Arkansas true Democrat., 1858-12-22


 discovered that the capital can be pro6tably | employed in commercial and manufacturing enterprises, and in the construction of rail- roads and other works of public and private improvement prosperity will again smile throughout the land. It is vain, however, to disguise the fact from ourselves, that specu- lative imitation of our currency, without cor responding imitation in other countries whose manufactures come into competition with our own, must ever produce disastrous results to our domestic manufactures No tariff short of absolute prohibition, can prevent these evil con- sequences.
 In connection with this subject. it is proper to refer to our financial conditon The same causes which have produced pecuniary distress 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 tie government To supply the deficiency, Congress by the act of the 23d of December, 1857, authorized the is sue $2OOOO,OOO of treasury notes; and, this proving inadequate, they authorized by the act of June 14th, 1855 a loan of S2OOOOOOO, < to be applied to the payment of appropria- tions made by law.''
 No statesman would advise that we should go on increasing the national debt to meet the ordinary expenses of the government. This would be most runous policy. In case of war our credit must be our chief resource, at least for the first year, and this would be great ly impaired by having contracted a large debt in time of peace It is our true policy to in crease our revenue so as to equal our expendi- lures. It would be ruinous to continue to bor. row. Besides, it may be proper to observe, that the incidental protection thus afforded by a rpV to some extent increase the confidence of the manufacturing interests, and give fresh i'm pulse to our revivng business. To this surely no person will object.
 In regard to ths mode of assessing and col lectlng duties under a strictly revenue tariff, I have long entertained and often express ed the opinlon that sound policy requires this should be done by specific duties, u to which these can be properly applied They are we'll adapted to commodities which are usually sold by weight or by measure, and which, from ther nature, are of equal or near y equal value. Sach are the articles of iron, of dfferent classes, raw sugar. and foreign wines and spirits.
 In my deliberate judgment, specific duties are the best, if not the only means of securing the revenue against the false and f.adulent in- voices, and such has been the practice adopted for this purpose by other commercial nations Besides specific duties would affor to the Amer ican manufacturer the incidental advantages to which he is fairly entitled under revenue tar Ill., 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 the prices fal and he is struggling against adversity the duties are di- mlnlshed m the same proportion, greatly to his injury.
 Neither would there be danger that higher rule Of duty than that intended by Congress. could be levied In the form of specific duties It would be easy to ascertain the average value of one imported article for series of years: and, Instead of subjectng 1t to an al valorem duty at certain rate per centum, to substitute in Its rlace an equivalent specific duty
 By such an arrangement the conurmer would not be injured. | Is true he might have tu pay a little more duty on a given article in one year; but if so, he woull pay little less in ano- ther, and it would amount to the same thing. so far as his interest is concerned. This iucorven- fence Is trltiing, when contrasted with the ad- dltional security thus afforded against frauds upon the revenue, in which every consumer is directly interested.
 have thrown out these suggestions as the fruit ot my own observation to which Congress Tn their better judgment will give such weight as they may justly deserve.
 The report of the secretary of the treasury will explain Tn detail the operations of that de- partment' Of the government. The receipts in- to the treasury from all sources during the is- cal year ending 3Oth June, 1858, including the treasury notes authorized by the act of Decem- Der 23, 1857, were seventy million, two hundred aud seventy-three thousand eight hundred and slXty-none dollars and fifty nine cents, (S7O.- 2Io,ob9 59,) which amount, with the balance ot seventeen million seven hundred and ten thousand, one hundred and fourteen dollars and twenlyseven cents (Sl7,71O1l4 27,l remain Ing Tn the treasury at the commencement of the year, made an aggregate for the service of the year Of q ghty-seven million nine hundred and elghty-three thousand, nine hundred and elghty-three dollars and eighty six cents, (S87,- 9o3,903 o6)
 The pubic expenditures during the fiscal year, ending June 3O 1858, amount to eighty one million, five hundred and eighty five thou sand, six hundred and sixtv-seven dollars and seventysix cents, (S9l ,5S5, ,G67 76,) of which nine million, SIX hundred and eighty four thou sand five hundred aud thirty seven dollars. and nlnety-nire cents, (S9684,437 99,) were ap- piled to the payment of the public debt, and
  tcrest thereon, leaving in the treasury ou July l, 1858, being the commencement ol the pre- sent fiscal year, six million, three hundred and ninety eight thousand, three hundred and six teen dollars aud ten cents, (S6,399, ,3l6 1O)
 The receipts into the treasury during the 1st quarter ot the present fiscal year, commencing the lst Jay l858 including one half of the loan of twenty millions of dollars, with the premium upon it, authorized by the act of 14th J. une 1858, were twenty-five million, two hun dred and thirty thousand, eight hundred and seveuty-Dine dollars and torty-sx cents, (S25,- 20O,019 46,) and the estimated receipts for the remaining three quarters to the 3O,h June, 1853, from ordinary sources, are thirty yeght million. five hundred thousand dollars (S39 800 O00D making with the balance before stated an az gregate of seventy million. one hundred and twehty-nine thousand, one hundred and ninety five dollars and fifty six cents, ($1O, l20, l95 56 ceDts)
 The expenditures during the first quarter of the present fiscal year were twenty-one million. seven hundred and eight thousand, one hundred and ninety-eight dollars and fifty one cents (2l, 7O8, 198 5l;) Of which one million and ten thousand, one hundred and fortv-two dollars and thirty-seven cents, (SlO10, 142 3O were applied to the payment ot the public debt on the redemption oi treasury notes and the inter- est thereon. The estimated expenditures du- ring the remaining three quarters, to June 30,h 1859, are fifty-two million, three hundred and ffty-seven thousand, six hundred and ninety eight dollars and forty eight cents. (S52, 357,- 69S ,48,) making an aggregate of seventy-four million sxty-6ve thousand eight h1ndred and nnetv-six dollars and ninety-nine cents (S74- O65 S96,9 ,99) being an excess of expenditure beyond the estimated receipts into the treasury from ordinary sources during the fiscal year to the 30th June, 1059 of three million, nine hundred and thirty-six thousand seven hundred and one dollars and forty three cents, $3936, 701 43) Extraordinary means are placed bv law within the command of the secretary of the treasury, by the reissue of treasury notes redeemed, and by negotiating the balance of the loan authorized by the act of 14th June. 1858, to the extent of seven millions of dollars, which, if realized during the present fiscal year, will leave balance in the treasury, on the first day of July 1859, of seven million. sixty three thousand, two hundred and ninety eight dollars and fifty seven cents; $0 063,298,57.)
 The estimated receipts during the next fiscal year ending 30th, June 1860, ;;,re sixty-two mil lions of dollars, (S62 ,0oO,oOO,) which, with the