The New York Herald Newspaper, December 18, 1850, Page 1

6032. - ‘AMPORTANT OOCUMENT, SHERIOAN FINAY(® 140 SOCTRRER, ‘Whe Annual Report of *« Secretary of the “dreasury D2? COMET, } Trnasven 594 25 COB. weeevs ee 1,547,218 23 avails of « * 399,050 00 ee . 3,646,990 00 47,421,748 90 Add belence in the Tressun tly 1, 1849.. ae 2,134,964 23, 49 606,713 18 “The expenditures for the sw fis . cal year were in ha —~ Setereee teeeeeeeees 3.648.900 00 -__ 48,002,168 69 Lear a balance in (h: 96,604,544 49 sary, July 1, 1860, of (Ab appears in detail by accom: panying statemen! A ) BSILMAT ES The estimated recetpis iod expsuaditures for fiscal year ending June 30, 15}, gres— a4 wy cum toms, quarter, by actual returns $14,764 04 05 ‘Receipts from eus- pe 2d, 3a, and quarters, as estimated. 30,255,956 95 47,592 | Receipts from avails ot Treasury Mere Ada Walunce in the Tre) ary Jwly inp eaeeseci Ty MD cksccevereesscnscse none -QNNG0E0 @ Total means, ax estimaved.. 954,312,501 9 Sapaharee for the eeattor. oat itures for the Sept. 80, "1660, pee a were $6,963,432 99 ; 13,719,094 32 ‘ 1,500,000 08 AG i 170,825 08 , &ce.. 9,000,716 72 ord- i 2,261 370 66 327,300 76 4,363 ~67 51 1,850 555 40 9,608 253 88 3,694,321 63 844,207 24 HE 3f z zs £ the loan of 1547... Kagaring © balance in the. Treewe Total estimated means......... ++ $47,258,996 99 ‘The expenditures tor the skime period, as esti- mated by the several Departmen of State, Trea- = » War, Nevy, and Postmaster Gen- are-~ of former appropria= tions which will be re: o expended this year ... $4,929,221 97 and indehnit ‘Speeitic won tn eter traren accents. sareetna SOiyADs 06 $45,121,903 13 This sum is composed of the foilowiag purticu- SEK somiee intercourse, and tocluding M. arcane 39 76 900 00 Ialoreat oa the publis debe. . 3.665.321 03 Purchase of stock of the loao of 147-340, 156 96 ——. of stock jemned oder ” $43,124,093 15 Estimated rare ver ext Mmenne up to Tuly 1, 1662-. $965,096 19 foregoing does no! Mm Jute ine uaterest to be paid onthe Texas boundiry stock reso, ot th February last, the the joint auen of lub ona Aye was appropriated to defray the annwal expenses of co irenng the revenue, un addi- tion to such sume “ae may fe received from stor- cartage, dray age, and labor.” “Shy the provision. of the act of 34 March, 1849, in liew of the net revenue, “(he grom# amount of ail duties received from customs, from sales of the, public lands, wad from all mwertlyaeoms sources, ‘Were required to be paid inte the without, any abatement or deduction” whatever This devolved upon the deperiment the necestity of ail coin reeetved to the depositaries the act of 6th August, 1846, and re- the sume necessary for the current incidental expenses of collecting the reveane, or the exercise of the implied discretionary powers by the same act upon the Secretary of to designate such other d¢posttaries as ciroumstances might require. The collectors of surveyors of interior porte have, there- made depositaries, aod given bonde as concur in the views of my predecessor that the was @ salutary one. The labore of the thear elerka, thongh largely ine ervssed, therety have been, in general, pertormed agate at the date of my assuming l a of this department law of 2th i a.) di all con- of vessels to be recorded atthe custom ‘ of wn eaaitonat_ fepretore at New proviso to MORNING EDITION---WEDNESDAY, DECEMBER 18, 1850. ..; By the act of 23th September last, six collection districts were created om the Pacitic aud two east of the Rocky movatains, on our oorthera frontier. Thete give occamon for 4 large increase in the per- sonnel of the department of customs, asd a more than corresponding increase in the expenditures. ‘The maximum salanes of those officera attached to the Pacific distri ts designated by that act, in ga reduced by the department, are believed to be only commensurate with the expenses tt tendant upon a residence im that cow That basis, es fixed by Congr: ss, nas been the Gesdea adopted by the ment relaively, for the com- pensation of the subordinate officers, und in the exercise of the discretion given dy the firat section Of the joint resolmion of the Mth of February last, euch salaries have been ansgued #8, io the opinion of the department, were required (© insure to the farerament officers of ebrity and integrity, and ull relience is placed upon an honest and faithful discharge of the onerous and responsible. duties (See Statement L ng Ge cen the aareene of ‘ar a7. The actual pnt yon ae poet ob . tures of the Navy IE accompany. devolving upon them in that remote section of our 2 +++ 910,058,865 11 country. (This excess, from the. organiza- The great reduction of the revenue marine made tion of the Navy ye by my predecessor, in consequence of the limited and the indefinite manner o! appropriations, has been represented as injurious in making ay intions, cannot ite et This branch of the service, iatimately be more iheally stated convected with, an ‘cersary to, the collection | Pensions paid under acts of ae revenue, i in es Sesion of the depart- A 1860. ment, @ proper subject for distinet appropriation: and I have, shenitoce, sabanitnd eotimnte for hat ey quateg service upon a basis of twenty revenue vessela, a M a 1 00 Jess number, by four, than existed previous to that | In ro new territory; stasathtk reduction. June, 1862 (statement N)...... 204,890 40 PUBLIC DEuT Instalments and interest under 12th According to the last anuual report of this de- article of treaty with Mexico... 16,388,396 37 tment, the public debt on the Ist of December, | Payment of jated claims 349, including $18,821 48in Treasury notes and | against Mexico, per uct 29th stock not them strted, war.......... 964,723,615 16 July, 0606 weds Sdecibcece 2,089,578 84 Since that period the following reductions have | Renewal of diplomatic i been made, viz:— with Mexico..........+ 37,566 61 On account of the deqt of the cities Expenses of Board of Commission- of the District of Columbia, as- ers on Mexican claims ....... 44,423 39 sumed by the act of jhe ih May, Survey of boundary line between NBBG o.08 o cue wees ces cscs ones weve $60,000 00 United States Mexico.. 335,000 00 On account of the old funded and Survey of coast of i paces 200,000 00 of ateated de! ny op re = ht meen dry dock, custom asury notes ¥ muse, ai marine hoepital in And of the stock of 430,250 00 Califormia. ....- cece ssseeesseee * 640,000 00 = mains Territorial “Ae in Utah ee age Sco othe Sacre Shae mn a the agency leesrs. Corcoran ll ment secu reasing their price ond the ++ $1 719 08 limit fixed by the department in ite pl ea dyey the eae ite @, would bave been somewhat increased. sum as ihe expenditures for TS lic debt om the 30:h November last was 1845, made in pursuence of acts 288 37, as per statement D, via— of the government deren s pe- Gus ate 19,605 98 | TSib,‘and bron to dik March, es eeee an to Debts of the District cities, a-sum- : 1849; including Post Office de- ed by Congress, $60,000, payable ficiencies and census as fol ann bo ow: 060 6 cccseece 900,000 00 lows. See Statement O:— Seventh census... . 1,276,000 00 far Erection of Patent Office oe 600,000 00 ih esssessan-s one tnn iaen eine. 803,573 92 | Supplying deticiencies in Post Of- Fivé per cent loan of 3d March, fee Department and for Depart- al redeemable July 1, 1853. . 6,468,231 35 ment mail matter............. 1,768,752 57 — loan of 224 July, 1346, Expenses of coll the reve- a] mabie November 12, 1856. 4,999,149 45 nue from customs, lands, &c., ‘Six per ct. loan of loth Apni, 1542, never exhibited in the expendi- tedeemabie December 3), 1862. 8,198,636 03 tures prior to 30th June, 1819 .. 6,813,507 95 Six per cent loan of 28th January, Expenditures on account of Sinith- ASHT, redeemable Jun. 1, 1863.. 27,136,122 00 sonian Instifute.... .... 200+ ++ 412,134 70 Six per cent loan of 23th Janus Refunding debentures, 1847, redeemable Jan’y 1s", 154,328 00 drawbacks, bounties, &c....... 2,923,166 36 Six per cent loan of 3ist March, idee, redeemable July 1, 1568. 15,740,000 00 Treasury ae issued prior to revenue cutters, before paid out of the accruing reve- nue. hospita support thereof... 223,233 37 and eee . 1,288,741 87 In obedience to the requirements of the 22d sec- | Increase of expenditures in the le- i Med of 28th seat, 1847, I transmit a fe wee ee 4s wn pr — lement (E) showing ue, Telssue, re-| ry departments, the sum of.... 4,205, dei t a And fer miecellaneous items not of Treasury notes paid durmg last fiscal year, . ———_———_ uw the act of 10th August, $145,147 062 43 ESTIMATES. Sum as above to 30th June, 1852, cha he to the TH, ‘war debt to 1862, state- 39,355,268 69 . BA maturity (P 2). 41,173,493 38 ceipts from all for the Public lands, and to be grant- ending 30th June, 1861, are 47,592,000 00 ed (per K), as estimated... 17,346,750 00 The sctual ‘end Claims pending and estimated by expenditures for the same pe- Third Auditor (statement Q).... 765,068 37 TOd AMOWNE tO... 0s seeeeees 53,787,547 50 | ‘Texas boundary stock to be issued. 10,000,000 00 1852, emount W....... seeeeees 46,900,000 00 The ‘otal esumated cash expendi- tures for the same amount to (see statement G)........ 60+ 124,993 13 1 am well aware that these actual and estimated expenditues may justly be deemed latge, and, taeeetore, im submitting them, it is proper that they be accompanied such explanations and statements as will distinguish the ordinary from the extraordinary demaads upon the Treasury, and show that the aggregate ia no greater than is de- manded by a due regard to economy and the obdhi- ations of U erument. Statement R gives the annual expenditures from ® annex a table, marked H, exhibiting the total | 1828 to 1°41 Naa ces Geaeas ieoae in 1823, to expenditures, exclurive of payments on account of 745,776 28 in 1, the ave! annual increase trust funds and public debt, expenses of collecting 10g $943,023 56, exclusive of all expenses of col- the revenue from custome, junds, dcc., for three | Jeeting the revenue, dec. reside, vig. The expenditures for the four sneceeding years, lst. For the years ending 30th June, 1813-45, from 1841 10 184, are averaged in consequence or immediately the Mexican war. of the change ia (ne fecal year, the average be- 2d. For the years 80th June, 1846~7~'8, Besesiecns ceceseeccee eeee $22,987,411 78 embracing the period of the war, and A diminution the average, as ‘3d. For the yeers ending 30th Tune, 1819-'50-"51, compared with the four preceding actual and estimated, or the three years subse- YOUre, Oboe cece cccceeeccceeeee —BA81,158 quent (o the treaty of peece. Amounting, iv the aggregate, to... 13,924,635 90 Tt will be seem that, for the three years prior to | The esumated expenartures for the the war, the yegate expenditures, exclusive of yet ending June, 1852, are. 48,124,998 18 ust finde, pubhe bt, aud the expenses of col- | T! oe ee ee oe ~— cting the revenue from customs, este me cael k +» $63,833,704 93 of the public debt, were......-- 21,880,049 36 Hands. SC... WETE. «+ +505 ves ee rons Avereging annualiy §21,277 901 64 For the three year 125,201,017 11 June, 744,943 82 Avera oa. ara 2 By retere aad Q,) it will And for the be seen that, of these estiaated expenditures for di the year exuding 30th Jane, 1862. the excess over the expenditures of 1845, required by the War 116,922,178 82 Dr parunent, in consequence of war and our Averoging _bew territories, is 96 002 058 43 Ally ses. aseeseeee 38,974,069 61 Navy Departmea: eee Includiug the expenses of collecting Pension nets of 840 oo the revenue from customs, public Mexicen mstalment and 3,180,000 00 lends, duties retarned, draw- e Survey of boundary line 100,000 00 che, debentures, bounvies, we, Light bouses, dry dock, none of which have din eRe 300,000 00 the expendicures pide eapete Terriiorm) governments, Utsh bited pnor to the 30th Juoe, 1819, New Mexico... +++ 70,200 00 (as ail theee items were, pre~ Interest on public debt. 3,666,321 03 viously to that date, deducied Indians in new territories. eo 130,800 00 from the revenue before the bat Collection of the revenue from cus ter was paid into the Treseury, tome, bounties, &e., mot include } leaving only the net receipts to fm IBD... cove veces eenee «» 9,484,775 04 figure in the annual statements,) Exp nees land sales do do. 170,20 00 the eggregate expenditures, for Patent Off; Py 350,000 00 the first period (per statement H) Pay ment on account of the priacipal VETAgiINg. . «+++ «+++ §25,410,180 GL Survey of the coast of Ci 100 000 00 ‘or the second pe- Smithsonian [astitute........ 66... 90,910 14 riod... ‘ $137,190,066 97 | Deficiencies in Post Office Depart t —_——— ane . $125, 106,754 18 925, 199,148 64 as thy t rane age tf tocreased ry 64, fom len Scanned —i~- ae ex. hn mneed tm the uf 1845-"46, and | for the year ending 30" June, 1852, of $43,124,- e consequence of the war with Mexico, and it wil be showa that by rearon of our new noquisitions of territory, and the fulfilment of the igations of the government from that war, 4 conti vance of these expenditures will be required for an inde finite period. Annexed are statements (I and J) the total annual expenditures, exclunve of the pay- ments on account of the pudue debt, as made and estimated to be _— under 4 aan pod ane several heads of rtmeate for ihe years ng B0th Jone, 18467 8-9-"50~ BL and "62, or the seven. nt to the declaration of war with Mexico. Also statement (KK) showiag the tities and values Of the inate reqarred to eatiefy Warrants iseued, to be issued, ander ists the several Steves aud talnes, hoes eovesioned 07 of June, La} 4s for the seven suc~ Nablihment of 16d, olor. 915,10, 002 peace June, ing To which may be added intareat on de! June, Interest on do. Thus we have, as expenditu to be tion euther e8 to number of amount. Exeers for tho year ending 30h 1 rigea' 9194, 252.719 08 MM years, at 5 per 7,000,000 00 3,250,000 00 COME. . 6s eee be issued res and lanilities chargeable directly to oe war, and the pomnisitions of tory consequent upon the treaty of peace, the sum of...... $217,175,575 89 ‘This does net include maay claims presented and presented, arising imdirectly from the war, eir great variety forbidding even an approxima- which eur commanding position on the Pacific ocean Opens to the enterprise of cur countrymen. FRAUDS UPON THE REVENUE. In obedience to the act of 101h May, 1800, where- by it is made the duty of the Secre of the Trea- * wo digest, prepare, and lay re Congress, « every session, @ reporton subject of finance, containing estimates of the | fae Tam and oe pares, mat vase iy iv e revenu rom eo to time,” I feel it my duty, in view of our necessa- ‘ily increased ep ape and maturing liabili- ties, to submit to the wisdom of Cougress such sug- gestions as the present etate of our country and the Tevenues seem to 5 ‘We cannot overlook the fact, in our estimates of future revenue, that the last three or four years = been ex — thet bed = indebted our large revenu part, to famine, the revolutions, end the broken- down. markets of Eu- rope. The ease with which the low duties under the eet of 1846 may be reduced still lower by suc- ceestul frauds and under-Valuations, combined with the causes just stated, have induced a large excess of importation. But the markets of Europe are recovering their tone, the effects of the famine are paseing away, our country is filied, it is believed, to excess with foreign goods, and it would be con- trary to all reasonable expectation to look fora continuance of these large importations. The provisions ot the act of 1846, have been found insufficient fer the prevention of frauds and undervatuations. The extent to which they have been carried, and the degree in which they have been rendered systematic and complete, have been Mobile coriaieges to the revenue, The depart- ment long given the subject of these frauds its Most eamest attention, exhausted all its au- thority for their prevention and detection, but they are of such m: and #0 demoralizing in their effects, as to the immediate interpo- sition of Congress. i ication on A special comnaunica! made to the Senate on the 26th mber last, in answer toa resolution of that » and as that embraced much that would otherwiee be incor- — im this report, a copy thereof is anaexed reto, marked. That numerous frauds, by means of undervalu- ations, have been and contigue to be sy stematical- ly perpetrated, and that they are confined neither to one class les, one market, aor one port of the United States, this department bas an accu- mulation of the most undeniable evidence. This proof, consisting of a oe tails, will with great pleasure be submitted to Con- grees, or any of its committees that may be a ood eg eu Vigilance of the appraisers, vast numbers of advances upon wvoices have been made. At Boston and New York the number 80 edvanced, from January, 1849, to October Ist, 1860, amounted to more than 4,000, (table T) ranging from five per cent to upwards of four hundred per cent. ae Statement U is an importation of fruit, aod is this subject was PRICE TWO CENTS. expenditures is to be accounted | of our new acquisitions and the rich commerce | of the ppsonment #0 to discriminate in the levy- ; ing of duties, as, without faili | sary amount of revenue, to § the greatest en- couragement possible to #1) indusrval pursuits of our own people. One feature of the law of 1846, in the opinion of this department, is to both the controlling principles just stated. [ have reference to an equal or higher rate ‘of duty on the raw material, than upou the manufactured article of which it ix composed. Such provi certainly take from the manufacturer and art encoursgement which the at law lees, to rome extent, was intended to «fford, and below the neces. degree detrimental to the reveuue. The constant | fluctuations in prices, and consequently in the dao- | ties, under any unrestricted ad valorem tariff, give to the act of 1846 that most »hjectionable feature, instabvity. These variations giving a high duty when leest required, aud low duties when prices are ruinous, tend to en exeres of inoportations, aud | subject ail the products of labor in our own coun- try, to the frequent and enormous fluctuations in the markets abroad, arising from the disturbed con dition of those nations, with whom our foreign commerce is chiefly carried on Under the piesent system, duties are highest when the article imported is highest, and when the purchaser and consumer can least afford to pay the duty: end lowest when the price of the article wanted would allow u heavy adaiional duty to pe levied on it. Thus, if an article costs $10, a dat of thirty per ce ould compel an addition of s af that article ia value to $5, then is the daty reduced one half. That cornet be a wholesome system of taxation which foilows the consumer in his purchases, in, creasing hie burden when prices are high, and tak ing ut eff as prices fail und his ability to bear it ing creases. It epplied to articles of subsistence, ip would operate as a heavy tax upon bread ina yea of famine, increasing with the intensity of the evil, aud gradualiy disppearing with the retura of abundance. The objection to the present system, from com- mercial fluctuations in prices, is constautly forced upon the attention of the department by instances of extreme inequality and prejudicial operation oe European price of ion was, in 1846, al , greatly that which has prevailed for the last two ears. It the duties bar irom have been levied strict accord with foreign cost, they would now be but little more than one-half of what they were in 1846 By this process, berides the immense in- jury inflicted upon domestic industry, our revenue 18 made to fluctuate with the accidents and revul- sions in foreign commerce, and thr se accidents aad fiuetuations, which originute abroad, are imported with their ettendant naeehiet Oor revenue, us already stated, must be mainly alro check the importation of the raw material toa | 507 { our exports diminishing in,proportion as the effect | of the famine {8 overcome by the = nent abundance; thus the expert of breadetulls and rovisions in 1847 wus 701,921; wn 1348, g37,- 172,761; in 1849, $38,100,507; and in 1860; a 061,373; (eee statement —.) Our e: tt an USE (see vame statemen!) of these articles were §\7,- 638,227; in 1841, $17,196,102; wud, at the rave of dectease exhibited sine 1847, will, im 1962, but hitde exeeed the latter amount, The exports of rice in 1827 amnounted to 908; in 1837, to $2,309,279; and ia 1548, (the after the famine,) to $2,331,824; in 1860, to (Statement —.) These daies embrace @ penod of high and low dunes, of comparative free trede at home, and in the principal market le There facta disclose the tullacy of the prineiple ew frequently urged, that, by induciag heavy importer ons under & syetem of Jow duties, we nes | Create a large corresponding demand abroad fer our own productions. Whatever truth there may be in thie principle, as applied to the trade between other nations ef the world, im consequenee of the relauve nature of their preductions end m:nufactures, it has not the same epplication to the United States, from the simple fect that nearly all the dies which the laver furnish to foreign nations, arneles of neceseaty, the Copeurnption to eetual Wants, and cam: ¢ foreed beyond that denend by aaventivous circumstances. When @ high degree of prosperity exista in the United Sraten, we see a large uerease in the consumpios: cf most foreign producnous, which may be yeas rally classed under the heed of luxuries; but we tave no sveh claes of articles to tempt foreign ga tions in like manner to extead their purchases from bd in reciprocation for extended supplice from them. No nation will purchase from us, no matter how prosperous may be her condition, a larger amount of breadstuffs than the deticieney in her owmanility to supply will require, even though we buy from her double or treble the emount of her produe tions. So, in hke manner when her crops fail, ehe pot only will, but must, take from other com tries what the wants of her population require, even though it be three or ten-fold what they take from her ‘This principle wes fully exemplified im the fa maine year of LS47, ose supplies ef a heavy Dalaace even though it did iocrease our im ports from the very cause already alluded to, of creating such @ degree of prosperity io the country, as to extend ovr desire and ability for theconsu tion of such articles of foreiga luxunes ag we id not supply ourselves, and the opposite result ta ea bibire ae ihe present time, when weure making exceseive importations, not only withoutaa equiver » When our uf dependent on duties on imports. Those imports from abroad cau only be paid tor by exports made up of the products of our laber in ail its varieties, or in the precious metals. [ft our imports shall ex- ceed the value of our exports abroad in aay given year, to the extent of such excess do we create a foreign debt. irthis operation be repeated tor only vill effect the with- cited a8 exhibiting net only the system of fraudu- lent undervaluations, but the iaequatity of values in the different ports of the Uuited States under the present eyetem. The fruit was shipped by the same house about the same tine, oue cargo arriv- ipg at one at New York, and one at Boston, the 'y and invoice vaiue being the seme. At Pj it passed at the invoice value; at New York the appraisers advanced it “five per cent, and at Boscon fo pA ——— no objection nur appeal from the de- cision of the appraisers was made. I would respectfully and earnestly urge upon acucal epera- the cost or values of merchandise, being fully fied that the longer it is continued the weaker will become the restraints upon and the the inducements to the commussion of frauds, by misrepresenting the dutiable values. WAYS AND MEANS. The estimated receipts trou customs,as presented for the remainder of curren: year, aad for the year ending 30th June, 1862, are based upon a cou- Unuence of the preseat large atount of imports. Aside from our increased expenditures, and exclu- fe of evtimnted purchases of stock, we have to 220,962 89 of the punlic debs which ert wn fia! yeore salties expen tires of a “pe =e public debt orgineting chiefly in the re- cent war with Mexico, together with a variety of demands arising out of that war, present the amouat of liabilities for which it becomes the duty of Congress to provide, Onr trede with foreign na’ and the moneys srising from the sales of public lands, have con- stituted heretotore the resources trom w vo ave of the Tumeat have brea pro- cured; end they are at this time tne only means by which these necessary charges can be paid, the public faith upheld, end a speedy liquidation of the public debt insured. By the long and unbroken practice of the govern- ment, duties on imports have been regarded as thy Jeart objectionable mode of raining revenue By the verious acts of Congress aypropriating the pudlic lands to objecta which withdraw (bem trom ordinary revenue purposes, ut isquite certaw that, for several years to come, the Tressury must be mainly, it not entirely, dependeat tor its receipts Upen ducer levied foreiga merohandive ‘The net of the Januery, US47, eppropriates the entire proceeds of the sales of the pudlic lads to the payment of the principal and interest of the loan provided for By that law By reference to table D, it will be found that the | lonn for the redernption of which this fund is ap | propriate amounts to $27,185,122, the interest upon ; woreh, at 6 per centper annum, i to be pad semi sive provide for ree | #tanc afew — ite obvious tha draws trom us of a quantity of the precious metals ly #6, to the amount of the aecurma- bringing with it bankraptey in ali ae- pertments of buswess, consequent inability to pur- chase foreign goods, and thus, for the Ome, caus ing arumons depression in the receipts into the Treasury. It then becomes equally the daty of Con- gress ond the interests of the people (if possible) so to regulate imperis es to confine the importations into this country, (© an amount abour equal to such exporte of eur own as can find a market at remu- nerative prices ubroad. The bare statemeat of the foregomg well established laws of trade would seem to fturnixh a safe guide ia al! legislation on the subject. / hilet umpor'ations should be secured in amount sufficient at a practical rate of duties to supply the wants of the Treasury, such duties should be ad- justed 1 a manner to affect favorably ail industrial pursuits at home. If duties on the necessary imn- portations should have the effeet to iaypair the abil- ity of the mess of the peopie to purchase and pay for foreign goods, then importstions to that extent must cease, and by consequence the revenue to an equivalent emount would be dimioished It is believed that our own experence hus ehown porte t be greatly catended, ae © euppored, by low auwies upon foreign Q00de in ovr ports, tis a tact, withia the obser- Vation of ali, that merchauts and shipowners are ever vigilant and alert, with all the knowledge which inter@! can impart, and all the sicil which experience ean supply,to send abroad aay and every product of thi: en can any where find a ngen always active, extend our exper: tratiic at all times to the utmost jimit of advontage to the producer or carrier. If atany time « given article of export thould be carried beyoud the foreign demand, re- duced prices, the invurivdle result: of over-snpyly, brings lore upoo all ceneerued — If a forergn erucle is, in like manner, foreed upon cur own market beyond the required supply, the effect of redaced pnees, while it inflicts often ruinous losses upon the importer fonr abroad, is felt by those engaged ia producing the like arucle at bome, ia conse- quences tenfold more injurious, as the reduction of price in our own market extends to end afieets the entire labor of the whole country, which may be employed im such manefacture or prodactions ‘Thos, while the injury is temporary and limmted in its efieet upon the importer, itis offen lasting and widely extended upon the labor of ear own people We see ond feelit in: the sudden breakiag up of emabliehinents not yet fastened by an Amount of capital which ean afford to encounter temporary evepension of sles and reduced prices, or not yet worked with that sill sud economy which long experience aloue ean impart Tu such in- labor is suddely withdrawn from a of puree and driven to the production coum y, and the principal on the let Jaauary, ‘The laws recently enacted, giving lauds to those who rerved im the war with Meaice, and, at the | last session, Co such as had served in tormer wars, ik adduion to grants to States for interant improve ments, will, undoubtedly, supply the market with the greater portion of the landa (hat will be required | for cecupation for many years to come. This source of revenue, therefore, smail, indeed, cem- ratively, bot still, in the tea years preceding #48, available for en awa) averege of $2.993,- 616 19, (statement V,) should not, herealter, ve | rehed on with any certainly, or to any coneudera- | ble ameouut, in eetimating the receipts of the Trea “Gases K, appended to this report, shows the 998 18, there will remain, ae the estimated ordi- nary expenditures, the of $24,925 844 54 ‘Thus it will be seen that of the aggregate expen- ditures, actual and estimated, for the seven years ending on the 30th J. 1862. amountiag to £07,407 95, the eum of $138,148 330 18, exclusve of $15 7 544 06 interest on the war debt, is required te suetei the faith of the government, pledged or implied, or arising in consequence of its acts da- ring a period subsequent to 30ch June, 1545, and prior to Ist Joly, 1849 . Some of the obj cts of theee estimated expendi- tures, by reason of the extended area of terrivory, have been made either permanent charges upon the Treasury, or will continue for a long series of years, and may be stated us followe:— Excees of expenditures of War Departrent, Navy ment, Pensions, interest on war debt, termiorial governments, survey of Doundary line, eurvey of coast of California, lodians Further experience will andenhtedly result in compelling ell greater ex @ in the folhi ment of treaty stipulations, and 1a controtliag and subduing the Indiane end other Lawless bands with whieh our newly oe territories are infested, and before there will be that permanent emigration to and settlement there of that clase of oar citi- pe Ee develope ot the re- soutces nee of that count the 7, not found in expenditures in former times, # J gray expanded territora! limate, wi r dently from our ee Ey een gig GR ra ‘avily, Bag) B.-- § primary ebject to Lumber of warrants located by the acts to which | reference has been made, nad the number yet to ve | located. estumeted from the pay-rolle eed ober vie # on file, with the quantiiy of required to satisfy them | tande soit. and taken theee werrante, for the y: } be 14,727 748 40 acres, - ve w { gow 711 68 per nowwm. ‘Lhe warrents yet to be presented und rihese acts will require 78,922,513 acres, veined at 653,140. At the above averege of 4,909,247 46 seres per annum, over sixteen years will be required to ab sorb watiefy the Warrants yet to be issued. ae | estimared, under the several bounty laud acts now in foree ‘There will then be diverted from the Treasury, | | from the sale of lande, the eum of $113 244,596, not | anticipated atthe date when the ‘eveoue law of | | 1846 wee enacted. (See statement K.) | | EBT bie etate of things imposes vpon Congreee the | uty of determining whether the late wow exist ing, with the retes of duties nmpeeed by them oa mount pene } | foreign merebandise, will produce the necessary to detray the annus) ordinary tores of the government, and me interest on the public debt country to discharge every « ou it, if , ia Hequen mode for the prompt discharge of a ly aecre the public faith, ae it baw been bith » will be maintained, and the public credite donsueh ” ar hy perentegeows aud epeedy eLungue ot of the Nie debt The system of ad velorem duties, however well adapted to many articles of trace, when apphed to all, without discrimination, restriction, oF sate guard, has been proved by the experience of this | department, to be subject to many and wrong object Its tendency is to cherieh a apirit 0 overtreding greatly injutious to the ee of our ews country in all vs dep iments, Ago, tn | ive fined resulta, fatal to the revenue Considering | thie eyeten only en ite operanoo pen revenue, itis | believed that the expenence ened commercial nations of to be it hitte aod unerfe | of the Britieh tariff, revieed im 1816, the whole | revenue derived from ericiee paying ad Valorem dyties hee been only an «verage of « hag mend 12,000, * annum; in * groee freee from (eitotie ot "252.000 000" ($105,000.00) below lene than one-fil.h of one per cent of (his omens it come from imposts, and the evident deeign of Par. liement waete make specific duues thr source of revenue from imposts, so far as it poss'biy could be effected A Like policy has also alw: we haw proved it ot dune imports is sdmitte It fb equaly well ‘cotablial ed as the poticy and | the common opintone of Un y the | ability of tne | liabilities, | the most eohgnt | Usder the operation | in & lamited ephere; this again brags an over eup- ply of whatever may be produced by the common employments, whi cod it leeves the mar- ket of the article, wi oe of which has ber: merey of the foreign supply ne ‘The reselt in the end tothe consumer ia inva- rice of such arhcle; and there being no ce ‘oa with the foreigo producer, ha hen possestion of the market. aod, of conse, mp: ples it et the highest price whieh the demaod will give him. His prices and profits, uacheched by compe tition in knch caae#, Cootivur to rive with the inereeee dé demand and diminished howe supply. The operation and efleet of these laws of Inbor and trede, it is believed. have been freane and palpably exhibited im the history of eur country. It is from each experience thet the general prinewples upon * bieb our tariff }.we are based, have becon pole Heace the our country pre nably @ rise 1 the orher, so that he may not be left to che mercy of one, and that (he forge one alone The happy indirect eff cr of such legislation apon the Inbor, and, coorequently, on the permanent ronperity of our own country, is not the greatest, y any means, of the bieseings it cunters. by giving diver-iry (@ the occupations and industrial ot the people, anor ta rewarded, the abv lity to eonweme forrign products is attained, end the wants of the national Treasury, dependent entirely vpon duties collected upon foreign imports, are amply euyplied hile the great end—that of a corm etent reve- nne—ie thne surely reached by this polt emonpt of export: ie at the seme tine ol wards peying lor the required im | Our experts, ws the commercial | show, are made otton, ries, tobaes These are the ty of the yped to foregn ithout more lebor, a# an elemeat of price, he iw their | fim lowe the fret, aloo, that | of whieh we cen produce «lor pny other people, form co moaraty | Hon to our exports, partecularly i yeare of plenty These aricies, in the production of h eo lerge ond wrereetme @ portion of our people are engaged, cannot find a market abroad | at eueh price the farmer can aftord to receive, | except when famine or war create « foreiga and | exceptions! demand | In 1947, wn yexr of famine in Borope, we export | ed of brendevn fie aad provisions, wiihoat pr moni- tien of the calamity which created the demand, $68,701,121 This extracndinary export, while our OW) works t wre firlty supplied, par neyend down our ehility to supply of there artic Jew a surplus | exceeding the ability of aoy other cown'ry, | vided » market were fowod _—— -. = the velne inthe expense of transporter j pad. AL dennnd of 1847 was not due te ony | legislation of eur cwn, oF of fotega nations Te | wae the reenlt alone of the famine in Barope. Sivee thar Hime the operation of the ae pie ne! of 1846, har wholly removed the du vpen euch foregn agricultural Pee 4 ae ee need for food, and oure enter into competition there with these of other nations. ‘This free pas erge through British enstom hones has not, how- ever, increared the British demand, for we find | mannfacturing her own great staple; lent extra demand, bul, oa the contrary, with @ di- minished ape from Europe, far below what ere took from us, when our importetions were so much less than they now ere The foregoing staterncnts show that the farming population of the country, Without Avy ex'raordi Dery stimulus, can produce « Ley a equal te 1,121 10 meet any urgent demand for 4 foreiga market, on amount more then equal to the average value of the export of cotion trom Ubi But we find this sum of nearly six which rewarded the toil of the far try in 1847, dwarfed down in 1850 COT AT a tively intign { amount of $26,061,373 —a faillag. coffin the rewards of labor of the tarmer alone aa two years of $42,650,548. When itis remembered that a very large propor- tion of the citizens of thir couutry are euge: m the business of farming, avd bow uiuch of the per manent wealth aad true glory of the repubhe de- pends gp their well-being aud prosperity, ut would seem (Ube the dictate of enlightened selhshness, ag weilasa dwty of patrionem, so to mould, if posse bie, the laws regulating trade and reveaue, a9 furnish for them at home, # permanent asarket, with remunerating prices. As w nh market cam be found abroad, it may weil sdewest the inquiry whether legwiation, in providing, of necessity, for revenue, thal! not, by encouraging a di 'y of employment in ovr own country, secure the only cate and sure morket for our farming productions which can be ohiutord. ‘The policy here snggested is strengthened by & comparison of the ve and amoon! of the home, or compared with the foreuwh market. It hat bees eelimated that our consump ion of foot, rarnest, formeture, &e.,i8 about 100 tor each wdevedmal Of this cum, from $6 to §7, a# shown 5y stateaent —, are of foreign productious, which, say at $6 DO per bead, would require an Hoyer ato ubout $160,000,000, [1 will at ones appear how tie wigpificent this amount 18 whea compared with (ne amount of home produc’ Upon wae berie of $100 per head, the f uN rishes $6 50 per head, or, in 000 000; the resitue, or nually the sum ef about §2. 100,06 plied by our own industry By refere —, MU will be seen that our averige consuaysion of imports per head, for thirty yeera, has been $5 94 Any material excess over that average, a@ io the years 1535-6, ond has peen surely fob lowed by the most dietstrous resutta “The imports of the past year have been exceeded im emoaat onty by the yeer 1896; and if the official figures could be made to represent the trae cost of the im jute of the former yeas, evea 1898 woald, itis he lieved, not be an exce pion, The imports of the first querter of the preseat year show an lacrease of more than $18,000,000 over the corresponding quarter of last year, indicating ao importation for the current year, greeter by many millions, than the importe of any previous one, and a conmenp ton per head proportiouably larger, whilst (he mar hetes brosd wdicate no prospect of an increased de me 6 forour exp Iready stated, consist prince ‘crssity and nearly allot them crudest stete, and if we the ammount of there dope by an incresse of mane factares ring the past year our exports of cotton hewe VMOUDIED NO... ce ccc ceeec cesses $71,934,616 While of comesne eoiton manutseires we have exported only tothe exten'of 4,734,408 Ard daring the same period the unjpaor- tanen of cotton manutrecares entered for consumption, have amounted at the foreign valuation to... .. 19 035,986 The exports of from the Uw Stated eke ceed ia importance thoes of evy raw moutenal eg ported from apy other country, and at the preeut time ith ly export thet f« essential to aap d to be « minnken VY tation to vend i mw materah ww tries, to be manvfictured into tabries his most useful etaple in abundance, quality, we ongnt greatly to iaoteane voteelves @ portom er to innpres of this prodaction ef the Une foreun commerce, Lenbjom aeveral t bles exmbite ) Home degree, iteimeortiner Table No. — the value of the experts of row corto and cotton manufactures from the United dates for tne Jaet hve veers, ned the countries to which "he same were cent, trom which it will be seen that we ex- verted in 1846... ina?. O4 415,.304 ie. » 61.9982 Ime, (66,306 987 Tit O16 of cottou and cottoa men curing (hose years to these co ion, feo we TT Great Brrtain. To Puance Cot. Woe Cot, Man, Cot Wod Cot. Man. 46. W727 “7 10,080 465 ea. % 41.305 08 10 831.918 sas bad 11,423 50 Iso 2091 10,185,713 1s00,. 48.584 60 14,395.49 m0! 09,602 19,041 66,471,795 $3, ows the valae of the exports of torew from the United States and Britein om the wear 1843, and the countries jeh the vame were sent om this table it will be seen that the value of cotton manufactures exported from the United stoves during that year was. $5,713,208 Ace thet from Great Britain hue wee ve 108.777,008 of theese amounts the ceived from Greet Britain, per Britieh vessels, 1848, 1h the extent of ... Voves ve 8,291. Chur recoras for the fiscal year end- SOb Jone, IMB, show an impor jon of colton manufactures from Great Britain, amounting to 14,477.98 Which shows how largely Britain is de~ penden’ upon this manufacture for her commercial romperit - 4 The United States shovld share in the profits of and in pre