Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1854-12-15

Report ofthe Secretary of the US Treasury.
We find the following Synopsis of this report in
the Washington Union, of the 9TH lnst:-
The report opens with statement OF the receipts
and expenditures of the past year. which have already
appeared in the Presidents message.
The estimated receipts for the fiscal year ending
June 3d. 1855, put down at including the baldhce
in the treasury on 1st July, 1854, SOC, 266 404 g.
and the estimated expenditures at $5l. 060,277 -.
The amount of the public debt outstanding on the
1st cf July, 1853, was $67 ,340,628 IS. On the LIST
day of July, 1854. it SAT, SOC O5-thus show
ing reduction in the public debt of $40, 16O,l 49,
The receipts for the fiscal year ending June 30 49,
S. are estimated at $62 800 O0O and the expenditures
at $50, s69.8 1873 81. The balance in the treasury
on the LIST of july 1856 is estimated at SCI 392,212
The Secretary says that the large lmportations du
ring the last three quarters of the past year were
kept up by heavy exports of provisions, caused by
scarcity in En- gland and France; but he antc paes
falling off in The in consequence OF the recpro-
city treaty and short crops. Under the reciprocity
treaty, articles now paying duty OF Sl,524457 are
made free.
During the past year the tonnage OF the country
shows an increase of 395.s92 tons
The imports of the year shows an excess OF S26,-
321,317 exports; but this excess the Secretary
thinks is apparent not real, the profits on our
exports, and the freghts earned by our ships IN Tor
egn trade, ought more than cover this excess. In
the exports it should be recoIIected 100000
| in specie included
The satisfactory condition of the revenue, in con-
nexion with our rapidly increasing commerce, are
used arguments for further reduction IN the tariff
The Secretary objects to the eight schedules or diff
erent rates of duties under the present tariff as col
ections are attended with great difficulties. The
biz, he says, prepared at the Treasury Depal tment
last year. and submitted by the minority of the Com
mitee of Ways and Means of the House of Repre-
sentatves contained but two rates of duty the first
of 100 per cent, and the second of Is per cent He
is of opinion that money should be collected
than is required for the economical administration OF
the government. An addition 10 the free list is re-
commended.
Under the act of 1853 over fifteen millions of silver
have been coined and circulated at Philadelphia
New York, Boston. Baltimore, Washington, Detroit
Chicago, Richmond Norfolk, Charleston, Savannah
New Olleans St Louis. Cincinnati, Plttsburg. anC
other points 1t is believed that the full benefit o.
silver coinage for change never be realized while
small bank notes are encouraged and made current
by the patronage of the community.
The total amount of gold and silver coin in circu
aton the 1st Of October last is estimated at $24l
600 00O against which there is total bank note cir
culation of $204,689, 2O9 In 1850 there were SIS
banks in the country, with capital Of S227, 8O7,
533, and in 1854 this number has been increased tc
1908, with a capital Of 1901, 756,O7l
In regard to the workings of the Independent
treasury, the Secretary says that in receiving AM
paying for the last fiscal year more than seventy fv
millions in the current coin, it has kept up the de
mand for the precious metals and has prevented tn
. large bank circulation from obtaining the master
t. and driving the constitutional currency from III
II country. The heavy export Of specie during tn
past year is in part accounted for by the large re
!" demption of the public debt held abroad
- The Secretary is ofopnon that the present pressur
in the money market is not owing TO the specie drain
d but to heavy importatons, the failure of man
! banks, and the curtaiIment of the circulation an
t discounts of others, which, in the last six months
= have reached the enormous sum OF nearly fifty mi
" lions.
. The continuance OF the coast survey and the light
u house board is recommended Further aid is asked ft
II protecting human life from shpwreck the coas
and the report suggests whether the law should nc
provide greater security in the construction of stear
y passenger vessels, to leave hem, now, to tn
u shp-owners From the LIST of January, 1854, 10 tn
1st of june sixty three steam vessels have been los
Alusion is made to the loss ofthe emgrant ship Ne,
Era Experiments making for THROWN
10 mnrtars efectually.
- The Secretary calls for such additional legislatio
e may be deemed necessary to guard against fraud
u by collectors of the customs.
Il The remainder of this very able report refers prn
II cipay 10 the operation of the United States mint an
branches, we'll the operations of the various de
partments of the treasury.