Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1857-12-24

lalTs Oh ths country, luis hePoIb POsseSseS AZ
ordinary interest, both on account of its facts and
its suggestions. The figures relating to the ifs
cal operations of the year will be found embodi-
ed in the Presidents Message in totals. The ba-
sis Of the estimated revenues Of the government
Tor the ensuing year arc fully discussed In sta
ting the facts and principles upon which they
have been made, Mr.. Cobb says:
The exports and imports of the United States
have always borne a relative proportion, the re-
spec;ive amounts not often differing materially
from each other. Both have steadily increased,
with occasional exceptions, with the growth and
progress of the country. In seeking, therefore,,
to ascertain the probable imporlations into the
country, the amount of our probable exports con-
s~,i;utes an important element in the calculation
The exports Tor the year ending June 80, 1857,
amounted to 1862, 949, IN, and the imports for
the same period was 3G0.S 9 l4I. The amount
Of cur exports depends not only on the quantity,
but the value of the articles exported. The
quantity of some and the value of others may be
considerably diminished, and yet the deficiency
thus created may be supplied by either the in
creased quantity or value of other articles. 1t is
probable tina. this very state Of things may occur
during the present fiscal year. The indications
at present are, that the exports of brcadstuhs and
provisions will decrease both in quantity and
value; bat the increased value of cotton, at its
probable prices, which constitutes much the lar
gest item Of exports, would make up such def
cheney. From the best infor nation which can
be obtained, the opinion is entertained that the
exports for the present fiscal year will not fall
below those Of last year more than ten per cen
tum.
Looking TO the importations for the last ten
years, it may be safely stated that the rule ratio
of annual increase has not been less than ten per
centum; though, within that period, there wer
two ycars in which there was a fall 6 of. Tn
was attributable, doubtless, to temporary causes
which do not affect the general proposition.
The foreign merchandise subject to duty during
the first quarter, ending 35th September last, OF
the present fiscal year. by the statement masked
); amounted to SIS ,SI9,SS5; and the customs re-
ceiyed during that quarter were, as stated in the
estimates, Sl6,j73, 729,30. The tariffo of the Sd o
March last, having gone into operation on the
first day Of thar quarter, the circumstances uu-
der which a ole portion of that amount
was realized We're so exceptional as to for mnC
satisfactory guide for the remaining three guar.
tcrs Of the present fiscal year; and it becomes al
important consideration, in view Of the probabl,
means in the treasury to meet existing appropri
atoms, to approximate the amount of merehan,
disc subject 20 duty which will be entered fol
consumption during that period.
In making the estimates herewith submitted
the amount of merchandise subject to duty i'm
ported during The corresponding three quarter
of the last fiscal year were taken, being $2l0,
100000, to which ten per centum was added fU
the annual increase, had there been no disturb
ing eauses-giying Tor the amount OF merchan
disc paying duty, under the then existing tarie
ofISIG, an aggregate Of 1921 600, 0GO.
The inquiry now presents itself, to what exten.
will this approximated amount of merchandise,
paying duty be diminished by the r~evulsion whicl
has come upon the country?
An answer to this inquiry constitutes the mes
serious difficulty in the way Of making an esti
mate Of the receipts into the treasury from Gus
toms. Looking, however, to cur probable ex
ports, the great resources Of our country, lis I'm
exainp!cd prosperity in many branches of indus
Try, its capacity 10 recover from temporary pres
sure in Us trade and business, the opinion is ex
pressed, with some confidence, that the rcdue
ton from this cause Will notezceed tweuty-fy,
per cen.um. This would bring the amount o
merchandise paying duties Town to about on,
hundred and segeaty four millions for the re
m ssi g ths 60 quarters OF ths presess fiscal year
For several years the average rateb duty uro'
all dutiable merchandise, by the tartT Of !o4j
APP ears 10 have Leen within a fraction of twent.
five per cen;um, which would proiace on thu
amount forty three millions Of dollars.
The next poia; Of inquiry Is, how much "
this sum be diminished By the reduced rates pro
vided by the act of March 3, 1857?
From The calculations made Of duties un5le
that aot upon the importations of tie last fsca
year, compared with the amount o. daty actual!
/ realized under the tariff of 1876, it appears tina
about one quartz: should be deducted for the ci
feet of the tariff Of 1851. Ten miIii"as Of dollar
have, therefore, been deducted on that aeeoua
making the probable receipts from customs, du
ring the remaining three quarters of the preze'
, / fiscal year, thirty three millions, which has &C
cor,linsly been placed in the s'imateS.
twill. OF course, be understood that the re
turns of dutiajle merchandise, from which lhes
inseren ces are drawn, are Of merchandise rapport
( ed, while the customs revenue is exclusively de
rived from merchandise entered for c~onsumptio,
In these estimates the amount OF ncrchaud;:
imported is supposed to equal the amount {
merchandise imported and placed in warchous
p~i=I ont ~, Ns lr.u WI! rn lgF-lt n~aa,
the amount entered for consump t;on; but such eS
cess is generally temporary, and is soon obviate
bp diminished ;mportations anil increased Will
drawals for consumption, which restores ii
equilibrium without giving occasion for the dis
cussion ofsueh details in any general statemer
Of the revenues.
The receipts from the customs for the next Fl,
cal year, from July !, 1858, 10 June 50, 1859, wi
> depend in a great measure upon the extent
5 which com:oerciai and monetary transaction
, shall have returned to their ordinary channels
E It is probable that the Immediate effects Of tn
present revulsion in trade viii have ceased b.
tha: time, and that the usual amount of dutiab,
/ merchandise, will be required for consumption
The estimate submitted is based on the amour
{ of three hundred and seventy millions of dutia
BE merchandise, being the amount assumed L
the present fiscal year with the usual inereas
and without any deduction for the effects of tn
present revulsion. Upon this amount the Gu,
I tom, under the act of 1916, with the dedueiio
heretofore explained for the effect Of the tariff
81 March last, woali produce about sixty Mn
and one hall millions Of dollars.
The views of the Secretary in relation TO bank
ing aud swollen credit, agree substantially will
those expressed By the President in his Message
lie discusses the causes of tins present em6arras
ments Of the country, which he ascribcs to a
undue expansion of credit, iostered and invite,
by the banking system Of the several States
The remedy proposed is as follows. We omit tn
intermediate paragraphs, giving the objections t
bankruptla " previously adopted. The Seereta
~ says:
In my Judgment, the period has arrived TO
Congress to employ the powers conferred by ii.