REPORT ON THE FINANCES.
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 and constituting, to great extent, lhe ordinary cir cnation everywhere among the people. IL IS cur. rcney that w never break nor ial; II will neither expand nor contract beyond the ligitinate business oi tlle country; il will lead To exlravagant specu- hllons at one lime, 10 be followed by certain de pressinn al another; ntr will labor ever he robbed al lts reward by the depreciation oi such rency. = There is no danger that we shall have too much gold and silver, In actual circulation, or loo small an amount of bank paper, that injury will be inflicted upon the bus mess oi the country, by dmi- nuIlon of 'he circulation o the paper ol banks, and he substitution in it's place, to that extent, of gold and silver. Even their mos, aldent advocates must admit that banks are suhisc 10 periodical expansions and coutactions, and at this evil would be ncreas- ed by giving them he funds of the government to lnan. and by receiving and disbursing nothing but their paper.

 It Is believed that the permanent interest of every class of the people will be advanced by lhe esabIs- menl of the constitutional treasny, and that the manufacturers especially will derive great benefits from iis adoption. It will give stability 10 all their operations, and insure them, to great extent, a- gainst those fluctuations, expansions and contrac- tlons of the currency preiudcml to ther interests. By guarding agaast inaions of the currency, ii will have tendency 10 cheek periodical eXcesses of for eign lmporl;tlOns purchased in fact upon credit 1; while loans rom banks, or dangerous enlargements of heIr business, and excessive ot thelr paper will be greatly diminished. Whilst sound and

 

 cessiYe impniaions from abroad, it protects him fIom disasters al home, and from those ruuous re- vulsons in which many thensnnds reduced 10 bankruptcy. The tariff if followed, as Tn the ab- senee oi adequate Checks II certainly will C, by an inflated currency, whilst il thus enhances the expences sl manulaoIcrin9 at home, will speedily and ceriainy raise prizes up To the whole amount oi The duty, to repeal he operation of that duty in fa"or ui inc manufacturer, and enable the foreign nl- porter asan 10 flood the ket, iu the enhanced prices arisH from an inflated currency. But soon the revuls!lD comes, and all are overwhelmed in n common rum. The currency is reduced below the wants uf the country, by sudden and ruinous con traction aad ghe labor and industry uf years qured 10 repair rhe mischief Stability, both n Ihe tarlH and the currency, is wtht he manufacturer should most desiie. Let the iarif be permanent, adjusted, by return To reasonable and moderate revenue duIles- which, when imposed truly and in good ialih for that purpose, will yield sufficient profits; and let ihis permanent system (and none other can be permanently be established, and accom- panied by stable currency-and the mannlactnrer, in seres of years, w derive inc greatest benefits from the syaem

 The present system cannot be permanent. IL is too unequal and unjust-too ex0rbiani and oppres- sive, and loo clearly in conh cl with the fundamental principles of the constitution. Il the manufactures thinks that thls system be permanent. let him look 10 iie constant changes which have attended all attempts to establish and continue protective tariff The first tariff based in part upon the principle of very moderate protection to domestic manuiac- tures and the result has been, as appears by the table hereto annexed, that tariff has been changed and modified thirty times since that perIod-being more than once an average, for every Congress since the government founded; and one of these tariffs was in itself system of annual changes, op- eratng through period nf ten years. Of these changes fourteen have been general, and sixteen special. From 1916 onward, these changes have been most frequent; and it is vain 10 expect pelna- uency from anything but revenue tariff. Stability is what the manula should desire, and especial y that the question should be taken out of the arena of politics, by just and permanent settlement. A great number of tables illustrative o the effects of the tariff, compiled from the official documents, ac- company this repori Some of these tables ex- hibit the operation of each of tariffs, from the organization of e government 10 the present period. In order 10 enable the Secretary To comply with he direction of the acts of Congress, requiring him in his annual report 10 sugges, "plans for improving or increasing the ravenue," and to give ''inorma- ton to Congress in aeopliu9 modrs of raising" the revenue, two circulars iHPued, published, and generally distributed propounding various questions connected with this subject, andsrequesting replies. Some answers have been received, from friends as we'll opponents, oi the iarif, but the Secretary regrets that thc manufacturers, win very few ex captions, have declined answering these questions communicating any information as regards tleir profits and surplus, or in relation to the wageSoi labor. An abstract of all that deemed useful in these replies, together with copy oi both circulars, I appended 10 this report.

 The coast survey IS rapidly progressing ing been extended eastward to the eastern cast o Mas sachuseits, and sOuihward nearly tO the dividing hue of Mar, land and Virg mia, on the Chesnpeake Two new centres ot ope alton have been opened, under the sanction of this department, in North Car. olma, and on ihe Gulf of Mexico, from which the work may be spread until the parts unte. inpor- tant positions for forts, navy yards, harbors and ghthouses present themselves along this interesting portion of the of Louisiana, Mississippi and Alabama, and the islands guarding the channel be- tween Mobile and New Orleans. Great economy exists in the administration of the fund approrria- ted for the coast survey; and every effort is made by the superintendent To press the work onward to a completion. Three charts resulting from the sur vey has been published within inc past, year and five more are nearly ready for publication. This great work is most honorable to the sciece of our country, most useful to our navy and commercial marine, and, in conexion with our light-houses, must decrease he cost nj freight and ins urance as well as the risk of life and property. Great attention has been given by this department the very important subject of our lght-house system. The varIous improvements suggested by experience al home or abroad-the re- al,e advantages of gas and oil, of refectors, eni- cular and revolving lghs ihe location and consiruc lion of he buildings, we'll as the mode of keeping the lighs-are all being fully md carefully inyes- gaied and report, il is believed, will be ready du- ring ihe present session ol Congress. From the Chesapeake to the Capes of Florida, and thence westward, our cr,st is badly lighied we'll the great lakes of the north and west; and numerous wrecks, often accompanied with loss of life and property, seem 10 require the interpretation oi Con gress.

 Such portion of the charts of the exploring expe- dilion were placed under the charge of this de- partment were distributed for the benefit of our whale ships These valuable charts embrace the survey of many hitherto almost unexplored regions and islands of the Pacific, as well part of lie coast f Ore gon, and must be emlnenily useful for many purpos es, but especiav to seamen and merchants enga- ged in the whale fishery. In pursuance of resolu. iion of Congress, report is in progress of prepara tlon regards the banks and currency, and alec in relation statistics; and these, with all other re- potts required iro. this department, will be presen- ted the earliest practicable period of the present session.

 In presenting his annsa report, in obedience to the law, the Secretary of the Treasury submits his views with undissembled difidence- by the reflection that all his err ITS of judgment will be cor recied by the superior wisdom oiihe two Houses o' Congress, guided and directed by that overriding Providence which has lessed the unexampled pro gress of this great and happy Union.

 R. J. WALKER,

 Secretary of the Treasury. Hon. JOHN W. Davis,

 Speaker of the House of Representatives

 