Staunton vindicator. (Staunton, Augusta County, Va.) 1858-1858, 1858-01-16

well as the security Of the public credit re-
quiro, that this Department. shall be provi-
ded with means to meet lawful demands
without delay. During the remainder Of
the present fiscal year it is estimated, as be-
fore stated, that sufficient revenue will be
received in the course of the year to meet
the ordinary outstanding appropriations.
But the great bulk Of the revenue being de-
rived from duties on merchandise, payable
only when it is entered for consumption, the
period when such duties will be realized is
entirely uncertain, being left by law to tire
option Of the importers daring three
years. The present reyulsion has caused a
very large portion Of the dutiable merchan-
disc imported since it commenced to be
warehoused without payment Of duty 70
what extent tits practice viii be pursued
during the present fiscal year is too much a
matter Of conjecture at present to risk the
public service and the public credit upon a
probability Of an immediate change in this
respect. It may be safety estimated that,
in the course Of this fiscal year, a large por-
ition Of the merchandise now in warehouse
will be withdrawn and duties paid thereon !:
but, in the mean time, adequate means for
meeting lawful demands On the treasury
should be provided. Such provision should
be made at the earliest practicable period,
las a failure of sufficient means in the trea-
sury may occur at an early day. The ext
gency being regarded as temporary, the
mode of providing for it should be of a tenn
porary character. 1t is, therefore, recon-
mcnded that authority be given to this de-
partment, by law, to issue treasury notes
tor al amount not to exceed twenty million
dollars, payable within limited time, and
carrying specified rate Of interest, when
ever the Immediate demands Of the public
service may cali for greater amount Of
money than shall happen to be in the trea-
sury, subject to the trcasErer's drafts in
payment Of warrants"
There, Sir, is the recommendation Of the
Secretary Of the Treasury, and there are
the reasons upon which the msndation
is founded
Now, let us look at H. state of trade,
and see whether those reasons are not lusti-
lied by the facts which are upon the records
Of the Treasury Department, and that es-
, tabish clearly and conolssively that, a. this
moment, there is large amount Of dutiable
goods Ill the warehouses Of the United
States, and that these g9ods are lying I'M
called for because this commercial reyulsion
has cut off the parties from the means Of
Withdrawing them at present and turning
them into the channels Of trade.
have here comparative statement
: showing the amount of iIuportations into
the district Of New York during the months
t Of October and Norelnber Of the years 1856
and 1857, classified, respectfully, under the
following heads: '.Specie and bullion -
free, exclusive Of specie and bullion:')
{ tdntlable, for consumption, and warehou-
!sed." In the month Of October, 1856,
t within that district tAere we're imported
, $l3, 1926, 500, and in November of tie same
t year, $l4, 4G8, 545. Now, sir, let US com
pare that with the in.portations in the
months Of October and November, in the
| present year. We shall discover that the
lmportatlons arc very nearly die same for
, the two months in each year and yet we
| will find, when we come to examine the
. quantity of goods retained in ware houses
{ during the two periods, that there is an es-
: Isential and very wide difference. In Octo-
Der of this year ssl4 439 1867 worth of goods
/ were imported, and in November SIS, Ill.,
$50 Of the $13,S2 ,592 Eorth Of goods
f WHICH were imported in the month Of Octo-
: Der, 1885, $l2,75S,7 1872 worth were with
: drawn during that month, and went into
the consumption Of the country; in the
| month Of November, Of the $l4 ,4GS, a45
worth imported $l3, 049,27 worth were
: withdrawn and went into consumption -
0 Now, sir, we come down to the same period
c Of time in this year, after this commercial
: revulson took place, and we find that out OF
the Sl4, 1879, S67 worth Of goods imported
t In October 5 10, 49, worth were with
t drawn tor consumption, and the balance re-
t mains IN warehouse, a large portion Of it
j even up to this time. In the month Of No
vember the disparity was still greater for
Of the SIS, III 900 worth of goods mpor-
: ted IN that month but S,G13,7..7 worth
) wefc Withdrawn fer consumption Then,
SIT, Is it net palpable that this commercial
6 revulsion has produced an effect, and We
: ry great effect, upon the commercial bust
2 ness OF the country aud that, owing to this
: fact, tiie amount received from duties has
been essentially diminished, and that there
/ are now, Ct the imnortations Ct those two
5 months. something like nine million dollars
G worth of goods unealled fer OF this 2lst day
Iof December?
e But let me 60 still farther. Do gentle
# men know what amount of dutiable goods
h was warehoused within the district Of New
n York up to the 30th day of November last
e The returns to the Treasury Department
It show that there were upwards of SIS, 600,
/, 600 there then under bond; and since tia
e time additions have been made to it, SO tina
1t it is fair to estimate that there is at thu
present TINE slot aess, in that district alone
# than $4,000, 900 under tie warehousing
IT act which allows goods to remain for pc
IS Rod Of three years-uncalled for and tina
n will not be called for until later il tie win
J ter, or possibly in the spring IF that is tht
d case in New York, how is it if you take al
e the importing districts in the United States
is There are multitude of these districts "a
/ New Orleans, Charleston, and elsewhere
'e and it would be fair, suppose, if there arr
IS $50 200, 600 in New York at this time, t.
e estimate the amount under bond in the va
. rious Other collection districts at from tel
i to fifteen million dollars. So that Their
i would be of dutiable goods uncalled for