The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-12-28

July Il 1863 TO June 1851 5UOO,COO
! Estimated receipts from miscellaneous sour
ces from July 1860, June 30, lS6l.. 2225 COCO
Aggregate receipts ......... ........ sO6o6s sos 4
appropriations s8l7a5824
balances Of appropriations ,r 122a2 452 Il
| Estimated expenditures from new apprOpri-
atoms estimated for. +0,2TS S9j 5
G67II, ,928 Il
| DeductinE the aggregate estimated expend
lures from the aggregate estimated re
cepts into the treasury during the fiscal
| year from July l, 1860, to June 80, 1861,
above stated, the estimated balance
will remain in the treasury the 3Oth
June, 1861, of....., Sl3,Sel, s6
The failure Congress its last session to pass the bill
for the service of the Post Office Department renders
necessary appropriations for that department which
b. paid during the fiscal year As these amounts
not contained in the preceding statement, it will be
necessary to consider them in order to arrive at the
condition of the treasury at the close Of the present and
next fiscal years.
1t will he from the communication Of the Posmas
ter General accompanying my report on the estimates
that there will be required to pay the deficiency in
department for the fiscal year ending the Both of June
1889 the e 81 29G 0O9 and to supply deficiency
for the fiscal year ending the Both of June 1860
the further of S5,526,324. In addition these
amounts, the Secretary of the Interior submits
mate for the Of $3.50 $780, which he will require dur
ing the present fiscal year to carry out certain Indian
treaties approved at the close of the last session of Con
gress These three sums amounting to Slo36 6sS must
be met during the present fiscal year and must therefore
be deducted from the estimated balance in the treasury
on the Both of june 1860 which will leave in the trcasu
ry at that time estimated balance Of 81 40 and
| an estimated balance the 30th of June, 1861, OF
$3.50 1851 This last amount will be increased to the
extent of the uneXpended appropriations for the next
fiscal year which may remain in the treasury undrawn
| the 3Oth of June, 1861
1t will he that there will be no necessity to provide
additional means for the treasury, provided the receipts
should be equal to the estimates and the appropriations
made by Congress do not exceed the estimated
| for by the department.
submit with much confidence the estimate of proba-
n mex hSca Tt
bascd upon the operations of trade and commerce
for the last twelve months and upon the conviction
the business of the country will continue in its present
state of comparative prosperity.
the last session Of Congress submitted estimate
of the probable receipts into the treasury the then
three remaining quarters Of the fiscal year ending the
30 OF june 1859 The result has approximated the
innate with unprecedented accuracythe actual receipts
being SSS5'93sl while the estimate was S3S 500 600
and as the present estimates are based upon similar data
it should greatly strengthen the confidence be put in
their correctness.
Some apprehension has been felt that the large amount
of imports during the last twelve months would be at
tended with unhappy results in the business of the
try This apprehension would be well founded if the
facts showed that the imports exceeded the Of the
country and its inability to pay for them The imports
during the last fiscal year las will be by reference
table S3S 76S 100 whilst the exports for the same
period ,7S9+62, showing excess of exports
imports Of SIS 01 232 As large imports for
the last fiscal year were they have gone into consump
ton. Table II exhibits the of goods in ware
house at New York the LIST of November for series
of years. 1t will be that the amount hand on the
1St of November last does the amount in pre-
prosperous
It's business steady aHd regular These figures 90 not
exhibit an unhealthy state of trade and business Gne
fact, however connected with exports has
much attention. and led many to believe that
importing beyond our ability to pay allude the
Of specie in export tables If specie occupied
in the business the country only the position of cir
culatng medium, and the supply limited accordingly
there would be just ground for this apprehenson such
however, is not the 1t constitutes an important
element in the list Of productions and like all other
productions where the quantity exceeds the legitimate
demands of the country for and consumption it be
comes very proper article for export
1t is estimated that since 1913 California has produced
five hundred millions of gold. Would her condition
have been improved by retaining that amount Of specie
within her limits, to the exclusion Of those articles
quired for the Of her citizens, and in exchange
which this specie has been sent to the Atlantic and
aboadf During the same period Georgia has produced
than five million bags Of cotton. The policy
which would require California retain her gold beyond
the legitimate wants OF her people would with equal pro-
pretv require Georgia TO retain within her limits the
Of the production Of cotton the Of her peO
pie The argument applicable to all the States as to
one have used the illustrations OF single States only
because they marked and striking Unless the
export Of specie goes the extent of violating this mani
fest principle it constitutes Just ground
anxiety In this COnneXion should be observed that the
large of specie exports with the dis
covery oi the California mines, and has increased very
much IN proportion to their increased production as will
he by reference table s. which exhibits a
Of years the amount of export specie The
amount OF the production OF the California mines during
this period is not known but it is believed that
very largely the amount which has been generally
stated We nave no reliable mode OF ascertanng it, but,
from the best information have been able to obtain,
should estimate the amount for the last year less
than seventy millions ofdollars.
Whenever the export specie shall proper linn
its the effect will be and felt In the financial and
operations country 1t would probably
be first exhibited in the specie basis Of the banks show
ing increased proportion deposits
the amount of spece in their vaults and this wold soon
be followed by arrangement depression general
trade and business of the country At present no
evidence that either of these resIt are IN he
By reference table it viii he that the specie basis
of the banks when the tables for 1859 prepared
compared with their circulation and deposits
fll4 than in
specie exports. 1t is probable that change
CURED since the last bank reports of that no
liable uormatOn but it is not believed that it will ma
terialy vary the general proposition. 1t is appropriate
here that in of the large and constant
increase OF the production OF the precious metals the
country should look to the policy Of substituting specie to
great extent for the present paper circulation The pro
should be gradual and whilst it would derange
the business o e country would operate as wholesome
check upon banking and oyertradng The adoption
independent treasury system by the several States
recommended in former report would go far towards
the accomplishment of this desirable result.
There is mode Of accertaning the of specie
in general circulation. All estimates that point
purely speculative During prosperous condition Of the
country it doubt increases with the demands
ness and whenever from any the supply is below
the wants of the country, it will be manifested by
preston in trade and general embarrassment. Until
these indications appear may safely calculate that
there has been the usual and necessary increase.
With some persons the idea to prevail that
necessarily overtradng with those countries which
specie carried and the most Of goes to the
ports of Great Britain they conclude that there
fore buying too largely of British productions The fact
that payments made in England be COnsid-
cred as conclusive evidence that the debt has been con
r2cted in the of trade with that country By
reference table 10 it will be seen that our imports for
the year ending June 30, 1859, from the East
Indies, and other countries named the table,
exceed our exports to those countries to the full
extent of the excess of export of specie
1t will also be observed that the articles which
import from those countries articles of necessity
and generally such produced in our
try These articles must be had and if we cannot fur
nish in exchange for them other of productions,
they must be paid for in specie and it is material
whether the specie for that purpose London
TO the foreign port OF eX0rtaOn II tins branch OF trade
the Of specie exports it would leave
commercial operations with all other countries upon a
safe basis even in the estimation those who indulge
so many apprehensons account of heavy exports
ofspecie 1t should be Observed in this cOnneXon that
our xpors to Great Britain for the last fiscal wear exceed
our imports about fifty millions the great
being applied the payment of the demands the
countries which have just referred
These views submitted the consideration Of Con
eres in support of the opinion that may look with
confidence continued increase in the business of the
country The natural tendency times Of prosperity is
to extravaganza and nvertradng and this feeling should
he stimulated. IfindUlgcd it will in the future
it has done in the past lead to revuons and embarras
meu but there Is no serious danger to be apprehended
increased business OF the country continues bear
proportion to those natural which produce and
Entertaining these views do not doubt that the actu-
receipts the treasury for the present and fiscal
years will be fully equal to the estimates The only
manning question in cUnncXion with the estimates he
considered the probable demands upon the treasury
during this period II the appropriations made at the
present session do exceed the amount contained the
estimates is believed that they be with the
ordinary and extraordinary receipts already provided for
hy law. The estimated balance that will be in the
sury the Goth Of June 1861 is only $3.50 1861 and
leaves margin for additional appropriations IT, there
fore, the appropriations should exceed the estimates
Congress should determine to provide within this period
for the payment Of any portion OF the public debt II viii
become make provision for such cnntngen
ces The idea Of increasing the public debt the
ordinary expenses Of the government should not be
terlaned for moment If additional demands
ted upon the treasury by the legislation Of the present
Congress provision he made meet them by such
tariff duties may he required for that pur
pose In such an event would respectfully refer Con-
grcss my last report containing the views of the
department the subject.
critical examination OF the estimates for the G
cal year submitted to Congress will exhibit considerable
reduction from former estimates The remark apphCa
ble every department where any discretion be
cised over the expenditure. In most cases the amounts
hXeG by law, and neither be increased nor dI
minished by the head oi the department have endea
Yored to enforce the strctest economy in the various
branches Of the Treasury Department In tine single
branch for collecting the revenue the expense has beer
materially reduced adopting and carrying cut wher
the power existed the reforms in the bill
reorganzing the collection districts Of the Unitet
States, submitted by the department to the last Con
gress With further reductions which is contemplated
to make have felt warranted in reducing the estimate
the expense OF collecting the for the next fs
cal year five hundred thousand dollars The passage
the bill to which have referred would greatly aid tn
department in this work of reform.
The public debt on the lst July 1883, stated in M
last annual report, S25 977 &c The Of Jun
H. 1858, authorized additional loan of 600
which has been accordingly negotiated. or this SlS62O
600 has been paid into the treasury and the stock ISSUED
therefor the lt July 1889 the commencement of tn
present fiscal year portion of the remainder has sine
been paid and the stock therefor issued. The balanc
will doubtless soon be completed, which will make tn
permanent public debt S4jl55,977.66
OF the temporary public debt authorized by the act
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