The Abbeville banner. [volume] (Abbeville, S.C.) 1847-1869, 1859-02-17
The TARIFF AND THE TREAsURY--THE
STATEMENT OF SECRETARY COBB.
WASHINGTON, February


be adequate to meet tho public cxpendi-
turcs
IIe says the receipts for the first quarter of
the present fiscal year, ending September lost,
were nearly $50, ,23l 600, rs stated in his annual
report. The receipts for tho remaining three
which sum $S37 7,Ooo, 600. were estimated 90 he
derived from customs. II was believed that the
quarter, ending December last, would yield $40,
O0O,0O0; the present quarter, ending the 3Ist
OF March, Sl5,DOuoOo, and the NEXT quar-
ter, ending the seth of June, SI20Oo,-
900.
In reference not only to customs, but to the
public lands and other sources of revenue, nll
the information which has been received ut the
department since his ANIMAL report, confirms the
correctness III the estimates. of the probable re-
ceipts for the present and next fiscal year. He
IS, therefore, ot the opinion that the result will
show that The actual receipts for the remaining
quarters of the present and for the next fiscal
year, will not vary mat cral!y from the estimates
already suhit:tt.f! tn Congress- In support of
this opinion, he submitted Il comparison of the
receipts For Tic "Ai:: quarters Of the two prcctd
ing years.
During the fiscal year, ending the #o,h Of
June, l5JI, "a" !mIrriu:ioas We're very heavy
amounting in du!iai!. goods, exclusive of thos.
exported, t" over S??1 n,nuO, and the receipts
from the customs for that year were :SG3 3ie,-
Uo''. In the fiscal year, rnlm. June | : IS, tho
lmporta,i"Is wcrc much reduced, a,no uniting IN
duable g""is. exclusive of those imported, to
$500, ,0OpHnD and iii" receipts from the customs
for that year were $t?.nlG0b0. 10 realize his
estimates, t!.; Importation Of .lu,ah!c goods for
the present fiscal yea" must reach S.l5nu0h 600
Besides th">" rNP"rtcd; and for the next fiscal
year the sUm of S4Sn.hUn, ,0vu
Comparing the forcc";n. statement Of re-
ceipts and i""king tn ii favorable and healthy
re-ac'ion in business. ii" should regard il as un.
safe aud unwiSc !, calculate upon - larger inJor.
taton than The present estimates contcmp!ates
ana entertaining these opinions, he is compelled
to say iha. the receipts will nGi be adequate tc
tltc Necessity oi public rAs"ncic<, unless the cx-
penditu-es should he recuc.,l below the amount
estimated for lie has seen no indications that
would induce the opinion that such II result can
be reasonably ancipa On the contrary
should the bills which have been passed by
either the onc or the other branch of Congress
bc hnaiiy passed hy b":li, and become laws, the
expenditures would be very largely and permn-
nently increased. |, is estimated that the peu-
sion bill alone, which hn, passed the House,
would add several millions to the annual cxpen.
ses OF tn" Government, and even Il large amount
TOR the next fiscal yca-. Other bills which pass.
ell either the Seilat" or the House, would. in
large measure swell the amount Of expenditures
These arc contingencies towards which tine at.
tcnt:"n II Congress s!!"i,i be directed IN c0nsia-
"rlng III" probable r""'i ;!s ard eArc!G..,rrs of
the Government. lI;h-r the expenditures must
De reduced t" the estimated receipts, OF some
first remedy can be effected it is certainly tho
most 1csr;c
lie has a!ica'ly submitted to Congress the
Plals FOR c"hiy!ng the revenue laws, aud fur
The re organization Of the collection districts
which, II sanctioned anil passed int" Iaws would
greatly Facilitate the operations of the Treasury
department, and reduce largely the expense. for
collecting the revcn;!c
ihere stand on The statute books laws re-
qui,ih tl" Building of custom houses post offices
ana court houses, at places where the puh,ic ser
vice docs not require them at this ime. A re-
peal oi these laws, or the postponmeut of their
execution t" period of greater prosperity and
less embarrassment, would relieve the TREASURY
OF that amount Of expenditures.
Inc recommendation to abolish the frankinr
privilege. and raising the letter rate to Fl We cents
with the View Of bringing the Post Office Ia,
paftlnent as near as possible to its former self.
sustaining position, will, if carried out, greatly
relieve the treasury. In The other deparimenls
reductions might also, in all probability. be
made W
lie calls attention to the outstanding treasury
notes. In the estimates Of receipts and oxpcn-
a'turea, the permanent redemption Of them, AZ
they fall due, has not been contemplated. All
the calculations have been made upou the basis
OF Keeping them i'll circulation, and, US q matter
OF course, the redemption Of the whole or of anv
part must increase the anticipated deficiency un.
less authority he given for their reissue, or
t.'"SA prov Dc maze Tor their feuemOtIOD
Since February last, there has been redeemed
So43, 100, and by the 30th June next, the sum of
Si7'Ios,9oo will fall due, ut which time their
payment must be met
Ie only speaks of those which have been
Drought 10 the attention Of Congress. and com
!neh':S them to their favorable consideration.
H. however, the appropr ations made ut the
present session, shall reach the amount esii-
mn:cd ."r IN ia: Sccrclary's report, deficiency
VIII exist which must be provided for hv al.
oi!oh' ict'a!ati"n ANA 10 the extent that the
appropriations Shall .xcced the estimates will
That deficiency he necessarily increased
Tic says he has already expressed the opn.
ION that the public debt ought not to DO in
creased hy an additional loan That opipion pa.
mains unchanged. The present larr shoulJ
oc SO ''i"dIfIc'! III to supply such deficiency as
may cNis', and lie recommends his view, on
the SUBJECT, cAprSscd in his annual report, to ia,
forabiG consideration.
Should Congress adjourn without lepslatnp
on I'll" sulJrct, it would be almost inpossibe'
"i'u"r 'he 'h"st favorable receipts from the
ordinary sources. for The departments 10 meet
the public liabilities until another Concress
sho"i'! tie convened. lie hal already recon-
1hcn.ir! iha. this immediate demand shoulJ be
provided Tor, by authorizing tho reissue of
Ino'c treasury notes for one or two years.
I'M in7 can ta"'iy be- effected by extending for
that Prri"t tie provisions Of the Act Of De-
ceinhrr, 1877, authorizing the ssu. of tr.nsury
notes.
1hc proposition {" convert these notes into
pernan"nt debt ought not to receive the
!a'or'b'c consideration Of Congress. 1t would
he virtually TO postpone their ultimate pay.
nnent to distant day. When the policy of the
Government should be to redeem them from
year to year rs the means Of the treasury
Will Justify. The public debt, which remains in
inc l"fm ol treasury notes, can always be re-
deemed without lrndangering the successful op.
er"ions OF tho department. Whenever there
Shall be an excess of the revenue over the expen
dh"res' It cnn be safely placed to the rodemp.
!'"h OF 'he treasury notes.-the power Of re-ssu-
ing them existing, should the future receipts
from any cause faI! below the estimates of the
department. An additional reason is given.
namely the notes can be redeemed without the
payment OF any premium which can hardly be
the case with United States stock Contcmpat.
ing The gradual redemption of these notes, and
oelng opposed TO the pulley of adding the sum
ci twenty millions TO the permanent debt, he
repeats his former recommendation for extend
ing tho operation Of The treasury note act for