The daily union. [volume] (Washington [D.C.]) 1845-1857, 1854-12-07

balance OF former appropriations to be
pended this year.;..;..:...-."~.... sll,2l29o5 20
Permanent and indefinite appropriations
to be expended this year............... T9344Il 10
Appropriations asked for, and to be ex-
pended this year.,..."....,.....~.. dl,I22,5le AZ
6o,s69s33 81
Leaving the of 50, ,3922l2 o2 on the lst Of July
Upon this estimate of the receipts and expenditures of
the fiscal year 1856 there will be balance in the
the ls of July 1855 of S2I 2l2 e2 without er
pending anything in the redemption of the public debt
but Sl2Ooo000 shall be applied to the redemption of the
public debt which may be DONE there will remain esti-
mated balance in the treasury OF S9,392 2l2 92.
IL appears the receipts from for the second third
and fourth quarters Of the fiscal year 1854 dmin
shed from the pressure in the money market and other
causes expected in my former report They were kept
up from mportaons growing out of large exports of pro-
visions 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 10 the want OF remnnerating market in those
countries, sought the benefit of ours
They were also kept up by greater uniformity and bet
Ter valuation OF foreign goods, and dimnution in SNUG
Cling caused by increased vigilance the part the
enue officers The foreign and internal immigration to the
States and Territories combined with speculative in
vesmen in the public lands greatly increased the receipts
from that source that instead of reduced
anticipated the receipts have been greater than in any pre-
yous year as
It also appears from the statement Of the receipts of the
first quarter of the fiscal year 1854 that the receipts both
from aud lands have been greater for the quarter
than fair proportion Of the estimated receipts for the
year This has grown out Of the that kept
the receipts from customs and lands for the last three quar-
tiers Of the fiscal year 1854 aided lands some
tent by the effect Of the act graduating the price which
operated in favor of the receipts for the latter half Of the
quarter.
The receipts from for the remaining three quar-
of the year be in proportion those of the first
quarter owing TO the reciprocity treaty introducing free
trade with the British colonies and the shor; crops in al
most all portions Of the country which materially
affect the expectation Of provisions and the return por
tations aud diminish the ability purchase and pay for
foreign gooa The effect of scarcity of provisions with
consequent high prices has always been TO diminish the
consumption Of other articles of customary use and
be expected to operate the mporstons for the remain
ing three quarters OF the year, as il certainly will the
consumption.
of agricultural manufacturing and commercial prosperity
under extended bank and other credit facilities backed bv
the immense production OF gold from the mines of Califor-
MIA This has led TO large speculative investments in rail-
roads lands lots houses ships stocks and other
prges and to enhanced prices for rents labor proyis-
IONS aud all the necessarcs of life The bank and credit
facilities have been in check for than year with
prospect of continued check; whilst the large and
tended indebtedness Of operators has TO be under
ccdng prices without the stimulating effect Of
prses This will also act in restraint Of mportaons and
consumption.
In the estimated receipts from customs for the three
remaining quarters of the fiscal year the effects
the reciprocity treaty and reduced impoaons have been
considered; whilst also the causes will operate in
the sale of the public lands but the effect Of The grad
uang the price has been considered sufficient keep up
the receipts from the latter to what they for
the fiscal year 1354.
The estimate OF receipts for the fiscal year 1856 has
been made from expectation that the which
viii operate to reduce the importaons and consumption of
foreign goods for the remaining three quarters of the fiscal
year 1855 viii be continued through part of the succeed
ing year. and sensiby effect the importation and consp
| ton of foreign goods
The accompanying table exhibits the particulars Of
the public debt the st of July 1853 and the accom-
panyng table exhibits the particulars of the public debt
the st OF July 1854 which is appended table ex-
hbitng the interest paid the public debt during the
fiscal year 1854 and the principal interest and premium
o redeemed TabI cyl
the principal interest and premium the public debt
deemed from the lst Of July 1854 to the 10th of Nove
/ ber, 1854.
From these tables il appears that the sum of S2o0
70 of the public debt redeemed between the lst
of July 1853 and the LIST of July 1854 and that the inter-
est and premium paid the amount redeemed $685.
545 % and the principal interest and premium that
part of the public debt redeemed between the t Of July
1854, and the goth Of November 1854 S26042o 81
The table which accompanies this report exhibits the
tonnage engaged in foreign and coastng trade from
the year 7s9 to the 30th of June 1854 IL will be
the increase for the last year has been 39s92 20o5 tons
The table T. which accompanies this report exhibits
exports and imports for the same time; and the table 8
which also accompanies this report exhibits the
ceived into the treasury from customs public lands mscc
laneoS sources including loans and treasury notes. and
the tariff and particular price of the public lands under
which the received also the annual expend-
lures during the period From the table of exports
and imports it appears the imports s26 323l7 in
OF the exports no account being taken Of The precious
metals brought in by emigrants.
i The profits on exports and the freighs earned by
our ships foreign trade ought to more than cover this
The exports include S3s0000o0 of specie
and bullion exported but whilst specie and bullion
products of labor in mines they rank with any other
product aud must enter into foreign trade articles
of commerce. and have preudical effect upon the
great interests of the country These tables combined
hibt the growth of our commercial marine Of exports
and imports and the receipts and expenditures Of gov
ernmen and prove that the receipts into the treasury
sufficient al reasonable expenditures discharge tn,
public debt and allow reduction Of the rate of taxation
with almost the certainty that increasing commerc,
viii give an increase OF equal to the reasonable
/ demands Of the future.
Therefore feel II necessary again y call the attention
of Congress 70 the proprey Of reducing the from
customs hat money shall be received into The
treasury than is required for economical administration
of the government The reduction proposed in my former
men and the reduction proposed in the bin prepared anC
reported by the Committee Of Ways and Means Of ih
House Of Representatives would each have effected the OBJ
ec Of bringing the receipts from customs to the propoaeC
revenue standard
The present tariff has eight schedules, different rate
Of duties follows The FIRST OF 100 per cent the
Of 10 per cent the third Of 30 per cent the fourth Of
per cent the fifth Of 20 per cent the sixth of per cent
the seventh Of 10 per cent? aud the eighth Of per
The bill prepared by the committee Of the House Rep
resentaves has FIVE schedules follows The first Of TO-
per cent the second Of 20 per cent the third Of Is PC
cent the fourth Of per cent and e fth Of per
And the bill prepared AZ this department and which sub
santally The reported by the minority Of the com
mittee OF the House Of Representatives has but two rate
OF duty The first OF 100 per cent and the second Of
per cent There difficulties in the execution Of th
present tariff growing of the required classification
der the eighth schedules and these difficulties continue
increase by the acts OF the manufacturers in assmRtn
class Of goods another and In ascertaniug the
e lHW A 81 a 1.l. II