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NO such deficiency as the Secretary has sup
posed can possibly occur and there is no room
'or the apprehension that there viii be any fail
ure on The part OF the Government to meet the
pubic demands upon 1t, or Of any necessity to
resort to any other mode of taxation.


Mr.. E. proceeded: The estimates for the fiscal
year, are, IN my opinion, too high. The Score
tary's estimate is S26,S77000. He estimated
million and a half for Rivers and Harbors-
Now, Go not desire 10 see these Improvements
abandoned, but think the estimate for those
objects a little extravagant. If Congress shall!
appropriate half million for them, it is as much
as expect. The estimates for the Navy are
very large, and, as far as | can Judge by indlca-
tlons which have seen, this and other estimates
are beyond the amount which viii be appropria-
ted. The appropriations already proposed IN
the other House hardly come up to sixteen mill
lcns. Making allowance for unexpected appro-
priatlons | do not think they will in the aggre-
gate exceed eighteen millions. This will reduce
the estimate four or five millions. In order TO
make up this sum of S26, 900, it will be ne
cessary to exPend all the appropriations within
The year, whereas portion Of them must neces-
sarily be left outstanding. The whole sum can
not be expended within the year. No account
has been taken in the Secretary's estimate OF the
|
at least half million. There will be about three
and a half millions OF the whole amount of ap
preparations for the year that will not be wanted
during the year: to which sum may be added
the amount of reductions which Congress will
make from the estimates.


There will therefore be a surplus, and not a de-
ficencY, Of means in the Treasury at the end OF
the fiscal year, without looking to an increase of
Revenue from imports. Ii is hazardous to make
predictions, but will be greatly surprised II the
! revenue from customs during the year do not ex-
ceed twcnty-three millions Very intelligent
merchants have estimated it twenty-five and
twenty-six millions for the fiscal year. DO not
90 so far but all indications show great increase
Of revenue. There are some strong indications
Of N increase of commercial prosperity IN the
business parts of the country. In New York
rents arc rising, buildings going up, new firms
commencing business and there is every appear
ance Of increasing confidence and active busl-
ness. know that these prospects may be blast
ed by unforeseen occurrences. would greatly
have preferred that this discussion should take
place some days later. By the arrival of the next
steamer at Boston we shall have intelligence that
Will have an important bearing on the lmporta
tons of this year. 4 peculiar state OF things now
exists But little cotton has been gong to Eu-
rope for some weeks past, and bythe last accounts,
it is higher in New York than at Liverpool. We
arc holding on here for higher prices. There they
are not buving. If the pnce OF cotton shall be
augmented one cent pound, winch IS Piooaoie,
th0ugh | Will not speak too confidently OF IT, II
will add ten luons to the imports OF the year,
But ii it decline remain stationary, we can
hardly say what will be the result OF 1t. II cot
ton canno. be exported, bills will be; and when
10
must go oat The currency will then be suddenly
contracted, the banks will refuse accommoda-
tons, the mercantile community will be very
much embarrassed. and business brought to
pause. This may affect imports and revenue
This is a view OF things that may be looked at
with apprehension by the country. Ii the ten
d ncy shall be to rise IN the price OF cotton, the
revenue will amount to twenty five or twenty-slx
millions for the fiscal year. If SO, we shall have
revenue enough; and if not, we shall have more
than will meet all the ordinary expenditures. An
importation of sixty-two slxtythree millions OF
dutiable goods vii! furnish gross revenue OF
twcntv-three millions


understood the honorable gentleman TO ex-
press some disapprobaton of the mode OF discrlm-
ination virtually adopted in the present Tariff
He saws he would discriminate IN certain way
by getting the highest revenue from the lowest
rates of duties. But the gentleman must look at
the aggregate OF the articles, and not take one by
one ; and improve the revenue by such DIS
elimination as tends to favor consumptlon-not
by making articles cheap, but by rendering tne
| people able to buy them. The gentleman would
also discriminate in favor of the poor, ana MAKE
| light the burdens on them. That was humane,
but it would be more wise and more humane SO
to legislate that there should be no poor-to keep
| a. II tl,aI,. all
of competency Reducing duties only, would be
like indiscriminate charity, leaving the poor IN
ideness and indulgence, without means OF better
iDc their condition by their own extrtons. There
is a tendency to expense in living, and people
will buy imported articles when able to do SO. L
have seen instances of the operation OF these prln
ciples in nv own part of the country. l Will
| mention an instance of family IN my vicinity
that are poor, but, under this act, obtained en-
plovment in mandatory. They are now lv-
mo. not in indulgence as formerly, but | saw them
surrounded with comforts, and IN possession OF
foreion luyilries which struck me as quite extra
warrant. There is nothing surprising about 1t
4 family Of SIX were redeemed from poverty by
cmnloynent, and enabled TO become consumers
of dntiabIe articles, and contribute to the means
Of the public treasury


am under 20 apprehension that commerce
will be destroyed by this law, as the Senator
supposed The gentleman spoke OF commerce as
if foreign commerce alone was TO be considered
as the only bond of peace and harmony among
nations This foreign commerce brought IN I'M
ports OF "a hundred and twenty millions or more
The amount OF our internal commerce IS a 'hou-
sand millions The internal Navigation vasuy
transcends the navigation employed III ioteigh
commerce. Is 1t not desirable to strengthen = the
bonds of harmony between the States oil ,l'ls ~.
ion, by the exchange OF our productiohs dla -
i NOT as desirable to strengthen their relations as