The national era. [volume] (Washington [D.C.]) 1847-1860, 1860-01-05

MIA mines, and has increased very much in
proportion to their increased production, as
will be seen by reference to table eight, which
exhibits for q series of years the amount OF
our export of specie The exact amount Of
the production Of the California mines during
this period is not known, but it is believed that
it exceeds very largely the amount which has
been generally stated. We have no reliable
mode of ascertaining it; but, from the best in.
formation have been able TO obtain, should
estimate the amount for the last year at not less
than seventy millions of dollars.
The Secretary proceeds to discuss this sub
ject, and arrives at the conclusion that no harm
will result from the expectation of surplus spe-
Gle, or from making up the difference between
our exports and imports Of other commodities
with this annual product of our mines. In the
opinion of the Secretary, ne reliable estimate
can be- made of the quantity of specie in circu-
lation.
The Secretary thinks that his estimates of re-
ceipts for the ensuing two fiscal years will be
borne out by actual results, but if the scale OF
public expenditure is enlarged, it will become
necessary for Congress to provide for the def
cheney. He agrees with the President that the
Government should not go in debt to meet its
current expenses in time of peace, and that
revenue should be raised by increasing the
tariff duties. But he adheres to his recommends
tons of last year, to as the mode of levying
duties adj 0alorem, while the President again re-
fers Congress to his recommendation of specific
duties.
OF the public debt, the Secretary says:
"The public debt on the lst July, 1858,
as stated in my last annual report, was
$25, l55 ,97766. The act of June IA, 1853, au-
thorized an additional loan of 320,O00,000
which has been accordingly negotiated. OF
this, SIS, 620, 900 had been paid into the treas
ury, and the stock issued therefor, on the LIST of
July, 1859, the commencement of the present
fiscal year. A portion of the remainder has
been since paid, and the stock therefor issued.
The balance will doubtless be soon completed,
which will make the permanent public debt
SIS, Isl, 977.66.
"Of the temporary public debt authorized
by the act of December %, 1857, providing for
the issue of $40, 100000 in treasury notes,
there were outstanding on the lst July, 1858,
as shown by my last report, 1870, 800. On
the Both June, 1859, the close of the last fiscal
year, the amount of these notes outstanding
was l5,046, $780, The details of the various
descriptions of the public debt on the both June,
1859, are shown by the statement marked 8.
In the estimated means of the treasury for
the present and next fiscal years, it will be seen
that no provision is made for the permanent
redemption of any portion of the twenty mil
lions of treasury notes. The authority for re-
issuing these notes win expire on the Both June
next, and it will therefore be necessary for Con-
gress to extend the law for that purpose for
another period"
The following passages are of general in
terest
"On the 2lst of January last, / submitted to
the House of Representatives, in answer to res
olutions of that body, report in reference to
the export and import trade of the United
States with Great Britain and France. The in
vestgation which | was required to make for
that purpose brought to my attention the vari
Gus systems adopted by different countries OF
obtaining and keeping commercial statistics
These systems are so variant that | found II
impracticable to institute any comparison OF
the facts exhibited in the tables of different
Governments, which could be regarded as ac-
curate and reliable. Every commercial man
will pronounce such a state of things an evil OF
great magnitude, and one which demands a
prompt remedy, if it can be found.
"To avoid a recapitulation of the views nra-
ssnJsi la t.ss t,ott {, anu Tor the purpose oil
bringing the subject to the attention ofthe pres
ent Congress, l append to this report a copy Of
that communication, (marked ii y and would
ask for it consideration at this time. / dc
not know greater benefit that could be con
| ferred upon the commercial interest of the coun
try, at so small an expense, than the adoption
| by the leading commercial Governments of the
world of a uniform system of commercial sta.
tistics-s uniform unit and currency, and uni
| form weights and measures. Upon one branch
of the subject, valuable suggestions will be
found in the accompanying report of the di
rector of the mint The importance of the sub
ject cannot be over-estimated, and it is hoped
that it will receive the careful consideration oil
! Congress at It's present session.
must again call the attention of Congress
to the provisions of the act of March 3, 1857
on the subject of deposits by dsbursing agents
and repeat the recommendations heretofore
made for its modification. / my former reports
| have presented the reasons for some change
of that act so fully, that deem it unnecessary
to do more at this time than to refer to those
reports, and, for the reasons therein stated
again to request the action of Congress on the
subject"
The Secretary concludes his report by recon
mending appropriations for the completion o
various public buildings in this city, Charleston
New Orleans, and elsewhere.
7 L