the second of 40 per cent the third Of 30 per cent? the
fourth of % per cent the fifth of 20 per cents the sixth
Of ID per cent the seventh of 10 per cent, and the
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