The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1854-12-20
Synopsis of the Report Of the Sec
retary Of the Treasury, dated
Dec, 4. IRA.

Ihe total sum expended for the service |
OF the fiscal year ending June 3Oth, 1854,
was $95, ,492, ,597 76, which includes bal.
ance in the Treasury of $2I ,942.8 Sc.
The actual expenditure was $75, ,354,.
$50 26.
The estimated resources for the fiscal
year ending June 80, 1856, is $66 1885,
9U4 62.
The deficiency in the Post Office De-
partment for the year ending June 80,
1854. is $2,7l9, ,484.
The estimated receipts for the fiscal
year ending June 80. 1856, is $82 ,262,-
O49 80, including the estimated balance
in the Treasury. July /, 1855. 1t is esti
mated that the balance in the Treasury
on the lst Of July, 1856, will be SCI $685..
2l2 go.
''ln consequence Of greater uniformi-
ty and better valuation Of foreign goods.
and diminution in smuggling, the receipts
in the Treasury have been kept up. The
foreign and internal immigration to the
new States and Territories, combined with
speculative investments in the public lands,
greatly increased the receipts from that
source; so that, instead Of a reduced rev.
enue, as anticipated, the receipts have
been greater than in any previous year"
"The United States have enjoyed a
long period Of agricultural, manufactur-
ing, and commercial prosperity, under
extended bank and other credit facilities.
backed by tho immense production of gold
from the mines of California. This has
led to large speculative investments in
railroads, lands, lots. houses, ships, stocks,
and other enterprises, and to enhanced
prices for rents, labor, provisions, and all
the necessaries of life. The bank and
credit facilities have been in check Tor
more than year, with a prospect Of
continued check; whilst the large and ex.
tended Indebtedness Of operators has to
be met under receding prices. without the
stimulating effect OF new Enterprises
This will also act in restraint of importa-
tons and consumption.
The amount Of public debt outstanding
on the lst day Of July, 1853, was $67,-
$40 628 7s; and on the lst day Of July.
1854; $47,l8o,506 o5.
The sum OF S2O,O98,4s2 70 Of the pub.
lie debt was redeemed between the 1st OF
July, 1858, and the lst OF July, 1854.
The interest and premium on the amount
redeemed was S3,345, $40 %; and the
principal. interest, and premium on that
part of the public debt redeemed between
the Ist Of July, 1854, and the Goth OF No
vember, 1854, WAS SO 2.604, ,2O3 81.
The tonnage engaged in the foreign
and coas,ing trade has increased within
the last year, 395, ,892 20-95 tons.
The imports during the last year have
exceeded the exports by S26 32l ,3l7. bu
| "the profits ON our exports and the freight,
earned by our ships in foreign trade ough
to more than cover the excess" "No
account has been taken Of the precious
metals brought in by emigrants.'
81 feel it necessary, again to call .the
attention of Congress to the .propriety o
reducing the revenue from Customs, sc
that no more money shall be received into
the Treasury than is required for an eco
nomical administration OF the Govern
ment."
"Under the English tariff, the raw ma
terials used in the arts and manufacture:
have been made free OF duty; Wills. ou
tariff of 1846 imposes on those articles
heavy duties; and thus the English manu-
facturers enjoy decided advantage owe
the manufactures of the United States i,
the markets Of other nations.''
"The consumption of wool in the Uni
ted States for the year 1858 is estimated
at two hundred millions of pounds, o
which sixty million is the production O
the country, and twenty-one million i'm
ported as wool, and the balance OF on
hundred and nineteen million imported
in manufactures OF WOOL
''ln recognizing, as do, the principle
that duties should be levied for revenue
and not for protection, have considered
it no departure from the principle to coun
teract the legislation OF other countries
and make the same articles free unde
our laws that are free under theirs; know
ing, also, that there never has been a tari1
} law enacted under the constitution. il
} which some articles we're not allowed to b.
imported free Of duty"
i Under the act of 1853, there has beer
coined at the different Mints $16,152,l7'
of silver, which has been circulated a
} Philadelphia, New York, Boston. ant
} other places.
This has tended to keep a sound cur
rency Tor change In clrcuialion' anu al
} forded great convenience to the public
but the circulation of large amounts o
small bank notes has contracted the bene
fits Of the silver change in many places
or driven il away, or tied it up in tn
pockets of the people.
The amount Of gold and silver in th'
: country was estimated to be S24l 900 .OO(
on the 3Oth of September last. Of whicl
about $50 OOO, 900 was in the banks ant
, $26 ,OOO, 900 in the United States Treas
ury.
j In 185O-'51 there were 879 banks il
the United States, with capital of 1927,
8O7 ,5a3, and in l853-'54 there wer
1908 banks, with capital Of 1901 ,756.
? OIL. In l85O-'5l, the circulation Of tn
879 banks was Sl55,OOO.O0O aud the cir
cula,ion of the 1908 banks in 1856
was 1904 ,689 ,2O7. Thus there was
bank circulation Of $9O4.689, ,207 a
gainst the s24l 900 900 Of gold and silve
10 the country. 1.-The Independent Treas
ury of the United States. receiving AM
paying for the fiscal year 1854 more thai
$75 900 900 in the current coin, has KEEP
up the demand for it. and prevented tn
Iarna hopL o;.or1 ot;on fro,,, oht tn,ninu IN