The New York Herald Newspaper, December 10, 1847, Page 5

ee Ul JAMES GORDON BENNETT, Proprietor. NEW Y | Mexioo have varied from sic to t per annum, and | think it ought not to be Jeass,wit the ports, and interior, andthe reads ie pk tag = rendered secure for exports and imports. ere are many reasons why it ought to be greater. ‘The present duties are framed so as to'yleld the lnepoot ‘welve millions of dol- IMPORTANT STATE PAPERS RECEIVED AT THE NEW YORK HERALD OFFICE | BY revenue Eset, pepe terre tariff was in the highest SPECIAL AND EXCLUSIVE EXPRESS sien ie ponin were nation feneniiy vee | — A | fetion ereieaze Were also rixty articles, the impor. was prohibited altogether, among which sugar, rice, cotton, boots and half boots, coffee, pails of all kinds, leather of most kinds, flour, cotton yarn, and thread, soap of all kinds, common earthen- | Ware, lard, molasses, timber, of all kinds, saddles of all kinda, cotton goods or textures, chiefly such as are made inthe United States, Pork, fresh or salted, smoked or WASHINGTON orry. THE ANNUAL REPORT oF THE ; cured, woollen or cotton blankets, or coun! erpanes, shoes and slippers, wheatand grain ‘of all kinds’ The HON, ROBERT J. WALKER admission of the prohibited lose at reasonable rates, : the change cf the protective into the revenue duties, ities and the abolition of and the abolition « the heavy transit charges, must of : | course port Tevenue, and greatly enlarge SECRETARY OF THE TREASURY. | our trade with Mexico, briuging back specie tare ura | for our goods imported there. No nation, in proportion cymqagd to its wealth, can sfford to import more than Mexioo, | because her great staple export being speole, is sought by all nations in exchange for their goods imported | there. Under our brave offizers, the money will not be lost as it was to a great extent, by peculation, uader the poe iipe ip rs ad tried lower duties, will, toa nt, prevent amugg! The duties also bein; colivoted on tl wees imported from Mexican port into another, will be an addition to the amount exacted the Mexican government. On the whole, I cannot belleve that under the circumstances and condition of Taeasuny DerantMent, December 8th, 1817, In obedience to law, the following report is respectful- ly submitted : Che receipts and expenditures for the fiscal year end- ing 30th June, 1847, were, From custom “~ Pablic dB. oe Miscellaneous sources, o ‘“ Avails of Treasury notes and loans. ++ $23,747,864 65 2,498 355 20 100,570 51 25,679,199 45 "$52,025,930 5) | tings above suggented, as the most favorable to aug- ee Rotel zeceipta. ane sia hd $53,025,989 82) ment theso conteivaticas ‘thet. the dutics on ‘imports, i866 Treasury 9,126,439 0 with all the ports, the roads, and {oterjor, in our milita- Teteeeccecescerseceecese 9,126,439 08 | ry posseesion. would be less than it was under the go- [ht nie tent «ses e+ $01,163,426 90 vernment of Mexico, especially uuder the guaranty al- ready given, that in any treaty of<peace, it wil, asan- nounced, provided that the goods imported should neither be confiscated, nor subjected to any new duty b xico. The internal revenue collected by the Mexi- ean government, as well as departments, was about $13,000,000 per annum. I do not believe, however, that any very large portion of this revenue could be collected under our military system, aad I have no sufficient data upon whioh to base any rejiable ertimate as to these sources of revenue. Under these circumstances, it is 4m ible to name any precise sum as that which robably would be derived from military contributions in Mexico. The more complete, however, the sion of the country by our troops, the larger would be the revenue. Thus much I have thought it incumbent on me to say; and without being able to fix any precise sum, it 1s my conviotion that the revonura that may be derived trom these various sources in Mexico, would be very considerable, and augmenting from time to time. Iu view, however, of the uacertsinty of the amount of the contributions at present and the delay carrying them fuily into effect, if the measures proposed for aug- menting the revenueby duties upon tea and coffee, the reduotion of the price of the public lands, and the ex- tension of the pre-emption privilege,should not be adop- ted by Congress, | recommend that authority be given to negotiates loan for the sum of $18,500,000 upon the terms authorized by the act of 28th January last, should the war be continued until Ist July, 1849, aod additional loan amounting to $20,600,000, would be necessary if no additional revenue be granted by Congress, and no con- ‘The expenditures during same fisoal year WEECs erie ererenereeneeeerene 59,461,177 65 Leaving belance in the Treasury, lst July, ISAT, Of. ere seceseecceeeeeccrs $1,701,261 25 ~~As appears in detal by accempany: statement A. The estimated receipts and expenditures for fiscal ed ending 30th June, 1848, are ‘rom customs, first quarter, by actual returns from Colleetors. .. + $11,106,257 41 * Customs for second, t fourth quarters, as estimated, 19,893,742 59 From sales of public lands, . “From misc Us 801 Total receipts 134.900,000 00 From avails of T're hi 6,288 294 65 $41,185,304 55 1,701,251 23, "$42,686,648 80 ‘y no! nd loans Ada balance in the Treasury at July, BAT. wee ec ene eer ceereeeneece Total means, as’ estimated...... ExpenpiTuRes, viz.: ‘The actual expenditures for first quar- ter, ending 30th September, 1847, were$16 469 194 69, as appears in de- tail by accompanying statement B. tributions are levied in Mexico. As it is believed. bh bya Rigen ps nye, Eee ay over, that a considerable aum must be derived from these i sideap ved pay Wg iad derader rep contributions, no further loan beyond the amount of faprtck pe oro eet $18,600,000 is asked at this period; and it is bolieved that Clyularierign ineteccte nek cin this sum is'all that will be required in all probability, ¢ until the meeting of Congress in December, 1843. It ene | * jncinding $5,486,180 42 possible, however, that a further loan for a sum not ex- Aepe eee 19,080,865 58 ceeding $6,000,000 may be required before that time. le ORO Moat readt Should this be the‘caso, there will be ample time to com- arming militia, ‘ke. 2.036 446 50 peeinee: bea tere | to Congress, and ask a further rr amount. Teditn, depimiaens, ed by _ A duty of twenty-five per cent, ad valerem, on tea and ed RI 10,241,072 47 coffee, is again respectfully recommended. By reference Interest on public. debt to the:table hereto annexed, it appoars that the re- ‘and Treasury notes 9,250,887 18 'e value of our imports of teaand coffee is progressing, Renae aauua. and that the impost suggested would probably yield an ing and. payable pend annual revenue of $3,000.00, reducing the loan, aiding presented” 267,139 31 the credit and finances of the government, and with our other resources, securing prompt payment to our gallant army and navy, who are vindicating the rights, sustain- ing the honor and ceasing the character of our coun- try. The experience of the last year preves that no ad- | ditional revenue, or none exceeding a few thousand dol- lars, could be obtained from any augmentation of duties upon the dutlable imports. No such sugmentation recommended, +nd scarcely avy revenuo could be de: ape see hpadlaiebaapet ret articles sb the tree list is is a sound rule when contracting & public debt, to pro- bars ane ERY the timeuch revenue as will be adequate for the ” 100,000 00 | it payment of the interest, and the gradual but M roe extinguishment of the principal of the debt. So Excess of expenditures over means, Ist July, 1848... $16,729,114 27 The estimated reosipts, means and ex- penditures for fiscal year commencing Int July, 1848, and énding 30th June, 1849, are From customs... : ‘ Sales of publio lands. “ Miscellaneous source: 88,615,660 07 $35.100 000 on | 108 96 this rule is pursued, there is no danger of an: Total revenue. ......... $85,100 000 00 ; ‘4 Deduot deficit at July, 1848 17100, 000 00 | alarming accumulation of public debt, nor nny appre- hension that the public credit will bw impaired or em- “$19,370,885 73 barrassed. To refuse the tax at this time, would be to eantnaacaes tome caperp large ze ae an augment roe cet pe “4 interest, and with no ct in means provider for 1 aoe Galtier bert the — tsar liquidation ofmuoh engegements, ‘The credit of nations Le sea pae ynthp of mere a is best maintained when, for all their obligations, ade- sous of cananyasven Dery quate provision is made ut the time; and there is danger and Postmaster General, are, thet inoreasing debts, without any additional revenue, ‘The balances of former Spproptiations ht expose our. to great hezard. which will be required to re prec mihncicine expenses bring one of the best m of in thisyear..... Sone $1,176,210 7 improving the finances, th es of collecting icp eine = indefinite qautan 0 venue from cus:oms been carefully examined, and Sponitien Pa ions. iliae ne every aerect nd fe le Laie Safle J he ie tea interest e Bay! us ef notwithatan: e ‘asked for ni year... . 49,682,153 13 vast increase of business, will amount, it is believed, to ‘This sum is composed of the follow- $99,644,041 72 | nearly $600,000 per annum; not by reducing wages, or tap domlacs sad 7 ee Ci arene tp by dispensing a Cai? a officer or agent not absolutely required for the public raid ore — service; by curtoiling the expenses of the revenue ma, rine; by introducing a more rigid and perfect system of accountability; by classifying the expenditures and ar- ranging them in tables under distinct heads; and, above ous.. ++ + «$5,613,061 62 sete PI , volunteers and military academy. . 32,007,028 42 all, by eubjecting them to the same checks under the weeeae cine eset rere mieten of the accounting officers of the treasury, as i plore Phen apply to appropriations made by law.tn regard to which, eesrees Congress will, no doubt, be guided by that wise and en: : 10,905,558 66 lightened economy, so important at this time to the + 10,905, Eathoests tus) pabtis’ oki maintenanee of the public credit. The recommendations in my first, as well as second, and Treasury notes... 2,463,402 68 annual report, of the reduotion-of the price of the public bees eres lands in favor of settlers and cultivators, together with the removal of onerous restrictions upon the pre-emption laws, are again respectfully presented to the considera- tion’ of C . Sales at the reduced price, it is thought, should be confined to settlers and cultivators, in Imited quantities, suffieient for farms und plantations, and the pre-emption privilege extended to every bona Side settler, amd embrace all lands, whether surveyed or ‘unsurveyed, to which the Indian title may be extinguish- ed, The lands remaining subject to entry, at private sale, on the first of this month, were 152,101,001 acres, and the unsurveyed lands, to which the Icdian title has beem extinguished, 71,048214 acres, per table Z. The adoption of these two measures, for the reasons stated im my previous reports, would augment the revenue a million and half of dollars per annum; operating, as they would, on 223,149,215 acres. [t would, at the same time, increase the wages of labor, by enabling « muoh larger number of the working classes to purchase farms at the low price, whilst it would at the same time augment the wealth and power of the whole country. When the public lands have been offered a long time fora ee Cat Bi not bring, the failure to reduce the price is equivalent, in its effects, to an enactment by Congress that these lands shall not be sold and settled for an unlimited period. The case is still stronger as to unsurveyed lands, there being an act of Congress for- bidding their sale or ‘settlement, Deduct means remaining, applicable to ae of fiscal year ending 80th June, $19,370,885 73 Exoess of expenditures over means, 1st July, 1949...... ees + $36.274,055 99 It will be perceived that if the war is continued until the lat of July next, and no additional revenue provided «by Congrees, nor any sums received from military con- tributions in Mexico, there would be a deficit in the treasury, on that day, of $16,729,11497. F r the re sons hereafter stated, under the operations of the consti- ‘ta ional treasury it will not be necessary hereafter to re- tain in the treasury, to meet the wants of the govern- ment. and afford a constant supply for all their enlarged operations to the mint and branch mints, a sum exceed- $3,000,000. A g thie tothe deficit in the treasury on the Ist of July next, it makes the sum of $18,729,114 27, te be supplied during that period ; to meet which, if the expenditures authorised and estimated should take place prior to that date,@ loan for that sum would be required, if no additional revenue was derived from any source whatever. It is believed, hot ir, that if Con- gress would adopt the following measures, which are Fecommended to their favorable consi \, addition- al revenue, to the amount of $4,600,000 per annum, bet re be realised :— Firat, from @ duty on tea and coffee of 26 per cent ad valorem, $3000,000 per annum; from the reduction aud graduatiom in the price of the public lands, $1,060,000 per annum; and from the extension of the Uae! ter ae tofevery ge ide srg on our unsurveyed lands, whenever the In title may | the cultivated area of t. be extinguished, $600,000 per annum. Should these measures be adopted by Congress, the loon might be re: | veyed as well the tceern oe reoeieds tee cay bal hes bel re aa ae gn ton Mg mmoik bp apalee maptors, and the Indian title extinguished, within tue y 5 " od ‘d for the fact that these measures for additional revenue | (owe Jy ty 0% that which succeeds it, in addition to lowa and Wisconsin, we should soon bave two new Scates—Minesota and Itatea—in the great valley of the Wert, adjoining Wisconsin and lowa. Ins ead of drain- ing the old States of their population, the graduation and pre-emption system will, in a series of years, in crease their prosperity, by giving them customers in the West, who will carry to them their products, and receive their imports or fabrics in exchange, increasing the Santen onal upon our railroads @nd canals, and aug- menting our foreign as well as coastwise tonnage. ‘The distribution of the proceeds of the sales of these lands is prevented for at least twenty years, by the act of the 28th of January, 1847, setting apart andfplecging these roceeds to the extinguishment of the —" debt. So far, also, asthe distribution may have been advocated with a view to favor a protective tariff, it is now proved that a tariff for revenue not oaly yields @ larger income than the protective system, but also advances more rapidly, in # series of years, tho prosperity of the manu- facturers themeclves, by the augmentation of their bon 5 and domestic market. which has heretofore opposed the remoy. tions from the pre-emption sys! graduation of tue price of the public lands having ce to exist, it is hoped that this measure may receive, during the present session, the favorable consideration of Congrees. The mineral lands were transferred by Congress to this department, by acta of the Ist and 3d of March, could not all go into effect so as to produce the full smount during the time intervening between the pre- sent period and the Ist of mf next. After that date it in not doubted that they would produce the full amount of $4,500,000 per annum. The President of the United States has, however, directed contributions to be levied in Mexico, in Moh form that may be sanctioned by the law of nations. ‘hese contributions consist, first, in diminishing the estimated expenditures, by obtaining, as for as practicable, supplies the army in Mexico; second, by duties upon imports a8 a military contriba. tion ; third, by enforcing the Mexican duty upon ex. ports; fourth, by directing the seizure, and appro- printing to the support of the war and the army, of all the internal revenues of Mexico, except transit duties whether assessed by the general government ot Mexico or by any depsrtment. city, or town thereof By the acts of September 2d, 1789, and the 10th of May, 1600, it is the duty of this department to report to Con- pod estimates of the probable amount that will be lerived from all sources combined, in order that no larger loan may be asked or effected than would be requisite, after deducting the smouat thus estimated ‘The sum to be realized from these military contribu- tions will depend upon future eontingencies. If our srmies are withdoawn from the capital and porta of Mexico, nothing would be received from such contribu- tions. If they were withdrawn from the capital, retain. Every reason, therefore, of all restric ing the ports, no safe transit being open for im to | 1847 bd Intericr, and eT end Me bop portlon or the i$ jie vn cecil tate tae eae ee i nity, including the region, ® very small reve- if Dr. ©. F. Jackson, of Boston,ti foal Bue would be derived feom ths sang bat thowa by past vey of the Lake Superior and Giseiet ia shots ; experience, probably not exceeding $1,000,000 per an- | and of Dr. 0, D, Owen, of Indisna, to make @ similar num. If, however, the ports at present ocoupied by our forces, be retained, und all the rest seized or blockaded, 80 a8 to prevent the carrying of imports into the int rior through any other ports than those held by oui foroes—if the rouds were then opened into the interior thrvugh the city of Mexico and the mining region, and the route of commerce across the isthmus rendered cure, it is my conviction that the revenue from all those sources above specified, ought not to be less, 60 far asthe duty on exports and’ imports is concerned, than has heretofore been collected by the government of Mexico. 1h not been able to obtain any reliabie statement of the amount of duties realized in Mexico upon exports. If, however, it were fairly collected upon ail the exports of specie from Mexieo, it would probably not amount to less ‘han $1,000,000 per annum, dip and intensity of the needle, »# intimately connected It is not known, however, that #0 large ® sum as re-| with the | geological and minersi gica) character of th Huaga om this duty, was ever recorded on the custom | ountry, and as leading to resulta juseresting to the eae house returns of Mexico. Under these circumstances, | ‘ of general science. F the preliminary reports alread: it Js extremely difloult to estimste the amount | faete by Dra. Jackeon aad Gwen, this de sement Seols Chippewa district in Wisconsin and lowa. The appointment of agent, to collect | the rents, &o. by those acts, was conferred by me upon | Col. D. R. MeNair, of Kentucky, with whom was eato- | cinted Gen E. J. Roberta, of Michigan, as an assistant. Copies of the instructions which were given by me in | April last to Messrs. Jackson and Owen, ag well as to | Mr. MoNair, the agent, and Gen. Roberts, his assistant, are hereto annexed ; and these four gentlemen have ail zealously performed their duties. Jt will be pero » that the instructions given by this department to Meters. Jackson and Owen contriyplaie a complete grological and topographical desoriyiion cf this great region, together with the baromvtrical aud hygrome- trical observations, and @ series of observations on the | ments, whieh induced this department to confer these appointments upon them. pleasing duty to | tainedin conformity with the act of 10th of Ai | establishing the Smithsonian [nstitutoin,to be deposited, | with » view to ¢heir transfer to Profeseor seen tony, the secretary thereof, whose great discoveries have con- | tributed so large and important an addition to the cause of science, conferrred so much honor upon this, | his native country, and attracted the admiration and applause of the guished men engaged in scientific Fe in every portion of the glo! The country wing: surveyed abounds in mineral wealth, and os- Pecially in copper, and when the mines shall become the pacpenty, of individuals, and the adjacent lands set- tled and cultivated, so as to unite there cheaper subsis- tenoe, with more abundant labor, it is believed that this greatregion, fry bay & position nearly central between the Atlantic and the Pacific, must become an important portion of our Cert Much time and labor were de- voted to the preparation of these instructions, calling to my aid the very able and efficient commissioner of the Genersl Land Office, to whom the subject was then transferred by me, retaining only the supervisory power required by law. y the act of the 11th of February, 1847, a bounty in land was designed by Congress for the benefit of brave men who are vindicating abroad the rights, aud maintaining the honor, of their country. By the proviso to that act, the sale of these olaims is prohibited until a worrant or certificate has issued, indicating, as it is believed, the benevolent intention of Congrees to secure homes to our soldiers and volunteers. ne ited, however, that the intentions of Congress in this respect, are to be defeated by sales ot these warrants or certifoat @ great sacrifice, which will be obviated to @ very great extent for the future by further restric- tions by C upon these assiguments, and especial- ly by foepled ing the sale until the patent shall have is- sued. If this is not done,but wr few of these brave me: when thelr toil and perils shall have terminated, w' have retained the right to the homes intended for them by the benevolent policy of Congress. With s view as far as practicable to induce the soldiers and volunteers to retain their rights, it was decided by this department, after @ conference with the Secretary of War, who con- curred in this opinion, that if the soldier and volunteer became a pre-emptor,he might use his warrant or cer- tifleate in purchase of the lands upon which he had set- tled; but that no assi; or purchaser could thus use such warrant or certificate in payment of any lands that had not been offered at public sale. Under decision, the warrant or certificate is of more value to the soldier aud volunteer than to the purchaser, and there is an ad- ditional motive to retain the warrant or certificate. In- structions have also been issued by this Department to the various registers and receivers ef land offices that they cannot become the purchasers of these warrants or certificates, or any other land scrip; nor must they be- come agents for the sale, deposite or exchange of the same; but confine themselves as far as these warrants or certiticates ure concerned, exclusively to receiving the same when offered for location, as prescribed by law.— The Ries revenue would thus be sugmented,aud s just and liberal policy adopted, if the settlers upon the lands within the prescribed limits of the Milwaukie and Rock River canal were permitted to purchase these settle- ments at the usual minimum price per acre; and such modification of the existing law for the benefit of these meritorious settlers,” as well’as with a view to augment the revenus, is recommended to the favorable considera- tion of Congrrss, ‘The recommendation contained in my last report for the establishment of ports of entry in Oregon, and the extension there of our revenue laws, is again respectfull presented to the consideration of Congress, her with donations of farms to settlers and emizrants, and the grant of a school section in the centre of every quarter waship, which would bring the school-house with- in @ point not exceeding ® mile and a half in distance from the most remote inhabitant of such quarter town- ehip. This measure would be highly beneficial in all the new States and Territories. In Oregon, as a genera rule, the lands are much less valuable than ‘bose in the great valley of the West; andi important as it is to all our great interests, and especially ag connect ed with our commerce with Asia, and the Western Coast of America, that Oregon should be rapidly settled with large population, these measures would be at- tended with the most happy results. Such a system, whilst it would strengthen the attachment to the Union of the inhabitens of that distant region, would rapid! augment its settlement and population, and bring bac! in large revenues, through the custom house, an ample return to the government for the adoption of a policy so just and liberal. Table D contains a full statement of all the treasury notes paid under the act of the 10th of August last, amounting on the first of the present month to the sum of $33,067 U6 Table E exhibits the amount of the public debt and interest paid from Ist December, 1846, to 1st December, 1847, includiog the reimbursments of t) jury notes uader acts prior to act of 22d_July, 1846; under act of 2ad July, 1546, and under ao of 28th January, 1847 amountivg in principal to the sum of $9,046,511 85, and in interest to $1,433,800 29. it 1846, the debt due on the 4th Marcn,1845, $17,788,799 62—leav- ing the balance. being the debt incurred since the 4th Merch, 1845, $27,37u,859 78 The same table exhibits te, to $16,476 010 75, railable on the Ist Octo- ber, 1847, of the loans of 1846 and 1847, being of the loan of 1846, the available $1,648,900 55; and of the loan of 1947, $4,636,894 00; and of the aggregate of both, $6,285,294 55. Table H shows the amount available on the Ist De- cember, 1847, of the loan of 1846 and 1847; being of the former the available $902,950 55, and of the latter $3.29,878; and ofthe aggregate of both, $4,202,828 55, Table 1 exhibits a statement of treasury notes under act of 22d July, 1946, issued in exchange for specie de- posited in 1847, amounting to $965,750, Teble K exhibits # statement of 6 per cent treasury notes, issued in exchange for specie deposited to tue credit of the Treasurer of the United States, under an act of 28th January, 1847, amounting to $15,499,800. Table L exhibits the amouat of treasury notes issued at 62-5 per oen® interest, in exchange for specie, under act of 28th January, 1847, amounting to $471,000. Table M exhibits the reimbursement of treasury notes monthly, trom the Ist December, 1846, to that of Ist December 1847, amounting to $8,971,791 66 Table F F gives the items in detail of the debt of the United States due on the 4th of March, 1845 Table N shows the transfers made to New Orleans in specie, from the Ist January, 1847, to the Ist December, 1947, being $8,616,517 30 Table KK exhibits the mmount of treasury notes paldin for duties from 1st Decamber, 1846, to cember, 1947, including the amount of $101,850 April last, at par, being the month for which the loan for $15,000,000 was negotiated; fro» which Congress will ob- serve the gradual appreciation of those notes in the imar- ket, and their disccntinuance for a short time in re- venue pay-meotr, and the subsequent renewal of those payments for duties. Table P. exhibits separately the monthly issue of ‘Treasury notes from 1st January, 1847, to the 30th Nov. 1847, inclusive, under the acts of July 22, 1946, and of 28th January, 1847, being uader the former act , $2,794,- 100, and under the latter $17,762,960, and in the aggre- gate cf both, $20,657,000. Table Q exbibits the yearly payments on account of the principe! and interest of the public debt from 1791 to 1847, both inclusive, amounting in the whole to the sam of $483,800,195 79. This table is tne recorded evidence of the will and ability of the American Union to discharge all its obli- gatio.s—the amount of debt now due being $45,659, 0. m less than one-tenth of the amount of pritcl erest of the pubiio debt which we have already paid ‘Thess payments were made with uniform punc- tuality and conveniency,with heavy{amounts ,at periods when our population was greatly less than one-fifth of its present numbers, aad when its ability to meet its engagements was even inasmaller proportion. it is im- possible for any American citisen to regard this evi- donce of the honor and ood faith of his country with auy other feelings than those of pride and satisfaction In'war and in peace our country has maintained her honor ungullied, and resolved,through every nacrifice of blood andtrea-ure, that it must and shall be preserved The constitu ional treasury went into effect on the Ist of January last, and under this act, during the last eleven mouthe, as appears by a tuble from the records of the Treasury Lereto annexed, there was received in spe- cie for loans, customs, lands and miscelinneous collvc- tions, the sum of $49,667,866 18 in specie, and the sum of $48,226,016 31, during the same eleven months, dis- bursed in wpectw. ia New York, (see table Y ) during the month of August laet, $3,340,706 48 in specie was received by the coilector cf that port, and in the last eleven moaths, in specie, $19,616,492 26. During the same month of August, there was deposited, (see table G. G) the sum of $5,795,720 92, with the Assistant Trea- wurer of that city,and transferre! from or disbureed by that officer. ‘The receipte and disbursements o* the go- vernment in specie, duriug,the;last eleven months have amounted together to the sum of $96,894,402 49, rad not @ dollar has been lost to tho treasury, nor any injury inflicted upon any branch of commerce or busiaess ‘The constitutional treasury bes been tried during a period of war, when it was necessary to negotiate very large loans, when our expenditures were being increas ed, and when transfers, unprecedented in amount, were required to distant points for disburrement. During the last eleven months, the government has received, tra ferred, and disbursed more specie than during the whole aggregate period of fifty-seven years preceding, since the adoption of the constiution. To render the system Suill more safe, useful and economical, to define more clearly the powers of the department, and especially to Tender more secure “the public money in the handa of disbursing agents,” the amendments suggested in my last annual report (including tne establisnment of @ brench mint at’ New York,) and which received the sanction of the House of Representatives during the last sension, are again recommended to the favorable consideration of Congress During the year ending 30th June, 1817, our imports of epecie were $24,121,289, (seo table ‘T’,) most of which, under former systems, must have gonv into the banks, to have been made the basis of issues of their paper to the additional amount of fifty or sixty millions of dollars. Such an expansion during the last spring and summer, accompanied by still higher prices, and followed by « grenter fall, and by bankruptcies in Eugland, to an ex- t heretofore unknown, finding our banks and credit greatly expanded, and re-acting upon this expansion, would have produced # revulsion here exceeding any that has heretofore occurred in thecountry. A general suspension of the banks would probably have resulted, depressing the wages of labor and prices of properly and products, afleoting injuriously the operations and credit of duties which sould be Gerived from this source; | | Well wepured that both those goutlemen wiil fully sustain but they ought not to below pen 000 th 4 7 wouum, The hace te Trew duby en impor wellected by | tee uw on hegieoe wo wee are H s palentiae @ ‘ Mt evan of the most solvent, and producing extensive beakruptoles, Vrom this revulsion we bave been saved by the constitutional tyeasury, by Whiok the epecle ims | It was my direct all the geologieal aud mineralogical speclinens ob. | It is deeply to be Table F, here:o annexed, shows the public debt due on. the lst December, 1847, $45,659.659 40; the amount of ORK, FRIDAY MORNING, DECEMBER 10, 1847. rted, ins.ead of being converted intu bank issues, has on made to circulate directly. to a great extent, as a | Currency among the people, having been recoined here | during ‘the last ela months by the new orders | of this department under the act of 9th February, 1793, and the zealous 00-0) tion of the le and efficient | head of the mint at Philadelphia, to the unprecedented © extent of $20,758,048 12, and there are thousands of our | citizens now solvent and prosperous, who have been | eaved from ruin by the wholesome operation of the con- stitutional treasury, The banks that so unwisely oppo- | sed the system, have been rescued probably from another | suspension; their stockholders, depositors and note hold- | ers, from severe losses, and the country and government | fcom the ruinous effects of a depreciated currency. | If the union of the government with the banks hal con- | tinued, and their suspension Lo ndiyna! Woe na oftheir Paper occurred during the war, requiring by specie | bursements, which suspended banks could not fur- | nish, consequences the most disastrous to the honor and | the interests of the country must have ensued. ‘The | government is now disconnected from banks, and yet its ok and notes are at par, although we have been oon- | strained to contract heavy loans, and to keep lal ar- mies in the field than at any former period. But durie the last war, when the government was connected with | banks, its six per cent stock and treasury notes were | depreciated twenty-five per cent, payable in bank paper | twenty per cent below par, thus amounting aoattode | of forty-five cents in every doilar,upon the operations of | the government. In my first annual report to Congress, | ‘on the 3d of December, 1815, iu recommending the adop- | tion of the constitutional treasury, the following obser- | vations were made :—"Nor will it be useful to establish a | const!'ational treasury, if it is to receive or disburse the paper of banks.” “If paper, in whatever form, or from whatever source it may issue, should be introduced as a circulation by the constitutional treasury, it would, pre- | cisely to that extent, diminish its use as & means of cir- culating gold and silver.” During and before the commencement of the Inst ses- sion of Congress, it was thought by many, that this mea- sure could not operate successfully during war, and that large loans could not be negotiated, if the payments were required in specie. The ent, however, ad- hered to the recommendations of its first report, believ- ing that the goverament would be tendered stronger by the divorce, and thatif the treasury should resort to banks to negotiate its louse oF nappy its rev. ), that both, if the war continued, would be involved, as th were in the war of 1912, in one common ruin. D: months of June, July and August last, (per tabl the sum of $6.000,000 was transferred from the Assistant ‘Treasurer of New York, for necessary disbursement at New Orleans and in Mexico. Heretofere, the public money, being deposited with the banks, and loaned out to their customers, when such enormous transfers were made, a contraction of the ‘banks, with ruinous losses, must ensued; but the money of the government is now transferred from New York to New Orleans, and scarcely affects business or the money market, because the transactions of the Pree, are disconnected from those of the banks. When the government forme: ly received and disbursed only the Po of banks,when- ever a revulsion and numerous bankruptcies ocourred in England, they uuiversally reacted upon our perilous pa- per system, so as to create @ pressure in our money mar- ket, «large and sudden contraction of the paper cur- rency, @ calling in of heavy loans by the banks, and as a consequence many failures, and}most frequent suspen- sions of specie payments Now, for the first time in our history, coy failures in England of the most unpre- codented magnitude have cocurred, including banks and bankers, yet our banks and oredit are sound and stable, and the business of the country is still prosperous and progressive. Nothing is more injurious to all classes, but especially to our manufacturers, then the expansions, contractions, and fluctuations of the bank paper system, vibrating with every considerable a of the public mone: held by them as depositories. This perilous and sedu tive bank paper system opens bety pay and beyond the wants of the country, a market,here for foreign im- ports, not ia exchange for exports, but for credit, the Yedemption of which drains the country of its specie, contracts the paper currency, forces, at a sacrifice, sale of domestic fabrics, and depresses the industry of the whole country. Domestic manufacturers require for their permanent and successful operation the ‘ba ia of specie,checking vibrations and inflations of the paper atom, fea mt our imports to the wants of the coun- and preventing the temporary purchase of foreign goods for oredit and not for exports, which always re- sults in disturbance of the money market. and in injury to thecouatry. If our manufacturers desire great ad- vanteges from the home market, it must be abundantly and permanently supplied with a large specie circulation, hich alone can sustain that market for a number of ears, and prevent those calamities which must fol- low an inflated paper currency. A home market for our manufactures, when b: upon specie aud low duties, is solid, permanent and augwenting; but when founded upon re oredita, it is inflated one year, only to be di pisesed © @ next or some succeeding year; thus depri ng the manufacturer of auy well assured and per- @anent domestic market. ‘The bank deposite year, 1536, when we were importing graiu, contrasted with 1517, the year of divorce of the government from banks, exhi- bita the delusive inflation of the one,with its succeeding disasters, and the solid Lege: ® rity of the other, resistin, thus far,to a great extent, the revulsion in England, and proving the good effeots of the union of low duties and the speoie-reoeiving and specie-circulating constitutional treasury. I renew my former recommendation for the establish: ment of « branch of the mint of the United States at the city of New York. Daring the last eleven months, com- menoing on the Ist of January last, the amount of coin actually |e in to the Assistant Treasurer at that city, as per table fH H, was $29,904,744 19, nearly all of which was in foreign coin, a Eeehann of which, as far as practicable, was transferred and recoined into our owa coin at the mint at Philadelphia. The whole of that fo- reign eoin, however,ought to have been at once re-coined at the olty where it was received; and in addition, the large amount of coin and bullion which is constantly arriving there, and does not find its way into the office of the Asaistant ‘T'reasurer, but as foreiga coin,is deposi- ted with the banks and never becomes circulation to any textent among the community, all which would also be at once converted into American coin, without loss or delay, if a branch of the mint were located at the great emporium of the commerce of the Union Under the salutary provisions of the constitutional law, the experience of this year has proved that & eum not ing $3,000,000 is all that need be re- ined in the treasury as a surplus to meet the wants of the government, or to supply tae mint and branch mints an abundant amount for coinags, thus saving in this way the interest on $1,000,000 to our country. The Treasurer at the mint in Philadelphia and the branch mint at New Orleans, aré‘also Assistant Treasurers, to and from whom trausfers of specie (nearly ail of which is received in foreign coin) can be made under the pro- visions of the constitutional treasury. Under the act of 9th February, 1793, providing for the re-coinage of foreign coin at the mint, instructions were isaued by me to carry that act fully into effect. Under these orders, transfers are made of the foreign coin to the mint and branch mints for re-coinage, and the amount coined since the Ist January last, up to the lat December, was $20,758,048 12; of which the sum of $3,085,953 80 was coined ia the mouth of November, 1547; and if this should be continued for the present month, it would make the coinage of the first year for the con- stitutional treasury, $23,844,001 92 Table R exhibits the ‘yearly coinage from 1793 to lst December, 1847, amounting in the whole to $143.239,370 64, showing that tho amount coined this year would be wbout one-sixth of the aggregate colaed in the fifty-five years, from the first coinuge in 1793, to the close of the Present year. Table 8, gives the colna; the Ist January to the 30th November. Most of this coinage has been by converting foreign gold coins, which will not circulate among our people, into American gold coin, which is now going into much more general circulation; and during the ensuing year it is expected that the coinage of specie from the silver that must be brought in from Mexico in exchange for our imports thore, as also for the new fasue of treasury notes now asked from Congress, as constituting a of the loan recommended, will, it 18 believed, greatly aug- mont the coinage of silver during the ensuing year. Under the export duty upon specie,now existing in Mexico, it is believed that when the now treasury notes now asked for shall be issued, they may be sold to a con- siderable extent on account of the government for spe- ois, atm premium, in Mexico; and a4 the government | fands will not be sulject to the export duty, the specte may be brought into the country by this department in | exchange for these notes, aud recotned at the mint in New Orleans foto American coin, It has been seen that the amount fof foreign coin or bullion coined this year at one mint, and branch minte, | under the new orders of this department, estimating December the same as November, would be $23,844,001 92, at which rate we would soon supply our own people with our own coin, and in time with our augment- ing commerce, Americaniac, ton great extent, the coin of the world, aod thus introdwoe our simple aod beauti- ful decimal currency, gradually, throughout alljcations, substituting it for the complex system of pounds, shi. lings, and pence, or of doubloous, dacats and rupees, which retard business, and complicate accounts. | Heretofore the world bas supp us with foreign coin, which will not circulate aciong our people,because of its extreme complexity, but now our own coin is flowiog into the channels of our own circulation, and 5 mi theis benefit as well ax our own The three things which most concern the progress of the wealth of the world, are free trade, and uniformity io coinage and io weights, and measures. (Coins, as well as weights and messures, for the benesitef all nations, ought to be unl- form throughout the world, and if our decimnl system | of coinage should be more simple and perfect than chat | of any other nation, it ought to be, and ultimately will | be, adopted, and lead to the introduction of the decimal | system of weights and measures, as far as practicable, eo that ultimately the coin, and the weights aud measures, | inay be simple and ueiform throughout the world | ‘able T shows ths imports and exports of specis for | the fiscal years ending 3¥th June. 1415, and 30th June, 1847, being for 1846, au import of $3.777,744, and the ex: | port $3,491,417, leaving the gain of specie that year, d in 1847, the apecie imported was $24,121,- Xport $1,845 119—leaving the specie gain- 276,1 hows the amount received in specie from all customs, lands, miscullaneous aad loans, from ry. 1847, to Ist December, 1847, being $46,667 886 18, and the amount of disbursements in specie the same pertod, $48 226 plo siya wie the . | gace of receipts and disbursements firet eleven inonths of the yetorn, $16,804,402 49,000 proving that the departmen: has been enabled, daring the last eleven months, to circulate, by disbursements aincug the people, the sum of FARA 01d 4h, wodey the specie roeelring and Fpecis cjroulating copetityt ad Weapury | another loan can be effected fm each month this year, from | } must soon begin to diffuse itself into other mations, for | | ee York Custom-hoase, were seut by me to Europe Annexed are tables marked | and 2, showing the mar- ki New Orleans, from the prices current of those cities, a table showing the amount of treasury notes received each month in payment of public ducs from ist December, 1846, to Int December. Jett rom hich Ci the probable a Cooter toed sents camniad ‘These tables show how muoh these stocks and notes have fluctuated, being at » rate occasionally below par, for & long tiie at par. sub- sequently several per cent above par, and agaigupon the first of the present month, at par in New York and New Orleans. ‘These notes,per table K K,were paid in for public dues from 1st December, 1846, to 1st December, 1847, to the smount of $2,029,900; aud during April, the month im which the loan for them was negotiated at» premiun, they — paid in for customs alone to the amount of $101- 850. in payments to the government, and may be regarded as at par. The total amount of the treasury notes adver- | tised, was eighteen millions of dollars,aud the amount of the bids, as exhibited in table 3 hereto annexed, $67,- 722,983, of which the sum of $2,839,800 was bid for at par, and $64,883,183 ve par The notes were sssigned to the highest bidders, at rates varying from} 0 percent to 2 per cent above par, all the lower bids being of course rejected. and the table last above mentioned will exhibit full: din detail the course pursued on that occasion. 4 law conferred the power, to have changed all these notes fur specie,witnout advertisement, with any one at or above par, but in hopes of obtaining ‘8 premium for the loan in whole or in part, bids were invited for the amont of $19,000,000. Annexed is a copy of the advertisement of this loun, marked 5, dated 9th of February, 1817, having been issued during the session of Congress, and extensively published throughout the Union, from the 9h of February to the 16th bf April, 1847, The remainder of the loan beyond the amount advertise » partly for money to be deposited without} char; New Orleans, where the wants of,the government were great,and the rest paid out oblefly in treasury notes at par, to the Smithso- nian Institution ; also to other creditors of the govern- ment; the notes at that time belug generally at par, and the wants of the government requiring the use of the money before it could be obtained upon the advertise- ment. On the 22d of October, 1846, as per printed notice hereto annexed, marked 4, the department advertised for the exchange of $3,000,000 of treasury notes for ape- cle at par, for deposites of specie with the Assistant ‘Treasurers. For a}consids~ah’) time but very few of such deposites were made (Y ageeary notes thus taken, and from this long delay and’ Jntinued reluctance upon the part of the community in taking these trea- sury netes at par, although at any time alter the 28th of January last, they were convertible into the twenty years six per cent stock, at par; many of the notes here- tofore offered at par, not having been taken at the date of my advertisement of the 9th of February last, serious doubts were entertained whether the whole of the loan could be taken at or above par. It had been usual here- tofore, with my predecessors, in advertising for loans, to emit no sum to any individual under $25,000; but with a view to ensure the largest possible subscription, and at the best rates, and to diffuse the loan as far as practica- ble throughout all classes of the community, bids were authorized to be received by the advertisement as low as the lowest denomination of treasury notes permittted by law, namely: fifty dollars. It was the duty of the department to accept nothing but specie, being the first loan ever negotiated in specie from the foundation of the government down to that date, and the first loan, except that of last fall, ever thus negotiated at or above par during a period of war. ‘The magaitude of the loan, the fluctuations below par of the previous stock and notes, the untricd, and to many, alarming restraining operation of the Constitutional Treasury, the heavy expenditures of the war,and the requirement of all the payments from time to time in specie were deemed by many as insuperable obstacles to the negotiation of the whole of the loan at or above par. But under the salutury provisions of the Constitutional Treasury, the credit of the goverument was in truth en- hanced id Als fHfer 3 and disbursing nothing but coin; thus placing all its transactions upon basis more souad, and entitled to higher credit,than when it held no spe- cis, had no money in its own possession, and none even in the banks to pay its creditors but bank pay ‘hep it was d igen upon the credit of the banks, and was subjected to every fluctuation which affected their cre- dit; now it stands upon the basis of specie, #0 as to be above all suspicion of discredit, whilst by ite demand for ooin tor revenue payments, it sustains, not only its own credit, but renders more safe the oredit and currency ‘and business of the whole Union. By the act of Congress, of 3rd Marcb, 1845, this de- parunent was authorised to select a plan for the erection of a custom house in the city of New Orleans. By the sctof 3rd March, 1847, the sum of $100,000 was appro- priated towards the erection of the custom house on the the custom house equare, or so much thereof as could be procured by the depurtment. After some delay, { was enabled to obtain a cession from the 1st Municipality of New Orleans of the whole of this square: which munifi- cent donation to the government has been estimated as of nearly the value of $500,000. Commissioners have been appointed to aid in carrying the law into effect, and instructions issued to them, a copy of which is hereto annexed. Much time was occupied, and great attention bestowed, in examining the various plans and estimates submitted. As « custom house is designed exclusively for the transaction of business, everything calculated merely for ornament or display was rejected, and that plan elected which united good taste with the greatest economy, and the largest and best accommodations. In ‘@ building of such magnitude and importance, it Gow ed to me ni before expending any part of the ap- propriation, to procure the best talents that could be obtained to direct the construction of the work, and I have, it is believed. succeeded in securing the services of a gentleman of high scientific attainments and great practical experience. Upon my application to the War department, Mejor William Turnbull, of the Topograph- ical corps, will, it is hoped, be detailed for this work. ‘The great aqueduct across the Potoman at Georgetown, admitted both in Europe and in this country to be one of the greatest works of the age, was constructed under the direction of this gentleman; and wherever he is knows, the greatest confidence is reposed in his talents and worth, and ally in hisjudicious and economical the public money. Further estimates pecifications will be submitted to Congress at the earliest practicable period. The thanks of this depart- ment have been already tendered to the Ist Municipallt; of New Orleans, for the munificent donation of the tire Custom House square, made by them to thi ment. In other cities where custom houses hi erected, large sums were paid by the government merely for the ground; but here the best site in Orleans, covering an entire as been bestowed as a qilt, and this fact, together with the great and growing commerce of New Urleaus, the increased and increasing revenues collected there—being the depot of the greatest and richest valley of the globe, and destined to surpads in business, wea'th and populae ton nearly every other city—render it just and proper that a bailding com aeusurite with the futare growth and progiess of New Orleaus should be erected, an‘ that it should be placed upowan equal footing with other cities where Congress have paid both tor the ground and the buildings and anxious desire of this department, with gress, to mak: ding a model of urefulues my. The department, as to custom ho: v ress, W! cial report at an early period of the seasion. ‘The Vepartment has proceeded, aided by the filth Auditor of the Treasury, and the Chief of the Topographical Bureau, to carry into eflect the act of the $d March, 1817, requiring the Secretary of the Treasury to cavse certain lighthouses, and an to be erected, as well ua to pon the Department ia regard to the jshment. If we would extend foreign 4 make our country the depyt of wni- com ¢, our coast as well as lakes must be well d, aud the coast survey must ascertain a1 ty mivute and faithful charts of all the pomts accessible to com- . Inmy rep y Sth Au 16, onr lully discussed, a comparis uropean syatem, and the refracting of ler~ paraius strongly recommended to the adoption of same time, the Vepa tment suggested the of « board, attenaed h no exper wing o h Auditor, the Superintendent of the Coast Survey. two officers of the Navy, au officer of the Hngineer 43 nlso of , why would combine the inf "mation idual as regards our coast and nay onstruction of the houses, the prope: a hghting, as well as to the mdm to the system. As the safety olved in the improvemen ation of this board is re ation of Congre st of the United States, under the soperintendence of Professor A. D Bache, has made great and tapad progress, having heen carried daing the p eighteen Ptates ou the Atlantic and Gull of Mexic » Maine on the North East, acd Texas on the South West. ‘The publication of the ‘resulcs has ale» kept pace with the extension of the field work. ‘The plan developed by the Su- ndeut, iy successive annnal the Topographic al Cor, possessed Dy wo one ind: don, the loeation aud ‘Work, and the estiates, have received the approval of | Department. ‘The sums asked for are believed to be the sialleat, consistent with dus progress of thie great work. The introduction of steam versely in the hydry y, will tend | areatly to expedite that bin 3 Valae and de- « the close of the he Union. act, this De-urtinrat is required to He fromm tine (o time, ae may be necessary WW cilect to the Jaw, and to report to each aueceedin g Covjiess such regulations ‘Those heretofore made e nuit continuous discretionary powers granted dy in ware 1 ports By the warehow ave ancl vegulat he tang! to U he Department, were reported to € jing the pracueal fer these regul it seemed to me it was entirely new he e, I proce egard to it in those couatries whi 1 foil oad snceessfal operat aldea aud D. P. Buybydt, of the a9 August. under specific and detailed instructions (x copy o by this last se ration had been for so many sceordingly, Messrs. wh ch isannexed) to investigate the operation of the system in Great d elsewhere in Kuropa, and the resales. The warehor Brita, & gli “ LPF 5 fullest sformaty Hithe gentlemen connected with the ‘month sbroad, pid'espectally im Great Britain. All the details were obtained by thei, and Commu ‘dtian able and voluminous report tome, with an appendix covering several volumes ot genern! ax wellas specific ond detailed imformstion, gether with all the forme for the transaction of business, minute tformatio » the mode of conducting ¢ er tor oF again ‘means by whien Great Britain has built up d wayigacion, extenced the market for her tabrie plac jer her control, for so many years, the exch ing tade of theworld. She has thu Li depot, wh only all herown fa bur also of there geut warehouse docks aud structures y by private t ‘storage of these goods 10 Lon- nated to lite coat $49,000,000, Creat as was the itiached. by this Department to the introdyetion don, eve uP tue wacshousiag #) teu. aud exrnest ae wae the re- commendation for it ia jay Atat anuaal report, resulis ag aecertaged i England, surpass tny highest exped value, aa also the actual sales, of treasury notes and | United States stock in the market at New York and | | from December 1, 1846, to Ist December, 1647, as also | from | ‘hey are now being used to a considerable extent | instituted | Sy North-West Corner of Fulton and Nassau sts. reg 14 among the most tomers to their own doors, to eluding their own manufactures. It for the products of all her industry s what we mast do if we would compete succeastally for those markets for the producis of dustry iweluding manufactures. ‘The report of Messrs. W: den and Barhydt has been tly mide tome, and is herewith comm: d to ‘ongress, retaining for refes the volumiaous ia tne department, subject, how- of Congress. At the earliest prac- uch furtherregulations as are . to.meby the Sth aa ™ inereased bi and augmenting profits: property in our warehousing cities wall be rendered more valuable, and every branch of industry stimu and improved. A commercial nation without ware- housing accommodations is like a merchant without a store- house, and no mation ean ente of fair and competition with other coun: ‘a system. iTis navy rarity bean than twelve mouths, and has greatly augmue: rosperity of the country, The uring the twelve months, epdin ecember, 1817, under the new ta- Tiff,is $31,500,000, being $8,524 595 more th n was received dur- ing the twelve mon‘hs preceding, wader the tariff of 1812. The querter of the first fi nde! necrevenne of % the uew tariff, was $11,106,257 41, wi he preceding year, under the tari uly $5,193,825 58 Ifthe quarters should equal in tl ery revenue from duties* duriug the first TUF would be $44,425,029 64. If, however, the comparison is founded on ali the quarcerly retarus for 48 years, (as far back as given qaarterly in the ‘T’ceasusy records,) and the same pro- portion for the several quarters applied this year, it would make its net revenus 188,045. Althoags the net revenue from duti being $15,500,257 41 during the five m would seem to indicate tte: paste mot n $35,000,000, yet it is estimated at $31,000,000 year ending 30th June, 1818, and § '2,000 000 for the suc@eedin Year, in the view of ‘the possible effects of the revulsion in Briain. Although our prosperity is ascribed by some tothe famine there, as though Providence had made the advance of one country to depend upon the calamities of another, yet it fiscal yenr of the new ta- a Ie for the fiscal is certain that our trade with Great Britain must be greater in series of yea's, when ity would enable her to buy more trom ua, (and especially cotton,) and at better prices, and sell us more in exclange, accompanied by an augmentation of revenue. y report of the 22d July, 1846, it shown that the an- uual value of our products exceeds three thousand millions of dollars. Our population doubles oace our produets quadruple im th withia which @ sum compou per rent. 1.te1 will be qvadrap! the actual results. Ot thi only $150,000,c00 w. used at homs, of wh changed between the seve: system, m: ‘as is sustained here by 1 chree thousand millions of dollars xd abroad, leaving $2,830,000.000 nat $500,000,000 is. annuall: IStaves ofthe Union. Under t id the groater the variety of el more extensive is the commerc between the States,aud the greater the value of the Union. We see, then,here,under the system of free proknetsot among the States of the Union. an interchange of value of at least $540,000,000 amon: tour total exchanges, includi the world besides, coatawing « population of is still about $30,000,000. Although, these exchanges yet those betw: 10,000 y fic'ot. 8 pomlstien’ So cmsctrieas yearly value of $500,000 000 exchanged, maki $23 81 per i Change ia our own country equal to duces the exc! nually, of our own product owa aud foreiga products, reat of the world to the individu Person of our own produe nine persons of other countries. Were tl foreign conn tiou of our’ products exchanged tro owa people, would faraish an inereased market of the 300, rease of thirty cents each ign pl exports, such an augmentauon mig! Obstacles to such exchanges, are the dati Gut the freight from New Orleaus to Boston, from that between Liverpool and Boston. and many pointe ia erior, is than fe Unreed Btates. ‘Thus, the average freignt from the Ohio river to Baltimore ip arenter thaa from the same place to Liverpool; yet, the anuual exchanges of products between the Ohio aud Baltimore, exe many millions that between Bal aud Liverpool. ‘he Canndas and adjacent provinces upon Oar borders, with s population leas than two millions, ex: change imports and exports with us, less in amount than the Stare of UC. with a population of 300,000, showing hus by free trade, se to $40,000. he chief obstacle to of products between ourselves and foreigntcountri change of Pr he iiflers but fade fe the freight from om England to the and. duties. When, then, reflect, also, tha pends chiefly upon diversity, which own country and the rest of the world, than betwi ferent States of the Union, under a system of reci trade with all the world, the augmentation ar er diversity of products, would equal the dimuaition by freight. ‘Thus, the ‘Southern States exchange no with each other, nor the Western facturiog States like tial to exchanges, and if England and America absolute free trade, the rec procal exchanges between ie whole foreign commerce of both; cotton States flour, nor the manu- s. Diversity of products is essen- jere united by it ad » would measure a imports and exports by thousands of millions of last snuual report, and that which preceded, xt was i that the home asrket was, wholly inadequate Vist aqrieaitaral products We heve jens iad 7 the wadivided ‘Value exported that year, up to $65 facturers could not have cousumed this their non consuming machines,which are substita i bor of man. Trina encrey four ova people a ‘$41,332,242 to the export and supply rftour. bread: stuffs and provisions 1 a single year, what could the: add to such products, if they eujoyed, free of duty. the markets of the world? By table reto aunexed, it spears that augmentation of our domestic exports, exclusive lo! x last year, compared with the preceding, was 856.802, or rds of 48 per centfand atthe same rate ent per an- bum of aug tation, in sip, ver table CC, to num of augmentation, would amount producti could furnish these exports far and, if they could be exchanged, free the ports of all nations. the energetic American freeman can and does periorm far more effective labor ina day, than what is called by strictionists, the pauper labor of Europe; a gpoloves here o58 ey yy fora di ja toil IC Fakes ro leasure ie day, the wages here may 0 ia Europe, bat measured by the work done ou that day, there is but little difference. m all our, capi ready have,) shall find st to be their true interest, in m to the’ wages tou jean Ww to allow him voluntarily, because it augments of eapital, a fair interest in those profits, and elevate rank of a we may then dety fe may then tition principle illvstrated by ; that (0 rents his farta, use, 8 pris hip. or ondnets any other us than the interest and ance that will be manifest ander sucha system, will ticipation 1. its y.rofi ly a most jast and ben of all our people koveroment out prosperity, and the partseigation of our wor our indostaal establ le and other profits af imonopolised this pursuit coun far better prepa option al republican system than those of any other nation, and this vat-on of the toiling millions of Aime:icato aj si particirmtion Inthe profits of that capital which is made fruitful omy by their dusty, will yet enjoy as great a triumph as thai fevered trade and uwatixed and unrestricted labor with whieh it ought to be,and certainly yet will be, proudly associated. jem, the laboring men, whil Ist they received the ye: tofo lowed the would also participate to ‘a reasonob! tin the profit an addition to ‘a most powerful and certain stimalusto rend: thei and for the bemefit ite Tabor more productive, and thay incre concersed, the capitalists end the wi the establishunent. What is called is already inferior to our I nore powerless to compete he profi r sulin ticipated with capital in t 0 freemen of the Union must constitute the great mass workiog tile whose votes will control the Goverament and direct ine policy of the n uperior comfort,educa iem, d ivfors nt of ow d arily resuiting to them from is] system. is important tot onr free. tatelligence au tar, it Ja C0 aded by the advocates of protection, that qintee of labor, nud that low duties would teduce wages here to Wiekshe allowed for what they call the pauper labor of kurope. ary, the opponents of high tariffs tusieted that labo y the markets of the world, would fi en coarequence, the, re produced. have advanced, they et wages protective tariff. There are more workmen concerned in cther part thay tures, and with mach less machinery as a and by depressing agricaltny restricting their business and those engag:d in suc! workme lose employment manufactures, the woges of all are G reduced, and than under ag) fom for uned «ifie dut 4 vel Meher duty wae oe al tee ate of the dety, @pon Uh (iiut consumed by the poor, and the lower duty assessed u Tieinele of highest value ‘used by tse more wealthy, often atiag as duty of 10. 20, oF 30 per , by whose wages chiefly the Motes te sed, whalet caprtal, with whose profits the ight, Was almost exempt from the os 4 a tox. It been tolerated to have im duty of 10, 20, o 0 per cent by name Upou costly artic of 100 or 200' per cent upon chenper i, Where the a valorem raves woul hibited and equiluy of ¢ moan and duty in prop ower duty upon similar articles inore costly posing the higher duty upon labor and the w etmelly as though the tag gatherer had ¢ lected ‘rorkingman a third or fourth of his wages evesy Capital was comparatively exempt fcr system which has been overthrown be oe reduced ad valorem, operating the tem, ia favor of the p th tariff can £0 oper collecting a larger of impaite or prop one Whieh is the rey nop he Toye productive op Whien diaregards ir