The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1872-12-12


3OOOO
5 The foregoing estimates are based
upon the amount of revenue collected
? since the acts of May and June, Isl:
went into operation, but the imports
have been large and considerable sums
have been obtained by internal reve.
nue. officers on account OF old taXei
and claims. Hence it will be wise to
leave the source of revenues undis-
tuTbed for the present session.
: 1t is estimated that the expenditures
for the same period will be /:
For civil expenses. SIS, ,OO0, 900 o.
Foreign intercourse. ................ lT32J, coo U
1nulan 5lygiUOJ y
Pensions. 3O5OO,O0O q
p Military establishment. includ-
ing fOrtificatiOn, river and har-
, Dor improvements, and arse
: Naval establishments, Including
, vessels and machinery and i'm
prOyements at navy yards. -, - 900 o.
Miscellaneous civil, Including
public buildings, lighthouses,
and collecting the reyenues...-.. 81 ,500,O0O o.
. Interest on the public debt;.--.-.-- SoYOO,UO "
Interest on Pacific Railway -, =,
5Y6I1,UJJ "
Sinking 29,2OOOO0 "
Total .s2s8, 900 600 %
]
10000.
The estimates received from the
several executive departments show
, that the following amounts will be re-
quired for the same period
Legtslatt Oi5zl4 81
EXecutlY la,lz5,z9I ~ W
judicial 5l2oi,U00 w
Foreign intercourse. l,3Zb,I34 "
Mllltary lzo5tiot .
Naval. ~ l94,zzg -
5,10Ogl5 y
Public -. % 6s7 ,345 60
Postal deficiency ...--.-.------..-. br3lO,6gZ "
Postal subsidies l,N0,OOJ W
miscellaneous s..---..------------ y'55o'S4l4 ~ y y
interest on public de6t............ 100000 %
Interest on Pacific Railway
30 titlE =
sinking fund- -5lSl,JoJ %
j., % 2
The reduction in taxation since the
close the war is estimated to have
been
In internal revenue:
By the act of July l3, IsG6........sj,OO 10000 90
By the act Of March, ,, lS57...-..... 40-0OOOOJ ~
By the act Of February 3 ISIS. % OOOOUO W
By the acts of March 81, lSJS, and -
July ~, 4J,uU0yO W
By the act OF July Il, Is7O-..-..... 5j,OO0O0e %
By the act OF June G, lS72....... 2O,65l goo 90
Total OF internal $1,000 90
In Customs
By the act OfJuly II, lS70-......s29 s29 52G, 10 GO
By the acts OF May II, 1872, and %.
June ., SI,!1Zi1oI "
Total of customs.......-..........s s6O,Gs0,I7I 90
IA total reduction Of s3U9, ,SJO,ll.
THE SINKING FUND.
Since the institution of the Sinking
Fund in March, 1869, and in accord
ance with the act of Feb. %, 1862,
there has been purchased on this ac-
count up to and including June 80,
1872, 500, ,397 600, in bonds of the var
ious issues known as Five-twenties at
a net cost in currency of l0,997, 1885,
| So, or an estimated cost in gold of
S94, ,097, 1882. In addition to the pur-
chases for the sinking fund, bonds
have been purchased to the amount
of S17S, 237, $50 at q net cost in curren-
cy of S195, ,00S, ,28S.53. or an estimated
cost in geld of SI63, ,376, ,05435. The
--%--F .la3sa honds estimated in gold
| has varied from S2.2l per 100 to 9g 90
per 100, the most recent purchase be-
ing at the rate of 1896 per 100. The
average cost in gold of the whole
amount of the purchases up 10 and in
cluding the last day of September was
| 94.64 per 100. In this connection l
would call attention to the various
tables accompanying this report,
which furnish elaborate details of the
money operations and accounts of
| Government.
OUR CARRYING TRADE.
The condition of the carrying trade
with foreign countries is always sub
jecU of interest, and at the present mo-
ment it is one of solicitude. The inn
ports of the United States, excluding
20 and silver, amounted 10 Sl,07O,-
64l, ,16S for the fiscal year ending June
80, 1872, and OF its vast trade only 2Sl
per cent was in American vessels; in
the year 1860 nearly II per cent OF our
| former commerce was in American
ships, but in 1864 it had fallen to 46
per cent; in 1868 to A per cent, and in
1871 to less than SO per cent. The
earnings of vessels engaged in foreign
carrying trade probably exceeded
500, 900, 900 q year, of which less than
One-third is earned under our own
flag. The act of Congress allowing a
drawback on foreign articles used in
the construction of American vessels
has given announcement to ship-E
building, but l am of opinion that this
measure is entirely inadequate. When /
we consider that nearly three-fourths
of the foreign commerce of the cOun-
try is under foreign flags, it is plain
that there can be no considerable and 1
speedy change unless the Government |
act at once and in liberal and COM
prehensive spirit. The rise in the
price of iron and the advance in the /
wages of labor in England during the /
past year favor the Government andt
the people of the United States, but
this advantage due to natural causes /
should not lead us to trust the future
to the force of those causes, but shOuldi
induce us rather to act at once and
with vigOr. 1t may happen that we /
cannot regain control of the direct /
trade between Europe and the United /
States, but there is an immense field /
to be occupied upon the Pacific Ocean |
and in the South Atlantic. England /
controls the markets of the world by
controlling the channels of communi-
cation, and 1 am convinced that a /
wonderful impetus will be given to |
the agricultural and manufacturing |
interests of the country by the in
crease of our commercial marine. |
Merchants in distant countries must /
purchase goods at points with which /
they have frequent and regular COM
municatiOn, and when such COM
municatiOn exists with one country 4
only, the cost of merchandise becomes /
unimpOTtant, g there are no means I
of comparison. Nor is there oppOTtu-
nifty for the advantages of cOmpeti-
ton. Hence a great producing cOun-
try can afford to establish and main
tain lines of steamships upon the
ocean as the indirect benefits will
much exceed the cost.
OUR FOREIGN COMMERCE.
= The details of our trade with foreign
countries, as represented by the re-
turns made to the statistical bureaus,
are also unsatisfactory. From these
reports it appears that imports of
merchandise for the fiscal year end
ing June 80, 1872, were S626, sos, or,
and the exports estimated in gold
were S444, ,O46, ,OSG, showing a balance
against the country of SlS2, SIS, ,99l.
This balance is in some degree appar-
ent rather than real. On the 30th of
June, 1871, the value Of goods remain
ing in warehouse was S6S, ,324, $50,
while on the 30th of June, 1872, Sl22,-
2l1 ,266, showing an excess of the last
fiscal year of $50, ,SS6, ,607. Deducting
this excess we have a balance based
upon the actual consumption of the
country of Sl2S, ,662, ,3S4. From this a
further reduction should be made of
$50, ,133, ,845, being the excess ofexports
over the imports of gold. After these
deductions there still remains on ad-
verse balance of $50, 52S, ,539. This
balance has been met probably by
freight on merchandise carried in
American vessels, profits an exports
made on account of American mer-
chants and shippers, the sale of bonds
abroad, and investments in the Uni
ted States by inhabitants of other
countries. The exports of merchan-
disc for the year 1872 were Sl3, ,29S, ,933
less than for the year 1871. The ex-
ports of wheat, wheat -four, raw cot
ton, cotton manufactured, gold and