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RECEIPTS and Means for the Year ending the 30th of June, 1845.

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The expenditures during the same fiscal year amounted to........... 29,968,206 98
Leaving a balance in treasury July 1, 1845, of...
7,658,306 22

THE estimated Receipts and Expenditures for the fiscal Year ending the 30th of June,

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“But this balance is subject to be decreased by such additional appropriations as Congress shall make, to be expended during the fiscal year ending the 30th of June, 1846, and to be altered by the sums which may be presented for payment of the old funded and unfunded debt, and old treasury notes.

THE estimated Receipts, Means, and Expenditures for the fiscal year commencing the 1st of July' 1846, and ending the 30th of June, 1847, are as follows :

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THE TARIFF.-The receipts for the first quarter of this year are less by 2,011,885 dollars 90 cents, than the receipts of the same quarter last year. Among the causes of decrease is the progressive diminution of the importation of many high-protected articles, and the substitution of rival domestic products. For the nine months ending June 30, 1843, since the present tariff, the average of duties upon dutiable imports was equal to 37 dollars 84 1-10 cents per cent; for the year ending June 30, 1844, 33 dollars 85 9-10 cents per cent; and for the year ending June 30, 1845, 29 dollars 90 per cent-showing a great diminution in the average per centage, owing in part to increased importation of some articles bearing the lighter duties, and decreased importations of others bearing the higher duties. The revenue from ad valorem duties last year exceeded that realised from specific duties, although the average of the ad valorem duties was only 23 dollars 57 cents per cent, and the average of the specific duties 41 dollars 30 cents-presenting another strong proof that lower duties increase the revenue. Among the causes tending to augment the revenue, are increased emigration and the annexation of Texas. The estimates for the expenditures of 1846 are based chiefly upon appropriations made by Congress. The estimated expenditures of 1847 are founded upon data furnished by the several departments, and are less by 4,108,238 dollars 65 cents than those of the preceding year. These estimates are submitted in the full conviction that, whenever Congress, guided by an enlightened economy, can diminish the expenditures without injury to the public interest, such retrenchment will be made so as to lighten the burden of taxation, and hasten the extinguishment of the public debt, reduced on the 1st of October last to 17,057,445 dollars 52 cents.

In suggesting improvements in the revenue laws, the following principles have been adopted:

ist. That no more money should be collected than is necessary for the wants of the government, economically administered.

2nd. That no duty be imposed on any articles above the lowest rate which will yield the largest amount of revenue.

3rd. That, below such rate, discrimination may be made, descending in the scale of duties; or, for imperative reasons, the articles may be placed in the list of those free from all duty.

4th. That the maximum revenue duty should be imposed on luxuries.

5th. That all minimums, and all specific duties should be abolished, and ad valorem duties substituted in their place-care being taken to guard against fraudulent invoices and under-valuation, and to assess the duty upon the actual market value.

6th. That the duties should be so imposed as to operate as equally as possible throughout the Union, discriminating neither for nor against any class or section.

No horizontal scale of duties is recommended; because such a scale would be a refusal to discriminate for revenue, and might sink that revenue below the wants of the government. Some articles will yield the largest revenue at duties that would be wholly or partially prohibitory in other cases. Luxuries, as a general rule, will bear the highest revenue duties; but even some very costly luxuries, easily smuggled, will bear but a light duty for revenue, whilst other articles, of great bulk and weight, will bear a higher duty for revenue. There is no instance within the knowledge of this department, of any horizontal tariff ever having been enacted by any one of the nations of the world. There must be discrimination for revenue, or the burden of taxation must be augmented, in order to bring the same amount of money into the treasury. It is difficult also to adopt any arbitrary maximum, to which an inflexible adherence must be demanded in all cases. Thus, upon brandy and spirits a specific duty, varying as an equivalent ad valorem from 180 to 261 per cent yields a large revenue, yet no one would propose either of these rates as a maximum. These duties are too high for revenue, from the encouragement they present for smuggling these baneful luxuries; yet a duty of 20 per cent upon brandy and spirits would be far below the revenue standard, would greatly diminish the income on these imports, require increased burdens upon the necessaries of life, and would revolt the moral sense of the whole community. There are many other luxuries which will bear a much higher duty for revenue than 20 per cent; and the only true maximum is that which experience demonstrates will bring, in each case, the largest revenue at the lowest rate of duty. Nor should maximum revenue duties be imposed upon all articles; for this would yield too large an income, and would prevent all discrimination within the revenue standard, and require necessaries to be taxed as high as luxuries. But, whilst it is impossible to adopt any horizontal scale of duties, or even any arbitrary maximum, experience proves that, as a general rule, a duty of 20 per cent ad valorem will yield the largest revenue. There are, however, a few exceptions above, as well as many below this standard. Thus, whilst the lowest revenue duty on most luxuries exceeds 20 per cent, there are many costly articles, of small bulk and easily smuggled, which would bring perhaps no revenue at a duty as high as 20 per cent; and even at the present rate, 7 per cent, they will yield in most cases a small revenue; whilst coal, iron, sugar and molasses, articles of great bulk and weight, yielded last year six millions of revenue, at an average rate of duty exceeding 60 per cent, ad valorem. These duties are far too high for revenue upon all these articles, and ought to be reduced to the revenue standard; but if Congress desire to obtain

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STATEMENT of the Receipts into the National STATEMENT of the Expenditures of the

Treasury, from Customs, Internal Revenue, and Direct Taxes, and Sales of Public Lands, fractions of a dollar being excluded.

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United States, exclusive of Payments on Account of the Public Debt, and from Trust Funds, Fractions excluded.

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AMOUNT of the Public Debt of the United States in each successive Year from 1791

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Expense of the Revolutionary War (1775-1785), 135,193,703 dollars. Emissions of paper money (1776-1781) 359,547,027 dollars 25 cents. Loans and subsidies from France (1778-1783), 7,962,959 dollars.

Purchase of Louisiana (1803), for 15,000,000 dollars.

Expense of the Three Years' War.

Purchase of Florida (1821), for 5,000,000 dollars.

Although the active debt of the United States was considered as extinguished in 1835, there remained an unclaimed old debt.

The payments on account of the (old) funded and unfunded debt, since the 1st of December, 1838, have been as follows:

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DEBTS of the Corporate Cities of the District of Columbia, assumed by the United

States, viz.:

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the largest revenue from duties on these articles, those duties, at the lowest rate for revenue, would exceed 20 per cent, ad valorem.

"WAREHOUSING SYSTEM.-Prior to the 30th of June, 1842, a credit was given for the payment of duties; since which date they have been collected in cash. Before the cash duties and the tariff of 1842, our trade in foreign imports re-exported abroad afforded large and profitable employment to our merchants and freight to our commercial marine, both for the inward and outward voyage; but since the last tariff this trade is being lost to the country, as is proved by the tables hereto annexed. The total amount of foreign imports re-exported during the three years since the last tariff, both of free and dutiable goods, is 33,384,394 dollars-being far less than in any three years (except during the war) since 1793, and less than was re-exported in any one of eight several years. The highest aggregate of any three years was 173,108,813 dollars, and the lowest aggregate 41,315,705 dollars-being in the years 1794, 1795, and 1796. Before 1820, the free goods are not distinguished in this particular from dutiable goods; but since that date the returns show the following result: during the three years since the tariff of 1842, the value of dutiable imports re-exported was 12,590,811-being less than in any one of seven years preceding since 1820, the lowest aggregate of any three years since that date being 14,918,444, and the highest 57,727,293. Even before the cash duties, for five years preceding the high tariff of 1828, the value of dutiable goods re-exported was 24,796,241 dollars; and for the five years succeeding that tariff, 66,784,192 dollars-showing a loss of 28,020 dollars 49 cents of our trade in foreign exports after the tariff of 1828. The great diminution of this most valuable branch of commerce has been the combined result of cash dutiesand of the high tariff of 1842. If the cash duties are retained, as it is believed they should be, the only sure method of restoring this trade is the adoption of the warehousing system, by which the foreign imports may be kept in store by the government until they are required for re-exportation abroad, or consumption at home-in which latter contingency, and at the time when for that purpose they are taken out of these stores for consumption, the duties are paid, and, if re-exported, they pay no duty, but only the expense of storage. Under the present system, the merchant introduces foreign imports of the value of 100,000 dollars. He must now, besides the advance for the goods, make a further advance in cash, in many cases of 50,000 dollars for the duties. Under such a system but a small amount of goods will be imported for drawbacks and the higher the duty the larger must be the advance, and the smaller the imports for re-exportation.

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The imports before payment of duties, under the same regulations now applied to our imports in transit to Canada, may be taken from warehouse to warehouse-from the East to the lakes, and to Pittsburg, Cincinnati, and Louisville-from New Orleans to Natchez, Vicksburg, Memphis, and St. Louis-and warehoused in these and other interior ports, the duties remaining unpaid until the goods are taken out of the warehouse and out of the original package at such ports for consump tion; thus carrying our foreign commerce into the interior with all the advantage of augmented business and cheaper supplies throughout the country.

It will introduce into our large ports on or near the seaboard assorted cargoes of goods, to be re-exported with our own, to supply the markets of the world. It will cheapen prices to the consumer, by deducting the interest and profit that are now charged upon the advance of duty-building up the marts of our own commerce, and giving profitable employment to our own commercial marine. It will greatly increase our revenue by augmenting our imports, together, with our exports; and is respectfully recommended to Congress as an important part of the whole system now proposed for their consideration.

The

The act of the 3rd of March last, allowing a drawback on foreign imports exported from certain ports to Canada, and also to Santa Fé and Chihuahua, in Mexico, has gone to some extent into effect under regulations prescribed by the department, and is beginning to produce the most happy results-especially in an augmented trade in the supply of foreign exports to Canada from our own ports. Indeed, this law must soon give to us the whole of this valuable trade during the long period when the St. Lawrence is closed by ice, and a large proportion of it at all seasons. result would be still more beneficial if Canada were allowed to carry all her exports to foreign nations in transitu through our own railroads, rivers, and canals, to be shipped from our own ports. Such a system, whilst it would secure to us this valuable trade, would greatly enlarge the business on our rivers, lakes, railroads, and canals, as well as augment our commerce; and would soon lead to the purchase, by Canada, not only of our foreign exports, but also, in many cases, of our American products and fabrics, to complete an assortment. In this manner our commercial relations with Canada would become more intimate, and more and more of her trade, every year, would be secured to our people.

PUBLIC LANDS. The net proceeds of these sales paid into the treasury during the last fiscal year was 2,077,022 dollars 30 cents; and from the first sales in 1787 up to the 30th of September last was 118,607,335 dollars 91 cents. The average annual sales have been much less than two millions of acres, yet the aggregate net proceeds of the sales in 1834, 1835, 1836, and 1837, was 51,258,667 dollars 82 cents. Those large sales were almost exclusively for speculation; and this

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