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the redemption Of Treasury Notes is not saAeh ~,
TO account. Blu. few notes have been presented
TO the Department for redemption since Tue


sa-e of ,h act of the 31st August last, and nearly
| The whole amount Cancelled since that day we're


taken !, ay,nent of public dues. Should the notes
| ssrsa u,der the act above mentioned be placed


q, rho same footing with The previous issues, so es


10 bear interest after maturity payable haityeariy


,,t; called in for redemption, it is believed but


small amount would fall iato the expenditures for
The ensuing eighteen months. Il is recommend


ed therefore, that this be done; otherwise the ex
pendtures during the period last mentioned must


necessarily be increased to the amount of probably
three to four millions of dollars. in redemption Of
! issues under the ac, of 31st August last. But for


the purpose Of guarding against unforeseen coEtsn-
gencies, it is farther recommended that the exist
ing authority to reissue Treasury Notes sheuid be
extended to the Goth June, 1874.


The oan Of s., ,672 ,976 SO, borrowed under the
provisions Of the act Of The Dist july. l84l, wl
be redeemabe on the 1st January, 1915; and, on
the assumption that reissue of Treasury Notes,
as above suggested shall be authorized by Con-
gress, the whole outstanding. together


with thar Of the issues that may b hereafter made
under the act ef 31st August last. viii fall due
prior to the Goth June, l845. Although payment
of those notes may not be ct once demanded when
due, and the time of repayment of the loan of la4l
i. placed AT the pleasure Of Government, yet the


liability to pay those several amounts must exist,
and the means to provide for the exigency can De
afforded only by farther Legislation.


TIE present Tariff, in its main feateres, resem-
bes so nearly the bill submitted TO Congress by
the Department on the 9Th of May last, that the
views expressed in the report which accompanied


the bill may be considered applicable, to great
siad
The period within which the Tariff has been in
operation has been much too short 10 furnish any
decisive evidence as to It's permanent Influence
upon mportatians The foreign trade of the
country has continued to decline, and importa-


tions have been comparatively snail since the pas.
sage of the act. How far this state OF things
may have been Influenced by the existing system
of duties, it is impossible to determine. The


snlallness Of tho inportatons may be we'll nc-
counted for by the embarrassed condition OF the
country and extremely limited means Of purchase.
The amount of foreign commodities in our mar


lets is still found greatly to exceed the demand


and the fall in the prices of merchandise since the
FIRST September is supposed to be, on an average,
not less than 10 per cent. This fact will be found
verified in letter from the collector at Newly ork,
annexed hereto, to which reference is respectfully
made and it is deemed conclusive to show that
the decline in the importaions since the first Sep
tember can not justly be referred to our system OF
duties and that the effect Of the existing tariff
remains to be determined by further and more sat


sfactory experience.


The importance Of adequate provision for reve-
nue. cannot be toe elten too strongly urged upon
the attention of Congress- The resources of the
country are abundant; internal taxation, either
direct or Indirect has not Of late years been found
necessary, and it is still believed that system of
custom house duties may be made sufficiently COM
prehensive TO yield an income commensurate with
all the wants of the country.


There urc various articles of import, several OF
them Of very large, and universal consumption,
at present untaxed, subject to duties extremely
low, and some of which without perhaps, in any
considerable degree, lessenng the amount of their
consumption, might bear imposts yielding an ag-
gregate addition to the revenue accru!ng under the
existing laws of not less than So, coo 600. These
offer themselves for selection, ard il with the
wisdom of Congress to make that selection or
adopt any other mode of securing the receipt OF
such an amount of revenue as shall be suncient TO
meet the expenses Of an economical administration
Of the Government, and afford the means OF sus-
tain.ng measures necessary for the defence of the
country, and the maintenance OF the public creolt.


This last object is of Infinite importance. The
honor of the country its just sef-resPect, the pride
which every citizen must feel in the high character
# its Government; all these require that the pub


lie faith and the cred, of that Government, should
be placed above doubt or question.


Deeming it highly probable that the policy Of
establishing warehouse system might engage the
deliberations Of Congress at the present session,
the attention of Collectors and other officers ct va
rious ports was called to this subject by circular


issued from the Department on the oath Novem'


Der last, copy of which, together with the an
swers received, and a table of exports OF TO eigr
merchandise, is annexed. IL has been thought
advisable, also, for the sake of convenient refer


ence in a matter of such general interest, TO at


tach to this report copy of the statute OF the 30


and 4th William ", which embodies the ware
| house system of Great Britain in form maturet
| by long experience In connection with this vii
| be found copy of regulations established unds
| authority of the statute above mentioned by th'
commissioners of the Treasury. which will afford I


satisfactory view of the practical operation OF th'
| system as it now exists in that country.


am, yerv respectfully Sir, your cbedien servant,
w. FORWARD, Secretary OF Tue treasury
Hon. WILLIE P. MANGUs President OF the Senate


-.


| pParley,s RscrcnntMs Preaent.-ihe voum


Of PARLEYS The iS42 Is now csI piee


and may had o! publishers, bound IN neat ciSth, 10


dollar II contains great variety oil Interesting an'


rtiyor in mo