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convinced, will, as it has dene heretofore, tear
lessly and pat.iotcaliy meet the emergency and
take the responsibility.


The Secretary in his finance report in December
last, (Ho Doc. No. II, p. 81 estimated the re-
ceip.s from customs at 81 500, coo for the half ca.


endar year commencing on the first day of Janua-
ry ls43, and at 10000, 600 for the fiscal year
commencing on the first dsy of Jsly, l943, being
equivalent TO SIS 100000 for the calendar year
In his revised estimate for the President, dated 9th
Of February. 1843, Ho. Doc. No. l43, p. 81 he
reduces this estimate to sl3,900,o0o, thereby d
minishng it 2,5GO, 900, and yet the President ex
presses fear that there will be great falling OFF
frora this. Any estimate must of course be con-
jccturai, depending in great measure upon un-
foreseen contingencies. The markets were gutted
last year with foreign products in anticipation Of
increase of drtles by the new tariff. This excess
of pertatons, stimulated by desire to have the
benaf, Of enhanced prices By the operation of the
tariff, without paying the duties imposed by 1T
was carried so far by the importers that prices
have actually fallen stree that act went into opera
tion This has caused great falling OF in the I'M
portations of dutiabie articles But, hen it is
borne in mind that business revives this surplus
will be disposed of, and thereby create new de.
mand for fresh irnportatons, il cannot be doubted
that this diminished importation is but temporary.
It's effect would be most apparent Immediately after
the late tariff went into operation, and OF course
most disastrous to the trade Of the fourth quarter
of l342. Yet it appears from statement made by
The Secretary of the Treasury the COMMITTEES da-
ted January le, l843 (see Ho. Doc. No. 70,) that
tae actual rcce pts into the treasury from cash du-


ties hccrung The several ports during that GUAR
ter, we're Ss3, lG, $40 73, being equal to Sl2 46o,-
492 81 Per annum.


1t can hardly be doubted that this is below the
average for each quarter of 1S43. Our exports
durisg the fourth quarter of l942, as appears by
a statement hereunto annexed, (marked A. eX-
ceeded the imports by Sl3 s24 1926; being more
than double the imports. 1t also appears that un.
usually large mportations of specie were made au.
ring that quarter; but this course of trade will
change when the equilibrium is restored in the cur
rency of the commercial world, which has been
disturbed by the void created in the currency OF this
country by its unusual contraction. The moment
this vacuum is filed. the importation of specie will
cease, and cargoes will be made up
more Of dutnblc articles, and the. revenue from
customs will increase accordingly 1t also appears
from statement furnished by he Treasury De-
partment, that the average amount Of duties, on
dutiable articles imported during the last quarter
of l842, is little more than 35 per cent. on their
nd valorem value; and at that rate, an importa-
tion of $40 600 900 Of dutiable articles, during the
year 1843, must produce gross revenue Of Sl4,-
600 OO0 which will yield nett revenue Of nearly
$4,000 900, the amount estimated by the Secreta-
ry. Certainly the committee are in possession of
no facts which will warrant them in coming to the
conclusion that our imports of dutiab!e articles
will not equal this amount, it being less than halt
the usual amount of such importations for many
years past. The committee, therefore, while they
admit the utter mpossbility of arriving at certain
~ in these estimates, are induced to belleve that
the Secretary is nearly accurate as the nature OF
the case vii admit, and they concur in opinion with
aim that Sl3, 100000 of revenue will probably
he derived from customs during the calendar year
l343


In regard to the estimate of receipts from the
public lands it is very difficult to form any opinion
without knowing what the President intends TO
do respecting the public sales. The Secretary es-
Inmates So 500 900 from this source for the caes-
dar year. Although it appears by report from
rhe Secretary of the Treasury, dated January %,
le43, (Senoe document, No. 9S, page 81 that
Turing the year commencing on the 4th OF March,
1910, $500 $50 acres were advertised, and during
the year commencing on the 4th of March, 184l,
l,447 ,G2S acres advertised, yet it is uRder-
stood that no public sales have taken place tor the
last two wears. Emigrants anxious TO obtain pre-
emption rights are settling upon the public domain;
md it is only necessary bring this land into the
public market by auction to realize a large amount
10 The Treasury. The ordinary sales at private
entry may or may not equal the estimate; but the
committee have no hesitation in giving it es their
opnion. if the public sales shall take place in a
manner best calculated to promote the good of all
Interested that the full amount estimated may be
called from shat source. 1t depends the Pre-
,dent and on his will alone, whether this shall
| shall not be done. The President has expressed
no listrust of the correctness of the estimae o!


lie other items that go to make up the, total re-
cepts into the Treasury for l843 to the amount of
spa, 323, ,40003


Assuming, then. that the estimate of receipts is
correct. or that it is in the power of the Executive
to make them equal TO that amount, the next ques-
| ,ion is, what will be the probable expenditure
within the year lS43 The Secretary, in his last
| letter, of the 9th of February has estimated II at


500 .s32 ,773 but. upon what basis this estimate is


founded the Committee have been much perplexed


TO ascertain The practice which has obtained OF


late years Of permitting large appropriations for


one year 70 lie over to the next fer expenditure,
| has thrown vast responsibility upon the Execu
| tive. and vested him with dangerous power over


the Treasury ofthe nation. To illustrate this, let


us suppose tha, the appropriations for 1912 were


10000, 600, and taat the President should see Fl,


10 exrend only ore-half during that year, and per-
| nit the manning Sl0,G000Q0 TO lie over for ex-


pendituTe in lS43. Then If the appropriations for
! i343 should BE- $50, 100000, the President would


nave it in his power to expend s3O,Ooo,0O0 ia


lS43 and thereby exhaust the Treasury. 1t vii!


appear from tabular statement from the Treasury


Department, hereunto annexed, narkea b. that ii


nus been the practice TO perni, large amounts OF


appropriations made for one year 20 lie over TO


the next for expenditure. These balances, it will


be perceived, have varied in round numbers from
| sc nnn nnn "a nnn Nnl and hr rnferenca "a