The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-12-28

pass the bill for the service Of the Post Office
Department renders necessary appropriations for that
department which must be paid during the present
fiscal year. Az these amounts not contained In the
preceding statement will be necessary to consider them,
order TO arrive at the condition Of the treasury at
the close Of the present and next fiscal years.
will be from the communication Of the Postmas-
ter General accompanying my report on the estimates
that there VIII be required to pay the deficiency that
department for the fiscal year ending the 3h OF June,
1852 the sum Of 81 ooo and to supply the deficiency
the further sum Of So SEQ s24 In addition to these
amounts the Secretary d he lnieror submits an estimate
for he OF $3.50 $780, which no win require during the
present fiscal year to carry out certain Indian
treaties approved At the close Of tho last session
$40 s6i ,5ss must be met during the present fiscal
year, and must therefore, be deducted from the es
mated balance in the treasury on the Goth Of june $780,
which VIII leave ~ the treasury ut that Time estimated
balance OF o2ol25 40 and stmated balance
Both OF June, 1861, Of s36Sols O.. This amount
will be Increased to the extent OF the uncxpended appro
patiors fer the fiscal year which may remain in the
treasury uncrawn on the 3oth Of June, 1861.
ID Will be seen that there will be necessity provide
additional means or the treasury provided the receipts
should be equal to the estmates the appropriations
made by Congress do not exceed the amounts estimated
| for by the department.
fsubmt with much confidence, the estimate of proba
Bile receipts during the present and next fiscal II is
based the operations oi trade and commerce for
the Inst twelve MONTHS and upon the that the
business Of the country viii continue in is present state
AT the last session of Congress I submitted an
estimate Of the probable receipts into the treasury
year ending the sosn 81 4' Jane. y 1859 o n The
result has appropriated the estimate with unprecedented
actual receipts being $3s while the
estimate s3s 500 000and tue present estimates
based upon similar data. should greatly strengthen the
confidence TO be put in their correctness.
Some apprehension has been felt that the large
OF imports during the last twelve months would be
tended with unhappy results in the business OF coan
try. This apprehension would oe we'll founded If the
showed that the imports exceeded the the
country and its ability to pay for them The imports
during the last fiscal ( will be by reference
table II we're 1888 6S i3o whilst the exports for the
period 1856 ,s9 462, showing Of
ports imports OF SlSo2 1882 AS large the i'm.
ports for the last fiscal year were they have into
consumption. Table AZ exhibits the amount goods IN
warehouse at New York on the FIRST Of November, for
the first Of November last does not exceed the amount
in previous years, when the country highly prosper
and its business steady and regular These gures do
not exhibit unhealthy state Of trade business One
fact however, connected with exports has attracted
much attention, and led many TO believe that i'm.
porting beyond ability pay allude to the increase
Of specie in export tables specie occupied in the
business Of the country only tho position of circulating
me dunn, and the supply was limited accordingly, there
would be inst ground Tor this apprehension; SUCH how
ever not the 1t constitutes important element
in the list Of productions and, like ali other produc-
TONS where the quantity exceeds the legitimate demands
OF the country Tor use and consumption, 1t becomes very
II is estimated that since 1s4s California has
| produced over i've hundred millions of gold.
Would her condition have been improved by
retaining that amount of specie within hir limits, to
the exclusion Of those articles required for the Of her
citizens and in exchange for which this specie has been
the atlantic abr oad? During the period
Georgia produced than five miaon bags OF cot
tor The same policy which would require California 10
retain her god beyond the legitimate wants Of her peo
pe would with equal proprely require Georgia TO retain
within her limits the Of the production of cotton
the he's people, The argument is app,-
cable to all the States as 70 one and lave used the illus
trations Of single States oniy becsusc they
marked and striking Unless the export of specie goes
the extent of violating this manifest principle, consti-
utes no just ground of alarm anxiety. In this
ton should be observed that the large OF specie
Of
| mlnes, and has increased very much in pro-
| portion TO their increased production, as will be
| seen by reference 70 table 3, which exhibits for
seres Of years the amoont Of our export OF specie
The exact amount OF the production Of the California mines
very largely the amount which has been general
y stated We have reliable mode Of ascertaning IT,
but, from the best information have able to obtain
should estimate the amount for the last year at less
| than seventy millions OF dollars.
Whenever the export Of specie shall exceed proper
limits the effect will be seen felt in the financial
and commercial operations Of the country would pro-
baby be first exhibited in the specie basis Of the banks
showing increased proportion Of circulation and depo
the Of specie their vaults aud this would
soon be followed by arrangement and depression in the
,saae ana business OF me country At present
unprecedented By reference to table /. will BIO that
prefared) compared circulation aud deposits
more favorable than in 1850, the preceding the
o. spece & probable inas some
we have 10 reliable nformaton but It is not believed that
twill materially vary the general proposition. 1t Ia ap
constant increase Of the production of the precious metals,
he country should look to the policy Of substituting
specie TO great extent for the present paper circulation
The process should be gradual, and whilst would
dcrsnge the business Of the country would operate
| wholesome check upon banking and ovcrtradng The
adoption Of an independent treasury System by the
raj States recommended in former report, would go
far towards the accomplishment Of this desirable result
There mode Of ascerainpg the amount OF specie
| in general circulation. All estimates that point
purely speculative. During prosperous condition Of the
| country 1t doubt increases with the demands of
| business and whenever from any the supply is
below the wants Of the country, will be aniested by
depression In trade and general embarrassment Until
these indications appear may safely calculate that
! there has been the usual and necessary increase.
With some persons tho idea seems TO prevail that
are necessarily overadIng with those countries to which
specie is carried, and the most Of goes to the
ports Of Great Britain they conclude that we are there
fore buying largely OF British productions. The fact
that pay ments are made in England must not be cons
aere conclusive evidence that the debt bias been
racted in the Of trade with that country By
reference TO table 10 will be that imports for
the year ending June 80, 1852 from the East and West
Indies and other countries named in the table, exceed
exports TO ,hose countries to the full extent OF the
Of export Of specie II viii also be observed that
! articles Of necessity, and generally such as not
| produced in our own country. These articles must
be had and cannot furnish In exchange them
other Of productions they must be pad for in SPECIE
and 1t is not material whether the specie for that purpose
is sen, to London 10 the foreign port Of exploration If
THIS branch trade The excess Of specie exports
it would leave commercial operations with all other
countries upon safe basis, even in the estimation Of those
who indulge many apprehensions! account Of
heavy exports OF specie should be observed in t,is
connection that exports to Great Britain for the last
Gscal year exceed imports about fifty Millions the
to great extent being applied to the payment Of
the demands OF the countries TO which have just re-
| ferred.
These views submitted to the consideration Of Con-
gress in support Of the opinion that may look with
confidence to continued increase IN the business Of
| the country. The natural tendency in times Of
| prosperity is TO extravaganza and overtradng and
his feeling should rot be stimulated. II in
| duged, it will in the future, 1t has done
in the past lead revusons and endorsements; but
there no serious danger to be apprehended II the in
| creased business Ct the country continues to bear
proper pyop TO those natural which produce
! ana sustain IL.
Entertaining theee We've do not doubt that the actual
receipts the treasury for hc present and fiscal
years will be fully equal to the estimates The only
InGng question connection with estimates to be
considered is the probable demands upon tue treasury
during this period. II The appropriations made at the
present session do exceed M contained In the
estimates, II is believed that they be with the or
binary and extraordinary receipts already provided for
by law The estimated balance that will DO in the treasury