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HLFOKI Of I'M 10 SECRETARY OF THE TKEASUK Y. Trkasi ry Department, Dec. 3, 1655. Sib: In ol>edieitcc to the acl sumplemeniary to the act entitled " An acl to establish the Treasury Department," approved May 10, 1MX), the follow ing report ia submitted : The balance in ihe treasury on the 1*1 of July, 1651, was $20,137 967 50 The neiual receipts of the first quarter of the fiscal year ending the'30th of June, 1855, viz : the quarter ending September 30. Ib54, were : From customs $l8,6?'fe,798 45 From lunds 2,731,654 12 Miscellaneous 149,850 28 21,521,302 85 The estimated receipts for the other three quarters were : From custom- $3(3,000,000 00 From landp 6,000,000 00 Mi>cclliineous 500.000 00 42,500,000 00 This, together with the actual receipts for the first quarter and the balance in the treasury on thel>tol Tilly. IS- -4 made the a^gregata sum esiic Hted of SM 159.370 33 for the service of the tiscul year ending the 30th June, I85S. T i.e actual expenditure tor the first quarter ol aaid ye ir was $10.1' 'J 'I" ft-, ns follow*. to wil: Civil, iiiisiellxnt'OiiA, und foreign ietei course $6,241,749 31 Interior 2.175,737 13 War 3.367,039 92 Navy Department 2 506,791 09 Redemption of public debt and premium 1,876,013 17 The estimated expenditures for the remaining three quarters of the yeur were as follows: Civil list, foreign intercourse, and Miscellaneous SIT) 066.931 13 L'eficieney in the Post Office De partment 2.719.464 00 Interior 3,133,655 23 War 13.626 350 90 Navy 11.258 095 71 Interest on the public debt 2,370,093 60 48.176,590 59 | |Making the actual expenses for the fir?t quarter and the estimated expense* for the other three quarters 564,345,921 21; and leaving an estimated 519 762 (MG h29trenSUry ?" thC lBt ?r July' 195S' ?f , actual receipts into the treasury for the fiscal yt.ar ending 39th June, 1955, were, for the 1st quarter.?From customs $18,639,799 4 5 From lands 2,731.654 12 Miscellaneous 149.S50 25 21,521.302 85 2d quarter.?From custom* 510,317,364 41 From lands 3.873,939 SO Miscellaneous 87.558 12 14.278.862 33 3d quarter.?Fiorn customs $12,646,008 04 From lands 1,763^644 41 Miscellaneous 157 210 19 14.566.922 64 4lh quarter.?From customs. $11,422,503 31 From lands 3,127,810 74 Miscellaneous. 86,468 68 14,636.842 73 Making 565.003.930 55 Balance in the treasury 1st July, ,&r>> 20,137,967 50 Total sum for the service of the ti*? al yenr ending July 1. 1855.. 85,141.898 05 The receipts from customs were.. $53 025.794 21 The receipts from lands were .... 11 497 019 07 Misce l.oeous 4^087 27 65.003 930 55 The actual expenditures of said year were: 1st quarter *$16,160,330 69 Quarter 17.477,814 74 3d quarter 15,572,349 65 4th<>"ar,er 16,990,427 03 _66.209.922 04 The expenditures were as follaws : Civil, miscellaneous, and foreign intercourse $24,183,487 43 *?rtenor 4.126.739 00 14.773 826 36 Navy....... 13,281.341 01 Redemption of public debt, interest and premium 9,844,528 24 65.209.922 04 Balance in the treasury 1st July. 1855, las appear* in detail, per Maiement No. J... $18,931,976 01 It will l>e seen, by reference to statement No 1 that the sum of ?9.S44.52s 24 wa? expended dur' mg the year in payment of interest, premium, and redemption of the public deWt. making the exoenu itures upon other objects $56,365,393 80 In my last report, the estimated receipt, for the fiscal year ending the 30th of June, 1856, were as follow*: From customs $56,000,000 00 trom ands 6.000,000 00 000.000 00 ... . ... 62,500,000 00 Add estimated balance in the treas ury July 1, 1855 19.762,046 29 Total estimates for the service of the fiscal year 1956 82.262.046 29 The est.mated expenditures f-r the same were as follows : Balance of former appropriations to be expended this year.... .... $11,212,905 20 Permanent nnd ndfnnite ippropri* at ion. to be expended 7.934,411 70 Appropriations asked for 41.722.516 47 60,669,833 37 Leaving an estimatee balance jn the treasury on the 1st of July. 1856. of $21,392,312 92 The actual receipts ibto the treasury for the 1st quarter of saidI vear, viz: the quarter ending 30th September, 18.).>. have been as follows: From Customs 17.085.238 28 trom lands 2.355.725 87 Miscellaneous 333.495 98 . 19,774,460 13 The estimated receipts for the remaining three quarters are now set down as follows: From customs $42,000,000 00 5,644.274 13 Miscellaneous 500.000 00 ^ . ? 48,144,274 13 ?Sftk!,reCe'pU for lh? fir?? quarter, and the estimated receipts for the remaining three quarters.. 1^7 Qi(i ru oa Add balance in the treasury 1st of " July, 1855 18,931,976 01 Making the estimated aggregate of 86,859 7?0 27 for the service of said year. ' The actual expenditures for the first qu.rw of said vear-that the quarter ending the 30,h of September, 195.>?have been as folkms : < ivil, foreign intercourse, and mis cellsneous. *5.117,860 25 Interior, pensions, and Indians.... J "709 04') 19 N.Vy* Jig'1 11 * Redemption of public"debt,"inte- ^ rest and premium 252 209 71 For the actual receipt..nd expend!n,rel'offirM to"' Civil, miscellaneous, and foreign intercourse....; SIS,651,974 95 Deficiency in Post Office Depart . *, 2,669.369 00 interior Department, (pension, and Indiaas) 3.532.033 92 War Department 8,773.524 31 isavy Department 10.956,030 73 Interest or, public debt 2,299,900 00 Kedemption of public debt 7,750,000 00 54,632,730 81 | Making the aotunl and e-timated expenditures 71226 846 91 and leaving an estimated balance in the treasury on I he 1st of July, l8r)6, of $15,623,863 36 The estimated receipts luto ihe treasury for the fiscal vemr ending the 30th of June, 1657, are as liillows: From customs $64,0')0,000 00 From land* 7,000.000 00 Miscellaneous 5011,001) 00 71,500,000 00 To which add the estimated bal ance in the treasury ou the 1st of July, 1856 15,023,663 36 Making the estimated sum for the fiscal year euding June 30, 1857 . 87.123.S63 36 The estimated expenditures for said year are as follows : Balance of former appropriation* lobe expended thisyear $16,696,689 99 Permanent and indefinite appro priations to be expended this year. 7,030,910 14 Appropriations asked for 45,11-1.705 45 09,451,365 58 Less $12,000,000, which it is esti mated will not be expended.... 12,000,000 00 57,451.365 58 Leaving an estimated balance in the treasury on the 1st of July 1357, of. 29,672,497 78 The public debt on the 4th of March, 1853, amounted to the sum of $69,129,937 27, which, under the authority of the appropriation net of the .Jd March, lb53, has been reduced, up to and including the 17th of November, 1855. to $39 909, 731 05, a* per statement No. 3, accompanying this report. The sums expended in paynient ol princi pal, premium, and interest, in making this reduc tion. amounted to $30,100,512 62. In addition to the public <lebt. a* above staled, there is due, under treaties with various Indian tribes, payable upon time, the ?u m of $19,253,522, 13, a* per statement No. 4, accompanying this report. Besides which, the United States hold stocks in trust for various Indian tribes to the amount of $3,822,700 57. nud $726,184 85 invested tortlie Smithsonian Institution, as per statement No. 5. The United States hold the principal of the Smithsonian fund, amounting to $515,109, under the act ot the 18th of August, 1840. and are bound to pay the interest annually, for which ire stocks, staled in the table, are held as uu indem nity. In addition, there was hi the treasury on the 1st of July, 1855, the sum of 50&3.373 66, bal ances of various trust funds, as per *tat?meiit No 6. The estimated leceipts for the fiscal year ending 30th Ol June, 1^55. based upon the actual receipts ot the first quarter, together with the actual balance inline treasury ou the 1st of July, 1854, were $81.159270 35, and the actual receip s were $!s 5.337,898 05. and in excess of the estimated receipt* $1,178,627 70, and the estimated expen ditures lor ihe same year were 561.315.921 21, and the actual expenditures were $06,209,922 04; making an excess of expenditures, over the estimate, of $1,864,000 S3; but nothing was esti mated for premiums, and payment of ihe public debt, for the la?t three quarters of the year, nor was anything estimated for appropriations by private acts of Congress. The actual receips for suid year were $1,614, 001 24 from customs less than estimated, and $2,765,394 95 more from lands than estimated, and $10tJ,703 01 less than estimated from miscel laneous sources. The causes which it was then apprehended would afTect the receipts from cus toms for the remaining three quarters of the fiscal year had a more stringent operation than was calculated, whilst the proceeds of the sales of the public lands exceeded the estimate. The actual receipts into the treasury, from customs, for the first quarter of the fiscal year, to end the 30th of June, 1S56, have-been $17,0^5, 238 58, and $l.5o4,500 17 less than the actual re ceipts of the corresponding quarter of the pre ceding year, arising from the same causes that affected the receipts from customs for the three quarters of the preceding year; and the receipts from publie lands have been diminished by the u*e of land warrants under the the bounty land bill of the last session of Congress. It will be seen that the receipts from customs for the remaining three quarters of the fiscal year 1856 have been advanced from the estimated re ceipts submitted in my last report. This has been done because the abundant agricultural produc tions in all sections of our country will justify larger exportation*, and because of the demand for provisions in Europe, caused by the war and limited crops, but with the expectation of less demand for cotton and diminished prices, and also the return of American stocks under continued stringency in the money markets of Europe, growing out of the demand of mohey for the war, and for breadstuff's, and the withdrawal of money from circulation, under an apprehended scarcity, and its effects upon the money market in the United Slates. The advance may not be realized, but it is believed the estimate is a fair one; and. at all events, the receipts from customs and lands will meet the estimated expenditures as far as they will be called for, and allow a considerable sum for the redemption of the public debt, should the holders be willing to part with it. The table sxhibiting the amount of gold, silver, and bank notes in circulation at different periods gives the amount of gold and silver in circula tion for the fiscal year 1855 at over $250,000,000, and the bank notes in circulation at $187,000,000; making a total circulation of $437,000,000, and showing that the bank note circulation was re duced from that of the preceding vear al?out $17,000,000, but which we may consider it has more than recovered. The table of coinage for the same year exhibits gold and silver bullion, received at the mint and branches, to the amount ol $70,017,007 82, and the table of exports ex hibits the expor of gold and bullion to the amount of $56 247.343; showing an excess of receipts over the exports of $13,769,064 82. The table of exports for the tame fiscal year, in additiou ?o the export of gold, exhibits $30,427,187 ot manufac tures exported, and $20,156,368 of foreig-i geods exported, exclusive of specie, and $162,323,948 of all other articles; making the whole exports $2io.1jG.84C, against $261,468,520 imported, show ing the excess of exports $13,666,326 over the imports. There is no return or estimate of the gold imported by emigrants, and no return or estimate for the freights of eur vessels that have contributed to our imports. The table of tonnage for the same year ex hibits our tonnage at 5.212,001 10-95, an excess over that of the preceding year of 410.000 tons ; but it is proper to remsrk. that the tonnage meas urement of American vessels, under the present act of Congress, makes the measured tonnage, less than the actual tonnage, whilst the unre ported lost vessels may more than counterbalance the difference. The table upon the currency justifies the belief that there is not less than i50 millions of gold and silver in the country, whilst there is no reason to doubt the continued yield of the mines of Cali forma, and that the demand for our exports will enable us lo exchange as largely for the produc lions of other countries as in former years, with out parting with our gold and silver in larger quantities than we produce it. The demand for our agricultural producta for export, and the consequent good pricea. will, to some extent, stimulate our importing merchants to bring in foreign goods, because of our in creased ability to purchase them abroad and con sume them at home. It is believed the check to importations and consump ion from short crops last year will, to some extent, continue through this year, and, with other causes, prevent extravagant importa tions on American account, because the war de mand and short crops in Europe will lessen Euro pean consumption of manufactured goods, and the makers will seek the American market for their surplus; consequently, a large supply of foreign goods on foreign account may be expected in the market, interfering with the profits of Ihe American im|>orter. Moreover, if the war shall continue, considerable stringency in the money msrket of Europe may be apprehended, derang ing more or less the money market in the United States, according to the intensity there. This ap prehended money crisis in Europe will operate to repre?* importations of European goods on American account, and new enterprises at home, whilst the continued tide of emigration to the States and new Territories of the West will in duce large investments in the public domain, thereby absorbing the land warrants, and creating a considerable dem-tnd for money. The aspect presents a prosperous year for Ihe United States and its revenue, yet calls for prudence and cau tion in expenditures. Herewith is submitted statement No. 7, (taken from ihe most reliable authorities, with years and amounts blank where no such authority could be found.) of the gold and silver coin and bank notea in circulation in the United Slates from 1790 to showing the increase of banks, bank capital, ami bank-note circulation, and containing explan* story remarks upon the subject. Also, statement exhibiting the coinage at the United Stales ,,r?nuhes since their establi?hment to Ihe JOth June, 1%55. ^Iso. statement No. 9, of the receipts of g(,ld and silver at the mint and branches from the 30th June. 18*. lo 30th June, I I8.JO, and im|>orts and exports of the precious metals for the same lime Also, statement No. 10, exhibiting our annual imports and exports from the 31st of December, 1789, lo the 30th June, 1355 Also, statement No. 11, exhibiting the tonnage of Ihe United Slates from' the 3lsi of L'ei-eiubvr i li'J, lo lUc UltiL ul J unt, ls05. Also statement No. 13, exhibiting the receipt* into the United States treasury from custom*. lands, loan.-, auii otherwise. from the 4tti d iy of Mttrch. 17s9, lathe 30th ul June, 1650. Also, ?lai?iuciu .No 13. exhibiting the prices of flour in the cities of Uostou, New York. Philadelphia. Lialiiiuoie, New Orleans, and St. Louis, from the most reliable sources, for thejears Mated in the table. Also, statements from No. 14 to 18, inclusive, exhibit ing the |iopul*liou of the several States and Ter ritories, with certain statistical information takeu from the censuses of 1790, lbOO, 1610, 1820, 1630, 1840, 1850. Also, table No. 10, recapitulating the previous statements, and giving the population of the Untied Slates, according to said cuusua re turn*. Also, statement No. 20, exhibiting (he population of each State und Territory, accord ing to the census of 18-10, and the amount of the agricultural nud manufacturing productions of each, as taken from the census returns of that year, to which ?s added a column exhibiting the amount said productions would give to each per mju iu the several States und Territories, and auotlier column exhibiting the amount of duly paying imports for that year, and another column showing what each person hi the several Stales ? nd Territories would consume of suc h imports if the people of each consumed tbem in propor tion to the agricultural and manufacturing pro ductions of each. Also, statement No. 21, mak ing the same exhibits from the census returns of 1650. Also, statement No 22, exhibiting the value of United Stales manufactures exported from the 30tb of June, 1640. lo the 30th of June, ls05. Also, siateineut No. 23, exhibiting the value of foreign merchandise annually imported, re-exported, and consumed, from 1821 to the 30ili of June, 1855. Also, statement No. 24, exhibiting the total value of imports, and impels consumed in the United Slat's. exclusive of specie, during each fiscal year from 1621 to 1855; showing, also, the value of foreign and domestic exports, exclu sive ol specie, and the tonnage employed during the same periods. Also, statement No. 25, exhib iting a summary view of I he exportation of do me-tic produce from the 30th of J un?, 1817, to the 30th ol June, lb05. Also, statement No. 26, ex hibiting the value of ceriai'i articles, viz : wool lens. cottons, hempen goods, iron and manufac tures of iron, sugar hemp, unmanufactured, salt and coal, from the 30ih of June, 1814, to the 30th ol June, 1855, (alter deducting the re-exportation.) with the amount of duty which nccrued on each during the same periods respectively. Also, statement No. 27. exhibiting the value of foreign merchandise and domestic produce exported uu nuully from 1621 lo the 30th oi June. IbOO. Alsi, statement No. 28, exhibiting the quantity.of wines, spirits, fcc., imported annually from 1S43 tothe 30th of June, 1S55. Also, statement No. 20,\ x hibiting the vhIuc of iiupurts annually from 1621 to the 30th ol June, lt>55. AI*o, statement No. 30, exhibiting the value of dutiable merchandise re-exported annually from 1621 to the 30th of Juue, 1655, and showing, nl?o, the value re-ex ported from warehouse, under the act of August 6, 1846. Also, statement No 31, exhibiting the aggregate value ol breadstuff's and provisions ex ported annually from 1821 to the 30th of Juue, 1655 Also, statement No. 32, exhibit ng the quantity and value of cotton exported annually from 1621 to the 30th of June, 1805, and the aver age price per pound. Also, statement No. 3 <, exhibiting the quantity and value of tobacco nnd rice exported annually from 1821 lo the 3iith of June, 1655 Also, statement Nft. 34, exhibiting the value of iron, and manufiictures of iron and iron and steel, steel wool and manufactures of wool, manufactures of cotton, silk and manufac tures of silk. (lax, linen and linen fabrics, hemp and manufactures oi hemp, manilla, sun and other hemps of India, and silk and worsted goods, imported from and exported to foreign countries, from 18-10 to 1605; also, showing the export of like articles the production ol the United Slates. Also, statement No. 35. exhibiting the value ol iron, manufactures of iron and iron and steel, steel, sugar, wines, and all fabric* of u liich wool, cotton, silk, ilax, or hemp is a component part, imported annually from lb47 to the 30th of June, lb55, with the duties which accrued thereon, in each year respectively. Also, statement No. 36, exhibiting the amount refunded up to ibe 1st of November, lb55. under the net dated the second day of March, 1850, for carrying into effect the reciprocity treaty; and, also, the amount of bonds cancelled, as required by said act. Also, state ment No. 02, exhibiting the custom-houses pur chased, those constructed and in thu course of construction under appropriations, with the num ber ol hospitals constructed, hi the course of con struction, and .appropriated for. Also, statement No. 04. of the number of light-houses constructed, with the names of the several keepers. Also, the explanations of Mes?rs. Morgan and Shan non of the tables upon the several censuses, Sec., submitted by them. The foregoing statements prove the past nnd present condition of our currency, our tonnage, our imports and exports, with the increasing re ceipts into our national treasury from customs, and our progress in population and industrial pur suits ; also-, that we have derived from the cus toms the principal fund to pay our annual expend itures. and from which we have discharged the debt of our war of independence and ihe war of 1812 and are now discharging the debt created during the Mexican war. They furnish a reliable guarantee that we shall be able to draw from the same source, in future years of peace, more than an economical administraiion of the government will require, and authorize a reduction of duties to the amount ol some ten or more millionsof dol lars; so arranged, that, by its own operation, it will be gradual and coniinuous on some articles of present Importation, and perhaps, in time, pro duce the necessity of drawing the revenue re quired for our annua) expenditures from other sources. In carrying into effect ih? tariff of 1846, consid erable difficulties have been encountered under ihe eight schedules cf that act, imposing different rates ol duties on the merchandise embraced in each. These difficulties, instead of diminishing, as the adjustment of the questions anting at the treasury, and in the courts, takes place, seem to increase, owing to the ingenuity of foreign manu facturers and merchants in minglingmaterialsand modifying fabrics, and giving ihem new names, until it is not possible to have uniform action in levying duties at different ports, or correct classi fications at the same port. Tariffs or tax laws should be so plain and explicit in the terms used as to make it impossible for right-minded officials to misapprehend what it is lawful to collect, and the importer what the law requires to he paid. In remodelling the tariff act of 1840, 1 tbink it would be proper to retain schedule A of that act, and constitute another schedule to include iron, manufactures of iron, steel, manufactures of steel, sugar, wines, and all fabrics of which silk, wool, cotton flax, or hemp. i? a component part, whether manufactured in whole or in patt, and to impose a duty on the same of twenty-five or thirty per cent., except flannels and cloths costing less than two dollars per yard, and blankets, nnd to recon struct the free list, so ns to include all the raw material used in our manufactures, as projosed in my last report; and lo impose on all nrticles not in the altove schedules, or in the free list, a duty of not lesif than fifteen, nor more thsn twenty per cent. Under a tariff act ?o constructed, there would be little or no difficulty in carrying it inlo execution in the same way in all the ports, and in properly classing the articles under the schedules in the same port, nor in the collecting officers un derstanding exactly what duly was to be levied upon each article, nor the importer the amount required to be paid; and it would certainly take le*s time at the port of entry, and require fewer officials to execute the laws. The rate of duty under the proposed schedule, and of all other ar ticles except schedule A and ihe free list, could be so fixed as to make the necessary reduction, and leave the annual revenue to increase or di minish, an the imports of duly-paying merchandise should increase or diminish. In recommending, for the third lime, the re modelling the schedules of the tariff act of 1816. and the reduction ol the revenue from customs. I have felt constrained, by a conviction ol n? pro priety. again to recommend, as one of Ihe mode* of reducing the revenue, that the raw material used in rfbr manufactures should be admitted free of duty. Under laws of great wisdom and forecast all manufactiiringcountries, except the United Slates, now admit ihe raw material n?ed in their produc tions free of duty, thereby giving constant and profitable employment to capral and labor, and enabling their factories to furnish a cheaper arti cle, and 1 etler command both the home and for eign market, with beneficial employment to their tonnage in making the exchanges. The United States, under the federal constitu tion, enjoy perfect freedom of trade wuh each other, in ali their agricultural, rnanufaclured, mineral, and other productions. As to the raw material produced in the United Stales and used in the factories of other countries, those countries, under their laws, obtain ihe raw material free, whilst we deny to the r*w material produced in those countries and used in our factories, the same freedom ; thus failing to nllow the same constant and profitable employment of our capital and labor, and the same heneffcial occupation of the home and foreign market with cheap articles, of our own manufacture nnd the same beneficial employment of our tonnage in making the ex changes. The proposed reduction of the revenue, by the admission of the raw material used in our manu -X ? foclurvi ireo of duty, hns the sanction of Cob git-.-s in the admission of guano, gulden seeds, nuJ animals lor bread, free of duty, being raw muieriul for the use of agriculturists ; also, copper ore, tell udheMve, juuk old, oakuin, plaster of pans uiiground, platina unmanufactured, sheath ing cooper and sheuthiug metal, and in the return duly allowed on the exportation of retine sugars, winch gives the raw material used by sugar relnierh tree jlf duty, to the extent the manufac tured article is exported. The principle is re cognised that taxes should only l>e levied for the puf|>ose of revenue, and I think it clear, inasmuch as the duty is nvt neuded, that the principle would not !>e violated by authorizing the admission of the raw material used in our manufactures, as proposed, tree of duty. It is suggested, in con t< avenliou of the legislation of other manufactur ing countries, and itr- .111 indirect reduction of taxes ou the cousumer of the home manufactured ai tide, and may well be considered a siep in ad vance towards free trade. ? The tallies extracted from the census of 1810, and that of 1850, exhibiting the amount of our manufactures for those years, and the table of the import of foreign manufactured goods for the Fame yearn, and the table of the export of the manufactures of the United States, offer ample evidence that we are already a great manufactur ing, as well as commercial and agricultural people, enjoying a profitable home market for many of our productions, and a fair competition in foreign markets for some of them. The census of 18-10 was taken soon after the commercial revulsion, of 1837; which involved the fortune^ of our merchants, our manufacturers and agriculturists, and indeed all classes, to such an extent, that the tables, combined with there turns of our imports, do not give either the agri cultural, manufacturing, or commercial business of that year the favorable aspect they are justly entitled to ; but the census returns of 1850, taken during a period of increasing prosperity for all branches of our industry, exhibit fairly our pro gress and the Condition of all pursuits at lliat time, and prove our continued increase in popula I lion, 111 agricultural, niaiuilacluriiig, and cominer I cial expansion. j Au examination of the agricultural and manu factured articles taken and returned under the census of 1640 and 1S50 will satisfy any one that there are many articles of domestic production and manufacture not taken and ret-irned, and which greully increased the capacity of the pro ducers to consume, and enlarge their fund of ex I changeable articles. It will be seen that there is I 110 account of the labor employed iu improving I and clearing lands, ill building canals nnd rail I roads, houses, manufactories, steamships, and I other vessels; nor of the labor in transportation, I on the ocean, the rivers, lakes, canals, railroads, Sic.; nor of the labor employed in our coal mines; all of which may be estimated at half the t^alne ol that engnged in our agricultural and manufactur I iug productions. I In examining our tables of exports and imports, I we find that in most years of our imports exceed I our exports; and that fact affords to some the argument that our foreign trade is ruinous to the I country. The commerce of nations is based 011 the exchange of the commodities of one for those I of another, whether the exchange is made by I barter or upon sales for moneys and purchases I for money. The exchange may not be between tile same two nations, but the general result of I equivalents oil the trade of each with all; the ex ports exchanged for the imports, and the differ I ence the fair profit and loss on the whole, li may I be, and often is, mat 111 time of war or years of I short crops, one nation will import more than she I exports?that is, purchases more than she i*ells? for one or more years, and that the profits of owe year go to pay the losses of a previous or previous years; but no country can afford to pursue an im poverishing trade for a long series of years. That the United States have not. is manifest, because, I notwithstanding this cxcess of our imports over I our exports, we have constantly increased in population, in productions of agriculture, manu factures, and 111 all other pursuits; and added largely, year after year, to the fixed capital of the I country. If we consider our imports as taken in exchange for our ex|>orts, the State producing the I export is entitled to credit for the import,although I the export may have been made by citizens of I other States, or by foreigners, who paid money I for the article exported. Neither the census ol 1S-10, nor that of 1850, nor any other data known to the department, furnish evidence of the ex change of the productions of each Stnte with the other States, nor of the amount of foreicn goods consumed by the people of each State. It will be seen that the agricultural and manufacturing pro ductions of all the States and Territories, accord in? to the census of 1840, amounted to SI,006,133, 099, and that the importation of foreign goods did not exceed one-twentieth of the amount, whilst I the agricultural and manufacturing productions. I according to the census of 1850, amounted to $2, I 01'^,520,539, and the importations of goods net re I exported to only $148,051,575; and if we estimate I the succeeding live years sinews the census of 1?50 to have added filly per cent, to our agricultural and manufacturing productions, we have S3.01S. 780.808 of such productions. $1,583,393,898 being articles of manufacture, whilst our importation ot foreign goods, after deducting the exportation* for the liseal year ending 30th June, 1855, only amounted to $233,020,227. This large amount of our agricultural and manufactured productions is consumed in the several States and Territories, except what we export, and for which we take in exchange an equivalent of foreign productions ami manufactures, also consumed in the country. These are 'all considered annnnl production*, annually consumed, but are not nil strictly so, there remaining always a stock on hand for the consumption of the earning year, which is more or less, according to the home and foreign de mand; also, sorrr? machinery and other articles, that last more than a year. If the free list shall be ndopted, establishing I free trade in the raw material, our manufacturers I ucing this raw material, and thus placed in equal I aomptition with the manufacturers of other coun tries, will gradually and more and more possess I themselves of the home market, exclude the I foreign article, and reduce the revenue. Let it I be considered that we manufacture all our lurni I ture. all our carriages, wagons, steam-engines, I machinery lor our factories and machine-shops, I most of our leather nnd shoes, boots, hnts, door I butts, and bolls of all descriptions, bells, balances, buckles, brads, wood saws, horse-cards, castor*, I curtain pins, curtain-bands, metal cock*, jach I screws, curry-combs, coal-hods, candlesticks, gas fittings, and burners, coffee-mills, cauldrons, heavy I edge-tools, hay nnd manure forks, gimlets, hat and I coat wardrobe-hooks, harrows of nil kinds, hoes, I hollow-ware, p'ane*. ploughs, sad-irons, tailor* I irons, door-knobs, furniture knobs, brass kettles, locksof all kinds, iron latches, lines, lanterns, lamps, levels, lead, cut nail*, clout nails, pins, pump*, punches, pokers, sand-paper, rulers, iron and copper" rivets, ropes, rakes, oil-stones, wroughl 1 iron spikes, wood-saws, door-springs, m-indow *prings, steelyards, scales of all descriptions, steel I and brass scales, trowels of all descriptions, spoons of nil descriptions, thermometers, tacks, vices of nil descriptions, axes, wrenche* of all descriptions, iron,brs?s, and copper wire, with a long li*t of other articles, to the exclusion of the like articles from ol her countries, and then take I the six articles pro|>osed to l>e embraced in the new or additional schedule with a duly of 25 or 3) percent, and observe the amount of revenue heretofore derived from these articles, and that I expected under the proposed revision of duties, and examine the American manufacture and pro duction of these articles, according to Ihe censu* of 1840 and that of 1850. compared wi'h the im ports of lho?e years, but more particularly tnke the first article of iron named in the list, and see I that the American production nnd manufacture I lor that year wa* SGO,485 055. nnd the foaeign im poit of iron and manufactures of iron for the I same year was $16,333,145, and consider this fad in conaeclion with our increasing population, and the fact that each State and Territory, with per haps one exception, has more iron imbeddeu in her hills nnd. valleys than would meet Ihe most extended use of the srlicle by her citizens for I centuries to come, nnd the conclusion is inevita ble thai the production and manufacture of iron in the United iSiates, within a very short period of years, will exclude the foreign production and manufacture; then examine the second article of cotton, in connexion with the fact that already the American manufacturer is in possession of the home market, and competing successfully for the foreign market, as 10 all the coarser fabrics, and beginning succefsfully the manufa< lure of the liner fabrics ; then take Ihe third article of wool, and give the some consideration 10 the home production in connection with the foreign im port and the proposed free entry of the raw material ; and so proceed with the other ar ticles of Ihe schedule ; and there will hnrdly remain a doubt of the gradual "I the revenue ol (lie importations ol all those articles, and aUo on many of the articles in ihe general schedule; and if the government shall continue to draw its. revenues from customs, other articles of taxation must be resorted to. In order to obtain j valuable data as 10 the extent lhat American manufactures |?osseased the home market in whole or in part, to the exclusion of foreign manufactures, amongst others, letters were ad dressed to the Hon. C. T. James nnd the Hon. Philip Allen, of Rhode Island. Mr. James fur nished most of the foregoing enumerated articles, and Mr. Allen the statement and letters marked No. 57, aad has allowed me to annex them as part of my report. They are highly interesting. anil vend to establish the conclusions at which 1 have arrived- vloat, if not all, of the artiiles proposed to he included in the new schedule, und particularly iron aud manufactures ol iron, and option aud woolen fabrics, are u*ed to about the same extent, according to ihu circumstances ol the people, in all the States and Territories, and the tariff, or tax. falls us equally and fairly upon all sections. as it is possible to raise reveuue from customs. The statement No. 35 shows what the mutual revenue upon these articles hat been lor the last eight years, and tlial the average of the lust live years h?s been $35,900,31* 2j, whilst the average of the annual revenue Irom all other articles, except in schedule A, for the. same time, hus only been #15,702,25$ 45. This shows that the necessary reveuue could not be raised by a lariIf upon imports, without taxing those articles, and tt is believed the proposed lax of 25 or 30 per cent, upon them would be levied more lairly and equally upon all section#, tlmn if one rate of duly was levied upon all importations without di (crimi nation An examination ol the non-enumerated urticle* proposed to be taxed from lo to 20 per cent, would render it obvious that there is a pro priety in uot attempting to levy the fame duly upon I bem as upon the articles proposed for the new schedule, because they are not all of ns general use, some being used in one section and some in another, although some mfcy be used in all. It may be assumed that all duties, to a certain cxleiti, raise the price ol the imported nrliele lo the consumer; and where similar articles are pro duced or manufactured in the country imposing the duly to the extent to which the tax rait-es the price of the home article, it is protective, although revenue and not protection is the object ot the law. Therefore, a tariff should be levied upon articles not produced in the country imposing the lux. unless for some counteracting reason !t may be. and no doubt is often the case, that the consumer does not pay the whole tax?as when the foreign producer, rather than lose the market, submits ton diminished price; and it is often the case that a reductiou of duly does not diminish the price to the consumer?as when the supply is not more ihan sufficient for the markets of the world, or when an export duty is imposed, equiva I lent, or nearly so, to the reduction; and a duty I imposed upon the foreign article is olten affected by the Hate of the currency, particularly when it is a mixed one ol gold und silver and bank notes. If Congress had the control of the currency of the United States, that is to-say, could prohibit the substitution ol' bank notes for gold and silver in payment ol debln aud commercial transactions, the imposition of duties by Congress would have I the effect t<> leave the home market to the home I article to the extent to which the tax prohibited thq import of the foreign article, or raised its price. , . An examination of the scvernl lurifl* enacted in this coutiuy, in connection with the increase ot I banks, banking capiial, and bank-note circulation, will afford evidence thai the increased duty has. I almost, in every instance, to some extent been I counteracted, within a short time, by the in j creased circulation of bunk notes. The United Stxtes, with its mixed currency of gold, silver, and bank notes, has l>een a good market for the sale of foreign productions and manufactures; and. in the general, a bad market for the sale of our own?the foreign article taking the gold and silver, the belter part of our currency, with the increased price given by our bank-no.te circulation, and raising our productions to such a I price as not to allow of their exportation, unless in times of great foreign demand. lu connection with a modification oi the tariff, in my first and second reports, a repeal of the fish ing bounties was recommended, for the reasons stated in the first report. A more perfect know ledge of the operation ol the act saii>fies me that | many foreign seamen enjoy its benefit, and that it I is otherwise fiuitful of Irauds on ihf treasury, and I fails to operate as a nursery for American sea men. The repeal of the net is again recommended I to the <-onsideration of Congress. The reports of the First, Second, Third, Fourth, Fifth, and Sixth Auditors of the Treasury, the Firi>t and Second Comptrollers, the Commissioner of Customs, who acts as Comptroller of the reve nue collected from customs, the Treasurer, Soli citor, and Rt gister of the Treasury, accompanying I this report, and marked from 37 to 48 inclusive, give a satisfactory statement of the condition and operation of then re-pective offices since the date of my la;>t report. In my first report it was stated, that on the 1st of April, 1853, there was $132,521, 154 50 outstanding balance on the books ol the treasury, and that up to the dale of that re|>ort the amount had been reduced to 5102,021,549 59; and my second report stated the same, up to ils date, I had b^en reduced to $27,583,148 02. Since my last I named report this balance ha*4>een still lurlher reduced to the sum of ?24,739,133 41. which in cludes all outstanding on the books of the treas I ury from the organization of the government to 1 the present time. Of this sum $9,304,700 39 is j under judgment, and $2,910,300 83 in suit no^t re duced to judgment, leaving the sum of $12,523, I 520 19 in the course ot adjustment and collection, so far as the same is collectable, by the action ol the Auditors and Comptrollers, respectively, in J charge. J The department has made, and is making, I efforts to enforce the collection of these outstand ing balances, and for that purpose has restored the former practice of having the collections at tended to by the Auditor and Comptroller, whose duty it is to settle the accounts in which these balan< e? arise, not considering the establishment of the Filth Auditor a* agent of the treasury for j the collection of theje balances, followed by the substitution of the Solicitor for the agent, as ex ' onerating the Auditors and Comptrollers from the } duty of seeing that the suits are duly prosecuted, J collections made, and the accounts closed on their j books. The Solicitor of the Treasury is held to I be an official aid in the prosecution and defence of 1 suits, under the direction of the executive depart j ment in which the litigation arises. A letter from J the department to the President, and his order, J No. 49, u|K>n the subject, accompany this report, I und place the business of the Solicitor's office, in I connection with the several executive depart I ments,in the proper light for the consideration of j Coagress. | The system of accounting at the treasury of 1 the United States is that of accounting in an ac 1 tion of account in a suit at law, or a suit in equity, j !>y reference to an accountant or master in chnn I eery, with or without instruction, as the parties j and court deem necessary, for a full exhibit of the I facts. The accountant cr master state* the ac I count, for and a?ain?t' the parties, plaintiff and de I fendant, and makes report in writing of the items I allowed and disallowed, with reference to the evi dence and the law applicable to the same. The parties appear before the accountant or master, ill I person or by attorney, and furnish the evidence I relied upon, and also references to the law. The I practice is. lo file the aceonnt and report in court, j snd give a day to the parties to except, which is I done in writing, and afterward* the case is heard I bythe court, and the exceptions sustained or over I ruled, and the judgment or decree regularly en I tered. The snme course is pursued where no ex ceptions are filed. The court has power to recom mit the case to the same or another.accountant or master for a re-statement of the nreount. upon such principle as it thought essential for justice between the parties. Before judgment or decree, these nccount* and reports are examined and con sidered by the court, from which an appeal or writ of error is generally allowed to a tribunal composed of other judges, whose office is to ad judge enses that have had the action of inferior tribunals. The points ruled in these cases, at law and hi equity, are preserved in printed reports, aud are important in establishing the construction of statutes and contracts, and the principles of the common law. the principlea of equity, rules of evi dence and practice for the guide and in restraint of ?-ourt# in analogous cases. The accountants in the treasury make their stated accounts upon the evidence produced by the claimant or person required lo account, who acts in person or by attorney. The accountant, under the authority of the Auditor, acts for the United States, in the ascertainment of all counter demands or set-offs which the 1 nited States have against the party, and takes the necessary proof to establish the same, and tocountervail the proof of the claimant or accounting party The first question for the decision of the ac countant when a claim or account i? presented, is, whether, under the acts of Congress establish ing the auditorship to which he is attached, tha ense presented is under its jurisdiction, in whole I or in part The second, as to the sufficiency of lh?* account returned under the law and regula tions. the legality of the items claimed, ami the sufficiency of the proof offered The third is, what demands or set-offs the United Slates have against the claimant or person accounting, and the proof to sustain the same In the Rrogress of this work, the accountant counsels with the chief of his division or with the Auditor. When the account is stated, it should be ac companied by a written report, succinctly stating ihe items charged against the claimant or party accounting, and the credits allowed, referring to the law and regulations that govern them and Ihe proof that sustains the same. It should also exhibit the items disallowed, and state the reasons why disallowed : and then it should be examined by ihe head of the division and have the endorse ment of his approval, and then be examined and adjudged by trie Auditor, and, if approved, should be signed by him. The Auditor has the right to recommit the ?c count to the name or another accountant, with such direction)) as to the item* of the account on the debit aud credit side, and the law and evidence, us he deems requisite to tbe justice of the cane. The reference of the case to the accountant it the act of the Auditor, just as the references iu cases at law and ia equity are the acta of the courts. They are considered as made under the general rule* iu force iu the otiice, but iu some cases are referred with specific instruction. Iu all cases of extraneous proof?that is, proof not in some of the accounting offices of the treasury? the Auditor should be consulted, and authorize the proof, before it is taken. When ill* Auditor hus finally acted upon the accou-ft, and affixed his signature to the same, the account, with ull the orgiual evidence, docu ments, arguments and reference*, is passed to the Comptroller, who, by law. is vested with authority to re-examine and re-judge the same, in all particulars, not only upon the case as presented or made before ihe Auditor, but as the party, claimant, or person accounting muy make it before him, or as he sees proper to cause it to be made for the interest of the United State*. The Comp troller, therefore, examines and adjudge* the ac count, not solely upon the account and teporl irtade by the Auditor, and the evidence before him, but as the evidence presents the case at the time he decides it. The practice in the Comptroller's office ia, to refer the accounts and reports, &?., as received from the Auditor's office, to an accountant in the former for reexamination and report, and this reference is made under the general rules of the officu, or with such special instructions t*s the Comptroller may choose to give. If the Comp troller's accountant finds the account aud report of the Auditor correct in alt particulars, ho so reports tothe Comptroller; and if he, on examina tion, approves, he does it b/ endorsement under his hand. The account is then closed, and forms the basis of a warrant upon the treasury, if the balance be against the United-States, or a call for payment, if the balance be against the claimant or person accounting. In cases where the nccount of fhe Auditor in not approved, and in cates where additional evidence is taken, the accountuntof tbe Comptroller should re-state the account, and make a succinct written report of the same character of the one the ac countant of the Auditor should make, and the Comptroller, if he approves the account, as re stated by his accountant, should attach his signa ture to the same. The account thus rw-stated forms the has k of a warrant, or <-ul! for payment, in tl e same way as if the Comptroller had approved the account as stated by the Auditor. The Auditor is entitled to an independent judg ment, nnd should exercise it in all cases ; and the Comptroller is entitled to a like independent judgment, nnd should also exercise it; but the 1 decision ofthe Comptroller, lifcethat of all appellate tribunals, prevails over that of the Auditor. In cases where they differ, the Comptroller should have the account re-stated, in accordance with his judgment, as upon appeal, and upon the new state of facts as presented before him. The practice grown up of late years, of the Auditor's changing his account so as to conform to the opinion of the Comptroller, is in violation of the principles of accounting established by Congress, and should be abandoned, and the practice made to conform to the intention of Congress, and the principles of accounting as established and originally practised. The decisions in the Auditors' nnd Comptrollers' offices are not preserved in printed reports, as a guide, and in restraint of themselves and their successors, in analogous cases, but exist in tradi tion, or a sort of treasury common law in the memory of experts in the several office* It is true, that spine ofthe Comptrollers hnve k#pt a record of their decisions in cases of difficulty, and these have served ns precedents in like cases, and cases involving like principles. The decisions of the Auditors and Comptrollers, and particularly those ofthe Comptrollers, if they existed in printed reports, would give more uniformity to the action of the treasury. The Auditors and their account ants, and the Comptrollers and their accountants, are left to these unreported decisions, the tradi tions of the treasury law, nnd their own sense of what is right in the particular case It is, there fore, not surprising, that uniform action has not been had in the accounting offices of the treasury; and that the departures from uniformity have been greater than those which usually take place in the decisions of courts of law and equity. Moreover, in the extension of the business of accounting, the examination of the accounts Stated in the first instauce, by the Auditor, and then by the Comptroller, on appeal, has, in many cases, been omitted, the Auditor and Comptroller signing their names on the faith of th? account stated by their respective accountants; thus opening the door, and increasing the chances of departure from correct principle* in the action of the departments. In practice, the written report accompanying the account stated, and proving the ability of the accountant, has been abandoned, but has been recently restored in accounts slated for suit, under the authority of letter No. 59, which accompanies this report. It would cer tainly be desirable to have each stated account accompanied bv a succinct written report, re ferring to the law and the evidence, under which the debits and credits have been allowed and disallowed, and each stated account and report examined and adjudged, first by the Auditor, and then by the Comptroller; and the princi ple* of accounting at the treasury, as estab lished by law, fully and fairly carried out. The account* stated of moneys paid in;o the trea sury now amount to over S70,000.000 annu ally; and of moneys paid out and expended, to about the same sum ; all of which is passed upon, in the first instance, in the offices of tbe six Audi tor* of the Treasury, and afterward*, a* upon ap peal, by either tbe First or Second Comptrollers, or by the Commissioner of Customs To con stitute a good Auditor and a good Comptroller, requires legal ability of a high order, a special knowledge of our fiscal and disbursement laws and regulation*, coupled with unabating industry, unbending integrity, and promtitude of decision ; and scarcely less can be required of tbe account ants in their offices. The Auditors and Comp trollers, and the accountants under them, consti tute the safe-guard of the National Treasury, and have to withstand th* whole army of claim ant*, and their interested clamor. It is submitted, with their increased business, and the change in the value of money, that the Auditors and Comp troller* do not receive an adequate compensation for the high qualifications they ought to possess, and the onerous duties they have to duicharge. In my former report, the ajtention of Congress was called to the fact that the dtttie* of the Audi tors, under existing laws, were not properly divided; and inconveniences existed in the pres ent distribution of duties, and particularly in the army accounts, part of which were settled in the Second Auditor ? office, and part in the Third, to the certain delay in the adjustment of account*. Thin could !?(* remedied by giving the Secretary of the Treasury authority, with tbe sanction of the President, to make the proper division and arrangement of business amongst the several Auditors and Comptrollers, and report it to Con- 1 gress. The ayatem of accounting at the Treasury it easy of comprehension. and aa well calculated to prevent fraud*, correct errora, and aecure a proper execution of the lawa, aa any that could he deviaed. and might be extended to all the ope rationa of the government, without inconve nience, and to the greater aecurity of the Na tional Treaaury and national domain There would aeem to be no juat reason why the fixed aalariea of all the offlcera of government ahould be passed upon by an Auditor, ar.d then by a Comptroller, before a warrant can be iaaned for payment; nnd that the Commiasioner of Penaions and the Cornmiaaioner of Public Landa ahould have the right jo paaa upon the evidence, and grant penaiona out of the Treasury. and bounty land warranta for ao much of the public domain, without aubjecting their action upon the evidence and the law to the examination and reviaion of a Comptroller. It may be that thia want of revi aion haa been the cauae of many of the fraud* practised in obtaining penaiona and bounty land*. It ia believed that the action of two department* ahould be required, aa in the Treaaury, in all case* where the National Treaaury or public do main ia to l?e reached or to l>e effected, and that no accounta, however created, ahould eacape the uaual and customary examination and re-exami nation. The Independent Treasury act atill continue* eminently auccessfol in all it* operationa. The transfers for diaburaement during the fiscal year, to the amount of $39,407,674 03, have been made at a cost of ? 19,76*2 35. whilat the premium on the aale of Treasury drafia haa amounted to $30. 431 87. The receipta and expenditurea during the fiacal year, amounting to S13I.413.8AU 59, have all been in the constitutional currency of gold and ailver, without any perceptible efTecta upon the currency or on the henlthy bu*in?*aa operation#of the country. The vaulta of the office of the Treaaury of the United Statea at Washington, conatructed with the appropriation made by the laat Congress, may now be aaid to be both fire and thief proof, and a aafe depository of the pub lic money, and that intruated to the di*bur*ing agenta ol the government, who are ao aituated aa to avail themaelvea of the advantage of making their depoaitea with the Treasurer j and the office of the Aaaiatant Tre'aaurera, and other public de positoriea, are a* represented in the report (No. 50) of Wrn. M. Gouge, who visited them during the past year under the authority ol the depart ment ; and although some of them have not all the guards ugaiust tire and thieve* which such depobitoiies should have, yet there has been uo loss, and with care and diligence there may bo none for yearn to come ; but, to avoid the possi bility of a Iocs in those depositories, the depart incut has estimated for lire and thief proot vaults, and guards at those places where they do not ex ist, and iu the custom-houses uow being con structed. It is hoped Congresa will see the pio priety of making the necessary appropriations, and have the depositories of the public money ot the United Stales as secure as such vaults and depositories should be. public convenieuce will, from time to time, require that the number of public depositories be increased, and so located as to give the aiivantage thereof to all sectiohs of the country, and Congress, when necessary, should make provision for all proper safeguards for the public money. The table No. 51, which accompanies this report, exhibits the deposite ac counts of the various public officer* and disburs ing agents who have availed .themselves ol the right of making deposite of the money intrusted to them for disbursement, with the Treasurer, Assistant Treasurers, and public depositaries of the United States, during the past year. The moDey thus deposited is, for all practical purpo ses, in thw Treaniry of the United States, lor on the resignation, death, or removal of any of these officers or agents, the amouiit is no longer subject to his draft, or that of a representative, but l y warrant is placed again in the Treasury, and is applicable for the purpose for which it was ap propriated. 'I he notes of banks chartered by the States con tinue to circulate in some sections of the coun try, to the exclusion of gold and silver, except in government transactions; and more particularly where the banks circulate notes under the tic uomiualion of live dollars. These small notes are mostly circulated by banks of doubtful solvency, at a distance from the place of redemption. They constitute a depreciated currency, which no one is willing to hold, and this leads to hasty expendi tures, in order that the loss may fall 011 others. The evils of a depreciated currency are attested by the experience of all countries where such a currency has been tried, and in none more cer tainly than in the Stntes of the Confederation. The legislatures of the several States and the Congress of the Confederation, all issued bills of credit during the revolutionary war, and all felt and acknowledged the evil and the ruinous con sequences. The conxitution of the United States wus framed by the men who had felt all tlio evils thereof; and when provisions were inserted in that instrument, that no State should emit bills of credit, nor make anything but gold and silver a tender in payment of debts, and the coin ing of money was given to the General Govern ment, they believed they had provided for a hard money currency, and against the evils of a de preciated one ; but these provisions were nulli fied when the courts held that the Stales had power to charter banks, with authority to issue and circulate notes as money. It is now too late for the courts to retrace their steps, and give a broader construction to the prohibitions of the Federal Constitution, whilst it is hopeless to ex pect the Stales will refrain from granting bank charters, with authority to i?sue these small notes ; or that the Stale* will concur in enlarging the constitutional prohibition in respect to bills of credit, so as to prohibit this power to banks. The same local Hnd individual interest that induce the granting of bank charters with this privilege, would induce the legislatures of the States to refuse to Congaess the power of prohibiting the use and circulation of bank notes. The thirteen hundred banks now in existence under State charters, and the circulation of over $200 00(',0:i0 of bank notes as money, in constant competition with the constitutional currency, attest the mag nitude of the evil, and justify the worst appre hensions for the future. The gradual increase of banks, banking capital, nnd bank-note circulation, calls for repressive action under appropriate State legislation. When these thirteen hundred banks shall be increased to some two,Three, four, or five thousand, it may be feared their aggregated power will not be easily overcome, until a sus pension of specie payments and universal bank ruptcy shall call for a suppression of the evil, and a restoration of the constitutional currency If the Mates shall continue the charter and multi plication of banks, with authority to i'siie and circulate notes as money, and fail to apply any adequate remedy to the increasing evil, and also fail to invest Congress with the necessary power to prohibit the same. Congress may be justified, in the exercise of the power to levy an excise upon them, and thus render the authority to issue and circulate them valueless. The accounts of collectors of the customs con tinue to be rendered at the close of each month, and those on the Atlantic settled within the suc ceeding month, and those on the Pacific coast within about six weeks, with rare exceptions. Their disbursement and emolument accounts are rendered quarterly, and it is intended to have them settled within the succeeding quarter The benefits resulting from ihe prompt rendition and settlement of the accounts manifest themselves more and more from the test of experience; accounting is better understood ; the accounts in better form ; the vouchers more correctly taken, with fewer improper items, give less trouble, and take less time in their adjustment. It is believed the disbursement and emolument accounts could be rendered monthly with advantage to the busi ness of the ports and the finances of the country, and monthly accounts might be advantageously required in all branches of the public service. All officers and disbursing agents are required to keep a book of accounta, and record in it all money and property received, and all money and property disbursed, and take proper vouchers for the same, and disbursing officers of the army to render monthly statements of their expenditures. The monthly account would be a transcript of this book, showing the amount received, the amount disbursed, with the balance on hand for the succeed ing month, and could be as easily rendered at the end of t he month as at the end ouh? quarter, and *s readily transmitted with the vouchers by majl, or otherwise, to the proper department and; if the vouchers were taken in duplicate, and one set accompany the account and the other retained with the account book, there could be no difficulty in supplying a lost account or voucher. Monthly accounta would be better fortbe disbursing officer or agent, as he would be compelled at the close of the month to close his cash and properly account for the business of the succeeding month, and procure his vouchers when the disbursements were made ; and should he make any improper disbursements, the proper department would Ik* able at once to applv the correction before the error was extended. The disbursing officers would necessarily become better acquainted with the business confided to them, and in all respects better discharge the duties, whilat the adjustments would take less of the lime of the accounting officers The greatest difficulty encountered is with the nccounts of disbursing officers and agents who have failed to render their accounts regularly as required by law and regulations, and to accompany the accounts with proper vouchers; and the greatest loss to the treasury is in the in solvency of such disbursing officers and nfents. The arrearages of nearly *25,000.000 in the ac counts in the offices of the six Auditors attest this. Authority should be given to require and enforce monthly accounts and settlements. It will talre less labor and require less time to settle monthly than to settle quarterly accounts, give greater safety, and secure more economy in the disbursements. Ii will be oeen by reference to the circular* oJ the department, that efforts have been made, and are being made, to have the account* at all th? custom-houses kept tipon the same uniform prin ciple*, and the aame form* and routine forth" entry of good* at *11 the port* with the like ad vantage of warehousing, exportation, and trans portation. The collector*, in practice, rendered no account of the good* in w*rehou*e until ihey were entered for conaumption and the dune* paid, when the receipt* appe*red in the monthly account of dutie* received. They have been required to render account* of good* in ware house at thecloaeof each month. The statement No 58, rendered of good* in warehouse at the Atlantic and internal port* on the l*t of July, 18Sr>. exhibit* good* in warehoufe to the amount of $21,549,427, on which there were dutie* un paid, to the amount of $(1,881,826; al*o the mer chandise entered for consumption, for warehouse tranaportation and exportation during that month, with the dutie* on the **me j the second part of said *tMement give* the like information tor the month of Augu*t. The department will, in due time, have the data to exhibit the monthly opera tions during the fiscal year. The revenue law* con*i*t of variou* act* of Con gre**, enacted during a period of rear seventy years, with conflicting and incon*i*tent provision*, sometime* with and aometime* without repeal ing clauses. There have been judicial construc tions of iom? ?f these acta, and constructions by the department, in form of circulars, of mo*l of them, and these circular* conflict. The collector* are to l>e guided in the discharge of their duties by these act* of Congress and the*e circular*, and find from them a systematic rule of action for all the case* arising under them. Under a resolu tion of the Senate, the depnitment caused a revi sion of lhe*e revenue law* to be prepared and laid before the last Congrea*; it was primed by their order, but only the chapter relnting to nas aetiger ships was paaaeU apon by Congresa. Had