The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-12-10

nppoRT OF THE SECRETARY OF THE TREASURY.
h. annual report of the Secretary of the Treasury
-, tbs state of the finances is document always
ooksd for with great interest by the country. The
g.. report of Mr. Secretary Cobb viii fully meet the
nnbEe expectation It's statements of the revenue
and expenditures of the government are full and
lar the numerous suggestions affecting the mate
-, interests of the country with which it abounds
a.. worthy of the most thoughtful consideration;
while the recommendations touching the improve
r,eut in the management of the finances seem well
,danted TO accomplish the end desired. The practi-
al craftsmanship imboded in the report attests the
,,rsful study given to this subject by the present
head the Treasury Department
The present condition of the treasury is fully
shown by the following figures
Bahnce on hand July 1 1856. .... Sl9,90l ,325 40
Receipts for the year to June &c. 1857 68,63l 5l3 81
Available for the fiscal year 1861. S8,532,S 39 II
Exneuditures for the period. y. 70,S22,724 80
Ralance in the treasury July l, 1857 l77lO,ll4 II
peceips for quarter ending September
% 1887 2O929,sl9 81
Estimated receipts for three remaining
quarters. ....................... oo,'oo'ooo w
,v,;lahls for the current year -. 75,3S9,934 O8
Estimated expenditures for the year 74,963,O58 Al
p.,;ooted balance July |. 1858. 426,S75 81
For the next fiscal year, commencing July l, 1888,
and ending June 80, 1882 the subjoined estimates
are submitted
Balance in treasury July l. ls5s..... S426s15 81
n
Total estimated receipts. .......... 15,926SI5 81
Total estimated expenditures. 80. 74,0G4755 81
Estimated balance July |, 1859. l,862ll9 20
Owing to the present revulsion in trade and CON-
merce, the Secretary accompanies these estimates
with statement of facts and principles upon which
they have been made. The exports and imports
have always borne relative proportion-the
amounts, respectively not differing materially from
each other calculation If the probable amount of
e,ports will show nearly the amount Of imports.
For the year ending June 80 1857, the exports were
saG2 o49, IA, and the imports $3G089O,l4l. The
average rate of increase of mportations for the past
ten years has been ten per cent year, excepting
for two years. attributable to temporary causes For
the quarter ending September 3d. 1857, the importa
tons we're little less than $89, 100000, and the GUS
toms received were $ls,573,729 81. The merchan
disc entered for duty during the last three quarters
of the previous year was valued at S2lO, ZOO, 900.
Adding ten per cent the iniportations for the re-
naming three quarters of the current year would be
1921 100000 The commercial pressure will reduce
this amount one fourth, or to $l74000000. Under
e on ll.z oJ,,n,
y.three millions Of dollars of revenue. Under the
act Of March g. 1857, tho duty received will be
fourth less or thirty three millions Of dollars
The receipts from customs for the year ending
June &c. 1859, will depend in great measure upon
the restoration Of monetary and commercial transac-
tons to their ordinary channels. The immediate
effects of the revusion in trade will probably have
passed away by that time, and the consumption Of
the country resumed its ordinary demands.
The efficiency Of the public service and the sccu-
riy of the public credit require that the government
should be provided with means to meet lawful de-
mands without delay. The revenue accruing from
importations during the balance of the fiscal year
will be sufficient, when paid, to meet the expendi-
lures during the same period. A large portion Of
the goods imported are warehoused, and the duties
do not become payable until entered for CON
sumption, which may be deferred by law for three
years. To meet this temporary exigency remedy
of temporary character is suggested, and it is rec
commended that authority be given the Treasury
Department TO issue treasury notes, not to exceed
twenty millions of dollars in amount, payable within
limited time, and carrying specified rate OF. in
terest
is recommended that Hereafter annual appropria
tions be made for the expenses of collecting the
revenue, and that the same mode Of defrayng such
expenses be authorized for the Pacific coast that
now regulates the collections the Atlantic coast
The amount of these expenses has been greatly
increased by the erection Of new custom-houses the
construction of revenue cutters and the salaries of
persons required to take of them.
The public debt on the LIST July, 1857 was $29,-
0603s6 80. Since that time there has been paid
the sum of SO ,s95,232 39-leavng the public debt
at this time $25, l65l54 81 Since the Sd of March
last there has been paid of the public debt "a s7s,-
81 53
The report then refers to the adoption of ga sys-
TEN Of public economy, regardful alike of the just
claims Of the people and the protection of the treas
IRE and credit of the government" No authority is
found in the constitution for an increase of the ex
penditures 'for the purpose of ahordng relief to
the country" The prosecution Of necessary and
lan,t .l., No