The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1858-12-16

enue against false and fraudulent invoices, and
such has been the practice adopted for this pur-
pose by other commercial nations. Besides spe-
cifc duties would afford to the American manu-
facturer the incidental advantages to which he is
fairly entitled under a revenue tariff. The pres
emit system is sliding scale to his advantage
Under it, whom prices are high and business pros
perous the duties rise in amount when he least re.
Qures their aid. On the contrary. when prices
fall, and be is struggling against adversely, the
duties are diminished in the same proportion,
greatly to his injury.
Neither would there be danger that q hi CHER rate
of duty than that intended by Congress. could be
levied in the form Of specific duties. 1t would be
easy to ascertain the average value Of any import
Cd article for series Of years. and instead of sab.
Ijocting it to ad valorem duty at certain rate
per centum to substitute in its place an equivalent
specific duty.
| BY such an arrangement the consumer will no,
be injured. 1t is true he might have to pay a
little more duty ON given article in one year; bu.
il so, he would pay little less in another and in
u series of years these would counterbalance each
other, and amount to the same thing, so far as his
| interest is concerned. This Inconvenience would
| he triAing. when contrasted with the additional
security thus afforded against frauds upon the rev.
enue, in which every consumer is directly inter-
ested.
L have thrown out these suggestions as the fruit
OF my own observation, to which Congress in their
justly deserve.
The report Of the Secretary of the Treasurer
will explain in detail the operations Of that depart
ment of tho government. The receipts into the
Treasury from all sources during the fiscal year
ending Goth June, 1858, including the treasury
notes authorized by the act Of December %, 1857,
were seventy million two hundred and seventy
three thousand eight hundred and sixty-nine dol
lars and ffty-nine cents {70,273, S89 59), which
amount, with the balance of seventeen million
seven hundred and ten thousand one hundred and
fourteen dollars aud twenty cents (Si7, 49,
ia I'd remaining in the Treasury ut the COM
nencement of the year, made an aggregate for the
service of the year of eghty-seven million nine
hundred and cighty-three thousand nine hundred
and eighty-three dollars and eighty-six cents
($s7, 1899 Sc
The public expenditures during the fiscal year
ending June 30, 1853, amounted to eighty -one
Million five hundred and ei ghty five thousand six
hundred and srxty-seyen dollars and seventy six
cents, 1881 1856 76,) Of which niue million six
hundred and eighty-four thousand five hundred
and thirty-sev dollars and ninety nine cents
S9,5S i537 99) were applied to the payment OF the
public debt, and the redemption of treasury notes
with the interest thereon, leaving in the treasury
on July |, 1853. being the common ement of the
present fiscal year, six million three hundred and
ninety eight thousand three hundred and sixteen
dollars and ten cents, tS6 1898 3l6 l0.)
The receipts into the treasury. during the first
quarter of the present fiscal year, commencing the
LIST July, 1853, including one half of the loan of
twenty million of dollars, with the premium upon
1T, au horized by the act Of It'll june 1853 were
twenty-five million two hundred and thirty thous-
and eight hunered and seventy mine dollars and
forty cents (S25;230,S79 46) and the estimated
receipts for the remaining three quarters to the
30th jane, 1852 from ordinary sources, are thirty
eight million five hundred thousand dollars, $751;
800 000.) making with the balance before stated,
an aggregate of seventy million one hundred and
,wentynine thousand one hundred and ninety live
dollars AMI ifty-six cents. go, l2g, l95 56.)
The expenditures, during the first quarter of the
present fiscal year. were twenty -on, million seven
hundred and eight thousand one hundred and nine
eight dollars and fifty one cents, (2l,70s,l9s 81
OF which one million aud ten thousand one hun
one hundred and forty two dollars and tnirty-sev-
en- cents ($l.Ulo.II2 BIZ applied to the pay
mcnt of the public debt and the redemption Of
treasury notes and the interest thereon. The es-
timated expenditures, during the reuaining three
quarters TO Both June. 1852 ar ifty-two million
three hundred and Hfty-scven thousand six hun
dred aud ninety eight dollars aud forty -eig 1T cents
(S52,357 1898 4sj making aggregate of seventy
four million sixty Ave thousand Gig 1t hundred and
ninetysx dollars aud ninety nine cents $74, 90 -
$40 49, being Al excess oil expenditure, beyond
rhe estimated receipts into the treasury from
binary sources, during the fiscal year to tho SOFA
June, 1859, Of three million nine handrei AMI
thirty six thousand huadrcd aud dol! ars
and forty three cents tS3,936. 7Gl 49, Eytrlor-
binary means are placed by law within the COM
mand of the Secretary of the Treasury, by the re-
issue of treasury .otes redeemed and oy negotia
tiii,; the p:ilancs # te loan Authorised by the act
of the tth June, 1888, to The extent of eleven md
lion of dollars, which, if realized durin the pres
ent fiscal year viii leave balance in the treasury
on the first day of July 1859, Of seven million
sixy-three thousand TWO hundrei and ninety eight
dollars aud fifty seven cents, 81 ,063,29S 81
Thu cstimatel r,,,ai urin fna fiscal
year ending Both June. 1860, are sixty-two mil
lion of dollars S62 GEO. 000) which, with the above
estimated balance of seven tilion sixty tire,
thousand two hundred and ninety eight dollars
and hfty-seven cents (S7,063,29S SD makes AN
aggregate for the service Of the next fiscal year of
sixty nine million sixty three thousand two hun
dred and ninety ght dollars and fifty seven cents
| 1859, 29S SD. The estimated expenditures
! during the next fiscal year. ending Both June.
| 1860, are seventy three million one hundred and
thirty nine thousand one hundred and forty seven
dollars and forty six cents $73, 1885, I+7 46 which
leaves deficit of estimated MEANS CO N pared with
| the estimated expenditures for that year, COM
mencing on the LIST Of July, 1859, of four million
seventy five thousand eight hundred and forty
eight dollars and eighty mine cents S4075, SiS s9)
In addition to this sum, the Postmaster General
will require from the treasury, for the service of
the Post Office Department, three million eight
hundred and thirty eight thousand seven hundred
twenty eight dollars (S3S3s, 1881 explained in
the report of the Secretary Of the Treasury which
will increase the estimated deicito the 3Oth june
1860. to seven million nine hundred and fourteen
thousand five hundred and seventy six dollars and
eighty nine cents t$1,9l4576 S9). To provide for
the payment of this estimated deficiency, which
will be increased by such appropriations as may be
made by Congress, not estimated in the report of
| the Treasury Department., as well as to provide
for the gradual redemption, from year to year, OF
1 the outstanding treasury notes. the Secretary OF
| the Treasury recommends such revision of the
present tariff as will raise the required amount.
After what have already said, need scarcely
add that concur in the opinion expressed in his
report--that the public debt should not be in
creased by an additional loan and would therefore
strongly urge upon Congress the duty of making
at their present session, the necessary provision
| for meeting these liabilities.
| The public debt on the LIST of July, 1858, the
commencement Of the present fiscal year, was $685.
\ l55,377 81.
| During the first quarter Of the present year, the
sum of 900 has been negotiated Of the loan
authorized by the act Of l4th June, 1858, making
the present outstanding public debt, exclusive OF
treasury notes $35, l55,177 81. There was on the
LIST of July, 1858, OF treasury notes issued by au
thority of the act of Dember %, 1857, unredeemed
the sum of i9,754, S30-naking tho amount OF
actual Indebtedness at that date, $54,9I0,777 81.
To this will be added 000, 900 during the pres
emit fiscal year-this being the remaining half OF
l n n n m.