The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-12-07
THE FEDERAL FINANCES.

THE FEDERAL FINANCES.
The report of the Secretary of the Treasury which
we present in full this morning, will surprise as
much it will crafty the country. 1t is written
with admirable clearness and remarkable ability,
and presents condition Of finances far less unfavor-
able than universally expected. 1t proves that
the present tariff law, with only few notifications
will be amply sufficient to meet the wants Of the gov
ernment it makes that law the basis of all its rec
concentrations for additional legislation and presents
argument against any departure from its leading
principles which seems to be as conclusive as dem
onstraton.
In regard to Ways and Means, the report shows
probable balance of funds on the LIST of July next
the basis of existing legislation of 81, O63 2s9;
or, if we deduct amount Of three and quarter
millions asked for by the Postmaster General for ex
traordnary measures proposed to be set on foot by
his department. of $3,224,570. 1t will be recol-
lected that the Secretary of the Treasury, in his
letter to Congress the close of the last
session, scarcely hoped that the measures then
adopted at his solicitation would carry on the
government without additional loans farther than
the first of January proxmo. Nevertheless, it is
shown that they will suffice until the first of July
next, giving the treasury balance at that date of
three millions and quarter after satisfying an ex-
traor dinary demand Of the Post Office Department,
if Congress should sanction it, of nearly four mil
lions
Nay, more, leaving this demand of the Post Office
out of consideration the existing legislation for sup
plying the treasury will not only leave balance of
seven millions next July, but will come within 3d.
O7584S of carrying on the government, on the ord-
nary basis of expenditure, until the first of July,
1860. If intervenes, appropriations are
made by Congress other than for ordinary expendi-
lures, of course this deficit would be proportonay
greater.
II will be seen from examination of the Secre-
tarys estimate of means, that the basis on which the
foregoing results attained is the superstition that
the revenues from customs during the current fiscal
year ending the first of July next will be fifty mil
lions of dollars The receipts from the same source
during the last fiscal year, marked almost through
out by commercial paralysis, were sal, 7S9. 6l9.
1t will be readily conceded that the Secretarys
estimate for an increase in customs receipts of
only eight millions, in year in which this paralysis
will have almost disappeared, is entirely moderate
and safe. The Sccretarys estimates of receipts from
customs from the existing tariff for the fiscal year
beginning next July are ffty-six millions; which
also, for the reasons we have adverted to- must be
conceded to be safe.
Other estimates of receipts presented in this
port seem to us to be equally moderate For in
stance in the fiscal year ending last June the re-
into tha from, nnbl;c lopde ond ,,;e
celaneous sources, other than customs and loans,
S4,767950 this being year of unusually light
sales of public lands. 1t would therefore, be very
reasonable to estimate the receipts from these same
sources for the two fiscal years ending June, 1859,
and June, 1860, at an aggregate of nine or ten mil
lions. Accordingly, it will be by an examina-
ton of the report, that they estimated at only
about nine millions and half; those from sales of
public lands for the current fiscal year being esti-
mated at only one million and a half
We come now to speak of that part of the report
in which the Secretary deals with the subject of adj
ditional revenues Here the argument against re-
Sort in increasing the duties to the protective pol
ICY is as conclusive as the facts presented are over
whcming. We doubt if ever paper has before
appeared in which the subject is eectually dis
posed of in few words. We do not recoect to have
seen before complete and conclusive an array of
valuable and decisive facts. Not only is the pro-
tective policy combatted in its main features, but it
is assailed in the insdious expedents and sub
terfuges by which its aims often sought to be ac
complished The argument of the report against
home valuations is most admirable and lucid, and
presents the subject in light in which it has never
been so fully and well presented before.
The doctrines of the report the main subject of
revenue so sound that they must command uni
versal democratic assent We quote leading para
graph in which they admirably and comprehen-
siby stated:
" Such duties should be laid as will produce the re-
qurcd revenue, by imposing the people at large the
smallest and the most equal burdens. IL is obvious that
this IL most effecualy done by taxing preference
Others such articles not produced in this country
and among articles produced here those in which the
home product bears the least proportion TO the quantity