Washington sentinel. [volume] (Washington [D.C.]) 1853-1855, 1854-12-06

From lands. MISREPRESENTATION. 100000 90
Miscellaneous. MISUNDERSTANDING. 100000 90
62,5OOOoO 90
Add estimated balance in the trea-
suTy July l, 1855. .............. 19,7620l0 20
Making the estimated sum of. -. 81, 262O46 30
for The service OF the fiscal year 1885,
Estimated expenditures for the fiscal year 1856:
Balance of former appropriations, 10
be expended this year. ........ .$ll, 2l2 905 20
Permanent and indefinite appropria-
lions, to be expended this year. 7,9344ll 20
appropriations asked for, and 10 be
expended this year. Al, 722, SIG Al
60S69 1888 81
leaving the sum of SCI 1885,, 2l2 90 on the LIST of
July, 1856.
Upon this estimate ofthe receipts and expendi-
lures OF The fiscal year 1856, there will be bal
ance in the treasury on the LIST Of July, 1856, Of
81 ,392 PIP 90, without expending anything in the
redemption Of the public debt but il S12O00,000
shall be applied 10 the redemption of the public
debt, which may be done, there will remain an
hmated balance in the treasury of IS, 1872 2l2 90.
Il appears the receipts from customs for the
second third, and fourth quarters ofthe fiscal year
1854, were not diminished from the pressure in the
money market, and other causes, as expected in
my former report. They were kept up from inn
portations, growing out of large exports of prov-
sions, caused by the scarcity in England and
France, and the expected demands Of the Euro
pean war, and by the shipments TO this country Of
foreign manufacturers, who, owing to the want of
remunerating market in those countries, sought
greater uniformity and better valuation of foreign
goods, and diminution in smuggling, caused by
increased vigilance on the part of the revenue
officers. The foreign and internal immigration to
the new States and Territories, combined with
speculative investments in the public lands great
he race inf frOf nj hat
instead of a reduced revenue, as anticipated, the
receipts have been greater than in any previous
year.
II alsoappears from the statement of the receipts
OF the first quarter OF the fiscal year 1854 that the
receipts, both from customs 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 ofthe fiscal year 1854 aided as 10 lands,
TO some extent, 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 customs for the remaining
three quarters Of the year cannot be in proportion
city treaty, introducing 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 return importa-
tons, and diminish the ability TO purchase and pay
for foreign goods. The effect of scarcity of pro-
been 10 diminish the consumption of other articles
of customary use and may be expected 10 oper-
ate upon the importations for the remaining three
quarters of the year, as IL certainly win on the
consumption. Moreover, the United States have
enjoyed long period Of agricultural, manufac-
turing, and commercial prosperity, under extended
bank and other credit facilities backed by the i'm
mense production of gold from the mines OF Cali
fornia. This has led TO large speculative invest
menis in railroads, lands, lots, houses, ships,
h. ri .,tb.- al u
prices for rents labor, provisions, and all the me-
cessites Of life. The bank and credit facilities
have been in check for more than year, with a
prospect Of continued check whilst the large
and extended Indebtedness of operators has to be
met under receding prices, without the stimula
ting effect Of new enterprises. This will also act
in restraint of imporaiions 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 i'm
portations have been considered; whilst, also the
same causes will operate in the sale of the public
lands; but the effect Of the act graduating the
price has been considered sufficient 10 keep up
the receipts from the latter source 10 what they
were for the fiscal year 1884.
The estimate Of receipts for the fiscal year 1856
has been made from an expectation that the same
causes which win operate 10 reduce the mporta-
tons and consumption Of foreign goods for the
remaining three quarters Of the fiscal year 1855,
will be continued through part Of the succeed
importation
consumption Of foreign goods.
The accompanying table, 3, exhibits the par
tculars Of the public debt on the 1s Of July 1853
and the accompanying table, 4, exhibits The par
tculars of the public debt the LIST Of july 1854
to which is appended a table exhibiting the inter.
est paid on the public debt during the fiscal year
1854, and the principal, interest, and premium on
the part redeemed within that year. Table S ex-
hibits the principal interest, and premium on the
public debt redeemed from the lst July, 1854, TO
the 10th Of November, 1854 From these tables
Il appears that the sum OF S200pS422 70 Of the
public debt was redeemed between the lst Of
July, 1852 and the LIST OF July, 1854 and that the
interest and premium paid the amount re-
deemed was $685. 45 81 and the principal in
| terest, and premium on that part Of the public
debt redeemed between the LIST of Jay 1854 and
the Goth Of November, 1854, was So 664 203 ST.
The table 9, which accompanies this report, ex-
hibiis the tonnage engaged in our foreign and
coasiing trade from the year 1859 10 the Both Of
June, 1884. it will be seen the increase for the
last year has been 3o5, 500 20-p5 tons.
The table, 2, which accompanies this report, ex.
hibits our exports and imports for the same time
and the table, 5, which also accompanies this re.
port, exhibits the sums received into the treasury
from customs, public lands soellapeous sources
including loans and treasury notes, and the tariff,
and particular price OF the public lands under
which the same was received also the annual
expenditures during the same period. From the
table Of exports and imports, Il appears the i'm.
ports are $50 ,3l7 IN excess Of the exports no
account being taken ofthc precious metals brought
in by emigrants, The profits on our exports, and
the ireights earned by our ships in bregn trade,
ought TO more than cover this excess. The ex-
ports include over s3s000000 Of specie and bull
lion exported bot whilst specie and bullion are
products OF labor in our mines, they rank with
any ether product, and must enter into our foreign
trade articles Of commerce, and can have no
preJudical effect upon the great interests Of the
country. These tables combined, exhibit the
growth Of our commercial marine, OF our exports
and imports, and the receipts and expenditures Of
our government and prove that the receipts into
the treasury ara sufficient 20 meet oil reasonable
expenditures, discharge the public debt, and allow
reduction Of the rate of taxation, with almost
certainty that our increasing commerce will give
an increase Of revenue equal TO the reasonable
demands Of the future.
Therefore, feel II necessary, again, 10 call the
attention Of Congress 10 the proprety Of reducing
the revenue from customs, so that no more money
shall be received into The treasury than is required
for economical administration Of the government
The reduction proposed in my former report as
carried out by the bill prepared in this depart
ment, and the reduction proposed in the bill, pre-
pared and reported BY the Committee Of Ways