The New York Herald Newspaper, December 18, 1844, Page 1

THE NEW YORK HERALD. bbe ae spre ps mmc ipa NEW YORK, WEDNESDAY MORNING, DECEMBER 18, 1844. mar Ree Pee ES Total means as estimated, to the sum of forty- two millions sixty-two thousand two hun- dred fitty-four dodlara fiity-seven cents. ..$42,062,264 67 ‘The expenditures, actual and estimated,*for the fiscel year commencing July lst, 1844, and ending on the 30th June, 1845, videlicit:— ‘The actual expenditures for the first quarter ending 30th September, 1844, incbeneng the payment of $91,404 62, for inte: on the public debt, which had become paya- ble, also, $234 600 of the loan of 1841, re- deemuble Junuary let, 1845, and alse the sum of $392 584 61, for principal and interest of Treasury notes redeemed, amounted to thesum, per exhibit (D ), of. .$7,238,644 42 The estimated expenditures tor the public services during the other three quartere, REPO nue are the: means by which the sinkiog fund can | men; and Jand and labor, agricult: dispos Og) ture, manufactures and | the high rates of duties, to je of theirstock of mer- T befelarge and afta operations be accelerated. commerce, are the true elements of national wealth, na- chendie before they shall be in competition with those oF THE The certificates of the pul ks are now above tional inc+me, and national st th. who shall import like goods and mer :handise under the SECRETARY OF THE TRE. ASURY. tp in as pubis pagneg amend. readily cont ‘The proceeds of sales of the public lands, with duties on | lower rates of duties; merchants should have notice to ver fre cd Pleasure of the. holders. If | imports and tonvege, without direct taxee, iaternal du. | accommodate their outlay: adventures to the new against an ion, they may be accounted as | ties or excises, have hithertu been sutticient, in times of | rates of duties. Commerce ia beneficial and essential to To the Honorable, the Members of the Senate and of the | #2 much capital to usiness and enterprise; a8acur- | peace, to defray the ordinary annual supplies necessary | the prosperity of the country. It is the handmaid of House of Representatives of the United States of rency of byt mostapproved order in the genus of paper | f: the support of the national government, and to yield @ | agriculture and manufactures, ‘Theinterest of merchants C Eee titled to implicit confidence. lus for the sinking fund, also for laying up supplies of | deserve to bo respected by government, and should not be stock, and to amount in the succession of ott which must elapse befure they willbe redeemable by the terms of the con.ract, to a sufficiency to pay the principal when the time for redemption shall arrive. Ifthe Government will purchase before the time limit ed for redemption at par, or at a fixed price above par, then the stocks will not fall below that price, because if no individual wili give as much toa holder desiring to sell, such holder will apply to the manager of the sink og fund to become the purchaser. ° sinking fand of two millions of dollars annually is deemed suiticient for the purpose of preventing the certi- ficates of stock from falling below par value, and for pay ang the principal sums of those loans at the resy ective pe- rivds assigned for redemption; and the duties muy be gra- duated and lowered to that scale. isi i fund, two modes have been ca, in Congress assembled : It is of fh concern to the interests of the holders and gmen: By an“ An act to establish the Tr B arma and other munitions of war, the gradual au; » | oppressed by sudden changes in islation any more spphoved Septambacd, Line inne hapa pray wen dealers in thore Pepin Cs yeemc debt ; to the gene- | tation of the navy, the support of the army, the ‘han the lobivente of any ‘other clave men who are eun- tary of the Lreasury, “ to digest and @ prosperity of the coun: | erecting ef. fortifications, light houses, surveying | tributing to the public weal. plans for | the gnprovement management of the revenue, and nH ‘cise Ay bene oe on) Pep the certificates of pub- | the coasts ke. Pradence, justice and duty require that the annual spect 00 the poblaretie se orm roa report | ciation, and estat firmly: int narded against depre:| —1n the wide extended domain—inthe rapid increase of | charges upon tho Treasury for inverest upon the: pebiie $ jublic expendi- | ed men. enterprise of the people—in the cons quent increese of | venicut aud dispatch, and that the burden of By " An oct suyplementary to the act entitled an sct To those ends the Secretary of the Treasury deems it | agriculture, manul.ctures and commerce, with a gaverne| toxation he lefected, oP e confidence of money: | pepulation—in the physical and intellectua, energy and | debt be lessened and finally extinguished, with to estabish the Treasury Department, wed May | Det Unapt, nor without utility,to givea summary view | ment consniting the general welfare, and conducting to The public debt to be provided for after the filth day of | heretofore beneiicially used by the Cong! he one by from Ist October. 1844, ending on loth, 1800 i he ‘auey of the Georeiany of the ‘Treg. | % the public debts of the United states, which sprung | the true temple of liberty, the Uni ed States of Avr cree | Jebunte, 4a the year 18 wilt ppagiet of ike aebis Last appropriating the ‘rit fined surplus Tem ining in the | — June, in the year 1845, ere as fo.lo sury’ to digest, pre; are and lay betore Congress, at the | OUt of the war of the revolution, the succeeding | present to the view of mankind w nation compnratively | ed ioc the s. veral citive in the Districs of Columbia, the | Treasury in each year, ater sutialy ing all appropriations | For civil list, foreign sntercourse, and commencement of every session, a report on the subject sepaeca aay ex, preteen gcused by the Indien wars | youthful, of unsurpassed resources, indicotive of gig» | two loans redeemable in 1863 and 1963, respectively, and | for the support of Government, os adopted by" Au act | cellaneons purposes of finance, containing catinwates of the public revenue rr campaigns of Generals Charles, Scott, Harmar, St. | tic atrength ond great moral power, From thirteen, the | such parts of the Treasury Notes old debt, and Misaissip. | making provision for the reduction of the public debt,” | Army prope: Fortificatiot Indian depa:tment...sssseseesees Pensions, under acts—4th July, 1836—July 7, 1898-281 August, 1842—and 31 March, 1843, the additional sum Of. ......+++++ 776,261 66 Sum of expenditures for fiscal year nie. 30th June, in the year 1845. ......- 21,288,464 78 For interest of public debt and Treasury notes, sfter deduct- ing thove redeemed. «+ $997,954 40 For redemption of the loan of 1841, July 21, redeemable Ist January, 1649. , oy For Tressury notes whic! yet outstanding, when presented. .... For old funded and debt, Mississippi st ‘Treasury notes iss’ | air, and 3 by the i i and public expenditures, and plans for iin provi . and Wayne; b7 insurrection in the western | States have inccvased to the uumber of twenty six,apread- i Stock, belore mentioned, as shall not have been then arena Gane tae rmgy ee time, for the purpeng | Patt of Pennsylvania; by the war with the Barbary | ing over witely ex'endet new. territories. Dy tein Frba Hted for paythent, with the eanual taterset accruing. of giviog information to Congress, in adopting modes of | POM CTS by the troubles and quasi war cons¢quent upon | strumentality of State govervments tor re ulating theic | ‘The interest upon the two loaus amounts to the annual Tuising the money requisite to meet the publ expendi | {2e,Ffenich revolution; by the war of 1913, termiinated | domestic afi, with o--deral government fortegelaring | sumol eight bricicr ad file choc ead eae hate tusane y the treaty of Ghent in 1819, m the purchases of terri | those which concern eit, and particularly commerce, | and forty-four dol eventy seven-cents, uatil the lat By other acts certain other duties are required of the tory an pal tic domain from the State of Gvorgia ot her | foreigo relations, and the general defence, the United | July, 1863, and efer that day, to the annuel sum of Secretary of the Tressury. bose ae of Louisiana from France, and of Florida | States of America ave capable of expansion over the | $500,633.21 ;the sum of intervst,trom and after the first day Tu obedience to those several sous, the Secretary of the rom Spnin ; #8. connexion with the numbers of the | continent, without reloxing the foree of law ‘end of Jaly, 1345, to the firet day of July, 1853, will umount Treasury submite, most respectiully to the the Popular ion, bate | uolted States, wnd t order at the extremities, and without degeneraling | to the sum of $806 668 14 cents, and the residue redeem. following report and estimates, » oe by’ and expenditure: into tyranny. Jo the union of the State and f-de- | able in 1863, to the sum of ($4,913,015 02 cents, together ‘The support of publio credit is of the first importance to PA wpe Beg aally extinguished : ral governments we have a tower of strength, senti: | $11,619,773 25 cents. The principal and interest on the the national honor, national safety, national prosperity ; . To Mitel view the resources of the United | nels,to guird against encroac ‘hments, preserve public | two loans, if not redeemed betore the times limited, the welfare of the citizens individually and collective! States for public revenue, and increasing the income of liberty and domestic order, and secure the general felici- | will charge the treasury with tha sum of $26.967,59) 48 Public credit ‘is a foculty to borrow at pleasure lorge the mation whenever future Satrgenciss shull require: | ty. I(this, the fairest fabric of human government, shall | cents, The existi.g rates of duties on imports and sucas on moderate terms ; the act of distributing over how the existing security for the payment of | nod from on high and totter to its fall, the sad catastro- | tonnage, with the other sources of revenue, would, tuceession of years the costs of the ex: ‘eff ultimate redemption of the principal of we wll be paneed by praised age pf the terms | according to the bea: sninates, after keeping down the found in in one; mutual concession and compromise on which the Con. | interest until the first day of July, 1853, and after prope gee enapi nes nities eae oe ihe ‘© propose the establishment of such a sinking | aitution of the United Stater is founded Againa’ any vivioethe eaty cates! ipaeittaes tor the support even of disposing of a part of the ov of others? tthe ri eee snd accelerate the final sutisfaction | attempt at such violation, it is the duty.of all good citi- | of the government, uiter dischargin ‘The means by which public credit is to be supported | ® spay bly zens to oppose their united strength. millions of dollars redecmabie in 1563, approved Angust 12, 1790, and the supplementary acts of May th, 1792, and 31 March, 1795; the other by appro- pelating adeflaite sum annually, and to be increased by the annual interes: upon the certificates of stock pur. dand surplus in the Treasury above sppropriations nd expenditures for the support of Government, after leaving two millions of dollars in the Treasury to supply any deficiency in the estimated revenue, as adopted by “an act makirg provision for the whole of the public debt of the United States,” approved 29th April, 1602, andthe supplement of the 3d March, 1817 As the annual proceeds of the duties on imports and tonnage andthe proceeds of the sales of the public lends are uncertain in amount, and the disposable surplus above the annual wants for the support of government can not be exaetly known, it seems to be most convenient to adopt the plaa used under the acts of 1790 and 1792 of epplying the annual surplus of revenue above the sum necessary forthe suppor of the government ; and it is respectfully recommended that the commissioners of the 5,428,376 68 Joan of seven ean accumu are the exertion of the will and 1st. During the revolutionary war, and antecedently | 31 As to the existing security for payment of interest $ lated «urplus of not less thao filtv millions of do! sinkiag fund, (to consist of the Chief Justice of the United the war of 1812. 210,886 67 rudent forecast, the ways and pdt Tips ecd to the adoption of the Federal Constitution, the thirteen | and the ultimate redemption of the privaipal of the pub; | and if Coularaed! until the year 1863, would, after aoa States the acvataty of State, the Secretary of the Treasu- | For Naval establis! 5,129,199 26 Br the pancigal payment of alltetre te the | Usited States had contracted debts to the sum of seventy: | lic debt : ing the ordinary expenditures of the government, and and the Attorney Geneial,) or a majority of them, —— terms of the contracts ; and good faith in fuldlling all en- | £¥¢ millions four hundred and sixteen thousand four | | By the act of 21st July, 1811, a Joan not exceeding the | discharging the principal and interest upon the’ debt | shall be authorized to determine from time to time, the $13,736,076 98 | gagemerite expressly meterkdl shes OF implicitly tad mor. | Hundred and seventy-six dollars flty.two cents. gum of twelve millions of dollars was authorized reim: | then redeemable, leave an accumulated surplus in the ich certificates of stock shall ba purchased, at —_———- tily obligatory. Pon the lat January, 1700, the foreign debt, viz : to | bursable at auy time alter three yvars, from the firat day | ‘Treasury of not less than one hundred and twelve mil ve par value. Total of estimated expenditure: $35,019,481 06 ‘A nation is composed of natural wunited ther | France, Spain, and to foreign officers, including interest | of January in the year 181 lions of dollars, cretary of the Treasury, in the discharge of the | Leaving in the Treasury on the lst in the year 1845, an estimated belance of se- ven millions forty-two thousand eight hun- dred and twenty-three dollars filty one cents $7,042,823 01 Of this balance so estimated these sume will not be required for actual expenditure during the fiscal —_ ending 30th June, 1645, but will be required forthe fiscal year end- for the year 1790, amounted to the sum of twelve milli i as a body politic for the pu ‘ mi of millions By the fourth section ot that act the Secretary of the The system of accumulating nation to ba pee nt sivantoge be the joint omens Sera five hundred and fi'ty-six thousand eight hundred and | Treasury is anthorized to purchase, at ay Suse Ualore si: thea ais widhiioarden for ree Se rie bined strength. Such a society 1s a moral person, sus. seventy one dollars twenty-eight cents ; and the domestic | the period limited for redemp'ion of stock, such por- } wants, has been exploded. Such a system was suffered ceptible of rights and obligations. Ay individuels who debt to $60,219,092 44; ‘together, amounting to the | tion thereof as the funds of the Government may admit of | only in times and countries where the government waa faifil their engagements are respected, trasted, prosper, sum of $72,776,803 72, The population of the United | after meeting all d»mande npon the treasury,an rplus | considered aga person having an interest distinct from and are able to obtain succer in em. er, oo States, States then numbered three millions nine hundred and | in the treasury is appropriated to that object, the welfare of the people; when men were .onsidered as by like means, are respected, tru rk i tn ‘and are sals of the few e duty required of him by the act saree the treasury department, most respectfully recommends to the Con gress a review and Telprineticd of the act of 1842 to pro. vide revenue from imports. ‘Weighty consijerations, befsre mentioned, and others pel mentioned, concur in pleading for such review and ri form. twenty-seven thousand eight hundred and twenty-reven By the filth section of that act, the faith of the Govern- | the property of t overnment—the able to obtain succor in exigencies, souls, according to the census of that year. ment is expressly pietard for the punctual payment of whe ruled. Sa psi overnment ig considered he | _ The constitution of the United States ordains that ‘all ing ‘30th June, 1846, viz:— spe hn ome et heeadh out | 9 anne lat January, 1800; the national debt amounted | the interest and the redemption of the certificates of | property of the Gebpid to be administered for their wel- | duties, imports and excies shall be uniform throughout | Of the civil, miscellaneous and military. ...1,462,106 02 of spesitl emergencies, , 2 aoe aa — for thom | ‘°,$22,976,294 35 100; and the population of the United | stock. ta the accumulatiof of annual sums fur beyond any | the United States.” -‘No preference shall be given by This would leave an estimi balance to be in the Treasury, on th dey of July, 1846, of eight millions five hundred an as having been inevitab! States numbered five millions three hundred and five] Under the provisions of that act. certifi f mere! int gina ‘orlacedal ray ined earn ene ese thousand nine hundred aud twenty souls, according to | were issued (othe sum of $5,672 970. 83, tegen arent peeled will hy re ag Jonnnknaya fainrs violations of public engegementa proceeding from negli- | ‘2 Census of that year. at the rmmof five and a half per cent per year, redeema- | All taxes, whether direct or indirect, subtract so much blo on the firdtday of January in the year 1845. These | {rom the fands by which the people texed supply their any regulation of commerce or revenue tothe ports of one State over those of another.” The act does not pur- ae any violation of these provisions of the constitution, ul nce, choice, want of knowled; On the Ist of Jan. 1810, the debt of the United 8t: it the lack of perspicuity and exact definitions in some four thousand nine hundred twenty-nine Sf moral purpere to lew texes ahd provide the mga emcpnlad Lous 307, 22) and the population numbered | certificates of stock Will be paid on thst day if presented ; | wants and their comforts; tend, necessarily, to lessen | of tho enactments of That nw aves tise to different con: dollars forty three Senki fase fasy mcs 4 means, are jurious to ‘ rt sand six | the funds in the treasury are sn: it for t! pose | th ts z collectors at different ports, so t eased M ‘mischiets abi Jom mow tutf Tren cused public neue | Hone. wes mmount of yevenve requivedseten fa tine ol in fect, different rates of duties on like articles | additional appropriations as the Congress shall make to : ‘he ‘mischiefs which ensue from non-(ulfiment of pub- te fourteen souls, according to the census of ples sean whew col nat has caused publi ic ts, _ 1 as to stop t! nit the uffuire of individuele eed tertny oo tee pein ol to | , Onthe tat of Jan., 1916, the public debt hed increased | alter tant day. Rane EIS She esorbren ATE psy a greet met dneee Teena the government. Public and private credit are closely &l- to the sum of one hundred and twenty seven millions “« An act for the extension of the loan of 1841, and foran | objects constituting the civil list port of the go- lied ; credit may be considered as one whole, an entirely « three hundred and thirty-four thousand nine hunired } addition of five millions of dollara thereto, and for allow- | vernment, ecessarily large. The ised from each each part having a dependency upon, and sympath: ele ane thirty-three dollars seventy-four cents. This great | ing interest on treasury notes due ;” approved April 15, | individualis so much tuker by go from his earn- every other part ‘A shock to 9 public ‘credit ‘diminishes teat et ee Teen iy Livi ene bye Mesit Help ae Ger vihend elites by the i of 2ist July, | ings, The farmer bays in taxes a part @ the produce of a resources vate crejit, 2) . 1, for obtaining a loan of twelve millions of dollars, | his farm, that is, its value in mono; ti f acdivaymantajemeete, eden peechan gre seles, | the taxes had been increared, the loans obtained amounted J anthorised the certificates of stock to be egal waa eae, | is farm, that is, @,'and haste Auch len be expended during the fiscal year ending 30th June, 1645, and to be altered by the sums which may not. be presented for payment of the eld funded and unfunded del ~ fap rere notes and other treasury notes end tock. The cutimnoted receipts, means, and expenditures for the fiscal year, commencing lst July, 1845, and ending June 30th, in the year 1846, are as follows, viz :— we been collected at different ports inthe States. Aa often as these differences were made known to the Secre- tary of the Treasury, circular letters have been sent to the collectors to produce uniformity, but such differences ure continually arising. These differences of duties a the ports of the different States are evils inflicted, before the subjects of diffvrence ure brought to the knowledge of the Secretary of the Treasury. The proper rates of public revenue, and has so much less . merce; domestic, and f to the sum of $70,478,209 73, and Treasury notes were is- | latter act, to be made payable ut any time not exceedi for othe he is by 4 duties con not be exacted ofter the imperter has paid a rate | are, Ditocattuenet etree are disappointed in re- | {ted to the sum of $96,630,704; together making | twen Feats trom the Ist Janvary, 1843, ond authorised | of ell others who ave tuned for taper napea and #0 too low, and obtained his goods und a clearance from | From the custome for the four quarters....$30,080,202 00 ceiving punctual payments, they fail in their e. | $107,169,008 73 ‘an additional loan of five millions of dollars. The money d by taxes never returns go those | the Custom House. The return of excess, where higher J From the sales of the public lands. .......+ 2,010,000 00 ments to their creditors, and’ se on between other debtors | gous’ lat, January, 1620, the public debt had been re- | By the Sth section of this act of 1842, the money arising | who pay, in the proportiot which they respectively | rates of duties than imposed by law have been exacted by | From miscellaneous contingent sources... 190,000 00 the collector, the evil. The provisions in the eighth and eleventh sections of the act declare that nothing therein should be construed or permitted to operate so as to interfere with subsisting treaties with foreign nations ; and such provision is ne- cessary to be wpplied to other sections,inasmuch asthe act of the Congress cannot abrogate the obligetions of a eub- sisting treaty. The Collectors at the various ports are thus left, in the first instance, tocompare the law with the stipulations of the various subsisting treaties with foreign nations, and determine the question as to the rate of duty on the particular article imported, or whether it should be free of duty. Ifthe Collector exacts too bigh a duty ,then the Secretary of the Treasury is invoked to revise the act ofthe Collector. Various complaints on this subject of the conflict of the act of 1842 with subsisting treaties have been made, and as often asthe Secretary of the Treasury has decided upon the complaints of the diplomatic agents of foreign nations, other questions have arisen as perplex- ing. Itis renpas take suggested that the better mode of legislation would be for Congress to consider the stipula: tion ofsubsisting treaties ; make the letter of the act of Congress conform to the obligations of the treaties, so that the Collectors shall have a p rule of conduct prescri- bed in the letter of the statute, instead of leaving to the Collectors the responsibility of modifying the atatute by the superior obligations end faith of the treat Past facts and examples teach the importance of such modifi — of the statute, and will assist in making the re- form. It is recommende that the dut’es on wines be changed alliation, but not complete redress of duced to the sum of $91,015,666 15. The population, as § f a im cl and creditors, until the disa; 8 pop’ mM. a8 § from duties on rts of woods, wares and merchandise, | centributed. Henge the i ite of parte ot cea ee epnie ere folk Yarany h- | numbered by the census of that year, consisted of nine fare plodged end appropriated foe pamentot the inueest, [lone tatenens ort pi . Io ter eg in obstructed, busicess lunguishes, losses are incurred, millions six hundred and thirty-eight thousand one hun- from time to time, and for payment and redemption ofthe | tugher the rate Of taxation, poorer the tax-pay. and bankraptcies ensue. ® » | dred and thirty-one souls principal, of the certificates of stock to be issued under | and the richer those who receive and enjoy the proceeds The inviolability of public faith, the support of public On the Ist January, 1930, the public debt was rednced J the act of 1843, and under the act of Ist Jul: ', 1841, as | for employments, services, jobgapd profitable contracts. credit,is recommended by considerations of public utility, to the sum of $48 .565,406 50. The population numbered ff amended; and so much of the Proceeds of duties or im The sums annually taken from the people by taxes for ublic virtue, and public happiness ; it is commanded by twelve millions eight hundred and sixt: thousand and f ports ‘‘as may be necessary to pay the interest on said | the support of government, lessens fhe surplus of each in i unchangesble precep's o morality. ‘The affairs of teaay s end Creer te Be bres! ee 3 ag id uk ent penta she somomekees Lire be bareht appro- dividual above ee wants, which surplus he would nation cannot be hay admin: withou » 1835, wage fpr at object, to be first app 'y the Secretary | apply in the pursuits of his own private industry. If mo- Observance of justicg aud good ja t the strict | announced that “ All the remains of the public debt have } of the Treasury fo auch payments ana redemption” | ney then be taken annually by taxttion, ie theknown Total of revente. .. .... +. +000 +++» «$32,160,302 00 Add estimated balance to bein the Treasury onthe istday of July, 1845, including the unexpended sum as before stated. ........ 8,604,029 49 and The ers— Total of means for the service of the fiscal year ending 30th June, 1845. 04... 6.6.46 ~ «$40,665 231 43 Expenditures during the year ending on 30th June, 1846,n8 estimated at the several departments of State, d War, videlicet:— “ah se pve which were carried to surplus iund of the preceding year, but which will be wanted in thi $1,462,462 00 Pa: manent and indefinite appropriation: 21063 794 72 Specific appropriations asked for this year.. .24 647,884 18 pec chibmegtitie ‘Total of estimated expenditures. That sum is compos: d of the follow: For civil list, i ercourse, and In the affairs of nations, i been redeemed, or money has been placed in deposite for | ‘The 7th section of the act of 1842, enacts that all the jof the government,and merely to be \- may be expected to costs ts edocs nave aritem, and | thie purpose whenever the creditors choose to secelve't | provisions of the sald actor Seats hy naa nat ipcere, Leaks racaveccalen the gunmetines moniiny rowing. The changes made in modern times in the con. | “!! the ether pecuniary engagements of the Government | modified or changed, shall be and remain in force and ep- | the products of ogriculture, mechanical labdr, and com- dition of nations, the great alterations introdeeed Inte any | have been prowptly and honorably fulfilled, and there will oly to this act” of the 16th of Apri’, 1842. merce, will be proportionably retarded. Such taxation for art of war, have rendered modern wars very expensive, be a balance in the Treasury at the close of the present jy authority of the act of 1542, certificates of stock | the purpose of hoerulig ls aremmefoapiialya w fe of the insomuch that money, toa considerable extent, mney ‘be | £oe, of about nineteen millions of dollars On the 6th | were issued to the sum of $5,843,696 03, bearing inte- | meonsof improvement. A government so taxing t® people accounted an instrument which cenduces to victory. No february, 1996. the Commissioners of the Sinking Fund } rest at the rate of six per cent peryear, payable | for mere accumulation and hoarding,is no wiser,non more nation has been able to defray the of @ modern and the eet of the Secretary ofthe Treasury stated that | half yearly, the principal peyable on the irst day of Jan- | benevolent, than the miser, who, burying his géld,o war by the proceeds of taxes during the war. The weight | tthe debt had been paid except the sum of $37,513 06, | uary, in the yeor 1863. structs the increase of his store, and denies to his : of increuzed annusl taxation to pay the whole which consisted of claims for services and supplies durin; By “an act authorising the re-issue of Treasury notes | hol! the comforts of life increased annual expenses of the war, would be | ‘¢ revolutionary war $27 43696; Treasury notes issued | and for other purposes,” approved March 34d, 1843, anoth- Nor should the temptations to extravagance and wadte iatolerably oppressive. Wherefore, a necessity ‘arises of | Curing the war of 1812, $5,755; Mississippi stoek issued issue of certificates of stock was authorised under the | in the expenditures of government, arising from exube: borro large anms, of charging the payment upon | “24er the act of the 3d March, 1815, $4,320 09,and they re- it ind provisions as are con- | ance of revenue and an overflowing treasury, be over- after generations, by finding the Tobe ia ig taxes to newed their recommendation that the Sinking Fund and § tained in the act of April 15th, 1642, except that the cer- | looked. Expensive, extravegont establishments, and pay the auuual interest, and providing as fakleg fand te the Commissioners of the prem, | Fund be discontinued. J tificates of stock to be issued be redeemable at a pe- | habits of waste, when once created by a government, are pay the principal gradually in times of peace. It may be presumed that those T'reusury notes issued in | riod not longer than ten pa from the issue therecf difficult to be reformed and retrenched. {[n the conflict To be ubl¢ to borrow, and to borraw on good terms, the the war of ne and not presented for payment, have been Under the provisions of this act, certifi of stock to | between the interests of tex payers, and tax enjoyers, netional credit must be firmly establish soft stroyed, that of the viker sums, #0 long due and | the suin ut seven millions fout ‘thousand two hundred there are fever wanting these who propose various fanc: revenue mistbe provided by taxation, ad claimed, onty a small part (if any) wiliever be pre j thirty-one doNers thirty five cents were issued, bearing § ful schemes foe absorbing the revenue, and preventing punctual payment of interest, and pledged for that ob. | *nted for payment. an interest, payable semi-annually, at the rate of five per | the burden of rom belug lekeened, whereby ject. If the public faith ‘and c! fit of the nation be From the Sist December, 1789, to the 3ist December, cent per annum, the principal redeemable on the first fred their inordinate gains individually would be lessened.— doubted, loans cannot be obtained without extravagant 1836, the United States paid for interest on the putlic | of July, in the year one thousand eight hundred and fifty. | By such even a national debt would be advocated r fear of future want. \ For fortifications,or For Indian department. For naval establishment. For interest on public debt. .. $29,198, Which sum of expenditure, deducted from the total of means before stated, gives an estimated balance of twelve millions four hundred seventy-one thousand four hun. : debt the sum of $157 629 950 69, and for the principal, the | thre “ : i from specific to ad valorem duties, 20 as to avoid any dif-§ dred forty-six dollars sixty-one cents to be terest . , P |. the | three. m duties, 20 y Pee te te bla teal to the Govcrament doen pr | sum of $257,462.06 24, together making the aumof four | | ‘Theacts of 1843, adopting the ect of 1842, which adopted ton eet wegchandise fe urged us the eficient ot ieee: | culty which may grow out of a treaty with onenation, {| iM the ‘Treasury ou the lat day of July, chavs of commoditios upon promises of future pay. hundred and fifteen millions, eighty-two thousand thirty-| the 4th section of the act of 1841, taken together, contain } ing prices tothe consumers. that uo other or bigher duties shall be imposed upon goods 1816... +e ve soe vee + + 812,471,446 OL Note the sum of $60, and interest on account of the debt assumed for the several cities in the District of Columbia, is included in the aforegoing sum for Civil Liat, and miscelioneous expenditures. ‘This estimated balance is liable to be increased by such curtailment of the wppropriations as asked by the esti- sees, Peimnertt n mea oe fit to authorize uppropristing the money, a1 such portions of the ola Toda debt, unfunded abt, ola treasury notes and those of the late issne and rere which mey not be presented for payment, but shall outatending on the lat mai 1846, Me omneoe peer hed by such ap- propriations as the Congr make for expenditares during the fiseal year, cading on the 30th Jnne 1645 and 1846, respectively, beyond the estimates before stated. and merchandize of the growth or products of that nation, than are orshall be impored upon like articles the growth or produce of any other foreign nation ; and that the ex- emption from duty of tea and coffee, when imported in vessels of the United States from places of their growth or produc ion, be modified so as to avoid the difficulty growing out of the treaty stipulation, that no other or higher duties shall be charged or collected in the ports of the United States upon articles imported inthe vessels of the contracting foreign nation, than are or shall be charg- ed and collected upon like articles imported in vessels of the United States. Taxation is an evil. but necessarily to be endured to the extent fit and proper forthe support of government, pru dently and ecozomically administered. Justice, the obli ment. three dollars ninety-ti, ree cents. pledges, of the faith of the government, and of ‘the pro- ti debt by its anterest annually accruing, in- Tite safeguaris, interposed by ihe texture of the fede | _ The National income out of whioh that extraordinary! Feeds of the duties on goodie yt marcieaiiie tc pathol] iseneee tha” phases Of texation, sod way” bo Mbered to ral constitution, ‘have saved us from ware for trivial | °™ of upwards of four hundred and fifteen millions of | interest rnd redeem the incipal, and appropriate avy | an eating moth whica is feeding upon and despoiling the causes, or schemes of ‘onal ambition. But the just dollars was paid over and above the ordinary snrplus in the treasury (alter meeting all demands upon | gubstance. and pacific policy manifested by the United States in their penditures (which during that period of forty. it) to redeem the principal. The fourth section of the To a government which stands in need of artificial aids intercourse with foreign nations, has not saved ue in exceeded five hundred millions of dollars) act of 1841, adopted by the two latter acts, authorises the | to bind mea to its support, and force others to aubmit to times past from the calamities of war; nor can we reason. | Ved Principally from the duties on imports 5] Secretary of the Treasury to use any surplus of funds | injustice, inequality, and oppression, a national debt may ably expget that the blessings of peace, which we now | D°S® and the sales of the public lands. Direct taxesand | after meeting all demands upon the treasury, to purchase | be appealed to as an auxiliary in taming the spirit of re- enjoy, will be ever durin; ' internal duties and excises were employed, from and efter | any certificates of the stock before the period limited for | sistance and revolution. But in a government based upon "To bs prepared for war S one‘ofthe exfeguards against | {B@ SiR day of May, 1792, until the 30:h June, 1902, when, | resemption. equally of rights, with no-exclustve privileges, there ir foreign aggressions which lead to war. A wise ple the: Rcbcacat rong and again enacted in the ye«r 1913, in the national faith which has been so honorably ob- | no need of a national debt . it is no more a national bles- will, 'm time of peace, losk to the possibility er repealed 3lst December, 1817. A system of disect | served in paying the principal and interest of the former sing than a private debt, eating into annual income, is a 'y be and has prevailed only for about fitern | Jollars and upwards ; in the pledge and appropriation of Duties on imports tend to circumscribe the quantity of al their intercourse with foreign nations t 3 bree and internal duties has been resorted toonly ig | debts tothe aum of four bundred and fi/teen millions of private blessing. the exigencies of ch an event, by laying up tat yours of the fify-dive, which have elapsed since the Fe: | the procerds efthe duties on imports of goode and. mer- imported because of the volved in war, and will not wholly ital reqitired to pay the 3 rvice in the 1 tiation ariaoaerd ebaouien jin the teleatated emhtcad tatio f ts mtd ® | gations of duty arising out of the trusts confited to the | | Gomparing the estimate made for the se: in elves from the debts Stormer Wate eek recta, | , Themoral power, courage, ond capsbilitis, by which | uumbered at not less than ‘nineteen miihons rover’ hoe, | ‘ih oy cmmnaning the quantity of imported merchan- | Eorgieen bythe, progivioan of the Constitution of the fiscal year ending 20th June, 1846, with the estimates just system of permanent revenue which might be ly 8 nation in its infancy, with @ debt of the Revoln: | dred thousand souls, to pay taxes, the holders of the cer. | articles man tiactured in the United States is lessened, an) | United States, dictate that taxation shell be made to bear | ™A@de for the fixcal year ending d#th June 1845, the estimates of he War Department for the yeer 1846, exceed fi 4 equally on all cl J on all citizens, | rig. Mele prrperty, income and ability to pay. ae | those for 1843 by the eum ef $1,016.440 19 cents; these y ‘ tionary war of such magnitude; harraesed by Indiag | tificates of the public debt of th ’ i i J : augmented when occasion should require; thereby plac- 5, y 0 pu fe United states, and all } snot lessening of the aupply and competition bas ¢ direct portion to thelr pr-perty, means and ebility to pay, us ing the public credit, and national resources upon the lenbusdn etint Snother debt of the war of 1812, | dealers in those certificates, have cause for implicit faith | tendeney to -aise the prices to the c hes arged thove debts faithfully, ex. | and perfect confidence that the interest 1 : do a nearly ao human luws oan sooamplish fi ofthe Navy Department for 1646, exceed those for 1845, poreng solid foundation, and in the most commanding pos- hibiting to a gezing and arienished world the ‘examzie of | tually, and that the pris a will be pete a) | pomneenin g tnueal enee of the co! widtge and td _ The power delegated to the Congress by the Constitu- | V7 ¢217,840 19 cents; the excesses Conjointly amount to On the tot July, 1844, the debts of the United States | 2 28tion who had exerted such energies; of a government | according to the terms ofthe contracts pail along with it by tue consumer. It ia nearly the | ‘ion to lay and collect taxes, duties, imports and excises : Comparing those estimates for the (Gver end above the ordinary -enneat ditures) con- | “ithoute Nations) debt; with an overflowing treasury; | No citizen of the Unived States of America understard. | same in «fect, es if the consumer should pay the na'ural | & Pay the debts and provide for the common defence and ending 30th June, 1846, with the actual appro- tisted of the following attinaiag, one ) Com | and without direct taxes and internal duties and excises: | ing the polity of the federal government and its past action | price of the aiticle to the manutacturer or importer, and | h# General welfare of the United States, i¢ a high trust | priaions made by ‘be Congress tor those departments er Mm nga are to be looked for jn the genius of the government, the in fuldiling its engagements, can have a loop whereen td | should at the same time pay a tax to the governmeut equal | limited to the uses 80 expressly declared. It is granted | the ay ear ending Jaue 30th, 1:45, the estimates 1st—Of the old fanded debt, being unclaimed integrity of those who have been elected to adminiater if, | hang 9 doubt ofthe iuture filelity of the national govern: | to the duty laid upon the article in trast for all, not for the use of a part only : to be exer | ‘ho War Department exceed those eppropriations by the rincipal and interest returned from the the goed sense, honesty and enterprize of the citizens,and | ment in paying the interest ond redeeming the principal | “The merchant or imzorter pays no part of the duties | clsed by general laws, not by partiai Ines, discreotly for | mum of $9 286 820 16 c+ those estimates of the Naval Joan oltice, payable on tation, $176,034 84 | lastly, though not least, in the benefigent smiles of an all | of the naionat dests as they respectively shall becom on imports except in 0 far au he is aconaumer. He does | the proper purposes, and to discharge the duties imposed | £0 Pattunans exceed these appropriations by the sum. of 21—Outstanding certificates of the ol wise and protecting Providence. payable und demandable. but advancethe duty tothe Government at the Custom | >Y the Constitution itself, not arbitrarily und to an ilim- boyy Ol cents—excenses united, amount to the sum funded debt, with interest to the Bist day of ‘The general modes of operation have been by distrib. | _ifaliens, not understanding the texture ofthe national | House. He is afcerwards reiobursed with his profit as | table extent. ‘ ihe berate sbaresen Doo. in the year 1793, payable om presenta ting over asuccession of years the costs of the extranr | government, do not distinguish accurately between en- | well npon the original cost of the article as upon the duty | 50 long as the Congress shall keep within the confines | In e Se He eer ain ny, ve expected feeea tine. ahe- tome «jas 8444 Aa 24,214 29 | dinary ¢fforts found necessary in some; accelerating the | gagements entered into by the goverument of the United | he bus advar ced. By raising the price of the article and | Of Taising revenuo necessary for the support of govern. | ‘ome, under the set of 1842, the Secretary of the Trea ai—Treatry noted uring f prompt employment of the abilities of the nation, using a | States, and those entered into by the several States in | thereby devolving the original cost, the tax paid to the | Ment, to maintain the public credit, and prov.de for the | ‘Ury has endeavoured to ascertain the probable amount of goods and merchandize\to be imported as necessary ‘or the consumption of the existing and increasing popu- lation of the United States, and thy probable pro] of goods not payirg and those paying duties. To thet end he resorted not only to the returns from the Ci common defence and general welfare, the accidental en- couragement and protection of domestic manufactures arising out of the mode of levying such nece: y reve. ue by duties on imports. must be deemed rightful, as an evitable attendant upon the exercise of the delegated 4,817 44 | part of the overplus of others, leaving every citizen to | ‘heir capacities cf distinct local governments, (each State ernment, and his profit on the consumer, every in- choose his occupation, protecting him in the free enjoy: | having the power to contract for itself, but without cw. | (rmediate sale and profit between the importer ocd re. ment of life, religion, property and the means of acquire preity to bind, other States, or the government of the tailer, down to the consumer, enhances the price of the . 4,320 09 | ment; taking no more from the earnings of industry, nor | United Staies,) have distrusted the credit of the nd commodity to the consumer, who must ultimately pay - encroaching farther upon the comforts of life,than neces. | ional government, because of the failure of some | the origi 1812, seas 4th—Certificates of Mississi under the sots of 3ist March, 181: January, 1915,. 6.06606 5ih—Debte assumed the C 1 cost of the article, the duty, and all the in- raaton United States for the several cities of sary to support a governm momically administered; | of the States to comply with 1 fective en- wer. Houses since the passage of the act of 1643, but slso to the Disteict of Columbia, under thoact of May making out country an arylum for opprecsed humanity’ | gagements, auch dietrun gto De tegrated: her wey ony | termediate expenses and profs, belng Component parts | PORT. ance the rate of duties tothe standerd of the ne- | the consumption as it progressed irom the year 1600 down 20ch, 1836, originally amounting to the sum and inviting the prople of all nations to partake of the | of the States should have been ‘under a necessity, real or.| The Hut paid for en imported article is for the benefit | Ce#Sery revenue, is atask not without some difficulties | to the year 1642, noting the avereged importations and of $1,600,000, payable yearly, in sums of blessings of a free government. By such means stimulys | imaginary, to incur adefault in payment to those who had of the Public Treasury. The enhanced prices of articles | Th” probability of a deficiency of revenue is to be most | Consumption annually during the ive periods $60,000 in each and every year, with inte: has been given to the increase of our p»pulation, insp- | loaned’her money, is to be deplored. But most of all it is manulactured in the United States, caused by the duties | Carefully avoided; on the other hand alarge pupise trom 30th September 1820 5 for the four years under the rest on the whole debt in arrear until the much, that from less than the number of four millions of | to be lamented that any State should have resorted to re- | levied on like articles imported, and paid by the consum- | 8ove the proper wants of the government, should be | act of 1825, and for the ten years under the actof 1882, debt is extingnished—the sum remaining to souls in the rae 1790, they hed increase! to upwards of | pudiation of her debt. Itmay, however, be confidently | ers of such unimported articles, go into the private purses | *voided e desideratnm is the happy mean between | Wlowing tue rates of duty on imports. ‘Dhose periods be paid is, t+ sae sae saree 1,260,000 00 | seventeen millions in 1840. and may now, (according to | expected that reason will resume the helm of State, that of the manufacturers. i those extremen. mark the respective alterations in the ratesof duty. He 6th—Outstanding Treasury notes, viz :— the ratio of increase exhibited by the successive enumer: | the good eense of the people will intime correc! Another cause of increase of prices of commodities is to | _ With a scale of duties odapted to the sums of revenue | \ikewise noted the averaged sums per year, during those Of those issued after the 12th ations, taken every tenth year) bo stated at not less than | evils, With their increasing popula ion and resouraes, | be foundin the relative increasy of circulating medium | N€:essary und proper to supply the wants of the govern- | respective periods, of goods imported tree of duty, those Oct. 1837, and before 34 March, nineteen millions, seven hiindred thousand souls, A debt | when they have recovered from the debilities caused by | compared with the mass of merchandizecffered for sale. | Ment, economically sdministered, with prudent nd mo. | Paying duties, and the averaged exportation of 1843, the sum of... ..+... 950,807 31 which would have been oppressive and intolerableif lx | extravagant issues of unsound bank paper, prem: The increase of circulating medium derate discriminations, roe within the lowest and | paying and those not poying duty. Likewise the aver- Of the notes issued und-r the act vied upon four millions cf people, hus been found not op- | dertakings of internal improvements, and fanciful specd- | causes; the one is the increase of the q' highest degrees of duties which look to revenue, and are | 16¢d a sum for drawbacks, allowances to fishing of March 84, 1843, the sum pressive when distributed over a period of forty-six years | lations, from the panic of depreciated bank notes, fall in | and silver—the other is by the artificial adapted to raise the eum necessary and proper, it may be Hye 3 bounties for exportations of salt fish and expenses Wiis ed He VAT ceeds 805,400 00 and levied upon a continually increasin, pulation the prices of lends and prodncts—when a prosperoas | circulation. expected thatthe moderate and discreet of all parties | ° | oe lection. —_——. ‘The particular means by which the frlefest hes ‘bebn | comsberes anda souttd circulating medium eball ave 1 The increase of gold and silver first takes place inthe | Would be content : that such a system adopted for the | | It appears hee revenue yielded from the ations Making gregately the sumof, . 2,256,207 31 paid enpually, the principal lessened gradually and final. | stored reasonable prices tor staple commodities, the ye »ple | nations that are proprietors of the mines of those precions | {ttre policy of the United States and steadfastly pursued, | Yoict tte aot of 1842, for the nine months from September 7ch—Certificetes of stocks for loans, viz :— ly redeemed, were by the operations of a sinking fund, | of the States will manifest a sincere determin. bat is gradually diffused among all nations con- | ## best calculated to heal the discontents and promote the 1 leed, to S0th June 1868, svereged upon the goods {2 Under the act of 21st July, 1841, redeemae regulated by the act of the Congress of 4th Aug. 1700, by | tion to make rexsonable reparation to their creditors for y a regular commercial intercourse. The in- | Seneral ity and heppiness paying dnty wee equivelent to a duty ed valo- E.bleon the Ist day of Jan. in the year 1848, which the surplus of certain texes rnd the proceedsef| delay caused by adverse nec-asitous circumstances. | crense of gold and silver cannot be sudden, because it is |, The stability of the Union, the national wealth and | ‘um of thirty-seven dollars eighty.fo . bearing interest at the rate of five anda sales of the public lands, after paying theordinary annual | The momentum of moral force embodied in the regulated by the labor of mining, melting, refining, coin. | *t*ength, and the general welfare, will be best promoted | one aoe Upon every hundred half per cent per year, payable half year. expenses of the government, were pledged and appto- | States agsins' non fulfiment of engagements, and repu- | ing, and putting it into circulation, and by the general | DY such action on the part of the federal government, in | year from 30h Bept. 7 1 +++ 5,672,976 83 | priated inviolably, to By the interest and redeem the | distion of debts, the immutable principles ‘ot justice | Jaws of trude and commerce. y exercising the power of taxation, as will leave all that is | 2veraged duty was equi t to a nett revenne of thirty- 8h— under the principal of the public debt ; further regulated by the ect | and moral obligation will ultimately prevail. The States | ‘The increase of the circulating medium by theartificial | Dt necessary to supply the wants of the general govern. | ‘ive dollars five cents und five mills, upon every hundred act of 16th April, 1842, to the sum of Troe fart et da anEMented by the act of bth May, | will pay, must pay, their debts, State faith and State | moans of paper credits end hank notes, whilst it has the | ™ent itkel{ to the people themselves, and the State gov | Joliers in value of goods paying duty ; that for the im- [$8,848,696 88, redeemable on or afterthe 1792; farther regulated by the vet of 34 March, 1795; 4 | obi Will be redeemed. ‘The virtuous precepts | game effect upon the prices of commodities in the nation | ements and the federal government to revolve in their | oortations from the oth June, 1849 to foth June, 1844, the if Ist day of Jonuary, in the year 1863, beat ther Increased by the act of April 7th, 1793, by which the | aud bright example of the federal government will not | sitcce ie eens ment abnndently, has not the advan. | spective appropriate spheres. Se rereate recstuee tate Wee Weemmny wes ceneeinans 09 Ping interest payable halt year! proceeds of sale of the lands, ceded by the Stateof Geor | go unheeded. Justice willbe done’ tnges of a slow and gradual lacrease, as in respect of old ¢ eyes of the world are turned to the United States | adity of thirty three dollars eighty-five cents nine Merate of 6 per cent per yea: gia, were added; farther mented by the act of April 2th | 4th The Secretary of the Treasury recommends the | and silver coins, but is liable to sudden changes and flac. | °f America, watching the effects which the novel political ~~ oe at the hnndred dollars of goods paying daty : ‘%h—Certificates of stock 130? by which the specific sum of seven millions three | establishment ofa sinking fund to anticipate the pay- | trations; hax not the some teudency to equalization and | ‘stitution for the government of the Union ehall have | that {rom 20:h Sept. 1843, to 30th Sept. 1644, the met reve- iect of 8d March, 1843, redeemable on thi hundred thousand dollars annuully wos approp: to | ments of the cert fleates of stock issued under the autho- | diffusing by commercial intercourse between different | UPeM the public and private ty and happiness, | nue received into the treasury was equivelent to an ed Ist day of July, 1953, bearing interest pay- ‘ be paid to the Commismoners of the Sinking Fund, which | rity of the acts of 1849, and 1843: nations occesions considerable difficulty oftentimes in @ glorious success which has hitherto attended the | valornm duty on goods imported paying hae thirty. Grable half yearly, at the rate of 5 per cent was increased to ten millions annually by the act of he certificates of stock bear apremium in the market. | commercitl transections; and always to the disadvantage | ¢*periment, should inspire sentiments of virtuous zeal | one dollars twenty-six cents cight mills upen the hundred per year, fedeemable at the pleasure of the March 84,1617 This latter act added to the ten millions, | The five per cent stocks, redeemable in 1853, are at one | of the netion whorein such fictitious paper currency | 4 patriotiam to continue its success and Ssendene, by | On 7,004,281 35 | such surplus.as should remain unappropriated after leav. | hundred and six dollars, for every hundred dollars | most abounce, ing two millions in the treasury for conti incies, and | of stock; the six per cent stocks, redeemable in 1963, at directed all certifica) of stocks redeemed by the Com. | one hundred and eixteon dollece fe le in 1963, at | Each of there increases of the circulating medium alter practising and inculcating those habit» ond di and thet From varions rates of duties the different tiona of articles, whereof some ere specific, ie valorum, ranging from twenty to ene hi and to two jon and ) 90 that {The aloregomg su irit of arcity, mutual deferen acts of 1641, 1842 end 1643, make $21,021,. for every hundred dol- | the time of contracting debts, subjects every creditor, | Compromise, in which the constitution 094 26 of the principal, bearing interest at missioners of the Sinkire Fund to becancelled. lara of stock. Those premiums are superinduced by the : | the Union may be perfected and cemented, and the ata. | handred per cent ad yalorum, it follows that the averaged be eae so epi e sain ao ete dTte se co ene | arated ae ae hat Renate | thence ra omer wh | ingen ewan ond sng Fe revi | Poet a ee a , \. year 6 princi at ticularly at ¥ 4 - All the sforegoing nine particulars meke on $28 49,088 12 in the year 1617, $31,996,201 o2 in the year New York and Boston, sought to be employed at low | *PBheciations su ject deters oer hta and fineness of The receipts and expenditures for vn Leta alla io {ries daing the yar andthe popurtins fea, BEBTEE AO OL. « vos aes sas os sere ve + $24,749,168 28 | 1818; $16 569 893 76 in the year 1824, $16,174,378 22 in | rates of interest, upon good securitics, by the | coins, or in their relative val ding 30th June, 1844, were the following:— y, yey ites of tale, or ii ‘To support the public credit and preserve the national Wied tethons $17,840,309 29 inthe year 1832, were ap- sums of deposite to the credit the Uni- | relative value between coit saa poneraanrencs: pearten larg Pej faith, an annual revenue is necessery, certain): ne. to the pay ment of interest and principal, besides the | ted States in the banks of deposite, for which relations of debtors and cre tive, wesording to common ovcurrences und heaca fore. | smaller sume in other years, wntil tho debt was extin. | those banks pay no intereet, and by ‘other, adveatitavan | s.r efects upon therolations of debtors and creditors, sight, exceeding the orjinary annual expenditures in re year 1825, as before noticed circumstances How long such a state of things shall The supply and di 4 merchandize be. time of peace, the surpius to be applied to pay the annnal Such has been the effect of the sinking fand—such has | continue, depends unon seasons, crops, commercial opera- | ing given and alike, and the quantity of circulating me- in‘erest, and towards lessening, and ultimately, extin. | been the scrupulous good feith which has been observed | tions, and foreign #ff'sirs, beyond the ken of human fare: id alike, at any given inion the gushing, the principal ot ae rl re , hod United States towards the creditors of the govern (lea ye B teat Scoeines from an over of duties on imports of goods and e amount of ne w can paid day issue ink notes a: accommodations, which hag the iJ 2d. As to the resources of the United States for public i ioe ctatiin’ of ovate ed. meanaiinn Shee heea: any period of peace depends upon the len; of might encou: excessive importations, fanciful - tinulnce of the peace, and the ‘amount of the annusl eer. | Fevenue, and increasing’ the national income, when ex | {ett ver , doty | te ene atin tas tceranet the tthe ine to plus above annual expenditures which shall be applied. | sencies shi If the periods of war, compared with those of pesos, end The pubi the annual excess of the war expenditures compared with the annual savings daring the peace establishment, beso | the related as that more debt fv contracted In every war t Pacific Ocean, constitute a domain of incalculable value Receipts and Means. From the customs, ... $26,183,570 94 From sales of public lands 2,069,989 80 From miscellanrous sources. 261,007 94 Treasury notes and loans un- der act of 84 March, 1943., 1,677,181 35 Total receipts....... $30 391.700 03 Add balance in Treasury ist July, 1843. , , 10,431,507 56 years ; no fixed race of duty can be in future to the articles to be imported, subject to various rates of uty. In computing the value of goods duty, and oods exempted from auty, the waren nai doth conjoined may be estimated fora given population satitastorly edimated® ite pant cvenis how thet high sal ctor estimi vent rates of ‘anty on some ‘articles, /whilet others are admitted. tree of euty. soretese fhe Proportion Meo men eases e proportions of @! duty : which ‘fect the increaved supply of acme manufac- tures has been an auxiliary. In estimating the revenue to be expected from the cus- wee ees $40,816,207 53 @ fiscal year ere eee «$92,958,897 94 Total of means..... The expenditure during the amounted to the sum of. . ions and over trading, the Secreti of the Treasur; e increase jon im- all require. has not been unmindful, and ‘watched with a view ( macys: it Natechantine = weenntendioe ito lic lands of the United States, stretching from | counterection, in casa the banks of deposite had yielded tha prices, the lowering of the rates of duties,a direct the Lekes of the North te the Gulf of Mexico, and ‘rem | to the temptation Ly a) the large sums deposited to | tendency to lower the prices. n foot ofthe Appalachian Mountains, westward, to the | the credit of the United States. ‘The system of revenue from duties on im enacted han Oce: ‘The present time is propitious for laying the founda. | by tho law ot 1842, imposing duties on Imports, will | Leeving a balance in the Treasury on the toms for the three quarters of the current fiscal year,end- in discharged in racceediog the consequesce | The public lands of the United Sta‘es ure to be consider. Lange Ls ying ' " Ist July, 1844, of seven millions eight hun- ing 30th June, 1810; and the four quarters of the fiscal year wili be a continual increase o} , and the ultimate se- ed, first, in respect of the price for which they can be sold Gealorinine tte Dorion ey pet ty Hi he ciuiaiog pea pee ke fuvure, Sie yer ed dred and fity*seven thousand three hun- ending 30th June, 1846; the probable eonsum; of much greater amount oi an- ‘ary forthe support otthego | dred md seventy-nine dollery sixty-four uence must be that debt will swell to @ magnitude which | i" successive Lopricnd the increasing population ; socand: | medium is sound, and sufficient for ali useful purposes; | nual revenuethan is neces + $7,807,379 64 ee articles required for the existing pepul ot the nation will be unable to bear. ty, Ja increased revenue which can be de- the ‘nited States, compared with the consu: CON. see eee ‘The only effectual ‘against such danger must | "iV the increased population which those fertile | tne renite of he peat bony che vane ete tecieaby Tes Who socuucielinad sepeetll Ve, cance veneee the pee? will appear in detail by the eccompenying state- } population ot formes periods And te ee oe et ies. be sought in extending the relative length of the periods | lands toon nein bape rates of dutien imposed by the act of, 1842, with the aules | 1953 and 1963, have been atated.” ‘There, nocumulations of | ment (C:) tnd the sopplive of domestic menufectaree heve all been’ of peace, compared with the periods of war; in fru- EH cssoning from the past tot future, from the increase } of the public lands and tonnage daties, may be fairly asti- | annual susplus revenue con be applied but partially to- | | The estimated recoipts and expenditares for the fisce) | and ‘he tmphilee of Nemesic masateekaene f felity jn ih peace ertablohment’ tn lesening the, war | and epreadeteur popilaton inthe preceding ity years, | meted as yiidiog an ennual revenue greally beyond the | wads thn parchar of Ube cretisestes of tog redeema. | Roar mding 2h Jane Integr ae follows — aire ot domestle meotncts. tae vemalt of toe eatimance rease ueceed| on it, frugally and economically | bie in 1853 end 1863. é pleasure of the holders of those ‘ ’ 4 are submitted to the Congress of the United States with lation during toe wae ov permnemsadiye from legs than four millions, by the census of 1790, toup- | Sn itor cf oo + MH tosis, Gret qnarter by sotdial : by irene a enn, ho, en tobe borrowed | mands ol seventeen m millions Oy the census of 1840, » ni | the peoples tedircetly, bat certainty, hy due on faves | sbllhy ef the goversment wo feteem lo anttipetion ef the returns ofthe collector. heemhashaernaien Evuiiiein ce w jessened 5 xen mes lions seven hundred thousand to ; h * aor, the cum applicable tothe discharge ot the. pubic | the Lent rte will be in the ensuing fit yeard. it | ghteoelsespecn. ot ’sativg to tbe crednone ot hee cartier cou rrod ort the whole ee, are brought CHIME eevee eee ee ey 21,071,900 00 séouabie bo bs randieh ee ane tor 1008 conser be a0: debt will be increased. In the pro; in mn. | AY ty that by that time re Pepe vernment and sound policy, an regards the interest of | into market, and those sell at a prise above par valne 0 04 | eeverated. Procumplign wane be. k dulged. From the al income exceeds annual e ures will be the of the United States will exceed seventy mill icc whe ue and dealers in goods and mer. | Itcannot be affirmed thut if the government were to ofr Total {rom customs, . » 981 Seat ot course aad prooeen Used, € Violent proves plea artoes inal diecharge of existing public debts, By such megne | Covering with continuous, connected settlements, the | chandise Imported under the exitting rates of duties, nili | moderate premiums: tor there cvetificetea, that they cowie | From sales of public lands, ; 1 aoe oN cre the foture.” Timeane dapiiencd alone sem Sebel the Ralzson aay of no public debt and the alleviation of {ands from our present frontier settlements all the way to | permit ” ni be purchased, except in part, not totally. From miscellaneous end incidental sources 1120.00) 0 | io tae a a eee eetaneax he. . ¥ 5 Bsns 6 the borden of taxation may be restored. a Deas tobe brought into calti-] p22 ike law for reducing the rater of duties to the | All that can he done isto provide sinking fund ade ‘Totelelveceipts. ......« 204,074 99 | It le net probable thet fer the: seven 4 proper standard of necessary revenue should take eftect, | quate to pay the interest on the public debt, and to pur vation by the rising generations, are sure foundations Wetegenie action ena time should be to those Who | Chase so much in each { the principal, as shall be Under our institations, for the rapid Increase of civilized | have iniported and dealt in goods and Murchandive uider 4 offered for ale. at reuachable rates for the certihcates ot Add balance in the Treasury on the Ist July, 1844 sum of revenue per quarter will ree avernge the average of the lest four quarters. The v H aca e ——“‘—“<“<—CCséi(e