The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1859-02-05
LETTER FROM SECRETARY COBB-THF
STATE OF THE TREASURY, &c.


The telegraph has noticed the report of secre.
tary Cobb. of the Treasury, In answer to resoIu.
ton of the House, ssking the actual and probable
receipts from the customs, the public lands, and
other sources for this aud the next fiscal year.
He says:
The receipts for the first quarter Of the presen
fiscal year. ending the Goth September. 1855. were
as o3O,s $40 20, as stated in my ann1RI report 10.
Congress OF December 0, 1858. TheeEeceIpts for
the remaining three quarters were esiimated at
s2s 500 00o OF which sum $31 ,e00 900 we're ssti.
mate from customs. II was believed that the
quarter ending December 81, 1855, would Weld
$40, COO, 900. The present quarter ending, the
3lst March, 1859. $I5,00o,0o0; and the next
quarter, ending 30th June, 1859, $l2. 100000.
Since nv annual report was Submitted to Con
gress returns have been made from nearly all the
ports for the quarter ending the 3lst OF Dscem.
Der, 1858: and, estimating for the few ports not
vet heard from, the total receipts for the quarter
will be about the sum of 81, 900, ,010.s For the
presept Quarter full returns have been received
for the m onth of January from the ports of New
York Boston, Philadelphia. and Baltimore. The
receipts from these ports amount to 81 3T6 542 Sc
Partial returns have been received from other
ports, but not to sufilclent extent TO Justify a
statement of them
In references not only to the customs but the
public lands aud other sources OF revenue all the
iufor nation which has been received at the de-
psrtneut since the date of my annual report, con-
Arms the correctness OF the estimates Of probable
receipts for the present and next fiscal year, which
then submitted TO Congress. | am, therefore, of
opinion that the result will show thas the actual
receipts fo- the remaining gusrteLs of1he present
yesr and for the next nscsl year. VIII not vary
materially from the estimates already submitted
30 Congress-
In support Of this opinion. submit to the Con.
siderati0n Of CongTts3 comparison OF the receipts
from customs for the same months OF the two pre-
ceding years aud the present year.
In 1s6f-5., the receipts from customs for tue
quarter ending the 3lst December were Sl4, ,2+3,- :
4l4 40. In lS51'5S. the receipts from customs ior
the same quarter were s6, p 69 Ia l55o-'6y.
the receipts will probably be 100000, as have
already stated.
During the fiscal year ending 31th June, 1851,
the importations were very heavy, amounting ia
iutiahls goods. exclusive Of those exported, 80
S2nj leo 1885, ard the receipts from customs Tor that
wear we're sG3 G64 423 81. In the fiscal year ending
the 3Gth June, 1853, the iDportations were much
reduced. amounting, in dutishie goods, exclusive
OF those exported, to 0H,293,S' and the re-
cepts from customs were 81, ,U4b,2', sC 10 resl-
ize my estimates, the importatons OF dutiabie
goods tor the present fiscal year, must reach the
amount Of $3.50. COG, 900. besides those exported,
aud TOR the next fiscal year the sgm OF S-eo 00 900.
Comparing the foregoing statement OF receipts,
aud looking to favorable and healthy reaction in
business, l should regard it unsaie and snwise TO
calculate upon larger importation than the pre-
sent estimates contemplate.
Entertaining these opinions, am mFelied to
saw that the receipts will 10: be adequate to
meet the public exigepcies, uait ss the cxpenti.
lures should be reduced below the amount est.
mated for. / have seen 10 indications that would
induce the opinion that such 2 resGlt can be rea.
senabiy anticipated. On the contrary, should the
bills which have passed either the one other
brspch of Congress be finally passed by both, and
become laws, the expenditures would be very
largely ard perme ueutly increased. 1t is esti.
mated that the pension bill alone. which has
passed the House, would aid 5eVerai millions to
hs = fha ant pf,la n
larger alGOunt for the next hscal year. Other
bills which have passed either the Senate or the
House, would. in ike manner, swell the amount
Of expenditure. These are contingencies 20 which
tho attention Of Congress should be directed in
considering the probable receipts and expendi.
lures of the governments Either the expeDdir
lures must be reduced to the estimated receipts.
or other means OF revenue should be provided. II
the first can be effected, it is certainly the most
desirable.
He advocates the repeal OF the law requiring
the building Of sustom-houses, where the public
service does lot require them the abolition Of the
ranking privilege. and an increase Of the public
debt by an additional lean. He adds
1t is proper to call particular attention to the
| condition OF the outstanding treasury notes Iu
the estimates Of receipts and expenditures hs the
department., the permanent redemption Of these
| nstes As they may fall DUE has not been c0nteu
plated. All the calculations have been made uDCu
| the basis of confirming them in circulation; and
| matter of course, the redemption of the whole
any part Of them must increase the anticipated
deficiency, unless authority be given for their re
| issue, other provision made for their redemp.
| ton. Since the 1st of January last, there have
| been redeemed Sj43,I00. Between ihis time and
the 30th June next, the sum of S175S, 900 will fall
dive, and with interest due upon them, must be met
state these facts for the purpose of showing that
should Congress aojoarn without legislating upon
| the subject, it would be almost impossible under
tae most favorable receipts into the treasury from
ordinary sources, for the department TO meet the
public liabilities until another Congress could be
convened. / have already recommended that this
| immediate demand should re provided for by
authorizing the reissue Of these notes Tor cne OF
| two years. This can be easily effected by extend
ing for that period the provisions OF the act OF
December 23, 1857 authorizing the issue OF treas
ury notes. The proposition to convert these notes
| into permanent debt ought not to receive the
favorable consideration of Congress. 1t would be
virtually postponing their ultimate payment to q
| distant day, when the policy of the government
soud be TO redeem theus fro IN year to year, as the
neans ef the treasury will Justify.