The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-12-07


common the public, furnish, it would seem, amp'e
means the and faithful discharge of the duty
The additional element Of cost and charges of shipment
cannot he calculated with the same certainty It, howev
er, constitutes small portion of the dutiahe value and
the experience the appraisers will enable them to guard
against any serious injury from that quarter To Subst
tate for this plan home valuation would ne - require
the appraisers ascertain the value Of the article BY
inquiry into its value at the port of importation
In what shall he proceed to do 50 lie .,ust
take the price current Of the market, furnished in the
binary mode and such information as he can gather from
his intercourse with commercial and his knowledge
Of the trade aud business of his port. The result would
he, that the duty levied the same article would be diff
fercnt in the different ports of the country; and this
wnnId Lannen thon%h the appraisers might discharge
their duty honestly and faithfully. Such would he tle
casn md. th, most favorable view of the subject; bat
close eyes the fact that the adoption OF
the system of home valuation would inevitably lead to
difficulties and embaTrasSmCnts.
1t would become the interest OF importers TO control the
market value their respective ports, with view the
amount duty to be paid by them In what manner and
to what extent, combinations for this object would be
made especially at the smaller ports 1t Is Impossible to
anticipate The who enabled to evade the present
law and dcfaud the treasury in spite of its restrictions
aad with The checks now thrown around them would not
find it difficult to establish when it suited their purposes,
fictitious market value for the most If not all OF our
ports. II the appraiser convinced th ny such com'nt
tions. other Means fraud attempted, should find
it necessary ascertain the bona fde market value, his
efficient of doing would be to go to the
! same sources of information that he now uses.
lie would be compelled then, to look to the for
eign market and the and charges OF shipment but
he would be required extend his investigation the
other elements which 20 make up the home value of
the article er ascertaning the dutabe value of the
goods as present he ascertain the insurance the
freight the profits of the importer and adding all these
together with the amount of duty to be paid he would
arrive at the home market value. To my mind this pro
would constitute the farcst and safest check against
fraud As, however. all these elements. except the
of duty, would differ according to the different modes Of
transportation to the different ports it leads the end to
the Objectionable result which have already
| sidered.
Not only so. but each new element entering into the
calculation adds to the difficulty Of ascerainng the true
value, and opens a door for imposition. If, as
charged, cannot ascertain the value of an article in
foreign market and the of putting it on shipboard it
would be still difficult to find out not only that but
the additional amounts of Insurance. freight, and the
profits OF the importer In this view OF the subject it
will be perceived that the change is Objectionable for
two papable reasons l. BY inevitably causing different
valuations of the goods at the different ports; thus
vialang both the spirit and letter of the Constitution
which declares that a duties impoSts, and eXciSes shall
be uniform throughout the United Staes and that
preference shall he given (by any regulation
or revenue to the ports of one State over those of ano
err Though he may not be able under any system
have the precise valuation in every port yet that
one which most nearly to il shoud be aop
ted . second objection is, that so far from prevent
ing existing frauds, it offers greater opportunities for
| fraud than the present law
mentS by making the market price at New ork the stand
ard Of value, and to levy duties only there but
throughout the United States upon that basis. do not
that it meets the objections which have been presented
against the system. The danger of affecting
market prices by improper combinations would exist
would be attended with like difficulties in reaching the
true valuation of merchandise The appraisers other
ports would encounter the attempts fraud
LIBERALIZATION without possessing equal ofdeecton
Its operation would be unequal and unjust the importer
at New York paying duty upon the real value of his
merchandise whilst at all other ports he would he required
to pay upon fictitious value actual value of an
article in New York on one day wond often he very diff
ferent from its actual value in New Orleans San Fran
cisco on another even the same day
The importer at New York would paw his duty upnn
the real value of his goods at the time he receives them
whilst at all other places he would be required pay upon
fictitious value ascertaned at previous period at
another point These objections would be INSULT
eart ti1p
working such plan is conclusive against it, The diff
Guilty q, ascerainng in Boston Philadelphia Charleston
New Orleans and other points upon the Atlantic Gulf
the market value of merchandise in New York would
great but when the rues extended to the Pacific its
fOrcement would be not only voatve the
al provisions to which have referred but Of every prn
cple of justice and equality.
Adhering to the principles of the present tariff act
would recommend such changes will produce the
amount required for the public service In accordance
with the suggestion contained in my annual report
recommend that schedules c. ID, +, c. II. be raised
spectively to 25 90 l5 TO- and per no good
reason for having departed in the of 1857 the
system of decimal divisions The present state of thnps
affords n fit opportunity of correcting the error
This change will increase the from customs
SGOOOO upon the basis of the importaons of the last
To raise the additional amount needed will not require
an increase of all the rates of duty of the present tariff
1t will become necessary therefore, to select art
ceS TO be transferred from lower to higher schedules In
making such changes the true principles governing the
imposition of duties for revenue should he kept in view,
and such determinations made consistently Herewith
will best promote the various interests of country
information
tanned in table will afford to Congress the necessary data
for their action That table the mporations with
the rates of duty and of deriyabe there
from for each of the last three fiscal years When the
amount which the legislation of Congress shall make
necessary to raise shall have been ascertaned with any
thing like reasonable certainty the Information contained
in this table will render the work of making transfers
simple and easy.
The public debt on the 1st of july 1857 was 500 OeO
$500 stated in my last report During the last fiscal
year there paid of that debt the sum of 4 400
leaving the of 977 &c outstanding on the st
b. ado cd The Of
100000 600 negotiated during the present fiscal year of
the loan authorized bv act Of june IL lS5S There was
issued under the provisions of the December %
1857, during the last fiscal year. treasury notes to the
amount of S2376.30O, of which there was redeemed and
the department informed thereof during the same prrio(
So 96l 800 leaving the of S9754 outstanding on
the lst July 1883 The details shown by statements
marked and 5. In estimating the receipts and expendi-
lures for the present and next fiscal years is not
tempated to redeem the outstanding treasury notes As
these notes will become due and payable during the next
fiscal year some provision should be made to meet them
opposed to the policy Of adding this amount to the
permanent public debt by funding the notes. On the 9th
er han ther enre redemption IN one year would call for
increase of the tariff point which wouId render no.
cessary another revision of it in the succeeding year The
true policy to look IN the present revision of the tariff
to their gradual redemption, commencing with the next
fiscal year To carry out this policy, Congress should
provide for the raising OF such amount of will
enable the department to redeem portion of them and
the time extend for year provision Of the
act OF December % 1891 authorizing the reissue of such
portion of them the of the government will not
enable to redeem BY this we shall gradually
discharge this part of the public debt without placing up
on the people an onerous additional burden in unuc
ceSsary increase Of their taxes.
The operations of the Independent treasury system have
been conducted during the last year with the usual
Another years experience confirms the opnious
expressed this subject in my former animal repor
am well satisfied that the wholesome restraint which the
collection of the government dues in specie eXetS over the
operation Of present banking system contributed in
small degree mitigate the disasters late rcvu
sion The opportunity which it afforded early period
of relieving the financial embarrassments the country
by the policy of redeemng portion Of the public debt
and furnishing the country thereby with the specie used
in its redemption attended with the happest results
1t is difficult to estimate the extent of the relief which
thus afforded, though believe that the intelligent
Judgment of business in according to the
most beneficial effects The adoption of similar system
by the different States suggested in my last report
would afford additional protection country against
the ruinous effects of over banking and consequent
rangement Of the currency. remedy so simple and inst
for evil great commend itself to the favorable
consideration of those to whom the subject entrusted
The attention of Congress is again called to tbe nro
son of the act of March 1857 the subject of deposits
by the disbursing agents of the government
In my last report stated i'll general that it
impractcabe to execute the law according its literal
requirements and the briefly forth The
objects which the sought to accomplish entire
approval Of the department. and it has been carried
the utmost extent that was pract cable. few iusra-
tons will show the impossibty of executing the law
it now stands BY its provisions purser in the navy
would be required TO deposit the funds placed in his hands
for the payment of the officers and crew of vessel in
one of the puic repositories and he could only it
out by draft in favor of the to whom he desired
to make payment. vessel foreign station is absent
not unfrequenuy for two and three years whilst
thus absent the purSer would have pay officers
and men by drafts public depository in the
United States. He would also have to nav all other ex
pcnSes, which exceeded the of twenty dollars by
similar drafts in favor of the person whom pay
ment to be made disbursing agent in the Indian
Department would required to nav the Indians their
annuities by similar drafts The dsbursng agents of the
army would have to settle with officers and men of
the army at their distant posts, in the manner
collector of the port of Easport in the Maine
would have to transport the funds with which he TO
pay the employees of the government his port
ton or some other place where there is apubc depository
and there give drafts the public depository each per
whom the payment is to be made These cases il
lustrate the mpossbility ofeXecung law it now
stands the statute book There are serious and almost
insurmounable difficulties in the way Of executing it.
even in the immediate neighborhood of public deposi
tory.
Take, for illustration case which can be brought
There are paid monthly in Washington city more than a
thousand persons. This law requires
persons should receive draft the dsburng agent
who settles with him, and present it the rreasurers
office The time that would be occupied by the Treasurer
in identifying the applicants. and the number of addition
al clerks which would be required keep the necessary
books Independent of the unusual responsibility which
would be put upon the Treasurer of identifying
persons render the execution of the law. this
impractcabe. For all this additional trouble and
dhculty, there is compensatng advantage the
present mode of making such payments which has been
found by practice safe and eXpedient 1t scarcely
necessary point all the difficulties which exist
Congress is again referred circular regulations
which were adopted by the department this subject
and the recommendation of amending law as sugges
ted in my last report, is repeated.
The report of the Director of the Mint herewith trans
transmitted marked 1t appears that the bull
lion received at the several mint establishments during
the fiscal year ending June 80 1855 sal 494
gold, and S9199 954 81 in silver and that the coinage
during the period amounted to $50 $50 % in gold