The New York Herald Newspaper, December 6, 1845, Page 1

NEW YORK, SATURDAY MORNING, DECEMBER 6, 1845. Price Twe Cents. 1845, of. The first qui Be Th The this year. particulars : before stated, on Ist July, i The r less, by many hig! of rivai ri to 37.84 rearing the li tion of others ation © by Congress. 1st. ‘Th of revenue, im diserir, or be ne lo w be Le re rt The receipts and expenditures for the fiscal ending the 30th June, 1845, were as follows: Receipts amp Mea' Add balance in Treasury, July 1, 1844. The Expenditures during the year amounted to......, turns. ete eeee . For 2, 84, and 4th quarters, as estimated . Total from custom: From sales of public lands. ..... From miscellaneou¥ and incidental source Total receipts. Add balance in Treasu: Total means, as estimated. . customs for the four quarters. public lands... miscellaneous and estimated balance to be i July, 1846..0...0.. Civil list foreign intercours ‘and miscellaneous Army proper. . Fortificetions, ordn &e. are founded upon data furnished partments, ana are less by $4,108,: of the preceding year, ted in the full conviction that, whenever Congress, guided by an enlightened eeonomy, can diminish the expenditures without in, est, such retrenchment will be made, so as to light- en the burden of taxation, and hasten the extin- guishment of the public debt, October last to $17,075,445 52. _ In suggesting improvements in the revenue laws, the following principles have been adopted :— Chat no more money should be collected than is necessary economically adtuinisered. 2d. That no duty be imposed on any article above the lowest rate which will yield the largest amount eier duty for revenue, ‘at of money into OF THE SECRETARY OF THE TREASURY, ON THE FINANCES OF THE GOVERNMENT. Treasury DeraRTMENT, December 3, 1845. 5 In obedience to the “Act supplementary to the act to establish the Treasury Department” the un- dersigned respectfully submits the following re-/ of duty. Nor should maximum. revenue duties be imposed upon all articles; for this weuld yield too | year | jarge an income, and would prevent all discrimina- | Total receipts... 29.769,183 56 + 7,867,379 64 +++ 37,626,613 20 me fiscal 29,968,206 98 Tetal m Leaving a belance in Treasury, July Ist, 7,658,306 22 As appears in detail by accompanying statement A, the estimated ee and expenditures for the fiscal year ending 30th une, 1846, Recsirts. , are as follows :— From Customs, Ist quarter, by actual re- «+. $ 8,861,982 14 15,688,067 96 + ++84,478,306 22 Exrenpitunys. tual expenditures for arter, ending 38h of her, 1845 were. . . $8,468,002 41 timated expenditures for the other three quarters, from 1st Octobe 846 list, foreign inter. and miscellaneous + 6,789,211 06 2,094,735 06 1,649,791 94 tee + 1,866,566 02 on public debt ‘and ry notes........, 866,976 48 ion of residue of loan seeaee 29,300 00 yrotes outstanding. 687,764 18 x tablishment..... 4,902,845 9: 29,697,061 90 v dedugted trom total means above . Will leave in Treasury on lst Ju- 46, an estimated balance of...... 4,851,254 32 his balance is subjected to be decreased * additional a rf to be expended during the fiscal year ending -h June, 1846, and to be altered by the sums may be presented for Pay J and untunded debt and ol ) estimated receipts, means and expenditures 2 fiseal year commencing Ist July, 1846, and g the 80th June, 1847, are as follows, viz :— al ions as Congress shall ment of the old treasury notes. Receirts. incidental sources —'100,000,00 $25,000,000 00 Treasury seve sere $4,851,254 32 Total estimated moans for fiscal year end- ing 80th Juno, 1847. ++ + $29,851,254 32 Exrexpitunes. imeted expenditure during the same period, viz : The balance of former appro- priations which will be re- uired to be expended in se eee $1,441,457 10 Permanent and indefinite ap- +. 2,997,915 72 ed Total estimated expenditures 25,518,813 25 Which is composed of the ‘following 4$6,926,202 62 3,364,458 92 ing militi 4,331,809 93 Pensions....... 2,607,100 00 Indian department 2 6 18 Naval establishment 6,339,390 88 Interest on public de! 836,844 72 $25,618,813 25 Which, deducted from the total of means 643, «ipts for the firet quarter of this 11,885 90, than the receipts of the same quarter last year. is the progressive diminution of the importation of ily-protected articles, jeomesuc iy ending June 80, 1 c average of duties upon dutiable imports was equal 1-10 per cent.; for the year ending June 30, 1845, 33.86 9-10 per cent ; and for the year ending June 30, 1845, 2990 per cent—showing a great diminution in the average per centage, owing in pat to increased importation of some articles ye ghter duties, and decreased importa- 932,441 07 rear are Among the causes of decrease and the substitution rodusts. For the nine monthe , since the present tariff, the earing the higher duty. The revenue from ad-valorem duues last year exceeded that real- ized trom specific duties, although the average of the ad-vaiorem duties was oply 23 57 per cent, and the average of the specific duties 41 another strong proof that lower duties increase the revenue. Among the causes tending to augment the revenue, are increased emigration, and the annex- f Texas. The estimates for the expenditures of 1846 are based chiefly upon appropriations made \—presenting The estimnted expenditures of 1847 the several de- 65 than those ‘hese estimates are submit- ry to the public inter- reduced on the Ist of for the wants of the government, 8d. ‘Chat, below such rate, discrimination may be made, descending in the scale of duties, or, tor im- ees reasons, the article may be placed in the ist of those free from all duty. 4th. That the maximum revenue duty should be iets on a th. That all minimums, and all specific duties, should be abolished, and ad-valorem duties eubsti tuted in their against fraudulent invoices an and to assess the duty 6th. That the duties operate »s equally as possible throughout the Union, place—care being taken te guard under-valuation, aco the actual market value. uld be 80 imposed as to neither for nor against any class al scale of duties is recommended; « seale would be a refusal to discrimi- ue, and might sink that revenue be- ot the government. Some articles argeat revenue at duties that would tually prohibitory in other cases.— general rule, will bear the highest —buteven some ve; costly luxuries, 4, will bear but a light duty for reve- er articles, of great bulk and weight, There ig no is department the knowledge of thi al tariff ever Saving been enacted the nations of the world. There ination for revenue, or the burden St be augmented, in order to bring » the treasury. Itis » adopt any eT, Maximum, to ible adherence must be demanded in ‘, upon brandy and spirits, a specific ‘an equivalent ad-valorem from 180 yields a large revenue; yet no one $1,648,997 for supplying deficiency of © ge, and also $500,000 oe post aA of xecutive offices, 637,061 90. @re included in the 11,060 for debt assumed for the cities in | lumbia; the sum of $1,000,000 for a in revenues from pos r Cor and Executs he foregoing sum of $6, would propose either of these rates as a maximum. | These duties are too high for revenue, from the en- | couragement they present for smuggling these bane- | | ful luxuries; yet a duty of 20 per cent upon brand: | and spirits would be far belew the revenue stand- ard, would greatly diminish the income on these imports, require increased burdens upon the neces- saries of lite, and would revolt thé moral sense of 163,998 56 | | Bee the whole community. The! uries which will bear a muel nue than 20 that discri n against the poor which receive a reasonable*profit- equal to that realized by | war) since 1793, and less than was re-exported inany | @ very large sum would be received in coin of othe eve y tari, by compelling them to pay a lw those engaged payee and it is thought they one ofthe eight several years. The highest aggregate countries, and espe cially in foreign gold celee ne of the taxes than ifassessed and collected onal roperty | should desire no more, at least through the agency of of any th are 108,813, and the lows which coula fgg 7 y cencnes puesta spot, ne in proportion to ve Tn accordance with these | ronmental power. Equal rights aod press. so far gregate $41,315,705 i nd | our om _— a ged s wiser. ie snoae principles, it is believed ti largest practicable por- jaws are made, best conform to the pri upon 1796. Before 1920, th also o' = forel My roug! hs = eg tion of the aggregate revenue should be rai by maxi- | which the constitution was founded, and with aa unde- | ia this particular from di ods ; but since that | the city ef New Yor! Hh, . way consideral ie - ane mum revenue duties upon luxuries, whether grown, | viating regard to which allits functions should be e: date, the returns show the following result: Daring the | portion of which wou! a 4 = = ie . rancl produced, or mi it home or abroad. | cised—lool ing to the whole country, and not to class three years since the tariff of I! the value of duti- | of the mint for yy oe ga @ foreign gold coins An appeal he ‘0 the poor by th of | or nections. able imports re-exported was $12,590,811—being less | do not, and it is feared | will nok circulate generally rotection, on the ground that it augments th of | Soil, climate, and other ci ary very much, in dif than in any one of preceding since 1320, the | as a currency, _notw: adinng ey are made a re are many other lux- h higher duty tor reve- tion within the revenue standard, and require neces- saries to be taxed as high as luxuries. But whilst $27,628,112 70 | it is impossible to adopt any horizontal scale of du- 2,077,022 30 | ties, or even any arbitrary maximum proves that, as a general rule, a duty of ad valorem will yield the largest revenue. experience 20 per cent. There are, however, a few exceptions above, as well as many below, this staderd. est revenue duty on most h cent, there are many cost! and e Thus, whilst the low- luxuries exceeds 20 per articles, of small bulk ily snuggled, which would bring, perhaps, no revenue at a duty as high as 20 per eent, and, even at the present rate o yield, in most cases, a small iron, sugar cad molasses, art weight, yielded lust year six 7% per cent, they will _revenue; whilst coal, ticles of great bulk and millions of revenue,at an average rate of duty exceeding 60 per cent ad valorem. These duties are far too high for revenue upon all thee articles, and o1 the revenue standard; but if tain the largest revenue from ught to be reduced to ongress desire to ob- daties on these articles those duties, at the lowest rate for revenue, woul exceed 20 per cent ad valorem. ‘There are appended to thi with great care and labor, sh: report tables, prepared atgs the rates Sh duty each year, on each of these four articles, and the equivalent ad-valorem, from the organization of the government down to the present period, with the revenue collected every year upon each; from which tables, Congress will be enabled to judge how far the present rates exceed the lowest revenue duties, and how mueh they must be reduced, so as to yield @ revenue equal to that now obtained from these articles. It is believed that sufficient means can be obtain- ed, at the lowest revenue duties, on the articles now subjected to duty; but if Congress desire a larger revenue, it should be procure by taxing the tree articles, rather than transcend, in any case, the lowest revenue duties. Itia without exceedi: revenue will still be tion to the free list of thought, however, that, the limit in any case, an adequate roduced, and permit the addi- | salt and guano. annual messages, Mr. Jeflerson recommended to Congress ‘‘the suppression of the duties upon salt.” A large portion of this duty expenses of measuring salt for fishing bounties aud allowances in is exhausted in heavy and in large sums paid lieu of the drawback of the duty, both which expenditures would tall with a repeal of the duty—which repeal, therefore, can cause no considerable reduction of Salt is a necessary of life, and should the revenue. \ be as free from tax as air o: r water. It is used in large quantities by the farmer and planter; and to the poor, this tax operates most _oppressively, not only in the use of the article itself, but as combined with salted provisions. The salt made abroad by solar evaporation is also most pure and wholesome, and, as conservative of health, should be exempt trom taxation. The duty on cotton bagging i per cent ad valorem on the 123.11 per cent on the gunny bag; and 8 equivalent to 55.20 otch bagging, and to et the whole revenue from these duties has fallen to $66,064 50. Nearly the enti! this enormous tax makes venue, but enures to the ben ufacturers. re amount, therefore, of no additton to the re- efit of about thirty man- As five-sixths of the cotton crop is ex- ported abroad, the same proportion of the bagging al around the b le is exported, and sold abroad at a heavy loss, growing out of a deduction for tare. Now, as duties are designed to operate only on the domestic consumption, the: back of the whole duty on ported around the bale, on which drawbacks are allow cotton the suffers from the tariff in the suiner and exporter. lanting is the great exporting interest re ought to be a draw- cotton bagging re-ex- the same principles on ed in other cases. The and i double capacity of. con- Cotton is the great basis of our foreign exchange, furnishing most of the means to purchase imports and su; thus the source of two thit pply the revenue. It i aie of the revenue, ‘and ot our foreign freight and commerce, upholding our commercial marine and maritime power. It is also a bond of peace with foreign nations, constituting a stronger preventive of war than armies or navies, torts or armaments. cro will yield an annual product of At present prices, our cotton 2,000,000, and the manufactured fabric $504,000,000, furnish- ing profits abroad to thousands of capitalists, and wages to hundreds of thousands of the working classes—all of whom would be deeply injured by any disturbance, growing out of a state of war, to the direct and adequate supply of the raw material. If our manufacturers consume 400,000 bales, it would cost them $12,000,000, whilst selling the manufactured fabric for $84,000,000 ; should be the last to unite in _imposin and they heavy taxes upon that great interest which supplies them with the raw material out of which ¢ realize such im- he mense profits. Accompanying * drawback of the duty on cotton bagging should be the repeal of the duty on foreign cotton, which is inoperative and delusive, and not desired by the domestic pro- ducer. ‘The condition of our foreign relations, it is said, should suspend the reduction of the tariff. No Ame- rican patriot can desire to arrest our onward career in peace and prosperity ; but if, unhappily, such | should be the result, it wou! uecessily tor reducing our Id create an increased present high duties, in order to obtain suffieient revenue to meet increased expenditures. The duties 30th September, 1844, yielde: revenue than the quarter en for the quarter ending d $2,011,885 90 more of 30th September, 1845—showing a very considerable decline of the revenue,, growing out of a diminished importation of the highly protected artic stitution ot their domestic r these duties are becoming d the purpose of prohibition, a ultimately compel their advo: taxation to support the overnment. les and progressive sub- ivals, ead letters, except for nd, if not reduced, will cates to resort to direct In the event of war, nearly all the high duties would become pro- hibitory, from the increased risk and cos: of impor- tations; and if there be, indeed, in the opinion of any, @ serious danger of su ich an occurrence, it ap- fc most strongly to their patriotism to impose the lowest revenue duties on all articies, as the only means of securing, at such a period, any considera- ble income from the taritf. ‘The whole power to collect taxes, whether direct er indirect, is conferred by constitution. The words the same clause of the are: ‘The Congress shall have power to lay and collect taxes, duties, imposts, and excises.” A di irect tax or excise, not for revenue, but for protection, clearly would not be within the legitimate object would be as much so as a d lar purpose. The power is es, duties, imposts, and exc! of taxation ; and yet it uty imposed for a simi- “to lay and collect tax- ises.” A duty must be laid only that it may be collected ; and, if it is so imposed that it cannot be eollected, in whole or in part, it violates the declared power. object of the granted To lay all duties so high that none of them could be collected, would be a prohibsitory taritfi— To lay a duty on any one article so high that it could not be collected, would be a prohibitory tariff upon that article. Ifa duty of 100 per cent was imposed upon all or upon a number of articles, so as to duni- n all or prohibiti nish the revenue u Operate as a parti any of them, it would ion. A partial and a to- tal prohibition are alike in violation of the true ob- ject of the taxing power. frees and not in principle. They only ditter in de- Jf the revenue limit may exceeded one per cent, it may be exceeded one hundred. ticle, it may be exceeded on cape from this conclusion, Congress may lay duties on It. it may be exceeded upon any one ar- all; and there is no es- but in contending that all articles 8o high as to collect no revenue, and operate as a total prohibi- tion. a bili to “1 t is Proportion to property. raised by a tax upon property, those who live by the wag domestic articles enhanced in is conceded, can only ori i House, because it is a bill for raising reve: That is the only proper object of such a rT ed just that taxation, whet rect or indirect, should be as nearl; oti If the whole re of labor, very small portion of such tax ; reas, by tl the poor, by the consumption of various impo: e. A tariff tariff, {tis beligved that ould be imposed upon as pl the poor, and especially juld pay ene 8 price by the dut paya by a larger share of the taxes than ifthey were collec- 'y an assessment in ract, na far as Possible, a ‘ould not be the roportion to property. To this effect of the tariff—to ite sreene, and make it approximate as near- be to@ system of texes in proportion to pro- luxuries, used almost exclusive- be fixed at the highest revenue discriminating in favor of oor, however just that mi t| Mant | DUCK would oti cuiget be, within the reve ) @8 far as practicab! In one of his | Indeed, many of | W per cent.; and the only true maximum | h 18 that which experience demonstrates will bring, | in each case, the largest revenue at the lowest rate | | | labor. Rinented In reply, it is contonded that the wages of cee the tariff of 1942, and that in they have diminished. Where the number of manufactories is not reat, the | power of the system to regulate the wages of labor is | ineonsiderable; but as the profit of capital invested in manufactures is augmented by the protective tariff, there 1s acorresponding increase of power, until the control of such capital over the wages of labor becomes irresistible. As this power is exercised from time to time, we find it resisted by combinations among the working cla ernment, b its wi —by turning out for gher wages, or for shorter time; by tradea-union; and in some countries, unfortunately, by violence and bloodshed. But the gov- 7 cee duties, arrays itself on the side of the manufacturing system, and, Ith and power, soon ‘terminates iu its favor the y thue augmenting struggle between man and money—between eapital and labor.g, When the tariff of 1842 was enacted, the maxi- mum duty was 20 percent By that aot, the average of duties on the protested articles was more than doubled. But the wages of labor did net increase in a gorrespond- ing ratio, of in any ratio whatevor whilst wages in some cases hai On the contrary, diminished, the prices of many articles used by the working classes have greatly appreciated. A protective tariff is a question regarding the en- hancement of the profits of capital. That iv its o pects and net to augment the wages of lebor, which would re- duce those profits. It is a qu ion of per centage, and is te decide whether money vested in our manufactures shall,’ y special legislation, yield a profit of ten, twenty, or thiry, per cent, or whether it shall remain satisfied with a dividend equal to that accruing from the same capital, when invested in agriculture, commerce, or na- vigation. ‘he present tariffs unjust and unequal, as well in its details as in the prise pes upon which it is founded. On some articles, the duti on othors there is @ pai es are entirely probibitory, and tial prohibition. it discriminates in favor of manufactures, and against agrica itury. by im- posing nan higher duties upon the manigc “:1red fabric than upon the agricultural product out oz which itis againat the mechi in favor of the manufsoturer, and ic, by many higher dutios upon the manufacture, than upon the article mide ont of itby the mechanic. rer, and 9g upon trade ing and n ever: discrimine: the mer: commeree igatin, ries of interest, by heavy article used in build.ng or navigating ves-ela, favor of manufactures, an ruly the product of American indus It discriminates in favor of the poor, by high duties upon nearly ife, and by minimums and specific ing the tax the real value much higher on the cheaper than upon the finer article. It discriminates in favor of the manufactu- ant, by injurious restrictions and against the ship build- di on almost It against ex- Minimums area fictitlous value assumed by law, in- stead of the r mums may be illustrated by a single fof 1842, a duty of levied on all manufactures of cotton ; but the law fur- that cotton goods ‘not dyed, colored, ot exceeding in value twenty cents by the rt ther provi printed or per square ld if, then, the is but four cents a square yard, it is placed value, and the operation of all mini. ample. Thus, ad valorem is per cent lued at twenty cents per real value of the choapest by the law atthe false value of twenty cents per square ard, and the duty | don the fictitious value ing it five times higher ontho cheap article consum by the poor, than upon the fine ar more wealthy. Indeed, b: the Ist session of the 28th the 35 per cent minimum, 84 per cent on the 60-pe per cent. on the 75-per-cent m: cent minimum, and 84 purchased by the i@ document No. 306, of Hi y Congress, this difference, by actual importation, was 65 per cent between the chesp- er and the finerarticle of the 20-per cent. minimum, 131 percent onthe 30-per-cent minimum, 48} per cent on nimum. ‘This difference is founded on actual importa- tion, and shows an average discrimination against the poor on cotton importa of 82 percent beyond what the tax would be if assessed upon the a operation of the specific duty presents ainst the poor and in favor of the rich. ‘Thus, isnot upon the value, but it is nation of: upon salt, the dut al value. The imilar discrimi- eight cents a bushel, whether the article be coarse or fine— cheap, and in reater or le: When we consider that same document, to a ta: mums and specific dutie thus the duties on the cheap owing, by the same document, from actual importation, a discrimination of 64 p ‘or of the finer articl xtent, ix the effect of all specific duties $2,892,621 74 of tho revenue last year was collected by minimum duties, and | 46 by specific duties, the discrimi cheaper article must amount, by esti cent against the and this, to a on agi y would be if the duty were assessed upon the actual value. If direct taxes were made spe- cific, they weuld be intolerable. if an annual tax of thirty’ dollars wi respect to their actual humble tenement or and the owner of the dollars on their respect a maximum The tax upon th only be accom) fraudulent inv essed on all houses, without dard, above which duty on the finer articies should be higher, ai which they should be lower on the cheaper ual value is the most eq’ ished by ad valorem duti ices aud under val are believed to be arrested effectually provisions and severe penalty of the 17th se Jue, making the owner of the tax of thirty dollars, jon a tax of but thirty it would differ only in le, from the same unvarying on fine articles. If it should be the minimum princip! tion, these dangers by the stringent ‘ion of the tariff of 1842; and now one half the revenue is ccllected from ad vaiorem duties. At least two t sent tariff are pai: tected classes, irds of the taxes not into the tres ‘The revenue from imports last yeur ex- imposed by the pre- jury, but to the pro- ceeded twenty-seven millions of dollars. ‘This, in itsell, is a heavy tax; but the whole tax imposed upon the peo- ple by th ions of ¢ prevent tarif, is not leas than eigh dollars, of which twenty-seven mil oe mil- lions are paid to the government upon the imports, and fifty-four | millions to the protected classes, in enhanced prices of | similar domestic art! This estimate i: tic rival. based upon the position that the duty | is added to thts price of the import, and also of its domes- If the import is enhanced in price by the duty, | so must be the domestic rival; for, being like articles, | their price must be the same in the same market. ‘The merchant advances in cash the duty on the import, and adds the duty, with a profit upenit, and other charges to the price~which must, therefore, be enhanced to | that extent, nnless the foreign producer had first deduct- ed the duty from the pric | tainly be doomed j chunge. ble ferent countries; the pursuits which are most profit in each, and the prosperity of all of them vill b promoted by leaving them, unrestricted by legislation, to exchange with eachother those fabrics and products which they soverally raise most cheaply. ‘This is cl ly illustrated by the perfect free trade which among all the of the Union, aud by the acano ledged fact that auy one of these States would be i jured by imposing duties upon the products ot the | others. ‘It is generally conceded that reciprocal freo trade among. nations would best advance tho inte- | of all. But it iscontended that we must meet the tariffs of other nations by countervailing restrictions. That duties upon our exports by foreign nations are prejudicial to us, is conceded; but whilst this in. | jury is slightly felt ‘by the m.nulacturers, its weight tall@@lmest exclusively upon agriculture, co and nafigation. If those interests which sus! the loss do not ask countervailing restrictions, it should | not be demanded by the manufacturers, who do not feel the injary, and whose fabrics, in fact, are not excluded | by the foreign legislation of whieh they complain. That agriculture, commerce, and navigation are injured hy foreign restrictions, constitutes no reason why they should be subjected to still severer treatment, by addi- tional restrictions and countervailing tariffs enacted at home. Commerce, agriculture, and navigation, harrass- edasthey may be by foreign restrictions, dimintshin, the amount of exchangeable products which they coul ise purchase abroad, are burdened with heavier impositions at home. Nor will augmented duties here Jead to a reduction of foreign tariff; but the reverse, by furnishing the protected classes there with the identical argument used by the protected classes here against re- duction. By countervailing restrictions, we injure our own fellow citizens much more than the foreign nation at whom we purpose to aim their force; and, in the con: | flict of opposing tariffs, wo sacrifice our own cemmerce, agriculture, and navigation. As well might we impose | monarchical or aristocratic restrictions on our govern- ment or people, because that is the course of foreign le- gislation, Let our commerce be as free as our political institutions. Let us, with revenue duties only, open our | ports to all the world, and nation after nation will soon | follow our example. ‘If we reduce our tariff, the party opposed to the corn laws of England would soon pra- vail, and admit all our agricultural products at all times freely into her ports, in exchange for her exports. And if Engisnd would now repeal her duties upon our wheat, flour, Indian corn, and other agricultural products, our own would cer- the ques- restrictive system to overthrow. If tion is asked, Who shall begin this work of reciprocal reduction? it is answered by the fact, that England has already abated her duties upon most of our exports. She has repealed the duty upen cotton, and greatly reduced the tariff upon our bread- stuffs, provisions, and other articles—and her present bad harvest, accompanied by a reduction of our tariff, would lead to the repeal of her corn laws, and the unrestricted admission, at all times, of our agricultural products. The manutacturing interest opposes reciprocal free trade with foreign nations. It opposed the Zoll-Verein treaty—and it red that no other troaty producing a reciprocal reduction of our own and foreign tariffe wil receive its support. If that interest preferred a recipro- } cal exchunge of our own for foreign fabrics at revenue duties, it would not have desired a tariff operating, without exception, against all nations that adopted low, as well as high tariffs ; nor would it have opposed every amendment proposing, when the tariff of 1842 was under consideration, a reduction of our duties upon the ex- ports of such nations as would receive, free of duty, our flour and other agricultural products. If that in- terest desired reciprocal free trade with other nations, it would have desired a very different tariff from that of 1842. It would have sought te confine the high duties to those cases where the foreign importer would sell his imports for cash only ; and admitted a drawback | of one half of the duty where American exports would | be taken abroad in exchange—not an actual barter of foreign imports for an equal amount in value of our pro- ducts, but without any barter, where a sum equal to the value of their exports was used in purchasing here an equal amount in value of any of our products ; and the shipment made abroad of these products, upon the same vinciple under which a drawback of dut is now al- lowed on the re-exportation of foreign imports. would be less simple, and is not recommended i that absolute reduction of the duties, which plish the same object of unrestricted exchange. But such a provision would bea sell-executing reciprocity law, amt should be desired by those believing in coun- t foreign nations, but in recipro- —thus enabling our farmers and roducts for cheaper foreign maau- factures, getting more for what they sell, and paying less for’ What they purchase in exchange. It seems strange, that while the profit of agriculture varies from 1 to 8 per cent, that of manufacture double. The reason is, that whilst the high duties se- cure nearly a monopoly of the home market to the man- ufacturer, the farmer and planter are deprived to a great extent of the foreign market by tht ‘The far- mer and planter are, to a great extent, forbic in the foreign market, cles enhanced in pri ch planters to sell their a double benefit to the man to the farmer and planter- nei benefit to the former, in 1 the home market, and in on- ly a monopoly ft d_prices of their fabrics; and a loss to the lat ter, in the payment of thoso high prices, and in tot or ‘partial n from the foreign market. true question whether the farmer and planter shall, to a great extent, supply our people with chea| manufactures, broad with their agricultural hall Se forbidden aud their supply onopoly, at large prices, by high tarilfs, into the hands of our own manufacturers. The nuniber of manufacturing capitalists who derive the benefit from the heavy taxes extracted by the tariff trom twenty mil- lions of people, does not exceed ten thousand. The whole number (including the working classes engaged in our manui does not exceed have been brought into this pursuit by the la But this small number of 40,000 would still hav the country, consuming our agricultural produ in the attempt to secure them as purc umber, aud not consuming one-half the sup counties, the farmer and planter are asked to sacrifice the markets of the world, containing a population cf | eight hundred millions, disabled from pure! products by our high duties on all they would sell 1a es. ‘The farmer and planter would have the home market without a tariff; and they would have the foreig., | market also to a much greuter extent, but tor the totai ur ures) deriving any benefit from the taviff, 000, of whom not more than 40,000 | taruf. But this is impossible; for such now is, and long has been, the superabundance of capital and active competition in Europe, that profit of six per cent in any business is sufficie: to produce large investments of money in that business; andit, by | our tariff, a duty of forty per cent be exacted on the pro- ducts of puch usiness, and the foreign producer de- ducts that duty from his previous price, he must sustain a heavy loss. "This loss would also soon extend beyond the sales for our consumption to sales to our merchants of articles, to be. re-exported by them from our ports | with a drawback of duty, which would bring down their price throughout the markets of the world. But this, the foreign producer cannot afford. The duty, therefore posed by our must be added to the price, and by the consumer— of the price, as the when a duty of forty per cent is im- if, the foreign producer first deducts the duty from the previous price on the sale to our mor- chant, it must be equally true with a duty of one hun. dred percent, which is exactly equal to the previous price, and when deducted, would reduce the price to nothing. The occasional fall in price of some articles after « tariff, is no proof that this was the effect of the tarit; because, from improved m of the raw material, or other would it c much more but for the tariff. ‘The truest compa after a tariff. but the: hinery, diminished prices may fall even es hav between the present price of the same article at home and abroad; and to the the foreign mark that differe and in the rence in price equal to the di sents, in a series of yeni fect of the duty req’ tent that the price is lower in than in our own, the duty, must to that extent enhance the ime ratio with the lower duty. home and abroad is generally about rence in the cost of production, and pre- he snrest measure of the e: the enkancement in price being equal difference, if the duty be higher than that aiffe- to it, or if the duty be Jower, then the en- | if equal to price, ditte’ ‘The hancement is equal to the duty; and if the article is pro- duced, like cotton, more cheaply here than abroad, the duty is, thet, of foreign extent; and sims inoperative. The great argument for the tariff ign labor being cheaper than our own, the roduction, it is said, is lessened to that wo must make up this difference by an equivalent duty, and a corresponding : price, in our own market, both of the foreign article and | enhancement of | of ite rival domestic product—thus rendering the duty a tax on all consumers, for the benefit of the protected classes. Ifthe Marshal were sent by the federal overn- ment to collect a direct tax upon the whole people, to be paid over to manufacturing capitalists, to enable them to sustain their business, or realize a larger profit, it would same in effect the protective duty, which, when be th tenia in its simplest elements, and reduced to actual results,is @ mere substraction of so much money from people, to the classes. institutions, and, the name of protection, ted here not by rank or vidends, extracted from felt by the Secretary of the Tre: His opposition is to tem, and not to classes or individuals. Leona 89 pe! beneficial also to the country He Tectartsins trary opinion, and claims for the oppo: tem a settled conviction of ite injuriou facturers. that the manufacturers are system, which is @ source a due r forbids discrimination in by duties above the lowest re: increase the revenues of the protected | egislation for classes is against the doctrine of equal rights, and repugnant to t! it is approhi come. but another form’ tor peal spirit of our free by en may be- ivileged orders, under instead of privilege—indica- title, but by profits and di. rd to the just and equal rights of all cli many, by taxes upon few. 'No prejudice is ury against manu- Protective, sy». He dot ubts not suaded that the He entertains of effects. W! ‘or of the manufacturers, enue limit, no disposition is felt to discgiminate egainst them by ‘reducing such duties us operate in Under revenue duties, eir favor below that standard. is deli jeved, they would | products, partal prohibition of the last tariff. Woe have more tertule lands than any other nation, cay | raise a greater variety of products, and, it may be sui could feed and clothe the people of nearly wil the Wo home mathet, of itself io wholiy inadequate for eacu ‘They must have the foreign market, ora saige surplus, aocompanied by great depression in price, must be the result. The States of Ohio, Indiana, and Illinois, it cultivated to their fullest extent, could, of themselves, raise more than sufficient food to supply tae entire home market. Missouri or Kentucky could more than supply it with hemp ; already the State of Mississippi raises more cotton than is sufficient for all the home market ; Louisiana is rapidly approaching the, same point as to sugar ; and there are lands enough adapted to that pro- duct in Louisiana, Texas, and Florida, t> supply with sugar and molasses nearly all the markets of the world. If Cotton is depressed in price by the tariff, the conse- quence must be a comparative diminution of the product. und the raising in its place, to a great extent, hemp, wheat, corn, stock, and provisions, which otherwit would be supplied by the teeming produots of the West. The growing West, ina series of years, must bo the greatest sufferers by the t in depriving them of the foreign market, and of that of the cotton growing States. We demand, in fact, for our agricultural products, specie trow nearly ail the world, by heavy taxes upon all the manufactures; and their purchases from us must thero- fore be limited, as well as their sales to us enhanced jo Such a demand for specie, which we know in ad- ot be complied with, 15 nearly equivalent toa cluding most of our agricultural preducts from gu markets, Such ia the rigor of our restric- tions, that nothing short of afamine opens freely tl ports of Europe tor our breadstufts. Agriculture is our chief employment; it is b dapted to our situation, and, if not depressed by the tariff, would be the mest pro: fitable. We can raise a Jarger surplus of agricultural products,and a greater variety, than almost any other na- tion, and'at cheaper rates. Remove, then, from agricul ture all our restrictions, and, by its own unfettered pow- er, it wil] break down all foreign restrictions; and, our own being removed, would feed the hungry and clothe the poor of our fellow men. througaout all the dens peopled nations of the world. But now we will nothing in exchange f cept at very high duties vn all foreign restrictions, and opens for a time the urope to our breadstuffs. [f, on @ reduction of , England repeals her corn laws, nearly all just follow her example, or give to her mant jacturers advant which cannot be succes: 4 @ riff did not raise the price of our brea harvest in England does—giving us for reign market which we would soon have at all times, by that repeal of the corr laws which must follow duction of our duties. But whilst brea a bad harvest in England, cotton almost invariably falls; because the increased sum which, in that event, England mast pay for our breadstuffe, we will take, not in manu- | she brings down, even to a gerd extent, the price o! ourcotton. Henee the result, that a bad harvest in En- gland reduces the aggregate price of our exports, often turns the exchanges against us, carrying our specio abroad, and inflicting a serious blow on our prosperity. Foreign nations cannot for a series of years import more than they export; and, if we close our markets against their imports by high duties, they must buy less of our exports, or give a lower price, or both. Prior to the 30th of June, 1842, a credit was gi for the payment of duties; since which date, they have been Collected in cash. Before the cash duties and the tariff of 1842, our trade in foreign imports re-exported abroad afforded large and profitable employment to our mer- chgnts,and freight to our commercial marine,both for the inward and outward voyage; but since the last tariff,this trade is beiag lost to the country, as is proved by the tables hereto annexed. The total amount of foreign im- ports re-exported during the three years since the last tariff, both of free and dutiable goods, is $33,384,394—Dbe- ing far less than in any three years (except during the factures, but only in specie ; and, not haviug it to spare, | th nder by law. ' The rate at which these coins are fixed 3. Es law 18 not familiar to the people; the denomination ding the high | of such coin is inconvenient; the parts into which it uw tariff of fas | divided are not decimals, the rates at whioh it is $94,796,241; succeeding that tariff taken vary in differont parts of the Union. It is incon $66,784,192 showing @ loss of $28,020 49 of our trade | venient in the way of ready transfer in counting; it is in foreign exports after the tariff of 1323. The great | more difficult, in eommon use, to distinguish the geuuine dimtantion ‘of this most valuable branch of commerce | from the counterfeit foreign coin; and the stamp upon it has been the gombined result of cash duti the | is not familiar to the people—from all which causes, a high tariff of 1842. If the cash duties are foreign gold coin does not, and will not, circulate gone- is beli:ved they should be, the only sure relly acurrency among the people. In many ef the storing this trade is the adoption of the wa shousing s banks, nearly the whole of their specie is kept in every tem, by which the foreign imports may be kept in store | variety of foreign gold eoin; and when it is tendered by by the goverument until they are requir d for re-expor- | them.in payment of their notes, the great body of the hat date be- | ter 2 be- | b ing $14,915,444, re the ca dut ece! e-exported wi a tation anroal, or consumption at home—in which latter people, not being familiar with these coins, do not re- coating: ney. and at the time when for that Lay them; Bigs Pacard oily id of a gold Cm a 0 for consumption, t! | , toe extent, ated. a pesniontes RaseReet -s ‘but only Poot gpenthond our mint, or branch mints, into -expor ed, they pay no dut Mee tunttaee Under tie resent tem, the | thi alfeagle, and quarter-cagle, wo i jorts of th ue of | should speedily have a large supply of American He must now the advat for the | gold coin, and it would wary seat Ls par into one 5 ‘any cases, | mon use as a currency, and thus give to it greater s farther sdvande in cbse ini saay | bility andl Greater aesurity to ail the busine rable amount of foreign gold goin out year, under the directions of this departme old coin; but the process would be mush more rapid if aided by the organization of the constitutional treasury, and the ment of a branch of the mint at the great com- t marron eat $190,000 oods, mak of $90'090 for tne duties. ‘smsli amount of goods will oe imported for drawbacks; ant (hs higher the duty, the larger must be the advance an‘ tna smaller the imports for re-exportation. Tas imports before payment of duties, under the same i transit to Ca- regulations now applied to our imports in to ware- | establish pr has, daring the been converted into American nada, may be n from warehouse n + = Bi lakes,.and to Pittsburg, reial emporium of the Unioa. With the mint and Ginclonelh ar pear erg Se ns Ld branch mints as depositories, the sum remaining in the reece reovivers of public moneys, whether of would be inconsiderable, and the gov- readily protected from all losses of uate bonds, and the power, by law, sh as criminals ali who embezzle the under such a system, that no defaults would take place, and that the public moneys would be d in gold and silver. This gov- near the seaboard assorted cargoes of goods, to be re- safely ke isbursed in gol exported with our own, to supply the’markets of the | ernme onstitution, the guardian of a | sp be coined, world. It will cheapen prices to the consumer, by de- | specie currency. That currency can only 5 ducting iia ialeret Find proat that are now charged | and its value regulsted, by this Government. It is one a by an cfii- on theadvance rate of duty, building up the marts of | of its first duties to supply such currency, by e our own commerce, and giving profitable employment | cient mint, an: eral Dy partiata yl ovtaaeet to our own commercial marine ue wall eresy, Rees | Rell vee os atv setts be pe ead ar y ii rts, to; ir wil | + Gur ‘ouports’ ‘cad ie respect{ully recom 0 Con: | lispenses with its use, and expels it from circulation, oF gress as an important part of the whole system now | drives it out of the co intry, b foneeene! = paper ot proposed for their consideration. | banks in all the transactions cA a vernment. ea he act of the 3d of March last, allowing a drawback | There is nothing which will w iierralieh pees A on foreign imports exported from certain ports to Cana- | prosperity of the country as an Suagliny pba fll da, and also to Sauta Fe and Chihuahua, in Mexico, has | # eal report at deine gone, to some extent, into effect ander Fogalations pre- | nd ee veanie. It is « ourrency trade inthe supply of fo: exports to Canada from | contract beyon legitimate try 5 our own ports. Piwlesd this law ust soon give to us | it will lead to no extravagant syecnintions Cae ee the whole of this valuable trade during the long period | to be follo cartala'd 9 ieee rateec terrae: when the St. Lawrence is closed by ice, anda large pro- | will labor ‘obbe: ie Reged carr soo Portion of it at all seasons, Tho rewult would be still | tion of suoh currency. There i no danger taut ne nat more beneficial if,Canada were allowed to carry all her | have too much gold or ee Re eereren rey exports to foreigi nations in transitu through our own - seek Bere: couctey (“4 railroads, rivers, and cal to be shipped from our own ut nen the out ports. Sucha system, whilst it would secure to us this ion of batt of ‘gold valuable trade,would greatly enlarge the business on our , rivers, lakes, railroads and canals, as well as augment and 8i Even their most ardent advocates must our commerce; and would soon lead to the purchate, by | admit that banks are subject to periodical expansions and Canada, not only of our foreign exports, but also in contractions, and that evil would be increased by many cases, of our domestic products and fabrics, to giving them the funds of the Government to loan, complete an assortment. In this manner, our commer. by receiving and ursing nothing but their paper. cial relations with Canada would become more intimate, is beli —and | hands oi other | lands or customs, remaining unpaid until the go warehouse, and out of tho original pack ports, for consumption, thus carrying our foreign com- merce into the interior, with all the advantage of aug- | mented business and cheaper supplies throughout the country. It will introduce into our large ports on or a pun B a diminution of the oireu betitution in its plac d that the permanent interest of every I be | class of the people will b by the - and more and more, of her trade, every year, would be a tne of the constitutional treasury, and that the Connected with this department and the finances, is | manufacturers especially will great bene! It re them to a great extent a; and caitrantens the question of the sales of the public lands. ‘The pro- | ‘rom its adoption. will give stability to all — ceeds of these sales, it 18 believed, should continue to | operations, and i , the constitute a portion of the revenue, ‘diminishing to that those fluctuations, expandions extent tho amount required to be raised by the tariff.— | currency, 60 prejudicial to The net proceeds of these sales paid into the treasury | during the last fiscal year, was $2,077,022 30 ; and from the first sales in 1787 up to the 30th of December last, was $118,607,3% 91. ‘The average annual sales ha been much less than two millions of acres, yet the gregate net proceeds of the sales in 1834, 1835, 1935, 1837, was $51,268,617 82. Those large sales were almost | exclusively for speculation viated, at all times, by confining the sal | cultivators in limited quantities, suiticient for farms or plantations. The price at which the public lands should be sold is an important question to the whole country, but especially to the people of the now States, living mostly remote from the seaboard, and who have scarcely felt the presence of the Government ia local expendi- tures, but chiefly inthe exhaustion of their means for | urchases of public lands aud for customs. The public | Tands are not of the sane gee yet they are See | one unvarying price, which is far above the value of a large enae these lands. The quantity now subject wants of the countsy, by " to entry at the minimum price of $1 25 per acre, is | ruinous contraction; and the labor and industry of years 133,307,457 acres, and 109,035,345 in addition, to which | 1re required to repair the mi: ree ee mera the Indian title has been extiuguished—being an aggre- | the tariffandthe currency, i praae 16 mrt u gate of 242,342,902 acres, and requiring a century and a should most desire. Let th pe Ape! fp omeerepe wd quarter to complete the sales at the rate they have pro- ¢d, by a return to reasonable and moderate re ressed heretofore——without including any of the unsold | ‘ies—which, even when imposed truly and in good faith finds of Texas or Oregon, or of the ait gia besides, | for that Parone, will yield sufficient advantage to afford i of the vast region besides, | Tot Conable progia; and let this permanent system (and Teac te snipers isa vast cod eanusily increasing | Wone other cau be permanent) be established, and accom- surplus of public lands, very little of which will be d by a stable currendy —and the ma.uiacturer, in a i i is i of years, will de greatest benefits trom the sold within any reasonable period at the present price, sear year Sele md Ceteediproer arr | tatio } bai er, will be greatly diminish~ ie currency guards the ma- ions from abroad, and from those nufacturer agi it protects hi ‘The tariff, if followed, as in the | absence of adequate checks it inly soon will be, by an inflated currency, whils ances thi ses of manufacturing at home, will speedily and certain- ly raise prices up to the whole amount of the duty, so as | vo repeal the operation of that duty in favor ofthe manu- jacturer, and enable the foreign importer again to flood the market, at the enhanced prices arising irom an infla- ted currency. But soon the revulsion comes, and all are overwhelmed ina common ruin. The currency ia ii t hich the public inte: would be Teaco pe ais ayarte augmented, by reducing is a unedaat and bald Fue aye prere Peerage i ‘i and too clearly in conflict wil gee ear giles ef epee ee ciples of the Jonstitution. If the manufucturer thinks lands in favor of settlers and cultivators, would en- hance the wages of labor. It is an argument urged | that this system can be permanent, let him look to the i iff, that we ought to protect our la- | coustant changes which have attended all attempts to Toe nln oe ae i led the pdt TAB of Europe. | establish and continue a protective tarift. The first taritt de t enh wages of labor, | Was based in part upon the principie of very moderate perry are ‘at low prices aml in limited | protection to Bomestc manuiaotures; and the result hes this obj Itivat id accomplish | Ceen, es appears by the table hereto annexed, that the tenes *y Se ive Be the. aa or Inver, | tari’ has been changed aud modified thirty times since that period—being more than once, on an a. erage, could purchase $20 acres of land tor $30, for $40, or D , 80 for $20, or 40 acre lots for $10, the power of thy manu- | for every Congress since the government was founded ; facturing Capitalist in reducing the wages of labor would | and one berets Sea eperns cate Seren chien be ini 4 nnual changes, 0 ro! a be greatly diminished; becauss, when t Se ene coat hayes bees aaa thus reduced in price, those wuo live by ow rates, and cultivate i and sixteen special. From 1916 onward, t changes have been most frequent; and it is vaiu to ex- pect permanency from anything but a revenue tariff. — Stability is what the manufacturer should desire, and especially that that question should be taken out of the arena of pelitics, by # just and permanent settlement. A great number of tables, illustrative of the effects \f the tari, compiled from official documents, accom- pany this report. Some of these tables exhivit the operation of each of our tariffs, from the organiza- tion of the government to the present period. Ip order toenable the Secretary to comply witn the di- rections of the acts of Congress, requiciug him in his annual report to suggest tees for improving or in- | creasing the reveauas,” aud to give ‘information to Congress in adopting modes of raising” the reveaue, two ci@vulars were issued, published, aua generaily distribu- propounding various questions connected with this subject, and requesting re; Some auswers have been received, from friends us well as opponents, of the tariff’; but the Secretary regrets that the manufacturers, with very few exceptions, have declined answering these que: r communicating any intormation us regards their profits and surplus, or in relation to’ the wages oflabor, An abstract of all tha med useful in these replies, togeti ith a copy of both the circu: lara, d The coast been extended chussetts, and southward nearly to the div: Maryland and Virginia, on the Une: centres of operation have been op tion of this department, in North ©: Gulf of Mexico, from which the work may be spread un- til the parts unite. important positions for forts, navy- bor could purchuse {arms at the: the soil for th ives and familes, instead of working lay in the manufactories. Re- laborer must pay for the public Within his pow- ly in the public cultivators, in lim- of millions of as homes for the poor and op- uy reduce the taxes, by reducing the tariff, aud 1g down the prices which the poor are thus com- pelicd w yay for all the necessaries and comforts of life “aut avie Will be dune tor the benefit ot American la. sur, (aaa if milons were added to the profits of manulac- U tug capital by the enactment of a protective cari. ‘ue secretary of the Treasury, on coming into ofilce, The law esta- system. Con- 4 a substitute, had adopted the present system of deposite banks, aud prohibited changing any one of those tor another bank, | jaw, but, except for specitied reasons. No alternative was left but to continue the existing system until Congress | should think proper to change it. ‘That change, it is hoped, wiil now be made by a return to the treasury ef the constitution. One of the great evils of banks is the constant expansion and contraction of the currency ; and this evil is augmented by the posite of the revenue with bauks, whether state or national. Tao ouly proper course for the government is to keep its own money se- parate from all banks and bankers, in its own treasury— whether in the mint, branch mints, or other government agencies—and to use only gold and silver coin in all re- The business of the country ceipts and disbursements. Will be more safe when an adequate supply of specie is yards, harbors, and light-hou ent themselves along Kkopt within our limite, and its circulation encouraged by this interesting portion of the 4 ali the means within the power ot et (igs ope if ae ela conaaaa Wl TA this government, and the States, and the people, umte Channel ~ a in suppressing the use of specie, an adequate supply, for 30m inthe administration bboy ip hd ec want of a demand, cannot be kept within our limits ;and for the coast survey; and every effort Is made by the su- 4 the work onward to a completion the condition of the business and currency of the coun- try will be perilous and uncertain. It will be complete- ly within the power of the banks, whose paper will con- stitute the exclusive cirowlation of the wnole communi- ty. Nor will it be useful to establish a constfutional treasury, if it is to receive or disburse the paper efbanks | Separation from the banks in that case would only be nominal, and no addition would be made to the circuls- tion of gold and silver. Various forms of paper eredit have been suggested, as connected with the operations of the constitauonal trea- sury; Dut they are all considered as impairing one of the great objects ot ‘such @ treasury —na. voly, oy augmented circulation of 4 If paper, in whatever | , OF trom whatever oe it “yy issue, should be introduc- ‘a circulation by the constitutional treasury, it precisely to that extent, diminish its use as a means of circulating gold and silver. T constitutions) treasury could be rendered a most powerful auxiliary of the mint in augmenting the specie circulation, The amount of public money which can be placed in mint is now limited by law to one million of dollars aod to that extent it is now used as a ry, and as & means of increas- ing our coinag: It’ is suggested that this limi- tation may be so modified as to permit the use of our perintendent to p ‘Three charts published within t ready for publi able to the scie! ‘This great work of our country, most useful i marine, amd, in connexien with our cost of freight and in- impi adtoad—tho relative advantages ol. tors, lenticular and revolving lights,the location and con struction of the buildings, as wellas the mode of keep- ing the lights—are all being fully and carefully inv: gated, and a report, it is believed, will be rew tho present session of Congress. From the Che to the Capes of Florida, and thence westward, our coast is badly lighted, as well as the great lakes of the north and west; and numerous wrecks, often accompanied with loss of lite and property, seem to require the interposi- n of Congress. Such portion of the charts of th dition as were placed ux ver the cl ment were distributed fo. thi ‘Those valuable charts emb the survey of many int and branch mints for a much r sum incon- | hitherto almost unexplored regwjos hexion with the constitutional treasury. The amount of | Pacific, as well as @ part + the coast of Mey oo and public money received at New York greatly exceeds | must be eminently aera) for eey, porpvoets ut espe- that collected at all other points, and would of itsel: | cial to owr seamen and merc! ei a in seem to call for a place ‘of public: deposice there ; in | Whalo fishery. Lod amar of a resolution ot Congress, view of which, the location of a branch of the mint of | Feport is in progress of preparation aa regaris the t that city would be most convenient | banks and eerie relation to statistics ; ‘argument used agwinst a constitutional | and these, with all other reports required from this de- treasury, of th ed insecurity of the public funds in | partment, will be presented at the earliest practicuole the hands of individuals, and ‘the vast amount | Period of the present session. i collected at New York, will eutirely obviated by |, In presenting his annual report, in obedience te the such an establishment. ‘I'he mint of the United States | law, the Secretary of the Treasury submits his views has now been in existence 62 years. It has bad the cus. | With undiseembled ditfidence—consoled by the reflection tody of upwards of 114,000, if doll that all his errors of judgment will be corrected by the "the! superior wisdom of the two Houses of Congress, guided & oy Beiepacieti ten aiee by. ar and directed by that overruling Providence which has mint at Philadelphia is now guaducied gre blessed the unexampled progress of this great and bappy ency, by tl able and faithful officer at the ead of tnat | Union. RJ, ene ental wnose geuerel eee Chee % Hon. J wD Secretary of the Treasury. ,; the pereut mint, ought «1 . Joun W. Davis, Caweolaees. th ‘Drench New Fou. B tise . Speaker of the House of Representatives. such @ branch ce for kee, safe! ee ba the public a rent iis believes tae thee On the 26th ult., two bills were introduced into Carolina, which propose to in- turing Companies—oue with a dd another with a ow sories, at least, is designod (9 the legislature of South th ited by the existenc tee mg ee Sint et thet gr ‘4 rate certain man branch of the mint at that thet two-thirds of the revenue is annually collected—the whole of which, under \he operation of the constutution- al teeasury, would be received inspecie. Oi that amount be loca ed ia Charleston