Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-12-18
The Secretary OF the Treasury's Report the sta
of the Finances.

From public lands 8O8,252 sc
From miscellaneous sources. l23, 1899 SO
For quarter ending March 81, 1857-
From customs .e........ l9,O55,32 So
From public lands .......... l,065, $40 II
From miscellaneous sources. 24,O54 80
For the quarter ending June 30, 1851
From From 1 TustGm lands i gSSsa1B 20 20
-- n,l35,39l 40
The aggregate means, therefore for the
were sss, 532 839 u
The expenditures during the fiscal ending June 3d.
| 1857 were s70,s22, 724 So.
Estimated aggregate of means for the service of the
rent year, So, 389, 1874 O8.
The expenditures of the first quarter ending September
80 1857, Of the current fiscal year. were s2s 81
quarters of the current fiscal year. to June &c. 1885,
ry ON July l. 1855 (Which will of course be affected by
reduction Increase OF expenditures not cOntempa
ted,) of $426,875 67.
Estimates for the fiscal year. from July 1853 to June
year 3d. 1852 estimated, $75e26s75 Aggre-
gate estimated expenditures for the service of fiscal wear to
june Co. 1857 81 O64 755 ST. Leaving an estimated bal
ance in the treasury July /, 1859, of l,S62ll9 TO-
It is difficult at all times to estimate in advance the pro-
bable receipts into the treasury for the next and two
years The events of the present fiscal year furnish str
the operation of unforeseen which exert controlling
| influence over the revenue from customs
When the estimates for the present fiscal year were ma!e
was impossible fOresee either the material change
the rates of duty or the present in trade AMI
merce, both which have deeply affected the revenue and
satisfactorily the difference between his esti
mate and those now submitted With these two disturbing
causes in view it is very difficult to form satisfactory
estimates of the probable receipts from customs. The tariff
March j. 1857 has not been operation long enough
to test its effects upon the under ordinary
circumstances Simultaneous with this act going into ope
ration the country subjected to disastrous revuson
To what extent mporatios would have been affected by
it, had there been rcvuson in trade and commerce, is
much matter of conjecture as it was before the
passage of the act.
to $362 99 IA and the imports for the period
$3.50 AL The amount of exports depend not only
the quantity but the value of the articles exported The a
and the value of others may be considerably d
mnhed and yet the deficiency thus created may be supplied
by either the increased quantity or value OF other articles
1t probable that this very state of things may dur
ring the present fiscal year. The indications at present
that the exports of breaus and provisions will decrease
both in quantity and value but the increased value of cot
ton at its probable prices which constitutes much the lar
From the best information which be obtained the opn-
ion entertained that the exports for the present fiscal
will not fall below those OF last year more than ten per
centum
The foreign merchandise subject to duty imported dur
the first quarter ending S0h September last amounted to
$S6S938j and the customs received during that quarter
WERE stated in the estimates $lS573 81. The tariff
first day of that quarter the circumstances under which
considerable portion of that amount realized
exceptional to form satisfactory guide for the remain
ing three quarters of the present fiscal year.
The opinion is expressed, with some confidence that the
cenm This would bring the amount of merchandise pay
ing duties down about hundred and seventy mil
lions for the remaining three quarters of the present fiscal
year.
Compared with the of duty actually realized
der the tariff of 1876 appears that about quarter
shouldbe deducted for the effect of the tariff of 1851
The efficiency of the public service well the security
othc public credit requires that this department shall be pro
vded with to meet lawful demands without delay
The present revuslon has caused large portion of the
dutiable merchandise imported since it commenced be
warehoused without payment of duty 1t may be safely
mated that in the of the present fiscal large
ton of the merchandise now in warehouse will be withdrawn
and duties paid thereon; but in the meantime adequate
meeting lawful demands on the treasury should be
It is therefore recommended authority given to this
department law to issue treasury notes for amount
to exceed twenty millions of dollars, payable within limi-
immediate demands of the public service may call
greater of money than shall happen to be in the
treasury subject to the treasurer drafts payment of
rants.
For the half of the fiscal year, extending from LIST
January 30 june 1855 at least million six hundred
thousand dollars will be required to deray the expenses
collecting the in the Atlantic States and
mend that sum to be appropriated for that period.
the of the fiscal year the st July
1858 that provision be made by law that the whole receipts
from customs and all other on the Pacific coast be
paid the treasury under the of 849 and the
of collection be betrayed out of appropriations for that
purpose. To meet the expenses of collecting the
throughout the entire United States during the fiscal year
ending 3Oth june 1859, will probably require $4OOO0O0
The continued the purchase stock as long
the law and proper regard for the public interest Would
Justify.
As measure of relief to the country proposed to in
the tariff. return to high protective system
garded the mode extricating coun
fv from its endorsements and afordng immediate as vel
permanent relief to the public distress The people
already suffering from Distress and the proposition seeks tt
1 diminish their suffering by adding to their burdens
The theory of the prOtectiOnist is this: that under
tariff the mportatons of foreign manufactures
ged and being brought into the country at lower price
than they be produced the competitor with the dOmes
tic manufacturer is runOp6 to his business. The remedy
the duties upon the foreign article to such pon
that either will be excluded and thus give to the domestic
manufacturer the entire home market, else will be
increased in price by the additional duty enable tn
domestic manufacturer to receive remunerang price TO
his productions, That the effect would be temporarily TO
the benefit of the manufacturer is conceded but that the III
other interests is equally clear In looking upon the
ton measure of relief must consider its effects
only upon the domestic manufacturer but also the
sumer
If increased duty neither diminshes the importation
increases the price it is manifest that advantage ha
i been derived by the domestic manufacturer. If efec
should be to exclude the egn article then the domest
manufacturer monopoises the home market and command
his price The relief he needs ahgher price for hi
goods and, matter of course, urestraned he wi
then be by the laws OF competition he will raise his pr
remedy the evil low prices which he had con
planned The effect upon the consumer is clear. He
n sumption. Nor does it stop there Under the exsn
of things when he has purchased the article he has
only furnished himself with the goods he needed at the
duced price, but at the time has paid into the reasur
the tax required for the support of government The mes
pree he IS ed to psv his oo anI t a
egn article is excluded leaves his tax unpaid This def
cheney the must be supplied and he called
to it from his otherresources The proposed neasi
of relief thus imposes upon him these additional burdens
the increased price of his goods and the additional tax
= required to pay.
IT, however, the increased duty should not exclude the in
portaon of the article but simply advance the price to
remunerating point the domestic manufacture the eHe
upon the would he require him to pay the add
ona price not only upon the foreign article but also upc
the domestic manufaC tue. The amount
him for the benefit respectively OF the treasury and tt
domestic manufac nrer will depend upon the relative pr
portion the foreign domestic article he may CONSUME
In event the increased duty operate the advanas
and relief of the manufacturer except by correspondent
injury The amount of benefit conerre
and injury sustained by the proposed relief
depend upon the relative number of manufacturers and
of the articles upon which the duties WEI
laid and the number of exceed the number
It manufacturers would the injury sustained exceed the be
eft conferred. policy partial unjust in its oper
Il tons cannot command the approval of the country.