New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-05-29


uptske il bic ettua:es which, n five moths, amounts
10 500 0G0 GOO. Nobody j. surprised &, 1t. We were
oily surpYitcd snd astonshed that The Secretary o.
tie iss s.ea sS al
oonld ever have made and published suca esana.es;
The Secretary made bis estimates for heI year ara
he is feI wilder in them Tran he wss 70 he estns|e
for the preseEt year. LIE estimates NE % nno
pcrs for the nett year a. $37l, CO., ,WocW
more Of (utable imports than were ever imported hto
the United States 10 one year. resd the es-uste
IL bic annual repor. with utter smszernebt. why, ou
il you look q. the imports curing tae somns,rauon
Of President Pierce, they amount, durng me ion d
yearr 70 $ll46, 600 000-sn average OF $&Sb,UooVOo
Der appum From ths you mist deduct the articles on
The free list an average Of twenty hve or tnny
millions annually during tha. Administrations leaving
les than two hundred and sixty million ooefs oil ou-
table articles annually imported Dung the ouf pro
porous commercial years OF Presideh' fieIoes ~.
mini.trat;on. The dutiable imports this year omouSt
70 about two hundred and ten million dollars, nearly
opt.hsf Of which were imported The hrt quarter OF
the wear The Secretary told in Ms annual report,
tbst they would amount TO S2t3 wv lhey ectu-
slly smcuut TO about two hundred aud ten miller,
beng $50 600 900 ess then he estimated last Decem-
Der. II we should import next year as much az we
imported in l6j6-57-1hIch would be about two bun.
dred aud t1ty-t NO million dollars OF dutable articles
we should 20 beyond the Just eIpectsions Of any
sopsble man in America. There ~ not statesman
here there is not merchant In the Cnltsd otetesi
there not practical business nan n the country
familiar with the commercial condition OF Use country,
who believes the imporp, from the LIST OF July De1e 70
tho 1T ~ July 1850 will equal the imports from the
lat Of July 1856 70 The Let Of July lo57-.he arges:
wear of importation the country ever Witnessed
Next Mr. President, you will not only no: have
1871 600 eco Of dutable imports but yt viii moi nave
$3.50 600. The largest imports we ever had were
1902 O0O000 of dptiable imports. Tho'e articles II
they should in next year it, large quantities as
they did in 1856 and 1857, viii be reduced IN value
about $50 600 COO that you Cannot by any Pos b-
ity have more than $25OOOo,VO0 OF duuaole articles
during the ext year witch you will raise not more
~ f.~Av ,h% rrflil
Senator from Virginia Mr. HuSTERl estimates the
receipts from customs mex. year az ,oJO Uoo.
hDk he will find when nett year closes inst ne mss
made mistake OF from i've TO seven 10 lion oo.i.rs
in that e,tin lie also estimates that We are TO e
ceve $40 00O 900 from the sale OF the puolc iands.
Why sir the average land receipts for the las; our
five years are only about I'VE million dolers ~
true lands are opered in California and we nay nave
a large itcrease; bu. your whole revenue next year
will not exceed SIS 600 600, and IS more likely 20 be
ess Ii an that amount. think It may be, altogether,
about VIVA. the Senator ettim8tes the Tecspts from
customs 70 be-$52, OO0, GOO.
Now. LET us see where we ere. We have this year
used up the SIS 600 600 Of surplus ia the treasury
with which commenced the year. we have we Teised
S44 eco COO and we have borrowed OOO OVO, max
iDga tts Of $50 eco, al Of which We have spent
We commence the lst Of Jaly next, according TO the
admissions Of the Secretary Of the Treasury, without
any money in the Treasury. He estimates IN his an
pusl report that we are 10 have imports TO the extent
of 1871 Coo 900 next year. and that We are to rsise
upon those imports SO 500 600 sud receive from pup
lie lads 5000, 0OO and from all sources together
$4,000 eco; and he estimates the e1pendtu lures al
SIS eco 000 He will fall short Of his revenue NON
customs the coming year more than s2o,oooVVV. III
stead of receiving S'3,CoO,O OO IN revenue, M re-
ceipts will not 90 beyond hfty-hv millioIs Whs'
amount have we to meet next year The estimates
ef the Department amount 10 900, and II the
e1pt mixtures DO net exceed tina, cum oy afdtlons
made by Congress- you hsye 70 sed 70 ina. =uuVVooV
Of floating Treasury notes which we have to pay mex.
year, amounting TO $95 600 COO. undeostana thai
propositions are before Congress- likely 10 pase ths'
wi add several million dollars 10 the expenditures.
Suppose they be $50, 900 0O0-and j do no, behsve
they will fall short of that sum, for Congress will add
four or FIVE millions to the estimstes-end add 20 tnst
so 100000 Of Treasury notee and you have to Pro,
to provide for according your own showing, and a.
least $O0 600 by all reasonable and proper es1,
mates. One hundred million delsrs OGe hundred
million dollars One hundred million dollars 70 De
paid during the next fiscal year To meet tost vast
sum, you have only revenue, from al sources, OF
from fifty to fifty five Millions making cssA. OF
S45. coo. G0O for 1859.
Now. how are you 10 meet this slOO, OOOOOO The
Secretary tt lis us he will have 10 pay ,0oooVU 10
the fret six months and that the income for the hrs
half Of the year will not be $ 0O0O 600, as estlna.ed
in December last but SOS 600 600. He is getting 70
be little rational this question OF the receipts. ne
wants 600 carry the Government through ne
first half Of the ne year not the whole year Now ST.
there SIS COO coo will not carry him TO Januay next
Sir, make the prediction here now, and wlsh c5na
tors to the prediction that we ehaI De cSeo
upon when We meet in December next, to PROVIDE
mears 10 carry the Government through ID sce nber
and over the let Of January. And this cal Wi! oe
pressed upon us with all the power OF lInmediate
and overwhelming necessity. II ls inevitable, on the
showing of the Treasury Department ITSELF that the
Government cannot go beyond the let Of January next
lift go to that day, with the ad of this l3VooooV
loan.
You have to provide for sl00,0 600 next year
You borrow $4,000, 0O0 you raise from all sources
S55 600 of revenue, and 10 the fullest extent tha
is all you will get. You Will, therefore, nave w.
nit hinh IN Will
have deficit of $50 1000, 90 next year. You are
called upop in reality to psy next year, beyond your
receipts S5 600 600 at the lowest possible estimate
You may be called upon TO pay fifty hve or sixty
million dosra bat i; cannot be lees than $4,000 GEO.
To meet that you propose TO raise $40 ior the
first Elk months, calculating to raise s5 OOoooo from
all sources me king $40, OOOCO.
We sba have to meet $50 600 eco from January to
July, and we shall have only twenty-five or thirty
million dollars 10 pay ii with, thus leaving dehcit oil
thirty million dollars fer the last two qusre-s OF tie
fiscal year. To 90 through the next fiscal year, the
Government must incur a permanent national debt OF
0,000 How do Senators like this fs,terna
financial picture II is truthful statement OF the
condition of the National Treasury; and hope Sens
tors will not fail to see where and whittier We
drifting NoAdminstration stand, or ough: 10
stsnd, that expends IN two years $40 wv GVo beyond
lis receipts. No Administration can staad, or ought
TO stand that pluDees headlong into extrsvagant ex.
pendituIes-e expenditures which exceed by tens o.
millions s receipts. No Administration can stand, o-
ought 10 staLd that resorts 70 temporary exped
or TO national debts, TO meet its current expenses IL
times OF peace.
Well Sir, Whist are y'ur hopes for the future
Does the Administration expect can II expect, has l.
tight TO expect, the. the Government csn ralse
money enough to meet ..s eXtavSgsDt expenditures
under the present revenue system
Tee Secretary says our exports and imports Are 10
creaslpg a. the rate OF ten cent per annan and
the honorable Senstor from Virginia has indulSed TO-
day in these absurd esiinstes. Let me tel tae AID
mnstration and the Senator thai ;ley will witness 10
such increase durng the next three years OF tneir