The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-04


The Fiscal Year 1854.
1t is estimated that some twenty millions oil
dollars have been used DUNG the year which
ended 30th ult. in buying up at q heavy pre-
MUM the public securities. We believe that
no parallel can be found in financial history to
the purchase by . government Of its bonds
many years before their maturity, when that
purchase cost something like one-fifth more
than the par value of the securities. There
will always be conflicting opinions with regard
10 the wisdom Of the measure: the only valid
excuse, in fact, which can be offered for 30
wasteful an expenditure of the public money
is the plethora of the treasury. 1t was mainly
with the view of relieving the public Golfers OF
their surplus contents that these twenty mil
lions were spent
This sweep still leaving the government
Golfers inconveniently overloaded, ten millions
we're voted to set up an adventurer on the
Mexican throne. They might as well-so far
as the interests Of the United States were con-
cerned-have been thrown into the New York
bay, and ingenious divers hired to fish them
out with bells and air-hclmets and all that sort
Of thing. But the money was gotten rid Of
and that was something.
The financial ability Of the government is
now to be put to severer test. The revenue
for the year ending 30th June last is estimated
to amount to nearly seventy five millions OF
dollars, being fourteen millions more than that
Of the fiscal year 1928. II a revenue Of six
ty-one millions authorized the government to
buy up twenty millions Of public securities,
aud to throw away ten millions on Santa
Anna, what will be done on the strength Of
revenue of seventy-fye? II the purchase of
public securities continues, holders will de-
mand fifty por cent premium. Santa Anna
II is expected, viii exist at least couple Of
years on our donation of ten millions. Ii tt
ordinary expenses of government amount to
fortyf millions, there will be shameful ex-
travagance somewhere: but setting them dowa
at this figure, what is to become of the thirty
millions surplus the accounts of 1851 will
show? In other words what schemes of cor.
ruption will be set on foot on the strength of
the balance Of thirty-two millions of dollars
now believed to be in the treasury? Shall we
set up an adventurer in South America
Shall we bny Canada or Cuba? or shall we
offer to become bankers for the Gar, who
according to all accounts, needs money 50
badlyg
There is no doubt great cause for rejoicing
at the unequivocal symptom Of prosperity
shown in the increase Of our trade and public
revenue. The year which has just closed has
not been q bright one in Wall street The
stringency in the money market which began
last October has never ceased to operate since
that time the lulls have been of short dsra-
ton and deceptive character; aud the whole
tendency of securities have been downwards
for the last nine months. For nine months we
have never ceased to hear of ihe banks curtail-
ing and importers cutting down their orders.
Yet in the face of this notorious state Of things
we have an importation at this port of
sl91 100000 against $l65, 200, 900 last year.
an increase Of twenty-seven millions. This
fact is undoubtedly cheering for the moment
however pres nant with danger 1t may be for
the future.
But satisfaction is not the only sentiment
aroused by the accounts Of the past year.
They teach not only that trade is growing
prodigiously, but that our burthens are in
creased at the like rate. The people of the
United States have paid this year sixty eight
millions Of dollars taxes in the shape of GUS
toms duties-at least twenty three millions
more than are required for the maintenance of
the government. This is no sudden discovery.
1t was known long beforehand that such would
be the case. And yet, notwithstanding this
knowledge and the countless promises that
we're made to reduce the burthen, not stem
has been taken by the Pierce adm nistration to
effect that end. The tariff will not be touched
this session Of Congress. Mr.. Pierce does not
want it altered. He wants as large surplus
as he can get to carry through bis infamous
schemes of corruption. IF we had fifty mil
lions instead 4 thirty lying idle In the trea
sury he would still secretly contrive TO defea,
every plan for the reduction Of the customs du
ties, so as to keep In his hands as extensive
means of CORRUPTION as he could. There is a
profound moral in the figures of the fiscal year
that has just expired,