The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1858-12-22
$40 557,568

sum of S23,7 Vie, 3UO; making the ag-
greeate means of the service of the year
ending June 80, 1858, Ss7 1888, es4.-
The expenditures for the same year
were nearly uniform for the different
quarters, amounting in the aggregate to
SSl 5s5 ,6s7; leaving a balance in the
treasury On July lst, of Sc. $685. 17.
For the current year., 1859, the re.
ceipts for the quarter ending September
30th, were $l4, s25, GIG from ordinary
sources, and $40, 405, 200 from the loan
and treasury notes. Tho Secretary's
estimate of receipts for the remaining
three quarters is S3s, !00, 900, which,
with the sums abovenamed, makes up
an aggregate of means for the current
year of $40, l29, 1876.
The expenditures for the first quarter
of the current year were S2l ,708, 1913,
and the Secretary'stestimate for the re-
manning three quarters is $50. 357,6e6;
making a total for the year of S74, O65,.
s97; and leaving a deficit at the end of
the year of 1896. 7O1. To meet this
deficit there are extraordinary
in the loan already authorized of ten
millions of dollars, and one million in
treasury notes. If these are used, there
will, it is estimated, be a balance In the
treasury. July LIST, 1859, of 81, 063 ,2os.
The Secretary then estimates for the
next fiscal year, ending July l, 1860.
The customs are expected to Yield fifty
six millions for tha. year, and other
sources, with the balance abovenamed,
to make up an aggregate of S69, 965, 29s.
The expenditures are placed at twelve
and a half millions, nearly, for "balance
Of existing appropriations" eight and a
half millions, nearly. for permanent
and indefinite appropriations" and for
regular service, $50, l62,5I5 ; total,
S73, l39, TAT. Deducting the estimated
receipts, then, there will be a,defcit of
81 075, 84s; to which should be added,
S3.s36,s2S for deficiency in postal SER
vice, not included in the above; total
deficit, $7,9I4,576.
The Secretary remarks that the esti
mates of last year were made under
circumstances u~nfavorable to correct
Judgment. the new tariff act not having
been tried, and a monetary revulsiop
existing, but the present estimates are
based on the opinion that a reaction in
the business of the country has begun,
and they are put forth with greater con
fdence. Referring to the heavy decline
of our imports, and to the smaller fall
ing off of exports, it is thu ught that
they exhibit a considerable payment of
our foreign debt, and show a large mar
gin for increased importation when the
country shall have recovered. The in
creased receipts from customs of the
last two months, as compared with the
same months of last year, are, held to
sustain this position.
Unexpected deficiency in June, 1860
the Secretary thinks should not be met
by a loan. Azrevision of the tariff OF
1857 is tie only remedy, unless Con-
gress shall essentially change the fDan.
cial system. The leading principle of a
tariff, as an original act, should be
revenue simply, and in the present re-
vision this principle should dir ect and
control the action of Congress. SIT is
obvious that this is mcst effeotually done
by taxing, in preference to others, such
articles as are not produced in this
country; and among articles produced
! bClS, tuObC AZ hiOA bhC hOulC RlOuuOt
bears the least proportion to the quantity
imported, are the fttest for TAXATION
The reason of this principle is, that in
one case the tax on imported articles
alone is paid, while in the other, the
price of the like articles made here is
also enhanced. No such tariff has yet
been laid. The earliest purpose of levy
ing duties was to render us independent
in time of war, but in the process of
o~utgrowing that necessity, large utter
ests have been fostered which demand
protection, and it is not expected that a
tariff will now be framed On rigid reve.
nue. principles.
Assuming that the principles of the
existing tariff will be retained, however,
in the revision, it is regretted that the
tariff of 1857 has not been fairly tried.
1t went into operation at an unfavora,
BILE time, and the revulsion is not at
tributable to it, as the existence of a
revulsion in Europe shows. A compar.
ison of the prices, and quantities impor-
ted of iron and steel, sustains this view,
in the opinion of the Secretary, since a
greater decline occurred at Liverpool
than at New York. It is claimed that
the tariff of 1916 was also not the cause
of any decline in manufactures, and the
exports of lS47 and I757 are compared,
showing a large increase from the for
mer date. Agricultural exports we're
exceptional in lS47, III consequence OF
famine abroad. sssr
As the best mode of revising the
present tariff, it is though: preferable
not to revive the higher rates Of the
tariff of 1916. 1he proposed home val
uation principle is opposed at length,
and claimed to be impracticable, for
many reasons. The precise form Of
revision preferred, is to increase the
rates in schedule G from "a to 25 per
cent; schedule s, from 10 to 20 per
cent; schedule f, from IL to Is per
cent; schedule G., from 8 to 10 per
cent; and schedule d, from A to 5 per
cent. 1t is estimated hat this change
will add 81, SOC, 600 to the receipts from
Icustoms. Schedules G and d are large
and important, embracing most textile
fabrics, with iron and manufactures Of
iron. E is. a small list. in which raw
silk, steel, tin and zinc are the most
prominent items. G and III are mainly
made up of drugs, metals in nse iusthe
arts, watches, furs, 60. To obtain the
requisite additional revenue, it is pro
posed to. select certain articles to be
transferred from lower to higher SEIZED.
uies, and a table giving a list of articles
] With the quantity imported, aud the