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ing on the irst Of December s47 exceeds by more than
eight millions dollars the amount received IN the preceding
year under the operation OF the act OF s2, which super
seded and repealed by it, Its effects visible in the great
and almost unexamped prosperity which prevails in every
branch Of business.


While the repeal Of the prohbory and restrictive duties Of
the act Of 1872 and the substitution in their place Of
able revenue levied articles imported according their
actual value has increased the and augmented
foreign trade all the great interests Of the country have been
advanced and promoted.


The great and important interests Of agriculture which had
been not ony much neglected. but actually taxed under
the protective policy for the benefit OF other interests have
been relieved of the burdens which that policy imposed
them and farmers and planters under more just and
liberal commercial policy, finding and profitable
kets abroad for their augmented products.


Our commerce is rapidly increasing and is extending more
widely the circle of international exchanges Great has
been the increase of imports during the past year.
exports of domestic products sold in foreign markets have been
still greater.


Our navigating interest is eminently prosperous The
number OF vessels built in the United States has been greater
than during any preceding period OF equal length Large
well by those who have nayigated them Should the ratio
of increase the number OF our merchant vessels be progress
sve and be great for the future as during the past year,
the time not distant when tonnage and commercial
will be larger than that of any other nation in the world


Whilst the interests of agriculture of commerce, and Of
navigation have been enlarged and invgoated it highly
gratifying observe that manufactures also in pros
porous condition. None of the runous effects upon this in
tere which appehended by the result of the
operation Of the system established by the act Of
1885, have been experienced On the contrary the number
of manufactures and the amount of capital invested in hem
is steadily and rapidly increasing aorng gratifying proofs
that American enterprise and skill employed in this branch of
domestic industry, with other advantages than those fairly
and incidentally accuing from just system of du
ties, abundany able meet successfully all competition
from abroad, and still derive fair and remuneratng profits


While capital invested in manufactures syedng adequate
and fair profits under the new system, the wages OF labor
whether employed in manufactures agriculture commerce.
navigation, have been augmented. The tolng Millions
whose daily labor furnishes the supply of food and ramen
and all the and comforts of life receiving higher
wages andore steady and permanent employment than any
other country, any previous period of history


So successful have been all branches of industry that
foreign war, which generally dmnishes the resources
on has essential degree retarded onward progress
checked our general prosperity.


With such gratifying evidences of prosperity, and of the
successful operation of the act of 1896 every cons
deration Of public policy recommends that it shall remain
changed 1t is hoped that the system of mpost duties which


established be regarded the permanent policy of the
country, and that the great interests affected by may not
again be subject be nuroy disturbed they have here
tofoe been by frequent and sometimes sudden changes


For the purpose Of increasing the revenue and without
changing modifying the rates imposed by the act OF 1916
the dutiabe articles embraced by its provisions, again
commend your favorable consideration the expedency Of
evylns duty tea and coffee The policy which
exempted these articles from duty during peace and when the
revenue be derived from them needed, to
exist when the country engaged in war, and requires the
OF all Its available 1t tax which would be
generally dfused among the people that would be elt
oppressvey by none, and be complained of by is
believed that there not in the list of imported articles
which more properly the subject OF war duties than tea
and coffee.


is estimated that three millions of dollars would be de-
rived annually by moderate duty imposed these articles


Should Congress avail itself of this additional of
venue only would the of the public loan rendered
necessary by the with Mexico be diminished hatextent
but the public credit and the public confidence in the ability
and determination of the Government meet all its engage
ments promptly would be firmly established and the
duced Of the loan which may be necessary nego
tate could probably be obtained at cheaper rates.


Congress is therefore, called upon determine whether it
is wiser impose the duties recommended, by omit
ting do So increase the public debt annually three millions
of dollars long loans shall be required prosecute the
war; and afterwards PROVIDE IN some other ior TO pay the
se-annua ineres, upon it, and ultimately extngush the
principal If in addition to these duties, Congress should
graduate and reduce the price of such of the public lands
experience has proved will command the price placed
upon them by the Government additional annual income
10 the Treasury of between halt million and a million OF
dollars is estimated, would be derived from this
Should both receive the sanction Of Congress- the
annual of public debt necessary be contracted dur
ing the continuance of the would be reduced four
millions of dollars. The duties recommended to be levied
tea and Coffee is proposed shall be limited in their dura
ton the end of the war; and until the public debt render
ed necessary be contracted by it shall be discharged
The of the public debt to be contracted houd be linn


ed TO the lowest practicable sum, and should be extnguhed
early after the conclusion of the the OF the
Treasury will permit.


With this view, it is recommended that the war
shall be over, all the surplus in the Treasury, needed for
other indispensable objects, shall constitute sinking fund,
and be applied TO the purchase OF the funded debt and that
authority be conferred by law for that purpose.


The act of the 9th of August, ls46 "to establish
housing system, has been in operation than year, and
has proved to be important auxiliary the tariff Of
1885, augmentng the and extending the commerce
of the country Whilst has tended enlarge commerce,
t has been beneficial manufactures, by diminishing
forced sales at auction of foreign goods low prices to raise
the duties to be advanced hem and by checking uctua
tons in the market The SYSTEM although sanctioned by the
experience OF other countries, entirely in the United
States and is susceptible of improvement in of its pro-
visions The Secretary OF the Treasury, upon whom de-
voved large discretionary powers in carrying this into
effect has collected and colang the practical results
OF the system in other countries where it has long been
tashed and will report at early period of your session
such further regulations suggested by the investigation
render still more elective and beneficial


BY the act to provde for the better organization Of the
Treasury and for the collection, safe keeping and disburse
ment OF the public revenue, all banks discontinued
fiscal agents OF the Government and the paper currency is
sued by them longer permitted be received pay
ment of public dues.


The Constitutional Treasury created by this act went into
operation the first Of January last Under the system
abshed by it, the public moneys have been collected safely
kept and dbursed by the direct agency of officers of the
Government in gold and silver and transfers of large
have been made from points Of collection points of sbuse
ment without loss the Treasury injury inconvenience
to the trade OF the country.


While the fiscal operations Of the Government have been
conducted with regularity and under this SYSTEM it has
had saluary checking undue