Saint Paul weekly Minnesotian., 1858-12-18

this subject was treated so much at length in
my last annual message that shall not now
pursue it further. Still, respectfully renew
the Recommendation, in favor Of the passage
of q uniform bankrupt law, applicable to bank
| ing institutions This is all the direct power
over the subject which, believe, the federal
government. possesses. Such a law would
nit .,ate, though it might not prevent the evil.
The instinct of seii-preServatiOn might pro-
duce wholesome restraint upon their bank
ing business, Il they knew, in advance, that
. suspension OF specie payments would lnev'
ll;bly produce their civil death.
| But the effects Of the revulSiOns are now
slowly but surely passing away. The energy
| and enterprise Of our citizens, with our un
| bounded resources, will, within the period OF
another year, restore state Of wholesome IN
dustry and trade. Capital has again accu-
mulated in our large cities. The rate OF in
terest is there very low. Confidence is grad
ually reviving, and so soon as it is discovered
that this capital can be proftably employed
| in commercial and manufacturing enterprises,
| and in the construction of railroads and other
works of public and private improvement,
prosperity will again smile throughout the
| land 1t is vain, however, to disguise the
| fact from ourselves, that a speculative mfia-
ton in our currency, without a corresponding
initiation in other countries whose manuEac-
| lures come into competitor with our own,
| must ever produce disastrous results to our
! domestic manufactures. No tariff, short OF
absolute prohibition, can prevent these evil
consequences.
CONDITION OF THE TREASURY.
In connection with this subject it is proper
to refer to our financial condition. The same
carses which have produced pecuniary dis,
| tress throughout the country, have so reduced
the amount of imports from foreign countries,
that the revenue has proved inadequate to
meet the necessary expenses of the govern
ment. To supply the deficiency, Congress,
by the act of the 23d of December, 1857, au-
| thorized the issue of $40, ,00O, 900 of treasury
notes, and, this proving inadequate, they au-
,horized, by the act Of June IA, 1850, loan
Of $2O,OOO,OOO, to be applied to appropria-
| tions by law"
No statesman would advise that we should
50 On Increasing the national defict to meet the
ordinary expenses of the government. This
would be ruinous policy. In case of war
our credit must be our chief resource, at least
for the first year, and this would be greatly
| time of peace. 1t is our true policy to increase
our revenue so as to equal our expenditures.
| 1t would be ruinous to continue to borrow.
Besides, it may be proper to observe that the
| incidental protection thus afforded by reve-
nue. tariff would at the present moment, to
! some extent, increase the confidence of the
manufacturing interests, and give fresh i'm
pulse to our re.iving business. 10 this,
surely, no one will object.
TARIFF.
In regard to the mode of assessing and col
| lecting duties under a strictly revenue tariff
| have long entertained and often expressed
the opinion that sound policy requires this
should be done by specific duties, in cases to
which these can be properly applied, They
| are well adapted to commodities which are
usually sold by wight or measure, and which
lr'm ;neir nature, are ofe4uaI, or near Y equal
value. Such, for example. are the art cles OF
iron Of different classes, raw sugar, and for
cign wines and spirits.
| In my deliberate judgment, specific duties
are the best, if not the only means of securing
tie revenue against false and fraudulent in
voices, and such has been the practice adopt
ed for this purpose by other commercial ma
tions. Besides spec fic duties would affrd Il
the American manufacturer the Incl 'lenta al
vantages to which he is fully entitled under 9
revenue tariff. The present system is sl,d
| ing scale TO his advantage. Under it, wheI
prices are high and business prosperous, the
iut,es rise IN amount when he least requires
their aid. On the contrary, when prices fall
and he is struggling against adversely. the du
ties are diminished in tie same proportion
greatly to Lis injury.
Neither would there be dagger that high
er rate of duty than that intended by Con
gress, could be levied in th. form Of specific
average value of any imported article for 9
series of years and, instead, subjecting it tt
an ad val0rem duty at a certain rate per cent
to substitute in its place all equivalent speci
fic duty.
| By such an arrangement the consumer will
not be injured. 1t is true, he might have t.
pay little more duty on given article ir
one year ; but if so, he would pay little less
in another, aud in q series of years these
would counterbalance each other, and wout
amount to the same thing, so far as his inter
ests is concerned. This inconvenience would
be trifing, when contrasted with the addition
al security thus afforded against frauds upon
the revenue, in which every consumer is di
rectly interested.
have thrown out these suggestions as the
fruit Of my own observation, to which Con
| gress in their better judgment will give such
weight as they may justly deserve.
RECEIPTS AND EXPENDITURES.
| The report of the Secretary of the Treasury
will explain in detail the observations of that de-
partment of the government. The receipts
into the treasury from all sources during the
| fiscal year ending June 30th 1868, including
the treasury notes authorised by the act O
December 23d, 1857, were $7O,273, 1863 So
which amount, with the balance Of $17,71O,.
ia ~ remaining in the treasury at the
commencement of the year, made an aggre
gate for the service of the year of $S7,983,
| 9S3 &c.
| The public expenditures during the fiscal
year ending June 80, 1858, amounted to
$81 $50 ,667 76 of which SO, ,684, ,537 80 were
applied to the payment of the public debt, and
the redemption of treasury notes with the in
terest thereon, leaving in the treasury on July
| l, 1858, being the commencement of the pres
ent fiscal year, $6,39s,316 10.
The receipts into the treasury, during the
first quarter of the present fiscal year, com.
menclng the 1st July, 1858, including one
half of the loan of twenty millions of dollars
with the premium upon it, authorized by the
act of l4th June, 1858, were So, ,23O, ,S79 ,46
and the estimated receipts for the remaining
three-quarters to the both June, 1859, from
ordinary sources, are 3S,500,000, making
with the balance before stated, an aggregate
Of 20, l29, ,lO4,56.
Tn. expenditures, during the first quarter
| Of the present fiscal YEAR were sol 7OS I0S
81, OF which $1,010142 81 were applied t.
tue p yment OF the public debt and the re.
demption Of treasury notes and the interest
thereon. The estimated expenditures dur
ing the remaining three quarters to 3Oth Of
June, 1859, are $50. 1857 .69S 4S, making an
aggregate of $74.O65 1876 80, being an ex.
cess of expenditure, beyond the estimated re-
ceipts into the treasury from ordinary sou: ces
during the fiscal yesr to the Both June, 1859
of $50, 3,936,70l 43. Extraordinary means are
placed by law within the command of rIie
Secretary of tie Treasury, by the reissue O.
| n roJo.nol cl t,x -.