Daily national Democrat., 1858-12-28

coihinerclal nations. Besides, specific duties |
would afford to the American manufacturer
the Incidental advantages to which he is fairly |
entitled under revenue tariff. The present |
system is sliding scale to his disadvantage |
Under it, when prices are high and business |
prosperous, the duties rise in amount when
he least requires their aid. On the contrary. |
when prices fall and he is struggling against
adversely, the duties are diminished in the
same proportion, greatly 10 his injury. Nei. |
ther would there be danger that higher rate
of duty than that intended by Congress could
be levied, in the form of specific duties. 1t
would be easier to ascertain the average value
of any imported article for a series of wears.
and, instead of subjecting it to an ad valorena
duty at a certain rate per cent, to substitute
in its place an equivalent specific duty. BY
such an arrangement the consumer would not
be injured"
The following is his exhibit of the condi-
tion of the Treasury:
The receipts into the Treasury from all
sources, during the fiscal year ending June
30th, 1853, including the Treasury notes au-
thorized by the Act of Decen Der 23d, 1857,
were S70,273,s69 SO, which amount, with
the balance of $l77lO,ll4 81 aemaining in
the Treasury at the commencement of the
year, made an aggregate for the service of the
year of SS7, ,9s3,9s So. The public expend.
itures during the fiscal year ending June 3Oth.
1858, amounted to $Sl ,5S5, ,667 as, of which
S9,6S4537 80 were applied to the payment
of the public debt and the redemption of
Treasury notes, with interest thereon. leaving
in the Treasury, July lst. 1858, being the
commencement of the present fiscal year
S6,39S,3l6 10 The receipts into the Trea-
sury during the first quarter of the present
fiscal year. commencing July lst, 1858, in
Guiding onehalfth loan of 81 2,000, 900, with
the premium on it authorized by the Act of
l4th of June, 1858, were S25, $50 ,S79 46, and
the estimated receipts for the remaining
three quarters to June 30th, 1859, from ordi-
nrry resources, are $3S SOC, 900, making with
balance before stated, an aggregate of $70,-
l29,195 Sc The expenditures during the
first quarter of the present fiscal year were
S2l ,70S, 1873 81, of which 81 ,0l0,l42 81 were
applied to the payment of the public debt
and the redemption of Treasury notes and
the interest thereon. The estimated expend-
itures during the remaining three-quar ers,
ending June Both, 1859. are $50 900, 39S 4S,
making an aggregate Of S74,065,S 1896 90, be-
ing an excess of expenditures beyond the es-
timated receipts into the Treasury, from Or
dinary sources, during the fiscal year to the
30th of June, 1859, of $3,936 ,70l al
Extraordinary means are placed by law
within command of the Secretary of the
Treasury, by re-issuing Treasury notes re
deemed and by negotiating the balance of
the loan authorized by the Act of June l4th
1858, to the extent of $ll ,000. .0o0 which, if
realized during the present fiscal year, will
leave balance in the Treasury, on the lst
day of July, Els59. of S7,06S,093 81. The
estimated receipts during the next fiscal wear
ending June 3Oth 1860, are S62, 2,0OO, 900, of
which, with the above estimated balance of
81 ,063,0yS 81, makes an aggregate for the
service of the next fiscal year of $69.063,-
09S 81. The estimated expenditures during
the next fiscal year. ending June 30th 1860, |
are $73, 1914 46, which leaves deficit of
estimated MEANS compared with the esti-
mated expenditures for that year, commence
ing on the 1st of Jnly, 1859, of 81 075, ,S4S 80.
In addition to this sum the Postmaster Gen
eral will require from the Treasury, for the
service of the Post Office Department, So
$685. 1885, as explained in the report Of the
Secretary of the Treasury, which will in
crease the estimated deficit on the 30th of
June, 1860 to S7,9l4,576 80. To provide
for the payment of this estimated deficiency,
which will be increased by such appropria-
tions as may be made by Congress, not esti-
mated for in the report of the Treasury De
partment as well as to provide for the grad |
ual redemption, from year to year, of the |
outstanding Treasury notes; the Secretary of |
Treasury recommends such revision of the |
present tariff as will raise the required |
amount. After what have already said |
need scarcely add that | ccncur in the opn-
ion expressed in his report-that the public |
debt should not be increased by an additional
loan, and would therefore strongly urge upon
| Congress the duty of making, at their present
session, the necessary provision fer meeting
these liabilities. The public debt, on the 1st
ofJuly, 1858, the commencement of the pres
ent fiscal year, was S25, l55, ,977 sc. During
the first quarter of the present year the sum
of $l0,000,00O has been negotiated of the
loan authorized by the Act of June 14th,
1853, making the present outstanding public
debt, exclusive of Treasury notes, 80, 1885,
977 &C. There was, on the lst of July, 1858,
of Treasury notes issued by authority of the
Act of December 23d, 1857, unredeemed, the
sum of Sl9754,S00, making the amount of
actual indebtedness, at that date $54 ,9l0,-
! III &C. To this will be added $4,000 900
during the present fiscal year-this being the
remaining half of the loan of $40, 100000 not
yet negotiated.
The President recommends an increase, to
the navy, of small steamers of light draught.
The Post Office Department is far from be-
ing selfsustaining institution, heavy de-
mands-indeed, to the amount of millions
being made upon the Treasury to meet its
expenses over and above its receipts. In
view of this, the President rather favors the
Postmaster Generals recommendation that
Congress restore the former rates of postage
upon single letters to five cents. substitute
for the franking privilege. the delivery to
those entitled to it of Post Office stamps and
direct the Post Office Department, in making
mail contracts, to eonfne itself to paying for
the transportation of the mail simply, without
requiring it to be carried in post coaches or
carriages. The expense to the Government
is now greatly increased by requiring the
mail to be transported in vehicles capable of
conveying passengers.
He reiterates his former recommendations
about the Pacific Railroad, and, principally,
| the recommendation that the CONSTRUCTION
of the road be committed to companies incor-
porated by the States or other agencies
whose pecuniary interests would be directly
involved"