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

December 18, 1844 Tarihli The New York Herald Gazetesi Sayfa 1
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THE NEW YORK HERALD Vol. X., Is.340?Whole i*. 3940. NEW YORK, WEDNESDAY MORNING, DECEMBER 18, 1844. Mm Two OmK. REPORT OP THK SECRETARY OF THE TREA8URY. To the Honorable, the Uemteri ,/ M? .<?,,?/* and of I he Hou*e of Rrprt tentative! oj the Unit,.I Slate, of Ameri ca, in tangles* auembled : J Bf ?n'' An act to establiah the Trea?urr n ? ?Pl?<oyed September 3,17S0, ,t is the d?? of ary ?i the treasury, V ,0 digest .dJ pII bS thu ?nprovemcut uod management of theravecue anil for Hi support ot the public credit, to prepare and renort tSST ?' th? PU"liC reT<uue auJ "?? public expeudi By "An act supplementary to the act entitled an act fr-h ^u'V1,: .T,r1ea"ury SSSted May ~ 11 ,lledu,y "I tile Secretary of tbe Trea ?uiy 'o digest, pre are and lay beiote Congress at the commencement oi every session, a report on the subject containing < atiawtes of the public rev suae and public vxjx niliturot. and plana lor i?i arc vine or in creasing the revenues, from time to time, for the nnrn<i? of giving information to Congress, in adoSing .SodSa of money requisite to meet thepubli? aft By other act# certain other duties are reoniwi ?f ?k. Secretary or the Treaaury. required of tha lu obedience to those several acts, the Secretarv of <k. Treasury submits, most respectfully to the <?nV?? !k! following report and estimate.. 7 Congreaa, the The support of publio credit fa of the tlrat he national honoi, national i.?ty,n?i?alT??ri?v the welMre of the citizens individually andcolJertiv*^' Public credit " is a faculty to borrow "rdeoswe tarL sums on moderate terms ; the act of distriWti^over l succession of years the costa ol tha extraordinarv effort! found indispensil>le;in one; a means of accelerating th? pro i pt employment of all tha abiiitiea of a nation'and WZSZZT* sS/SESwSSSr to obtain suocor in exigencies P P^ ' ,ik1 ar? ofS'SiaM as having been inevitable, have not boen w!thoi??V#r S.VBT?^ ?^l^SnSSSZ^St?'"" 1 he mischief* which ensue from non-1 tilnfnnk. ic engagements, are ni.men>u?d^ wmpl" x bailfto the ulf nrs ofindividuils and hurtful to the options of the government. Publio and private credit .1 ?P?Msads^rnpathv'vri'th,1 thn resou ice fof prl ^te c*i^it| de w^gW?cha^g^naIiiM^ oeiviogounctual wCTThU'taifW^ ln ** menu to their creators, and' sa on between other dStfw and creditors, until the disappointments are felt through FHSE-SEBtSSF SisSsSr nation hns been able to defray the sinpnaaa #*r a war by the proceeds of taxes during'he^var The w*J*M of increased annual ttxaUon to naV th. JLlil 'Si "^erefL^n^Hy^ria'es Sf p^rtf?Br,t^*',^^n^n*'1th"''^'!i|mpodng rtxes?to *" he "Ms to borrow, and to borrow on rood ?.rm. ?k~ net ion jl credit muat be firmly established; a system ol revenue m ist be provided by taxMioTad'quate to the punctual payment of intereat, and pledged for that ob I i. ? ,'h* Public faith and credU of the nation be doubted loans cannot be obtained without extravMant rates of intttest reserved in one form or Mothw?anfthe ST'** arise ,0 the Government"nw pur mmT Commod,lM? nl'on promises of luture pay. i ha salt guards, interposed by the texture of th? fmtn. ral constitution, have Vavrd Ss from br ttft crusts, or schemes of personal ambl'ion. But tbe just taSmSna'tl S S?'?"?1.!7 In Art' SSrSr.?,%Sin?* w.no. military stores and implements, disencumbering ? yi ^rom ,he <lnbt* of former wars, and instituting a jH.?t syst?m of permanent revenue which might be reaililv auxm-r tcd when occasion should n-qair^rherobv^dlac ,ng?her.,M(c credit, and national ^.onree. n^Vthe mo^t solid fjundation, and in the most commanding pos On the 1st July, ism, the debts of the United State* lit?Of tha old ftinlrd debt, being anclaim'd pnncpal and interest returned from the Iojii oUice, payable on presentation $178,034 84 SJ-OuUtandrng cemflcatfs of the old on ftii .ded debt, with interest to the Slat day of Dhc in the year 1793, payable on pretenta tjon 01 oil no ?J?Treasury notes issued during the war of ????????e#ea? 1A17 41 4th? j ertificates of Mississippi stork issued ' under the aoti of 31st March, 1814 and 33d January, 1915 ' 4 ?>n no 5 h-D.;bts MMioied bv the Congress ol the Unite ' States for the several cities of the D'-tr'ct of Columbia, under the act of May 2iiih, ia38, originally amounting to tlie sum ol $l.frM),000, payable yearly, in sums of >80,000 in each and every year, with inte re?t on the whole debt in arrear until the debt Is extinguished?the ?um remaining to oepaid ii? ? M . i aaa aa B:h?Outstanding Treasury notes,* viz*-?* " ' Ol thoso issued after the lath Oct. 1837, and before 34 March, rtf";43, l,T *Vm ?1 050,807 31 Of the nates issued uod r the act oi March 8d, 1843, tlio sum 0{ 00 Making aggregately tbe sum of 2,a??,207 31 7th?Certificates of stocks for loans, viz ? Under the act of 31st Julv, 1841, redaema p. hie on the 1st day of Jan. in the year 1844 t bearing interest at the rate of fire and a half per cent per year, payable half year. lyi ? ??? m ? ?I ? Mt M I 5 070 07ft AQ fl;h?Certificates oi stock imtied'Vn'der the ' t^nct of 18th April, 1842, to the sum of ?. J8,843,P88 88, redeemable on or afUrlhe U 1st (jay ol January, in the year 18?3, bear ding interest payable halt yearly, at the ^rate of 0 per cent per year 8,343,886 88 ? .!tn*.0' w?Pk under the *ct ?f 8J March, 1843, rodoemable on the iK. iV'l?' ?r Ju'^' ,tw?> bearing interest pay r? able half j airly, at the rate of ft percent per yeor, redreraable at the pleasure of the Government 7 004 Hi -in riJ1.?. af?rrf,0i?5, Sumi ofl?ans ii'nder the ' acts uf 1841, 191) and 1843, make *31 Oil - 0?4 3d el the principal, bearing interest at L tho rates npon the sums respectively be fore mentioned ] . ' All the af'ircgoing nine particulars make an a^grrgite Of $34,748 1 88 33 1 o support the public credit and preserve the national f?tth, an annual revenue is necessary, certainly nroduc tive according to common occurrences and human fore, sight, exceedug the oriinary annual expenditures in time of peace, the surpiui to be applied to pay the annual in erest, and towards lessening and ultimately ?Un gul'hlng, the principal of the delit. Iy "Un I he amount of public debt whioh can be paid durin* any period of peace depends upon ih? length ef the con tinuance of the peace, and tha amount of the annual stir v u* .1 ani,in#L **P?ndltures which shall be applied. If tho periods of war, compared with those of peace,and the annual exoeas of the war expendlturea compared with d,or<nf peace establishment, be so related as that more debt is contracted in every war than is discharged in the succeeding peace, the conaeqneace will be a continual increase ol debt, and the ultimate se Cn^i?nUti !Ti wl,'?w?"to ? magni'ude which the nation will be unable to beer. The only f flectual safeguards against such danger must be sought in extending the relative lencth ol tbe periods ..yy? :?? C0lnp*t*d. ?{tb tha periods of war; in frn gality in th? peace establishment; In leasening the war ?xju nditures; and In the Increase of revenue from taxea levied during the war or permanently ? ?fKJnC,re"",n*.,hr w?r ??**". ?h" anmto be borrowed wilt be lessened j by increasing the taxes in times ol Th^ ' m K*U,n *pf,lic*h,? to thedUcliargo ol the puUic d. bt will be incre^ted In thi proportion in which aimu 1 exceeds annual expenditures will h? the era dual illor.harge of existing public debts By such mjms the h.ilcyon <<ays of no public df bt and the alleviation of the burden of taxation may be restored. Thrt excess of revenue above expenditures ia the onlv real tInking fund by which a public debt can be diachar* ed. The leasening of expanse and the increase of rm nie are the only meana by which the ?inkior r,m,i sas sffjx^.-z ^sr** ? ?f p8per :?S*S?"S^r IISSHSmSl P?n ofPcnn* jWaola ;U? *? ??*"? s?"-'?';:\ffi;:i; ?&SSS?fssra !S9^5=;=r? *WS? amo un t ed t o $ a 3"173 3/7 *j ??,?*'?f '?? United Steta. a?ass ana thirtythree dollar. aeventy-foSJ! cent? T increaie wm caused by the w&r of iaii i??m? ? J *?' SSSll wS.omV*" " V**mI I^S; *S^t ?Vrj?tellV'f' h,l T" "? a^S^?sS5~ to VhV5umor"$? 3i i??* th?rb'ic *?h\w" rcd??d fcS&^d^'ss Si wmmm ax^sssd rentodrdpa0ynn!.ent.'ma11 jsteflstrsj" 'svisSk ?"s": exceeded .V. iUioVW^R-tJ*2T rived principally from the dutica on Jmnorti ,? i .? page, and the aafo* of tbe public landi DirL-? #t j !w^r,r;^{dSw?SS Ifflipiigl Sgnw .{?' *?"/ 01 ,nof? who have been elected to administer it ,in^h? ??*? of operation have been by diatribn. J ^ 8 IQCCffHiOD of VPfirfl (hp rnata r\f ik * plrfSf XjFjf' part of the overplus of others luavhtv .VAM, iui ? cbooae hia occupation, protecting hinfin th7fr? F jpfeHSESl #:frra1Sr?Sa !Sf?lSi?SS wveo^&tolsJT alrtJJTT:1 rpwfrds ?f rHSSSS5HH expenaea oi th, fo^m,?e^[ n^.^0.""? *rn?" pr/ated inviolably. t0 pay the Tnter..} 1 BppI?" 1^1 ,._ Aih Jhi augmented by the act of April afltli I ^SBiYiSHisa; r? "m?]??5# sss#sssu s^ppips 8in^i^lTK!LS .?? ?PP*?prta?iona and proviaiona for the SRfwuu 1 ??i????. *17???.?<?Vff'hl vm iMj'Sir.'" si'aS""!^a,arttfc-s?i SSS53'Sk-; *?. sstri^is; Jrr^r 9d. Aa to the reaourceaof the United Ktataa tnr ?kii. bst fix* "?? -sias sarss, ifcwuV? Appalachian Mountaina, weatward to thU Th^^SKTl C^L,,!??# * doB,,Jn of '"calculable valine i in aucciaallTE!?! I "if Tio# for wWch th#J can be aold ly. in rvapect of?hi i? tocraaaJnj population ; aocond rivod IroiTth. r.-1en"e uh!?h c,n *"> ''?? !??* are ">??? '??!!. .nd^Vr^Jf^ur^onn^V.1,0fh? futurp. f""? '?>? increaae tolhaaucce?idlB?K??i he P"*?1*""* Hit* yeara from l", t^an f?ur ?infntttrl-fro,n ,he rlt,>00' wardaol ^"nZnmln"' ty th" enn,t" of "*>? to up now not Uaa thairr# m.nul y ,h" of 1840, m < the number which will be^n'.h-'11 h"rl',r<,''tho"?-"'<l to may ooort lently ba a?rmeS tU L".1,U.,n." flrt/J"#ri " 'J?u of tbe I'oited HU^X?ll ?Ii^ lime die ponula oovering with contlnuoua, cJZZZlL lan^M from our brpflfnf fronti.ni. wuwl leitlcmfnt^, tbi Uw PaciAc Ocaln "ttlamont, all the way to TWo7hy^a}^d/^^;to.? hro"?ht int0 ?"'? | men ; and land and labor, agriculture, manufacture* and com-eeree, are I be true element* of national wealth, na tional inc<m?, and national itrtngth. The proceed* o( pairs of tbe public lan la, with datiei on import* end tonnage, w ithout direct taxes, internal du tie* or excises, havu hitherto been sufficient, in times of peace, to defray the ordinary annual supplies neceasary for the support ol tho national governmt ni, and to yield a .surplus (or the sinking lund, also for laying up supplies of arm* and other munitions of war, the gradual augmen tiuion of the navy, the support of the arm>, the erecting rf fortiIlea!ions, light houses, surveying the coasts lie. In the wide extended d unaiii?in the rapid increase of population?In the physical and intellectual energy and enterprise of the people?in th? con?ujaent increase of agriculture, njor.ul. ctures and r 'mmrrce, with a govern. mcnt consulting tne general wHato, and cotiJuciii'g to tho true temple of lil> rty, the l/ni ed 8tit< w ol A trica present to the view of mankind a nation comparatively youthful, of un<urpa*<ed resource*, indicative bl giga> tic siiength and git<it moral pownr. From thirteen, the Sla'es have increased to t'i? i.u nWrol twenty six,spread in % over widely eveudel new territories. By ihe i>> gtrumentality oi S'at? government* lor n guluting their domestic srfiirt, with a -deral governmentTor regulating those which concern oil, and particularly commerce, foreign relations, and tiio ncn-r.1 defence, the United j States o( America oie capaule of ? xpan&ion ever the continent, without relaxing the force (f law sni order at the extremities, and without degenerating into tyranny. |u the union ol the State and fode mi governments we hove a tower of strength, senti nels, to gu<rd against cue oa hniontt, preserve public liberty and domestic order, am' secure the general fUici ty. It this, the fairest tibric of human government, shall nod from on high and totter to iu fall, the sad catastro phe will be caused by sacrilegious violators of the terms of mutual concussion and compromise on which the Con stitution ol the Uni'ad Statra it founded Again*' any attempt at such violation, it isthedu'y of allgocdciti zen* to oppoan their united strength. 31 A* to the existing recurity f >r payment of interest ind the ultimate redemption of the principal oi the pub lie debt : By the act of 9lst July, I9H, a loan not exceeding the ?urn of twelve million* of dollars was authorized reim burs able at auy lime otter tl.ree years, from the first day ol January in the year 18i:. By the fourth section or that act the Secretary of the Treasury i* authorized to purchase, at a y time be/ore the period limited lor iedemp'ion ol the atock, aueb por tion thereof a* the fund* of the Government may admit ol alter meeting all demand* upon the treasury,aiiy surplus In the treasury is appropriated to that object. By tho filth lection of that act, the faith of the Oivern ment is expressly pledged for the punctual payment of the interest and the redemption of tho certificates of stock. Under the provisions of that *ct. eertiflcatc* of dock were issued to the sum of $4,673 976 89. bearing interest at the rittfcof five and a half per cpnt per year, redeema ble on the flrAMey of January in the year 184? These certificate* of Hock will be paid on that day il prcaented : the lund* in the treaaury are sufficient for tho purpose Tho Secretary of the Treaaury has caused public notfoe to be given so aa to stop the running of interest from and after tnnt day. " An act for the extension of the loan of 1841, and for an addition of five million* of dollar* thereto, and lor allow ing interest on treamry notes due approved April Id, 1842, extended the time limited by the act of 3l*t July I84i, for obtaining a loan of twelve million*of dollar*! authorised the certificate* of atock to be isiued under thi* latter act, to be made payable at any time not?xceeding twenty years Irom the 1st January. 184.1, and authorised an additional loan of fivu millions or dollars By the 5th section of this act of 1843, the money arising from duties on imports ol roods, wares and merchandise, are pledged and appropriated for piy ment of the interest from time to time, and lor payment and redemption of the principal, of the certificates oi stock t? be issued under the act of 1843, and under tho act of 31st July, 1841, as .imendtd; and so much of the proceed* of dutie* or 'im port* "as may be necessary to pav the interest on said atock, and redeem the same when due, ia hereby appro priated to that objcct, to bo first applied by the Secretary of the Treasury to *uch pavment* and redemption " The 7tb aection ol the act of 1843, enact* that all the provisions of the said act of 21st July. 1841, "not hereby modified or changed, shall be and remain in force and an nlv to this act" oi the 18th of Apri', 1813. By authority of the act ol 1649, certificate* of stock were i**ued to the sum of $S,843.886 03, bearing inte rest at the rate of six per cent per year, payable half yearly, the principal payable on the first day of Jan uary, in tbe year 1863 By "on ac. authorising the re issue of Treasury note* and for other purposes,^approved March 3d, 1843, anoth er issue of certificates ol stock was authorised under the same restrictions, limitations and provisions a* are con fined in the act of Aprtl lath, 164-i. except that the cer tificats* of stock to be issued shall be redeemable at a pe riod not longer than ten year* from the issue ihererf Under the provisions of this act, certificates of *torfc to lbe sum ut mfrru millions foui tlio.i>and two hundred thirty one dollar?thirty five cent* were issued, hearing an interest, payable semi-annually, at the rate of five per cen? per annum, the principal redeemable on the first day of July, in the year one thousand eight hundrel and hit v. throe. . ' The act* of 184J, adop'lngthe act of 1842, which adopted the 4th section of the act ol 1641, taken together, contain jiledgo*, of the faith ol Ihe government, and of the pro ceeds ol the duties on good* and merchandize to pay the intereat rod redeem the principal, and appropriate auy mrpln* in the treasury (after meeting all demand* upon it) to redeem the principal. The fourth section of tha act of 1841, adopted by the two latter act*, authorise* the Secretary of the Treasuty to use any lurplrr* of funds after meeting all demand* upon tho treasury, to purchase any certificate* ol tbe stock before the period limited for rclrviption. In 'he national faith which ha* been so honorably oh seived In paying the priucipal and interest of tho former lebu to iho sum of four hundred and fi teen millions of lollar* and upwards ; in the pledge and appropriation of the proceeds cfthe duties on import* of goods and rppr chandi** ?, in the increasing ability of a population, now numbered at not less than ninetei n millions seven hun dred thousand soul*, to pay taxes, the bo'ders of the ccr tifi at? a of the public debt ol the United Mate*, and all dealer* in tho*e certificate*, have cattle for implicit faitli and perfect confidence that the interest will be paid nunc tualiy, and that toe principal will lit, re.'rrmrd and P:4 according to the term* of the contracts No citrzen of the Uni'ad States cl America un lcrst.ir.l ing the polity of the federal government,and its past action in fuIA.lirig it* engagement*, cun have a loop w hereon to bang a doubt ol the lu'urc fi I dity oi the national govern ment In paying the interest and redeeming the principal of the national deNta a* they respectively *bali become payable and demand jble. If aliens, not understanding the texture of the national government, do not distinguish accurately between en gagement* entered into by the government of the United States, and those entered into by the several Slate* in heir capacities c fdi.tinct local government*, (each State having the tower to contract for itself, but without ca pacify to bind, other State*, or the government of the United Stales.) havo distrusted the credit of the na uonal government, because or the failure of some oi the State* to comply with their respective en gagement*, inch distrust is fo be regretted. That any one ol the State* should have be? n under a necessity, real or imaginary, to incur adefaultin payment to those who had loaned her money, 1* to be deplored. But most of all it i* to b? lamented that any State should have retorted to re pudiation of her debt. It may, however.be confidently expected that reason will resume the helm of Stale, that tbe good fence of the people will in time correct thote evil*. With their increasing popula ion and resouraei, when they have recovered from the debilities earned by extravagant laanee of unsound hank paper, prema'ura un dertaking* of internal improvement*, and fanciful (pecu lation*, from the panic of depreciated bank note*, fall in the price* of land* and prodnct*?when a prosjieroo* commerce and a sound circulating medium shall have re .tored reasonable price* lor staple commodrtie*, the r e lple of the State* will manifest a sincere determina tion to make reasonable reparation to their creditor* for delay came J by adveria nee- ssitotis circumstance* The momentum of moral force embodied in the State* agains' non fulfilment of engagement*, and repu diation of debts, Ihe immutable principles of ju*trce and moral obligation will ultimately prevail Tbe State* will pay, must pay, their debt*. State faith and State obligation* will be redeemed. The virtuous precept* and bright example of the federal government will not go unheeded. Justice will be done. 4th The Secretary of the Trtasury recommends the establishment of a sinking fund to anticipate the pay ment* of the cert flcate* of *tork itiaed under the autho rity of the acta of 1644. and 1843: The certificates of *tock bear a premium ia the market. The five per cent *torks, redeemable in ISM, are at one hundred and *ix dollara, for every hundred dollar* ofltock; tha six per cent stocks, redeemable in 1961, at one hundred and sixteen dollars for every hundred dol lars of stock. Those premiums are suparindueed by the extraordinary accumulations of large sums of money in tha principal cities of tbe United Statea, particularly at New York and Boston, sought to be employed at low rates of intereat, upon good securities, by the large Mima of deposite to the credit el the Uni ted States in the hank* of deposite, for which those bank* pay no interaat, and by other adveotil.ou* circumstance* How long such a state ol things shall continue, depends urmn seasons, crops, commercial opera tions, and foreign >fliin, beyond the k'n ol human lore sight. Of the danger* to be apprehended from an over issue of bank notea and hank accomxiodatioaa, which mipht encourage excessive Importations, tancilul specu lations and over trading, the Secretary of the Treasury has not been unmindful, and watched with a view to counteraction, in caae the banks of deposite had yielded to the temptation ariaing from tho large sum*deposited to the credit of 'he United Stale*. The present time U propitious for laying the founda tion of an anticipated redemption ol the public debt, and for alleviating tke burden of taxation. The circulating medium is sonnd. and sufficient for all nselul purposes ; Musiness ii reviving from the depression of past event* : the habit* of the great body of thfltfreople are frugal; the rates or duties imposed by the act ol 1842, with the sales of the public land* and tonnage duties, may ba fairly esti mated a* j ielding an annual revenue greatly beyond the want* of the government, frugally and economically administered, in time of pence The taxes imposed upon the people, ledlrt ctly, but certainly, by dutie* on import* of goods and merchandise, ought to bo revised, reloi med and lightened, a* aeon a* justice to the creditors ol the government and sound policy, as regards the interest ol tho*e who are imnorteri and dealer* In good* and mer chandise imported under the existing ratei of dutiei, will permit. B- fore the law for reducing the rate* cf dutie* lo the proper standard of necewary revenue should take effect, reasonable notice and lime should be given to those who have imported and dealt in good* and merchandiie under the high rate* of duties, to dispose of their stock. of chtmdi->ti before they (hall be in competition with those who shall import like good* and mer handise under the lower rates ot duties ; ineichants ihonld b?M notice to accommodate iheir outlay* and adventure* to the new ratea ol dutie* Commerce i* beneficial and eftenllal to the prosperity of the country. It is the handmaid of agriculture an J manufacture*. The Interest ot merchant* deserve to be respected by government.aud should not be oppressed by sudden change* in legnlatiou any more than the intereat* of any other clue ot men who are aon tributing to the public wral. Piodence, justice and duty require that the annual charge* Hpon tho Treasury for in^rest upon the nubile dtbt be lessened and finally extinguished, with all cou reniout aud proper dispatch, and that tho burden of taxation be le?*en?d. The public debt to be provided l'ar after the lillh day of Jonuaiy, iti the year 1B4 i, will cou?i*t ol the deli:* inmni' t><] lor the o ver.il citi-'* in the Omtrict af Columbia, the two laan* redeem***!* in Irti3 and IMS, respectively, aud inch pir's o( the Treasury Notes uU debt, and Missi'-sip pi Stock, be lore mentioned as ?hn!l not have been then pres ntp<! fur (luyrnfii', with the annual iutprust accruing* The interest u|>on :iio two lo:iu* uinouuis to the annual turn of eight hundred and fifty thousand ejg it hundred nitd lorty-four dollm* seventy *even-cents, until t;ie lat July. 1863, and el'er that diy, to the annuel lua of $300,633 Jl ;the sum of intcr< ?vrvm aud alterthe first day of July,"l34ft, to the flint day ui July, 1863, W?U amount te the mm ol $800 868 10 cents, andtho residue redeem. able in 1863, to the sum of l$?,913,016 02 cent*, together $11,019,773 cent* The principil and interest on the two loans, if not redeemed liel'jre the times limited, will charge the treasury with thn sum ol $i? 'J07,8#l 48 cent*. The existii g rate* of dutle* on impoit* aud tounare, with the other source* of revenue, would, according to the ber estimates, alter keeping down the Interest until the llrst day of July, 1863, and after paying the ordinary annual exi>enditurcs lor the support of thn government, alter discharging the loan ol seven millions of dollar* redeemable in lbJ3, leave an accumu lated i urplu* ol not less than flltv million* of dollar*, and if coutiuued until the year 1803, would, afur defray ing the ordinary expenditures of the government, and discharging the principal and interest upon the debt then redeemable, leave un accumulated surplus in the Treasury ol not lea* than one hundred and twelve mil lion* of dollars. The system of accumulating national treasure to be locked up aud hoarded for lulute war* or unknown wants, has been exploded. Such a ?y*tem was suffered only in times and countries whero tho gov rnment was Considered a* a pei *on having nu inteiest distinct from the welfare ot the ,pp*ple; when men were < ontidered as the propylty of thiy government?the vassals of the few who ruled BuUrfroenjgovernment is considered as the jroperty of the Vepplif to be adminiiterul lor their wel fare, the accumuUtioif ol annusl sums fur beyond any known wanw, merelyf to be hoarded lor unknown future contingenole*, will not be endured. All taxes, whether direct or indirect, subtract so much (rom the fand* by which the people taxed supply their want* and their comfort* ; tend, necessarily, to lessen their enjoyments and mean* of Improving their condi tion*. The amount ol revenue required, even in time oi peace, for the administration of justice and police, aud lor the support ol the army and navy, and various other object* constituting the civil list afd support of the go vernment,!* nece**arily latge The atfnuraued lrom each individual is so much taken by governiqbftfrom hi* earn ings. The farmer pay* in taxe* a part m the produce of hi* farm, that i*, it* value in monoy, lor lis proportion of contribution to the public revenue, and has so much les* lor other purpose* ; he ia by ao much the poorer, and *o of all othurt who are taxed lor public revenue. The money raised by taxes never return* ^o those who pay, in the proportion* in which they respectively contributed. Hence the iufir jat* of the tax payer* and the interests of ttalw**pjayfirl, become antagonists. The lughet the rate X>f taxation, l|ie poorer the tax-paycrs? .ind 'he richer those who receive and enjoy the proceeds far employments, service*, job*.ajul profitable contract*. The sums annually taken tronj tpe people by taxes for the support of government, lessens {he surjilu? of each In dividual above his own wants, which surplua he would apply in the pursuit* of hi* own private induitry. If mo ney then be taken annually by taxation, bevond the known wantsjof the gov. rnment,and merely to be jioifded for un known contingencies the general inciesrt eft wealth by

the products ol agriculture, mechanical lahdr, aud com merce, will be proportionably retarded. Such taxation lor the purpose ot hoar ding is a waste of oapital; a wa*te pf the mean* of improvement. A government so taxing tjk people for mere accumulation and hoarding,is no wiser,noo more benevolent, than the mUer, who, burying hi* g?fld< ob structs the increase of hi* store, and denies to his hautf) hoi the comforts of liie for fear of future want. J \ Nor should the temptation* to extravagance and wwtel in the expenditure* of government, aiiung from exubery ance ef revenue aud an oveiflawing treasury, be over looked Expensive, extravagant establishments, and I bhbit* of waste, when once creattd by a government, are j difficult to bu reformed aud retrenched in thu conflict between the interests of tax payers, and tax enjoyers, there are Aevor wanting thesu who propose various linci tul *ch- taw? lor absorb;:'g the revenue, aud preventing the burden cf taxition from being lessened, whereby their inordinate gains Individually would be lessened.? By suc.ii esea ? national debt would be advocated us a na tional bleshing ; and high rate* of duties on import* ol goods and merchatidi*n fie urged a* the cflicknt of lessen ing price* to the consumer*. a national jUit by its interest annually accrmrf, in creaaes tho burden of toxatlon, and may be likened to an eating moth which is feeding upon and despoiling the lUb^tHUC^' To a governmont which stands in need of artificial aid* to bind men to its support, and force other* to aubmit to injustice, intquality, and oppression, a nalional dtbt may be a .pealed to as an auxiliary in tamlug the spirit of re sistance and revolution But in a jovcrnmeiit baitd upon equality of rights, with no exclusive privileges, tlieie is no teed of a national debt. it is no more a national blei sing than a private debt, eating into annual income, is a on import* tend to circumscribe the quantity of jroo<:* Imported because oi the capital required to pay the dutle* By diminishing the quantity of imported merchan dise the competition between imported articles and l.ke article* ma iutactured in the. United 8lat< * i* loosened, ant stieli leaseniug of the *nrply aud competition Hat a direct tendency to wise the price* to the consumer*. The amount of the duty paid "p?- h Inc.or poratrrt with the natural price of the commodity, and is pail idong with it by tie consumer. It is marly the same in ? tl'ect, ?s il the consumer khotlld pay the na ural price of the aiticle to the manuUcturer or importer, and ihould at t lie same time pay a tax to tliegovernmeutiqual to the duty laid upon the articiu The merchant or im, oner pay* no part ol the dntie* on import* excep' in so Ur a* he is a consumer He does hu? ndvanceth?duty to the Government at the Custom Hon*, He i* al'rerwards reimbursed with hi* profit n? well upon the original costot the article as upon the duty he has adva ced. ' By raising thn price of the article aud thereby devolving the oriainal cost, the tax paid to the Government, and hi* pn-flt on the conromer, every in termediate *ale and profit between the importer and re taller down to the columnar, enhance* the price of the commodity to the consumer, who mu*t ultimately poy the original cost ol the article, the duty, und all the in termediate exp-n*es and ( rofit*, being component part* of the price .t which the commodity i* offered lor *ale. The duty paid for an imported article 1* for the benefit of the Public Trea?ury. The enhanced price* of article* manulactured in the United State*, cauaed by the dutie* levied on like article* imported, and paid by the contum er* of such unimported article*, go into tho private pur*e* ol the manufacturer*. Another cause of increase of price* of commoditie* I* to be lound in the relative increa*9 of ciiculeting medium compared with the mass of merchandize offered lor sale. 1 he increase ol circulating medium arisei lrom two causes the one U the increase of the quantity of gold and nilver-the other i* by the artificial mean* of paper C'The*Vncrea*e of gold and ailver first take* place in the nations that are proprietor* of the minea ol those precious metals, but U gradually diffused among all nation* con nected by a regular commercial intercourse. The in crease of gold and silver connot b?*udden,bec*u*elt is regulated by the labor of mining, malting, refining, coin ing, and putting it into circulotion, and by the general laws of trade and commerce. The increase of the circulating mrdium by the artificial mean* ol paper credits and bank notes, whilst it ha* the *.>me effect upon the price* of commoditie* In the nation wherein it prevails most abundantly, ha* not the advan tage* of a *loiv and gradual incroa*?, a* in respect ol gold and diver coin*, but I* liable to *udd?-n c.hangr * and flac^ (nations; ha* not the same tendency to ?qualiiation and diffusion by commercial Intercourse between different nation* occasion* considerable difficulty ofientime* in commercial transaction*; and alway* to the diaadvantage of the nation whtsreln *uch lictitiou* paper currency most abouiv.*. ...... ? Kach of there increase* ofthe circulating medium .alter the time of contracting debt*, subject* every creditor, public and private, to a loss proportionate to tho degree ofthe relative depr? cialion in the value of money, whil*t appreciation* *ubject debtora to lo*a. Alteration* in the standard weighta and (toenail of coin*, or in their relative value and ratei of tale, or in the relative value between ooim and peparcurrency.produce similar effect! upon the relatione of debtor! and creditor!, and are ti?er?fore in the general evlla to be depreciated. The lupply and da i and lor good* and merchandize ba ing given and alike, and the quantity of circulating me 4ium being given and alike, at any given periods, the leiienlng ofthe ratasof dtitie* on import* of good* and merchandise would be attended by a proportional |e**en ing of price* of goods and merchandize; other circum stance* being <qu*l, the increase of the duticiupon Im ports of g?o<!s and merchandize haa a direct tendencv to Increase price*, the lowering of the ratal ol dutie*,a direct tendency ta lower the price*. The system of rivrenue lrom dutie* on import* enactmi by the law ol ItMi, imposing dntie* on import*, will yield, according to the estimate* founded upon thn paat ind proapect of the future, a much greater amount ot an nual revenue than i* nece*?ary for the innport of the go verument, the public credit, and want* of the Trea*ury. The accumulations expected to en*tie before the y?ar !Sft3 and 18S3. have been atated. There accumulation* of annual sujplu* revenue can be applird but partially to waidl the purchase of the certificate* ol itock redeema ble in l?.)3 and I8?3 The pleasure of the holders of those cerfifiia'es i* to be consulted, ai d not solely the will and ability ofthe government to redeem in anticipation of the days appointed by the contract of loan; but fow ol those ertifiuatHs, compared with the whole sum, are brought into market, and those aell ot a prlne above par value It cannot b* affirmed that if the government werf to offer noderate premium* tor these certificates, that they canld be purchased, except iii part, not totally. AH that can ?>e done ia to provide a sinking fund ade quote to pay the intereat on the public debt, and to pur ch isc le much in each year of the principal, aa shall lie offered for aale at reasonable ratea for the certificate* of stock, and to amount in thr .uccwiionof years,J?h'ch mun elapse before they will be redeemable ) ol the contract, to a sufficiency to pay the principal when the time for redemption shall arrive. .. . If tUe Government will pufcha.e betor" the 'ime l mlt ed for redemption at par or at a fixed price abortip?. then th* .took- will not fall below that price. no individual will give as much to a holderd?iiing to .elJ, such holder itfll applv to the manager of tha sink ing fund to become the purchaaar. .????ii?ia A linking fund of two mllliouf of dol.ara annual yi deemed sutttcient for the purposeof prevjntlng the certi ficate* of stock from lalling below par value,JTJ. ing the principal aumaof tUoa?loM?Btthen?[acti ep riaJa anaigned for redeuiptioni aud the duties muy (f7 duated and lower?d to that scale. Kaon In establishing a su.kiug fund, two modes havebeen heretofore bem llcially used by the Congress. tlx.n owf y nimronriati'ig the iiud> fined surpltt* remaining in the T?*Xy i. *ach year, after satisfying all appropria te... for th" support Jt Government. as adopted by .Au act making pi o vision lor the reduction t.ft lie public d b "prU.d Au?u*t li. 1790, and tli-aupj-leaen.nry act* ?f May 9th, 171?J. and 3 ! March. 1796; iheotlh*r J^Pf , piloting a definite sura annually, uid to h* increaseu i y the annual mterea. upon the na chased and surplus in the Treasury above appropriation* xitd expenditure.', lor the support of *"?' leaving two milli ;na of dollars in the deficiency in the astimited revenue, as adopted by *11 ?ct makir g provision lor the whole of^e public debt of the United States," approved -i9th April, 1W)J, and the supnlemeni of the 3d March, 1H17 As the annual proceeds ol the duties on import an<l tonnage and the proceeds ol the salea of the publlC lands are uuceiUin in amount, and the disposable surp u above the annual wants for the support of can not be exactly known, it seems to be most convenient to adopt the pla i u<ed under the acts of 17 >0 and 17!)Jof applying tha annual surplus ol revenue ?h?*e the necessary for the suppor of the government, and it i respectfully recommended that the canwissioners of ?inking fund, (to coniist of the Chief Justice ol the(United States, the Secretary of Btate, the Secretary of the 1 r ry, and the Attorney Oeneial,) or a majority of them, shall be authorized to determine from t?me to time, the rate at which certificates of stock shall ba purchased, at par, or above par value. The Secretary ol the Treasury, In the dlicharge of the duty required ot him by the act establishing the treasury department, mo4 resnectfolly recommends Uit he(Con gress a review and reformation of tha act of 1S42 to pro vide revenue from impoits. . . _ Weighty cousi lerations, bef>re mentioned, and otuers to be mentioned, concur in pleading for such review and The constitution of the United States ordaltu thai "all duties, imports and excises shall be iiniform the United State.." ? No preference ahall be g'*en by any regulation of commerce or revenue to the ports oi one State over those of another." The act doe* not pur port any violation of these provision, of the constitution, but the leek of perspicuity and exact M"Mmi'in some of tho enactments ol tliat law gives rise to different con structions by collectors at different potts, so that prac tically and in fact, different rats* ol duties on like "ticlea have been collected at different ports in the States. A* often a. these differences were made known to the Secre tary cf the Treasury, circular letter, have been sent to the collectors to produce uniformity .but such roncea are continually arising. These d ifleMnce?ofdutieas? the ports of the different State, are evil, inflicted, before the subjects of difl'-renco are brought to the J"?owledge of the Secretary tf the Treasury. The P*?P?r rates ol duties can not be exacted after the importer has paid a rate too low, and obtained his goods and a clearance from the Custom House. The return of excess, where higher rates of duties than imposed by law havo been exacted by the collector, is a palliation, but not complete redress ol The provisions in the eighth and eleventh section, ol the act declare that nothing therein should be construed or permitted to operate so as to interfere with subsisting treaties with foreign nations ; and such provision is ne cas.ary to be implied to other sect ions,inasmuch a* tho net of the Congress cannot abrogate the obligations of a sHb listing treaty. The Collectors at the various ports are I thus left, In the first Instance, to compare the law with the stipulations of the various subsisting treaties with foreign nations, and determine the question as to the rate of duty on the particular article imported, or whether it should be free ol duty. If the Collector exacts too bigh a duty, hen the Secretary ol the Tieasury is invoked to revise the act of the Collector. Various complaints on this subject ot the conflict of the act of 1WJ with subsisting treaties have been made, and at often as the Secretary ot the Treasury has decided upon the complaints of the diplomatic agents ol foreign n(.lions, other question, have arisen as perplex ing. It is respectfu'ly suggested that the better mods ol legislation would be lor Congress to consider the stipula tion of subsisting treaties ; moke the letter of the act ol Congress conform to tho obligations of the treutias, so that the Collectors shall have u plain rule of conduct prcscri bed In the letter of the statute, instead of leaving to the < ollectors the. re*|>onsibility of modifying the statute by tha supeiior obligations and faith of lliv treaties. FaM Tact* aud example, teach the importance of juch mo liii eation of the statute, and will asaUt in making the re "Vi's rocommende 1 that the dut'e. on wines be chunged Irom f pecifle to ad valorem duties, so a. to avoid any dil Acuity which msy grow out oi a treaty with one nation, thBt uo other or hlgherdiitic*shall beinipoffdupon goods and merchandise hi the growth or products oI that nation, than are or shall be imposed upon like article, the growth or produce ol any othir foreign nation ; and that tl:n ex emption from duty of tea and coffee, when imported in vessels of the United States from places of their grow th or prodtic ion, be modified *o as to avo d the difficulty growing out of the treaty stipulation, that no other or higher duties shall be chnrged or collected in the ports of the United States upon article* imported inthe vesseli ot thecontractlng foreign nation, than are or shall be charg ed and collected upon like articles imported in vossels ol the United States. . , Taxa'ioii is an evil, but nccessarlly to be endured to the extent fit and prepet for the support ol government, piu dently and economically administered. Justice, the onli gutionsol duty arising out of t)ir tru'U confiied to the fongress by the provision, of tho Constitution of the United States, dictate thst taxation shall be Blice to bear lairly an I equally on all claiseSHnd on all cltlxens. In pro portion to their nr perty, mean, and ability to pay, as ?oorlr ?. l.um-n lu.?. .on The power delegated t.? the Congress by the Constitu tion to lay ami collect taxes, duties, Imports and excists to nay the debts anil provide for the common defence and the general welfare of the United States, is a high tru. limited lo the uses so expressly declared It is granted in trust lor all, not lor the use o( a part only : to bei t?r clsed by general laws, not by partia la* s, discreetly lor the nroiier purpose*, and to discharge the duties ,m|>osed by ?ne Constitution itself, not atbitraiily und to an illim 'l*Soiong a* the Congress ili<<U keep within the confines ofriising revenue necessniy for the ?upport ol govern ment, to maintain the public credit, and prov de lor the common ilefence and general welfare, the accidental en couragement and protection of domestic manufac nre* aris.ng out of the mo<le of levying such necessary rsve nun by duties on imports, must be deemed rightful, as an inevitable attendant uj on the exercise of the delegated ^To'reduce tha rates of duties to the standard of the ne ces.ary revenue, i? a task not without some dilticultie* Th- probability of a deficiency ol revenue Is to be most carefully avoided; on the other hand a large surulus above the proper wants of the government, should be avoided The desideratum is the happy mean between those extremes. , With a scale ol duties adapted to the sums of revenue ne-essary and proper to supply the wants of the govern ment, economically administered, with prudent and mo derate discriminations, ranging within the lowest and highest degree* of duties which look to revenue, and are adapted to raise the sum necessary and proper, it may be expected that the moderate and discreet ol all would be contcnt : that such a system adopted for the future policy of tho United States,and steadfastly pursued, ii beitcftlculatod to heal the diirootenti and promoti; tn? *"Th"Vta?i7ity'o7! "the ^oFor^Vhc national wealth and strength, and the gmeral wsllaie, will be best promoted by such action on the part of the '^eral government, in exercising the iiower <>f taxation, as will leave all that is not necessary to .npply the wants of the general govern ment Itself to the people themselves, and the State gov ernments and the federal government to rtvolve In their .. .h. ?.?. ol America, watching the effects which the novel political institution for (he government or the Union 'hall have upon the public and private prosperity sn.l, hnppinesa Th? fflortoo* tucceii which n?ii hitherto Attended the experiment, should inspire sentimenti ol virtuous real and patriotiam to continue its success and grtntleur ny practising and inculcating those habits nnd disposition, and that epirit ol a < Ity, mutual def^euce cOTCess'on yd compromise, in which the constitution Is founded so that the Uoion may he !-f cted and cemented, and the "la hility c! the MttiUtltiOH ?^n<l it? IMip W ^ The receipts and expenditures for the fiscal year en ding 3?nh June, 1844, were the lollowlog:? Rtrriyh and M'ini. From the customs M From sales of public lands. . . i ,!MP From miscellaneous source*. . Jfil,W)7 M Treasury notes and loans un der act ol ?1 March. 1843.. I,677,1SI 3ft Total recelpta 'f f ] Add balance in Treasury 1st July, 1H43.. . 10 431,007 66 Total of means $40,SI? 'J?7 5-) The expenditure during the same fiscal year amounted to tha sum of $:u.')6S,W 04 Leaving a balance in the Treasury on the 1st July, 18-11, of aeven millions eight hun dred and fifty-aaven thousand three hun dred rnd seventy-nine dollars sixty-four cant* H7,8.17 379 84 As will appear in detail by tha accompanying state ment (C ) The estimated receipts and expenditure* for tha fisc*l yearending 30th June, I-via^ire aa follows:? lleceipts. videlicet, Irom cus toms. fiist quarter by actual return, ef the collectors.... % 10,873,718 01 For 'J I, 31 and 4 h quarters, as estimated . , 21,071 300 00 Total Irom custom* >31 MA,018 04 Fromsslesol public land* 3,130*60 From miicellaneou* and Incidental source* m,#t*l W Totalof rec.rin'* ||4,>04>74 D3 Add balance in the Treasury on tha 1st July, 1*44 7,867,879 04 Total mean* at eatimated, to the ium of forty two millions sixty-two thousand two hun dred tlity-lourdollars lllty-aeven cents. 67 The expenditures, actual and estimated,'for ike' fiscal year commencing July 1st, 1844, and ending on the 30th June, 1846, vidolicit:? The actual expenditure* for the first quarter ending 30th September, 1844, including the payment of $8I,KM 63, lor intereet on the public debt, which had become paya ble, alio. $334 600 of the loan ot 1841, re deemable January l?t, 1846, and also the cum ol >3ui 584 61, for principal and Interest ut Treasury notes redeemed, amounted to the num. per exhibit (D ), of. .$7,331 844 43 The estimuted expenditure* lor the public ' services during tbe other three qusrtirs, from lat October 1844, ending on ibe JOth June, in the year 1840, art) aa fo.lowa, viz: Cor civil lilt, foreign mteicourse, and mis cellant-oUH purposes ggg jgg Army pro|^r. I 669 616 M fortifications, ordnance, aiming militia, lie. 1,817,660 00 Indian depa, tment 1 984606 06 I'er-ions under a*ts?4ih July, 1836?July* 7* 1K18-33I August. 1843 -and 31 March,' 1843, the additional sum of ?7a 2*1 6t 8am ot expenditures for fiscal year ending 30th June, in the year 1846 $31,393,444 78 Kor interest ot public debt and Treaaury note*, alter deduct ing thoie redeemed $997,964 40 Kor redemption of the loan of 1841, July 'irredeemable 1st January, 1846 4,438 376 88 Kor Treasury notes which are yet outstanding, and payable when presented 1,969,649 17 Kor old funded and unfunded debt, Mississippi stock, and Treaaury notea issued during the war of 1813 310,886 67 Kor Naval establishment ft, 139,19# -Jo $13,736,976 38 Total of estimated expenditures $36,019,431 06 Leaving in the Treasury on the 1st July, in theyenrl84d.au estimated balance of se ven millions forty two thousand eight hun dred and twenty-three dollar* filty one cents $7,042,833 61 Of this balanse so eatimated these sua** will not be r?quired for actual expenditure during the fiscal year ending 30th June, 1846, but will be required for the fiscal year end ing 30th June, 1846, vict or the civil, miscellaneous and military... ,$1,463,106 S3 This would leave an estimated balance to he in the Treasury, on the 1st dsy ol July, 1846, of eight millions five hundred and four thousand nine hundred twenty-nine dollars forty three cents 604 939 48 But this balance is subject to be decreased by auch additional appropriation* a* the Congress shad make to be expended during the fiical year ending 30th Jane Ie46, and to bo alteied by the aums which may not be' preaented for payment of the eld tended and unfunded debt old treasury notes and other treasury notea and Mississippi Stock. ' ????? The estimated receipts, means, and expenditures tor the fiscal year, commencing 1st July, 1846, and June 30th, in the year 1846, are as follows, vix Retnp t. Hrom the customs for the (bur quarter*.. .$30,030,303 00 ? rom the sale* of tho public lands 3 010 000 00 Krom miscellaneous contingent sources.... 130,000 00 Total ol revenue $33 160 303 00 Add estimated balance to be in the Treasury ' ' on the let day of July, 1844, including the unexpended sum as before stated 8,604,039 4S Total ol means for the service of the fiscal yoar ~~~~~ ending 30th June, 1846 . .$49,066 331 4S Kxpei.diture* during the year ending on SOth June 1846, ns estimated at the several departments of Htate' Treasury, Navy and War, vide;icet:? The balance ot appropriations which were carried to surplus fund of the preceding year, but which will be wanted in thif $1,463 463 00 1*^1 raiment and indefinite appropriations??... 3*083*704 72 Specific apptoptiations asked for this year.. .14 847,884 18 Total of estimated expenditures $98 193.784 93 That sum is compos d of the following particulars!-? 1" or civil list, foreigu intercourse, and mucel I"?' $4 944 083 93 hor armv proper 8 648 308 48 J-or lortilications.ordnance, arming militia,Itc 4 846*736 76 hor Indian department 'j'm7'm im Kornavul establishment * ? 411 ga? as Kor interest on public debt b60|b40 73 Which sum of expenditure, deducted from'9'"*''0* 82 the total el means before stated, gives an ostimated balance of twelve million* tour hun-tred seventy-one thousand four hun i.fi. IJ',tx l!oll,w ?lxty-one cents to ho lHid "Ury ou the ut iaJ ol July, Note the fluej of" $Uo'?oo, 'and 'int.'rMt on account ofthi ? I r "1*' ,ev'ruJ cities in the District of olumbm, is included in the aforegoing sun lor Civil miscellaneous expenditures. This **U?atad balance is liable to be incrsased by meh curtnilment ol the appiopriations aa asked by the esti mates, w.,ich the Congress may not deem lit to authorise ?n* lh" mon'y-f,nd hy snch portions ol tho old funded debt, untundvd debt, old treasury note* and those of the late issue and Mississippi which may not bo Kt?sr l"jyrnei.t hut .ball be outstanding on tke 1st July 1840. It is I table to be diminished by suck ac propiintions as tho Congress shall make for exoenditniu ?lunng the fiscal year, ending on the 3mh5nS.m*^ 1-46, respi1 ctlvely, beyond the astimate* before Mated. ? mparmg tb?- f?tima*e mode for the service in the fiscal j, ar endlr.g 30tli June, 1846, with the eatimates made tor the ft?cnl year ending ;?Oth June 1846 the ?stlm:.tea ot h? War Department forthsi year ism exceed ! Mh? v riT tho M,m $l?l?44? 19 cents; those Use ,1 ye .ir ending aoih JuS"'Wo't'llh I ?h?fl n""1" ^;he 4 '?1 hose departanwutor !h w i?ear*n'"nB lf4/>, the estimates tor n^rV. ^a'o ?fl V;,0"" ?n,r?pti?tkm. bv tbo n 01 J1.1 3.9 16 C' tits ; those (stimatf s of the Naval Iia!* ioHi"Ii,*?^r1 ,h#'" aPP'filiations by the sum of In ctimatirg the receipts to be expected from tko oaa ,c' 1843, the Secretary of the Tres ury has endeavoured to ascertain the probablo amount r merchandise to bo imported as necosaarr !^"?r0.nsfurP,J<"; 01 existing and increaaingmm. r i? ? . UnH'^l S'ates, and th?| proheble proportion "f goods not payii g and those paying duties To that ?od he resorted not only to tho returns from the Custom Houses since the passage ol the act of 1843, but alao to tko the consumption as it progressed Irom the yeor 1830 down to the year 1843, noting the averaged importations and CZhH? , aT",,V dMr,n* ,h* respe^tive^n^ rotn 30th Heptember 1?30 > lor the (our year* under the act of 18JM, and .lor the ten years under the actof 1999 rates ol duty on importa. *l hose periods' waik tho respective alterations in the rate* ol dutv He likewise noted the sversged sums ^r yw, during tko* If"of good* imported Iree of doty, those n5 8n'1 ,h'' ?**?ged exportation ol gooda paying and tl.ose not paying duty. Likewise the aver 'g ??"??' ??? 'or drawbackaf altowm^I to flshlng ol eolhetion! '?T exf1?r,8,k,n< ?' and expenm ?,h*t revenue yielded from the importations tot'h imjo fpr ,h* Bin" from September 30th 1to 80th Jim* 1843, averaged upon the gooda ^ , !T wm 'qu'??l"it to a doty ad valo r,'m ?' Ihir')-sev?n dollars eighty four tents and one mill, upon every hundred dollai*: for the wkolo year from 30.h Kept. I04J lo 34Nh Sept. 1843, the iveraged duty wss equivalent to a nett tevennool thirty. Ive doljara five c?nt* and five mills, upon every hundred dollar* in value ol gooda paying duty : that lor tbo im portations from the 10th June, 1843 to llotb Juno 1944 tho oett revenue received into the treasury was equivalent to 1 duty of thirty three dollars elghty-llvo cent* nlao mills upon the hundred dollars ot goods paying daty t that Irom 10-h Sept. I84.t, to 30th Rep?. 1944, tU nJtt nue received into the treasury wss equivalent to mi ad | valor nm duty on roods imported paying duty of thirty - ioHs-?" ,WPn,y?i',l cen" c,Bht ??'? ?P*n the hundrsd from various rites of dutlosupon the dillerent daacrio t'r "i rw,w*f *ome are spacillc. other* ? vaiorum, ranging Trim twenty to one hundred and to two hundred per cent ad valonim, It follows that the averaced July per centum ad vaiorum, in each year iIjmM. uoan the resnertive doerriptions ol articlai paying higher or lower duties during the year,and tke proportions of each ?srs? no'fii'Zi T?'or?m must vary In tka different If Jl , J of X c?n ba applied In future to duty t0 ,mP?,ted> ?object to tK various ratea of l.i computing tho value of goods paying duty, and goods exempted from duty, tka aggregate value 0/ both conjoined may be estimated tor a invert population under ?i *r # 11 '.1 p'oport'ons of esch cannot bo so <atlsfactorily estimated. The past events show that high rate* of duty on some article*, whilst other* are admitted, (rec of cuty, I net rases the proportion of tree articles, and ''?C'tho proportions of article* paying duty : to which tfl'?ct tke increased supply of domestic manufac tuies haa been an auxiliary. In estimating the revenue to be expected from tho cus tom* for the three quarters of the current fiscal year,end lag JOth June, 1814; and the lour quarters ol the Ibcal'yeor ending 30th June. 1H46 j the probable consumption of foreign articles itqtiirtd for the existing population of the united Htates, compared with the consumption and population at former periods and under former laws ? tha sctnal operations of the duties enacted by tha aet of 1943 anil the snpplies of domestic msnufactures hsve all been' laken into view, together with some of the exports of ai^ tlclis ol domestia products. The result of tho estimates ire submitted to the Congress of tho United Rtetes witk [ grest respect, end due confidence in their combined In loimatfon hiv! deliberation. An Indubitable conclusion aa fothe sum of rovesue herealter to be received up to June 30, 1816, cannot bo as severated Presumption must be indulged. From tka past course end process used, a violent presumption arises as to the future Time and eap'rtence alone can substi tute fact in plsceof thst which now Is but argument. It is not probable thst for the seven ensalng quarters, the averagi- sum ot revenue per quarter will toll below the average of tho laet four quartera. Tbo value of tho importations is not inordinate for Iho Inorsaasd and in

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