The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-12-07
u. I3y, II
The estimated receipts being. ............ 9063 %
Deficit,.,,, OBSERVATION-DISCLOSURES. O75 Sd

To this estimated deficiency the Both June
1850, should be added the sum of $3,S3s 72s
which will be required for the service
of the Post Office Department during the present fiscal
year This latter amount is not taken into the foregoing
estimates, but is asked for by that department will ap-
pear from the etterof the Postmaster General accompany
ing the annual estimates
When my last annual report was submitted Con-
greSs, explained the embarrassments under which the
estimated receipts into the treasury were made A new
tariact had just gone into operation under circumstan
growing ont of the then revuson trade and
business which made all calculation as to its effect upon
the revenue doubtful and unsatisfactory This opinion
was frankly expressed Congress the time The pres
ent estimates are submitted under somewhat favor
De tanceS and consequently with greater conf
dence in their correctness.
The tariff of 1857 has been in operation than
year. and in ordinary times the experience of that year
would afford reliable data to judge of its effect well
upon the trade of the country the of the gov
ernmen The continuance OF financial difficulties during
large portion o the tme however and the effects of it,
operating 10 great extent during the whole period
serious difficulties in forming satisfactory Judgment
upon the question The estimates based upon
the opinion that reaction in the trade and business the
country has commenced and that gradually, but
steadily, returning healthy prosperous condition
this subject if judge from the general pub
lie sentiment The files the department furnish strong
evidence of its truth Our exports the wear ending
the Soth June 1858, 1924 GA 421 being reduction
from the preceding year of only S3S,31G26l whilst the
imports for the time S2S2 6l3 49, b ng S7S
2699l less than the year before This balance
exports over imports doubtless appropriated
payment of foreign debt thus relieving the country
IN part OF that source OF embarrassment. 1t exhibits
large margin for an increase of importaons when the
country shall tt
The restoration of confidence and reaction of trade have
already been manifested in this regard.
BY referring to the receipts from port
New York for the months of October November 1856
the preceding the revulion the months 1857
the year of the revusion and the months pre-
sent year find that the receipts of those two months in
1856 were S6202 27 in 1857 30 and in 1858
were S5sl0Sl9 Whilst the country has not recovered
entirely from the disasters of the last year the increased
receipts of the present year indicate decided reaction
and the promise Of certain and speedy return of prosper
Gus times.
The foregoing estimates contemplate deficiency in the
means Of the government which, by the 30th June 1860
will amount to the sum of s7,914,576. Provision should
be made by Congress at its present session supply
deficiency In what manner shall it be done? A
loan for this purpose is not deemed advisable,
public debt. revision of the tariff of
1857 and the imposition of additional duties the only
remedy unless Congress shall take action relieve
the treasury from portion of the expenditures it is
required to meet.
In revising the tariff the same principles should direct
and control the action of Congress that would be
ee in the adoption of an original act
do not deem it proper to enter into any extended dis
cusslon of the theoretc principles which tariff
should be framed.
They may be briefly Such duties should be laid
as will produce the required revenue by imposing
people at large the smallest and the equal burdens
1t IS obvious that this is most efectually done by
ing in preference to Others such articles as are not pro-
duced in this country; and among produce here
those in which the home product bears the proper
ton the quantity imported are the fttest for
The reason is that in taxing articles not made in the
country the whole taken from the consumer GOES in
to the treasury while in the other class the
the enhanced value not only the quantity imported
but on the quantity made at home. This last tax is paid
not to the treasury but to the manufacturer thereby
derng such duty not only burdensome but gross
y unequal the home producer being ben eted at the
pense of the consumer.
If these principles sound it is obvious that tariff
strictly for revenue, has yet been enacted in the
United States
The early legislation the country contemplated other
objects, such fostering our then infant manufactures
and encouraging the production of indispensable articles
render country Independent of foreign gov
ernmentS in of
The objects which originally led to system of du-
ties have long since been attained but under that system
large interests have grown which have always claimed
and received such consideration from Congress pre-
vent the abandonment of the idea of protection.
do not expect that tariff will be framed on rigid
revenue principles but in all changes effort should be
made at least to avoid further departure from them
+iT that the general principles of the present
a dct VIII be adhered to, all will admit that, having
ascertaned the additional required accurately
as possible the least increase of duty will raise the
sum Is the proper rate to be adopted
In determining however on what articles the duty is
TO De increased strong appeal will doubles be made so
to discriminate to afford relief IN carai so;5
to be unusually depressed.
In period of general financial distress such as we have
not yet entirely passed each interest the country ma
turaly feels the want of any aid that would relieve it's
embarrassment and restore its prosperity In ondin
to such demand should be taken not to afford the
required relief at the expense of another interest equally
in want of assistance and equally entitled to receive il
ty has parayzed the hand of industry and cramped the
energies of the people, it is unfortunate that
time, when the country is least able bear it, the
wants OF the government should force increase of
ton In yielding to the necessity which compeis the i'm
position of the burden, let it be done with that spirit
justice which regards with equal care and protection all
the varied interests If the country.
In conneXion with this branch of the subject would
specuy refer to the views presented in my last annual
report to Congress
Is also subject Of regret that public necessity
qures revision of the tariff act of 1857 before sufficient
e mas elapsed to test its legitimate effects the bus
mess oi thecountry as well the Of the
ment impressions to its operation must be careful
~ guarded against the fact that this went into operation
on the lst fiJuy 1857 and followed by the
dlsastrous revuon Of that year has induced many per-
sons to believe that the the necessary of
the other. The advocates of high protective tariff have
not failed to avail themselves of this circumstance to
press upon the public mind their peculiar system of
iordng relief to distressed people, by increasing their
taxes Every interest in the country which suffered in
the general calamity has been earnestly appealed to- and
no efforts have been spared to induce each all to
eve that their msforunes have been produced by the
passage OF the tariff of 1857 There however i'm
porant point IN the argument where the logic of the pro-