Mineral Point tribune. [volume] (Mineral Point, Wis.) 1854-1858, 1858-02-09
$42.G1t.GO4
S,2j9,175
"a - q
ts.ttD. 4b

On which duty was paid of over fifteen
million dollars, or about one-fourth of all the
rcvenae from customs received from that
source for the last year.
Now, have shown in general terms that the
Secretary had over-estmated for this year IS
100000, and now | shall show that that over
est innate may be found in the articles of sugar
and molasSes alone. The fact Is known that
there was short crop of sugar in louisiana II,
1856. From five hundred Thousand hogsheads.
which 1t had been, the pFGdCct fell TO less than
one hundred Thousand hogshe ads. Two con-
sequences followed this failure of crop first u
very large importation to supply the deficiency;
and, second. great enhancement of prices, so
that the value OF the importation, which was
only about thirteen million dollars In 1855 in
1857 reached the enormous sum OF over forty
two million dollars Tie cause that produced
that vast accession to our revenue last year has
ceased. The Louisiana crop is good one add
to that the further fact that, there are now i'm
mcnse stocks of foreign sugar and molasses in
the warehouses oi the principal cities, and you
Will say that | am justified ia declaring, that
the imports of sugar and mollsses for the last
three quarters of this year, Will moi reach in
quantity one half what theY were for the cor
responding period last year. The price has fal-
len off about one half.
For the last three quarters of last wear YOU
imported about thirty y-eIght million dollars of
sugar and molasses in value, on which thirty
per cent. duty paid, of about eleven mill
ion five hundred Thousand dollars. This wear
during that period, You may import one half
the quantity, Al fourth the cost of last wears
50 that your sugar and rnoiasSes
of The last three quarters of this year, instead
of paving duty on ss5S 010C00 will pay duty on
perhaps Sl0OOOOOj al twenty-Eur per cent,
instead OF thirty per cent, duty OF : t,4DO 900.
Thus, on these articles alone vod will sustain a
falling Off in revenue OF 5000 900, Il larger
sum than | allowed in ms estimate. As the TAI
off hn tIcl nf
are entered for consumption. To carry ont my
illustration still further. | might call attention
to the article of railroad iron, which has here
tofore been large source of revenue but. as j
have not time to more than advert 10 it, l pass
on.
Having shown a very large over-estimate on
the receipts from customs, [ now propose to
show Il much larger ove--cs Imase, IN proper
tion from the sales of the public Janis. The eS-
timate from that source Is put down bY the
Secretary, for the three quarters, as 81 OJ1 600
an estimate, in my opinion, wholly UuuStiiied
by any state of existing facts. IL j. well known
that during the corresponding quarters of last
year, there was 4 great and, | may say an un-
usual desire pevldlng the entire community.
to acquire puhiic nd. TINS desire. the result
OF easy credit and n redundant circulation. did
not continc itself to the new ) ae<. as the ncuI-
bers ofthe House from the old States know
Now, under this condition of great and un-
natural activity, what were the receipts into
the Treasury tor that period from the public
lands Let Us see:
For tile quarter ending December 81 1856, ssoso52 SO
For the quarter ending March 81 1874, lo55G go II
For the quarter ending June 30 ls51, l,15a,2i3 2s
Total, $2,s37, ,I08 25
With the above figures before him, and with
full knowledge in regard TO the depression IN
business that has affected all classes and condi-
tiDus Of men, he tells Us that he expects 70 re-
ceive S3009,oOO, or S62, ,@93 - 1urre than for
the corresponding period OF last year.
This proposition of the Secretary only re-
quircs 10 be stated for its absurdity to be appa-
rent. Ny Judgment l. tha, the receipts from
that source Will not exceed one half OF wEa. they
were for the same period last ven. and shall
accordingly put down the receipts from sales Of
tho public lands at 81 100000; receipts from
customs, for three last quarters, S34TO1U00 A.;
miscellaneous sources. ST5J,0UJ total S26. SO
000 which = S),SO3.JO0 less fhah the Secreta-
~ estimates, aud which, instead of having a
surplus in the Treasury. d, the end of the wear,
Of : l26 S75 81, 1t VII be left wilh a deficiency
Of s. ,373, ,l23 %.
But to press our examination little further.
shall find that, to eTAhle the Secretary To
bring the Treasury To the close of the vear,wIth
the lncager balance of ! l2j,S65 81, he has post
poned the payment OF existing appropriations
for the sers ice Of the present fiscal year to tie
wear ending June 30 1859. to the extent OF
Sl6,596,5SS }5; 50 thai, if these appropriations
were expended within the wear for which the :
were made, there would be a--det.ciercy at The
end Of the wear, taking the Sccretary's OWE
high estimates of Sl6,l597I2 GS 70 which add
the sum of S9,S0J000, which | have shown
would be deducted from these estimates, and
You have the real deficiency, on the Isl OF july
next, As So, ,959,7l2 GS.