Weekly Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1853-1861, 1856-12-18
Bal. in favor United States. s12.325


Bal. in favor United States, S12,325.O66
The large increase in the Foreign Trade
afforded 81, 4,937, ,625 in customs revenue more
than the previous estimate, or $64 ,022, 1868
against $50 O85, ,248. The land revenue is
also $917,644 in excess of the estimates,
while the expenditures, including the redemp-
ton of the public debt, are 81, 721 ,945 in ex-
cess of the estimates.
A revision and repeal of the duties on wool
are again renewed and recommended-the
present duties having been imposed for the
purpose of incidentally favoring the produc-
tion of domestic wool; an object tohtch he argues
tsey have failed to secure. The tables which
are made the basis of his remarks show that
in 1856 we consumed $23,287 1884 of the
manufactures of wool more than we produced
and, estimating the raw material as one third
the cost we consumed $9,678,69 of wool
more than we produced; while the raw or
unmanufactured wool, which we import
amounted to only s., ,94O,697 The practical
action is that the duty imposed on raw wool
operates as a discrimination against the labor
and capital of our own people.
The duties on ir on and steel are also re-
viewed, but the conclusion arrived at is that
no present material change is contemplated,
and the Secretary passes to the subject of the
extension of the free list as the means of re-
ducing the redundant revenue, say to $48,-
100000 or $50OO0OOO. In this list he would
include the raw materials used in manufac-
lures. Besides accomplishing this object, he
holds that the enlargement of the free list,
the admission of raw materials and reduc-
ton on some other of the present schedules,
"would give increased beneficial employment
to our tonnage, and increased beneficial mar
|, kets to our own manufactures"
The suggestions of the last report on the
paper currency of the country are substanti-
ally repeated, and the withdrawal of the
small note currency urged as the best mean:
of approximating metallic medium. The
remedy he leaves to the wisdom of Congress:
or the States, by federal legislation or ar
amendment to the Constitution.
The Secretary, after reviewing the relativt
advantages of and drawbacks to the presen
system of levying duties by al valoren, il
contrast with the former system of specyi
|, valuations, recommends the continuance o
the former, as having the sanction of ten year
experience, and being familiarizsd to tn,
. practice of the Department and the expert
90
The returns of 1854 of American securities
held abroad, have been revised, and afte
assumiRg that pending the Russian war tn,
amount of foreign investments in America
stocks were not increased, the Secretary state
that 81 ,4O7 ,518, ,894 is invested in the capita
I, and debt of the United States, the separat
States, 113 cities and towns, 347 oountie:
a 985 banks, IS insurance companies, $50 rail
nd
. rations, from which he has returns, and ths
of thisiamount, $2o2, ,s22, ,ss7 is held by fol
10 eigners.
= For the thirty-two years Of the Cover
L ment, from 1925 to 1856 inclusive, the cost
+ building, fitting and repairing Custom House
l. amounts to S., 116, ,987; revenue cutters, 81
{. 97O,045, and collection and other expens,
attending the revenue service, S48, ,299, ,16
The tive last sums make $55, ,969, ,213 as Il
70 expense ofcollecting 2,023, ,116,6 SIG, or 81
oil per cent. of the public revenue.
The losses to the various Departments
the Government by failures and defalcatiol
p now stand $23,89 ,952, from the foundatit
n of the Government, of which $6,213,345
IS hopelessly lost by the death of the partie
IN, without leaving any effects. The outstan
of ing claims altogether are eqsal to about 1;
ay per cent on 81, $50, ,136, OLA received into Il
Is Public Treasury, or q of one per cent. on Il
ho receipts and expenditures.
d. The receipts and expenditures during t
cir past fiscal year amounted to STAG, 1886, ,4s
ed and were received, transferred and paid at a
from different points, at a net profit in t
operations of the Independent Treasury
ial $41,978. That is, the charges for transit
rs ring money were 81, ,946, and the premir
nd on treasury drafts $54,024. ug -.ll
of The Secretary again calls the attention
"a lConorasa to hia An uooaafiona of last vear ON