The national era. [volume] (Washington [D.C.]) 1847-1860, 1858-12-09

III TUG hrst year, ana THIS would De greatty an
paired by having contracted a large debt in time
oil peace 1t is our true policy TO increase our
revenue so as to equal our expenditures. Ii
would be ruinous to continue to borrow. Be-
sides, 1t may be proper to observe that the incl
dental protection thus afforded by revenue
tariff would at the present moment, to some ex-
tent, increase the confidence of the manufacture
ing interests and give fresh impulse to our re-
reviying business. To this, surely, no person
will object.
In regard to the mode of assessing and col
Letting duties under strictly revenue tariff, /
have long entertained aud often expressed the
opinion, that sound policy requires that this
should be done by specific duties, IN cases to
which these can be properly applied. They are
well adapted to commodities which are usually
sold by weight or by measure, and which, from
their nature, are of equal or of nearly equal val
ue Such, for example, are the articles of iron
oil different classes, raw sugar, and foreign wines
and spirits.
In my deliberate judgment, specific duties are
the best, it not the only means of securing the
revenue against false and fraudulent invoices,
and such has been the practice adopted for this
purpose by other commercial nations. Besides
specihc duties would afford to the American
manufacturer the incidental advantages to which
he is fairly entitled under a revenue tariff The
present system is sliding scale to his disad van
tage Under it, when prices are high and business
prosperous, the duties rise in amount when he
least requires their aid On the contrary, when
prices fall, and he is struggling against ad-
versty, the duties are diminished in the same
proportion, greatly to his injury.
Neither would there be danger that q higher
rate OF duty than that intended by Congress,
could be levied in the form of specific duties.
it would be easy to ascertain the average value
OF any imported article for series of years
and, instead of subjecting it to an ad valore,a
duty at a certain rate per centum to substitute
in its place an equivalent specific duty.
BY such an arrangement, the consumer would
not be injured 1t is true he might have to pay
little more duty on given article in one year ;
but 1t SO, be would pay little less in another,
aud In a series of years these would counterbal-
ance each other, and amount to the same thing,
so far as his interest is concerned. This iucon-
venience would be tIifiing, when contrasted with
the additional security thus afforded against
frauds upon the revenue, in which every con-
sumner is directly interested. q
l have thrown out these suggestions as the
fruit of my own observation, to which Congress,
in their better judgment, will give such weight
as they may justly deserve.
The report of the Secretary of the Treasury
will explain in detail the operations of that De-
partment of the Government. The receipts into
the Treasury from all sources during the fiscal
year ending 30th June, 1853, including the
Treasury notes authorized by the act of De-
cember %, 1857, were seventy million two
hundred and seventy three thousand eight hun
dred and sixty nine dollars and ffty-nine cents,
(S7O,273, S69.59,) which amount, with the bal
ance of seventeen million seven hundred and
ten thousand one hundred 5and fourteen dollars
and twenty-seven cents 1$l7,7l0,ll4.27) re-
naming in the Treasury at the commencement
OF the year, made an aggregate for the service
of the year of eighty seven million nine hum
dred and eighty-three thousand nine hundred
and eighty-three dollars and eighty-six cents,
1887, 1888 ,983. 86.)
The public expenditures during the fiscal year
ending June 80 1858, amounted to eighty zone
million five hundred and eighty-fv thousand
six hundred and sixty seven dollars and seventy
six cents, 1881, 585, 667.76,) of which nine mil
lion six hundred and eighty-four thousand FIVE
hundred and thirty seven dollars and ninety
nine cents ($9,6S4, 537.99 were applied to the
payment of the public debt, and the redemption
of Treasury notes with the interest thereon,
leaving in the Treasury July /, 1858, being
the commencement OF the present fiscal year,
six million three hundred and ninety eight
thousand three hundred and sixteen dollars and
ten cents, ($6,398, 3l6.lO) &
The receipts into the Treasury, during the first
quarter of the present fiscal year, commencing
the lst July, 1885, including one-half of the loan
of twenty millions of dollars, with the premium
upon it, authorized by the act of l4th June 1858,
were twenty-five million two hundred and thirty
thousand eight hundred and seventy-nine dol
lars and forty six cents, 1925, $50 S79.4G) and
the estimated receipts for the remaining three
quarters to the 30th June, 1859 from ordinary
sources, are thirty EIGHT million five hundred
thousand dollars, (S3S, 800 ,000,) making, with
the balance before stated, aggregate of seventy
million one hundred and twenty nine thousand
one hundred and ninety five dollars and fifiy-six
cents, 1870, l29, 1866
The expenditures during the first quarter of
the present fiscal year were twenty-one million
seven hundred and eight thousand one hundred
and ninety-eight dollars aud ffty-one cents,
($2l, 7Os, 1881 of which one million and ten
thousand one hundred and forty-two dollars and
thirty-seven cents Isl ono, 1920 were applied
to the payment of the public debt and the re-
demption OF Treasury notes and the interest
thereon. The estimated expenditures during
the remaining three quarters to 3Oth June, 859
are fifty-two million three hundred and ffty-sev en-
thousand six hundred and nine-eigh dollars
and forty-eight cents, ($52 1867 sos 4S,) making
an aggregate of seventy four million sixty-fye
thousand eight hundred and ninety-six dollars
and ninety-nine cents, ($74O65 ,896.99D being
an excess of expenditure, beyond the estimated
receipts into the Treasury from ordinary sources
during the fiscal year to the Both June 1859, of
three million nine hundred and thirty six thou
sand seven hundred and one dollars and for
ty-three cents, ($3, 936, 70l.43.) Extraordinary
means are placed by law within the command
of the Secretary of the Treasury, by the re-
issue of Treasury notes redeemed, and by me-
gotating the balance of the loan authorized by
the act of l4th June 1858, to the extent of eleven
millions of dollars, which, if realized during the
present fiscal year, will leave a balance in the
Treasury, on the first day of July, 1859, of
seven million sixty-three thousand two hundred
and ninety eight dollars and ifty-seven cents,
(S7,O63, 298.57.)
The estimated receipts during the next fiscal
year, ending 30th June, 1860, are sixty-two mil
lions of dollars, ($62 900 OoO) which, with the
above estimated balance of seven million sixty
three thousand two hundred and ninety eight
dollars and ffty-seven cents, Isl, O63 ,298 81, y
make an aggregate for the service of the next
fiscal year of sixty-nine million sixty three thou
sand two hundred and ninety eight dollars and
ffty-seven cents, $3.50, o63, 29s.57) The esti-
mated expenditures during the next fiscal year,
ending 3Oth June, 1860, seventy three million
one hundred and thirty -nine thousand one hun
dred and forty dollars and forty-sx cents
(S73,l39, l4746) which leave deficit of esti-
mated means, compared with the estimated ex-
penditures for that year, commencing on the lst
of July, 1852 of four million and seventy-fve
thousand eight hundred and forty-eight dollars
and eighty-nne cents, (S4,O75, s4ss9D 1
In addition to this sum- the Postmaster Cen
eral will require from the Treasury, for the ser
vice of the Post Office Department, three million
eight hundred and thirty EIGHT thousand seven
hundred and twenty eight dollars (S3, 1913, 1881
as explained in the report of the Secretary
of the Treasury, which will increase the esti-
ma ed deficit on the 3Oth June, 1860, to seven
million nine hundred aud fourteen thousand FIVE
hundred and seventy-six dollars and eighty-nine
cents, (S7,914, 576.s9.) To provide for the pay
ment of this estimated deficiency, which will be