Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1858-12-22
s46.527.568.


and treasury notes, there was added to the
receipts Of the last two quarters the sum of
s23,7l6, 500; making the aggregate means
Of the service Of the year ending June 80,
1853. Ss7, $780, ,9s4. The expenditure for
the same year was merely uniform for the
d fferenG quarters amounting 10 the aggre-
gate to 1885, ,687, leaving baIaLcs in
the treasury on July lst Of s6,398.3l4
For the current year, 1858 8. the re-
ceipts for lhe quarter ending September
SOth, were Sl4, 1858, $40 from ordinary
sources, and SI0, ,405, 200 from the loan
and treasury notes. The Secretary's est
mate Of receipts for the remaiAing three
quarters is s9s, $4,000, which, with tue
sums above named make up on aggregate
ef means for the current year Of $40. l20,,
1876.
The expenditures for the first quarter Of
tue current year we're S:I,7Os. los, and
the secrStary's estimate for the remaining
three quarters is &52, ,357 ,59s; making a
total for the year of S74, ,O65, ,s97; and lea
wing a deficit at the end Of the year Of S3,,
939,90l. To meet this deficit there are
extraordinary resources in the loan already
author zed Of ten millions Of dollars, and
one million Of treasury notes Ifthese are
use |, there will, it is estimated, be a BAL
ance in the treasury, July lst, 1859, Of 81,
O6s,260.
The Secretary then estimates for the
next fiscal year, ending July /, 1860
The customs are expected to yield ffty'
six millions for that year, and other sour
ces with the balaLce above nsmel, to make
up su aggregate Of S99O65,99s. The
expenditures are placed at twelve and a
half millions, nearly, for "balauce Of Oxis
ting appropriations" eight and half mil
lions, nearly, for permanent and indefn
ite appropriations" and for regular ser
vice, $5S, 1872, IS lc< total $73, ,I39, ,lF.-
Deducting the estimated receipts, then
there will be deficit Of s4.075,84r; t
which should be added So ,s3s, ,72s for de
ficieucY 10 postal service. not included il
the above; total deficit $7,944,r76.
The Secretary remarks that the estimate
Of last year were made under Circumstance
unfavonble to correct judgement. the nev
tariff act not having been tiled. and mon
etary revulsiou existing. but the present es
tmatCs are based on the opinion that a re
J action in the business Of the country ha
begun, and they are put forth with great
| er confidence. Referring to the heavy Dc
| cline Of our imports, and to the smaller fal
ing of of exports, it is thought that the
exhibit considerable payment of our for
; eiUn debt, and show q large margin foI ia
D creased importation when the country sL'
8 have recovered. The increased receipt
5 from customs Of the last two months. q
8 compared with the same months Of lai
0 year, are held to sustain this position.
The expected deficiency in June, 1896
the Secretary thinks should not be met b
a loan A revision Of the tariff of 1857
4 the only remedy, unless Congress shall e
7 sentially change the financial system. IN
7 leading principle Of tariff, as an origins
7 act, should be revenue simply, and in th
8 pr sent revision Of this principle should d
a rect and control the action of Congress-
q at is obvious that this Is most sffaetuall
done by taxing, in preference to other
such articles as are not produced in th
country; and among articles produced her
q those In which the home product bears ii
q least proportion to the qu,ntity imported
& are the fittest for taxation" The reason
4 this principle is, that in one case the tax 0
I imported articlee alone is paid, while Il
I other, the price Of tho like articles mad
q here is also enhanced. No such ia
q if has yet been laid. The earliest purpo'
3 Of levyiug duties was to render US led
pendent in time Of war, but in the proce
of outgrowing that necessity, large inte
: ests have been fostered which demand pr
lection, and it IS not expected that tar
7 will now be framed on rigid revenue pri
s, ciples.
Or Assuming that the principles Of the e;
IS, istinr tariff of 1851 has not been fair
tried. 1t went into operation at an unf
= yorabIs time, and the revulsion Is not
10 tributabe to il. rs the evistense Of reyu
r, sion in Europe shows. A comparison
r., the prices, and quantities imported of IN
vt and steel, sustains this view, in the oplni'
r. Of the Secretary, since greater decli
occurred at Liverpool than at New YoI
Il is claimed that the tariff Of lS46 was
30 not the cause of ssy decline in mau