The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1858-12-18
SIG InI lHS

SeCo"o t,OS2,o
Ihird ............ 5000, ,52S
Fourth ........... 10, ,532, $50
! SIG, G,557 ,56S
Aut from extraordinary sources, loans an
ceipts Of the last two quarters the sum 0
s2S.7l6,S0o; making the aggregate mean
OF the service of the year ending June so
/ 1888, sS7,9s3,9Sl. The expenditures fol
the samo year were nearly uniform for tn,
different quarters, amounting in the aggre
gate to Sol ,56j.GS1 leaving a balance il
the Treasury on July lst, OF SC ,39S,3l
4 Foi the current year, 1859, the receipt
( for the buarter ending Sept mber Both. wer
5l4, So, ,9I3 from ordinars sources, and slU,
iO5,2O0 from the loan and Treasury notes
The Secretary's estimate OF receipts for tin
remaining three quarters is SIS, 800, 900
which, with the sums above named, max ke
an aggregate Of means for the current yea
f Of $40, 1873, l9J.
( The expenditures for the first quarter o
the current year were $2l, ,1OS, 1913, and the
Secretarys estimate of the remaining three
quarters is S52 ,357 ,69S; making q total for
the year Of S74, ,065, Sy1 and leaving a de.
ticit al the end OF the year Of &, ,gj;6, 70l.-
To meet this deficit there are extraordinary
resources in the loan already authorized o
ten millions Of dollars and one million in
treasury notes. If these are used. ther,
will, it is estimated, be balance in the
treasury, July lst, 1859, OF s., ,063, 2gS
The Secretary then estimates for the mex,
fiscal year, ending July /, 1860. TIE Gus
toms are expected to yield .tty-six millions
for that year, aud other sources. with the
balance above named, to make upan aggre-
gate of 500, 060,2 The expenditures al c
placed at twelve and half millions, nearly
for - balance of existing appropriations,
eight and a half millions, nearly, for ~ Der
manent and indefinite appropriations" anc
for regular service, $52, l62, 5l5; total, $50.
l3s, III. Deducting the estimated receipts
then, there will be deficit ef St.O.j, ,SiS
to which should be ADDED, *3, ,s3s, ,72s for
deficiency in postal a1ust qG' INCLUDED l"
lhe Secretary remarks that the estimates
o! last year were made under circu,n<,ance,
uniavoraole to correct judgement, the new
saTif act not having been tried, and mon
e'ary re'u!s'on existing, bat the present es
inmates are based On the opinion tha. r....
Ion IN the business Of tiIc country has be
gun, and they al put forth with greater con-
tidence. Referring to the heavy decline OF
our imports, and to the smaller falling off
OF exports, il is thOug nj that they exhibit a
considerable payment Of our foreign debt.
and show a large margin for increased im-
portatlon when the country shall have recov-
cred. The increased receipts from customs
OF the last two months. as compared with
the same months of last year, are held to
sustain this position.
The expected deficiency in June, 1860, the
Secretary thinks should not be met by =
loan. revision of the tariff of 1867 is the
only remedy. unleas Congress shall essen
TALLY change the financial system. The lea
ding principle Of tariff, as an original act,
should be revenue simply, and in the pres
ent revision this principle should direct and
control the cction of congress. 1t is obv-
Gus that this is most eticc.ually done BY tax
ing, in preference to others, such articles as
are not produced in this country; and among
articles produced here, those in which the
home product bears the least proportion to
the quantity imported, are the fittes, for
taxation" The reason Of this principle is,
that in one case the tax on imported articles
alone is paid, unile in the other, the price
Of the like articles made here is also enhanc-
ed. Ne such tariff has yet been laid. The
earliest purpose of levying duties was to
render US independent in time Of war, but
in the process Of outgrowIrg thai necessity,
large interests hare been fostered which d.
mand protection, and it is not expected that
tariff will now be framed on rigid revenue
principles.
Assuming that the principles of the exist.
ing tariff will be retained, however, in the
revision, it is regretted that the tarig Of / S57
has not been fairly tried. 1t went into op-
Grafton at an unfavorable time. and the re-
vulsion is not Attributable to it, as the exis-
tence Of q revulsion in Europe shows. A
comparison Of the prices, and qualities i'm
ported Of iron and steel, sustains this view
in the opinion of the Secretary, since
greater decline occurred at Liverpool than
at New York, 1t is claimed that the tariff
of 1916 was also not the cause of any de-
cline o: manufactures, and the exports Of
1S47 and 1857 arc compared, showing
large increase from the former date. Agri-
cultural exports wore exceptional in 1917,
in consequence of famine abroad.
As to the best mode Of rcviving the pres
ent tariff, it is thought preferable not to re-
vive the higher rates Of the tariff o! 1746.-
The proposed home valuation principle is
opposed at length, and claimed to be imprac-
ticsbie, for many reasons. The precise form
Of revision preferred, is to increase the rates
in schedule c. from a to % per cent; Sche-
dule S, from 10 to 20 per cent; schedule +,
from II to 10 per cent. schedule u, from
s to 10 per cent. and schedule ID. from 4
to 5 percent. 1t is estimated that this
change will add 81 800, 900 to the receipts
from customs Schedules c and ID are large
and important, embracing most textile fab
RIGS with iron and manufactures OF irOn.-
+ is a small list in viii IN raw silk, steel,
tin and zinc are the most prominent items.
G; and Ii are mainly made up OF drugs, met.
ais in use in the arts, watches, furs, &C.
10 obtain the requisite additional revenue,
it 8 proposed to select certain articles to be
to be transferred from lower to higher sche-
dulles, and a table giving list Of articles,
with the quantity imported, and the reve-
nue. derived, is submitted to assist in the
selection of these, no preferences being e1-
pressed, except for the maintenance of the
revenue drincipls As far as may be done.
In regard to the public debt, the Secreta-
~ wishes provision for keeping the Treas
ury notes still outstanding, by extending the
provisions Of the act of December %, 1897,
for one year, which act authorizes the reissue
il no money is in hand to redeem them
There were $I9.75s, 800 of treasury notes
outstanding on the 1st Of July last. The
permanent public debt, apart from these, IL
now $35, 155, ,977; and the Secretary ePpe.
ses the funding Of the Treasury notes, to ada
them to this sun. By reissuing such % II
NAV not be practicable to redeem during the
next year, it il expected that this sum may