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ment, that upon the expenditures then es. revenue during a portion of the first year timated for a state of peace, there would succeeding its adoption ; but that it would remain on the 1st of July, 1847, a balance add one million of dollars per annum to in the treasury of $4,332,441 07. Deduct. the permanent annual revenue from cusing this balance from the excess of expen- toms is not doubted. ditures above estimated by the War and It is believed also that the reduction and Navy Departments, there would result a graduation of the prices of the public lands deficiency of $19,620,463.

in favor of settlers and cultivators, as reIt is believed, however, that this deficien- cuoimended in your message of December cy will, from augmented receipts accrued last, would make an annual addition of and accruing for the fiscal years 1846 and half a million of dollars to the revenue de1817, be diminished four millions of dollars, rivable from the proceeds of the sales of which would reduce the deficit on the 1st the public lands, by bringing into market of July, 1847, to $15,620,463.

many millions of acres of the public domain It is ascertained by experience, that for which are wholly unsaleable at the present the certain, prompt, and convenient pay- minimum price established by law. Dement of the public creditors, at all times ducting this sum of half a million' of doland places throughout our extended terri- lars from the deficit last above mentioned, tory, and the supply of the mint and branch would leave still unprovided for, the sun mints for coinage, a sum of four millions of $12,586,496, which must be met by of dollars, especially during a state of war, loans, treasury notes, direct taxation, or must remain on hand in the treasury, excises. which would again raise the sum to be In addition to the strong objections provided for before the 30th of June, 1847, which have been urged against direct to $19,620,463.

taxes and excises, it would be difficult to It is believed, however, that a sum equal put in operation such a system in all the to $5,531,057 of additional revenue may States and Territories, so as to realize the be produced by the modification of the required amount in cash, before the 30th tariff herein proposed-namely, to adopt. of June, 1847. A system of direct taxes as a basis, the bill reducing the tariff re. and excises, it is believed, would not meet ported by the Committee of Ways and the sanction of the people, unless in the Means to the House of Representatives on emergency of a war with some great mari. the 14th of April last, together with the time nation, exposing our commerce to augmented and additional duties now pro- great hazard, and greatly reducing the posed and enumerated in schedule A. revenue from duties on imports. This change of the bill reported by the The only remaining means for supplying committee, omitting the fourth section, this deficit within the required period, is would make an addition to the revenue to by loans or treasury notes; and I would ac. be produced by that bill, of $5,034,056. cordingly recommend, with a view to the

After a very careful examination of the most vigorous prosecution of the existing additional data which it has been in my war with Mexico, so as to bring it to a power to obtain since the month of Febru- speedy and honorable termination, that a ary last, it is my conviction that the bill of contingent authority should be vested in the committee will produce a net revenue this department, with your sanction, to of at least twenty-six millions of dollars. issue treasury notes, or effect a loan of a If to this be added the additional duties sum in the aggregate not exceeding the proposed to be levied in schedule A, the last above-mentioned deficit of $12,586,406. bill of the committee, with the modifica I think it would be most advantageous tions embraced in that schedule, would to the Government, that a portion of this produce a net revenue of $30,034,057. money should be raised by treasury notes, This would make an addition of $5,534,057 and the remainder by loans, limiting the to the revenue that would be produced un interest in both cases to a rate not exceed. der the act of the 30th of August, 1842. ing six per cent. per annum, and forbidIf, then, we deduct this $5,534,057 from ding the negotiation in either case below the deficit above estimated, it would still the par value. If the authority were limi. leave a deficit of $14,036,406.

ted so as to cover this deficit, and the If, in addition to the modifications of the power given to resort to loans or treasury tariff above suggested. the warehousing notes, or both, as the emergency might system were adopted, as recommended in require, he money might be raised at my annual report of December last, it a much lower rate of interest than if the would make an addition to the annual reve- department were confined either to loans nue from customs of one million of dollars, alone, or to treasury notes. The ex which, deducted from the above deficit, perience of the Government has demonwoud leave a deficiency still remaining strated that there are periods when loans of $13,086,406.

are most available, and that there are It is true that the introduction of the occasions when treasury notes are much warehousing system might diminish the better adapted to meet the emergen

of

cy: and the power to select both, or ei- and that of France, during its agony ther, from time to time, would render revolution, in the shape of assignatsthe negotiation more certain, and probably proves that such irredeemable issues of save a very large amount of interest to the Government paper money are so liable Government. If the war should be speedily to abuse, that in extreme cases only, and terminated, it is possible that a resort to under severe restrictions, and to a limited loans or treasury notes might not be required, or if so, for an inconsiderable amount, should they ever be authorized. amount. The same power as now given At present, however, it would seem that by law to redeem the loan, even before its treasury notes bearing interest, redeemmaturity, whenever the funds of the Gov. able at a specific term, and receivable for ernment will permit, so as to liquidate any public dues, might be issued to the amount public debt as soon as possible, should be of a few millions without danger of continued, as also the authority for the re- abuse, and to the great relief of the curissue of the treasury notes as heretofore

rency. provided by law, as well as for their receipt A few weeks must develop the inin revenue payments.

The additional duties designated in tentions of Congress in this regard, and schedule A, are recommended as a war

indeed in all the cognate questions of Tarmeasure, and to terminate with the resto- iff, the Public Lands, the Warehousing ration of peace, or as soon thereafter as the Bill, and the Sub-Treasury. state of the public finances will permit

The session has lasted already nearly their discontinuance.

seven months, yet not one of the great I have the honor to be, sir,

measures, said to be fundamental with Most respectfully,

the party in power, has been matured; Your obedient servant, and we are disposed now to doubt R. J. WALKER,

whether any single one of them will be. Secretary of the Treasury.

The Sub-Treasury, however it may To the PRESIDENT.

work in times of peace, cannot answer What disposition Congress may make in war, and it therefore is likely, if of these recommendations cannot, as yet, passed at all, to be passed in a shape so be conjectured with any accuracy. The modified, as hardly to be cognizable under opinion, however, seems to prevail, that the name. the proposed duties on tea and coffee and To the Warehousing Bill great objecon some other articles now free, will notions are made as being too general and be agreed to. But as the larger portion indiscriminate in its provisions — and of the sum anticipated from the proposed therefore as tending to empty into our change in the Tariff, would arise from warehouses the refuse unsaleable surthese duties on articles now free, re- plus stock of all Europe, to lie here free course, if they be refused, must be had to from duty for three years, liable only to some other supplies-unless, indeed, a comparatively small charge for storage which is certainly to be hoped and de. —and yet ever ready to be thrown into sired, a speedy peace with Mexico should our market at such moment as may offer cut short the prodigal war expenditures. the most chance of competition ruinous But if war is to continue, and additional to American fabrics of like general charduties be not levied, and excise and direct acter, but of really superior value. Yet taxation be rejected, it will be impossible, such a bill will be warmly pressed except at ruinous and discreditable rates and such a bill, carefully prepared and to negotiate loans, or to keep in circu. guarded, would seem

a necessary and lation any considerable amount of trea- proper complement of a system such as sury notes.

Indeed, in regard to the prevails, of cash duties, since it would authority to issue these latter at all, Con- give to the importer the opportunity of gress is said to hesitate a good deal, from placing his goods in the public warean apprehension, not altogether visionary house, and only taking them out and or unfounded, of the danger of such paper paying the duty on them as they are sold money. It is, indeed, very easy, and for consumption, and not, as now, be therefore very tempting, to a popular Gov- obliged to pay the duty on the whole inernment, when pushed for funds, rather voice, months often, before he has an to prefer the issue of paper promises to opportunity of selling the goods. pay,.

than to hazard their popularity by The reduction of the tariff in time of levying taxes on the people

but all ex war, when, productive as it has been perience-our own during the Revolu• found, it cannot yet suffice for our ex. tion in the shape of continental money, penditures, is a hazardous experiment;

7

VOL. IV.NO I.

which some, who might otherwise con- scheme virtually to give away this noble sent on general principles to a diminution inheritance of the whole American peoof duties, may feel doubtful about making. ple. The letter of the Secretary of the Trea. While, therefore, uncertainty contin. sury in the preceding page calculates, ues respecting the measures of the gene. indeed, upon increasing the revenue by ral Government calculated to affect all the reduction he recommends of duties-- business pursuits, and war still prevails, but seeing that the existing rates produce there can be none of the settled feeling far more than it was estimated they and security of ordinary peaceful times. would by those who insist that high Still commerce has not yet suffered any duties necessarily diminish revenue, interruption from Mexican hostilities, or there will not be as much faith reposed hostilities under the Mexican tag on the in this Treasury estimate of increased seas-no privateers have been heard of revenue from diminished duties, as if the and although through apprehension of previous estimates about the opposite possible evil considerable derangement of result had turned out correctly. We business occurred at New Orleans by the look upon it, therefore, as quite problem withdrawal of credits, the suspension of atical whether there will be any material shipments and the accumulation of prochange in the existing tariff.

duce, business is now measurably returnConcerning the public lands, the ing to its accustomed channels; and if, chief effort seems to be to reduce the as is hoped, Mexico may soon consent price of those, which have for a long to treat for peace under the pledge reit. term of years been offered for sale, with- erated by the President in the message of out finding purchasers at the present the 16th inst., in which he communicated price of $1 25 per acre. Whether this to the Senate the war estimates-of his succeed or not, the policy of the general earnest desire to return to a state of management of the public lands would peace—the prospects of the future would be little affected thereby; though its suc look more hopeful. cess would be one step forward in the

FOREIGN MISCELLANY:

The foreign intelligence of the month and honorable to both the contending par. presents no feature of transcendent inter- ties. The 49th parallel to the Straits of est. The war with Mexico has made no Fuca is adopted as the boundary, England advance since our remarks of last month, retaining the whole of Vancouver's Island, except that the American army, under and the right of joint navigation of the Co. General Taylor, has taken undisputed lumbia during the continuance of the prepossession of Matamoras, and the neighbor sent charter of the Hudson's Bay Company, ing region of Mexican territory, and is a period of about seventeen years. These gradually advancing towards the heart of the facts, it should be added, rest as yet upon country. With England our relations are nothing better than well authenticated rubelieved to have been materially improved, mor, as the proceedings have all been had by the conclusion of a treaty partitioning in secret session, and have not yet been ofthe Oregon territory between the rival ficially divulged. Of their substantial ac. claimants. The President, iron whatever cnracy, however, we have little doubt, and motive, conforming to the practice of Wash. venture accordingly to congratulate the INGTON, solicited the advice of the Senate country upon this satisfactory adjustment in regard to the terms of composition. That of a long-pending and threatening dispute. advice was promptly given: a treaty was Granting that the partition is disadvanta. framed by the Executive in accordance geous to either party, which need not be with it; it was at once ratified by the conceded, it certainly is honorable to both: Senate, by the decisive vote of 41 to 14, and and not only they, but the whole world, is now on its way to England for final ap. have reason to rejoice at the pacific and proval by the English Government, which auspicious result. it will doubtless receive, and thus become In England little has occurred of markthe sovereign and irrevocable law of the ed interest. The success of Sir Robert land. The terms of the treaty do not differ Peel's new Corn Bill has been reduced to essentially from those which bave been certainty, by its passage in the House of laid down in this Review as just, desirable Lords to a second reading by a large major

ity; and the next steamer will probably three hundred French prisoners, officers bring intelligence of its final enactment into and men, unarmed, were butchered in cold a law. The apprehensions of famine in Ire. blood! This horrible massacre must great-, land are gradually subsiding, and much of ly prolong and deepen the horrors of the the alarm felt upon the subject, though warin Algeria. The victories of the French, natural and creditable, seems to have been though some of them have been decisive, needless. It has had great influence, how seem to have in the end but little effect ever, in effecting the adoption of Sir Robert upon the general contest, and the Arabs Peel's new and startling changes in the have resources for prolonging it indefinitecommercial policy of the kingdom,- ly. The Minister of War has recently pubchanges of which the importance has as lished a tableau view of the establishments yet been but dimly seen, and which must in Algeria, from which it appears that the in the end work an entire revolution in the native population in the parts examined by domestic concerns of Great Britain. No the Arab Bureau amounts, in the province stronger or more striking evidence could of Constantini, to 1,046,716 souls; in that have been given of the immense increase of Algiers to 490,168, and in that of Oran to of the popular, over the aristocratic, ele- 477,034, giving a total of 1,983,918. The ment in the government of the country, whole population in Algeria, Teil, and Sathan is afforded by the triumphant adoption 'hara, is estimated at 3,000,000 at least. Deof these important departures from its mands were made, in 1845, to the Minister old, established, and apparently necessary of the Interior, for concessions of land, to policy.

the number of 1,696, by French subjects, In FRANCE public attention seems to and of 183 by foreigners; the demands have been absorbed by several events of made to the Minister of War were more considerable interest, though slight import, important. The French families demand. ance. Lecompte, who aspired to become ing to emigrate are 464 in number, and their the assassin of Louis Phillipe, has been resourees reach the sum of 15,091,359 fr.; “questioned” very closely, and seems to the foreign families are 572 in number, and have acted entirely from personal animosi- their property amounts to 786,195 fr. The ty. No connection with political conspi- civil population which, in December 31, rators was made even probable. Prince 1844, consisted of 75,420 individuals, had Louis Napoleon, after a captivity of six increased in December 31, 1845, to 96,119; years, has made his escape from the fortress the agricultural population in the establishof Ham, and had arrived in London, whence ments founded by the Government amounts he was soon to depart for Florence, to visit to 42,812. Not Iess than 21,009 orders for his aged father, Lucien Bonaparte. He es gratuitous passages were issued in 1815 by caped disguised as a carpenter. His release the Minister of War. has relieved the Government from unplea The French are about to send a vessel to sant embarrassment. An interesting debate South America, to institute a new hydro. upon the Foreign Policy of the present graphical survey of the Gulf of Panama, Ministry has been had in the Chamber of from Point Mala to the bay of Choco. The Deputies, in which M. THIERS made a very first soundings of the Pacific side were able and elaborate attack upon the whole taken in 1843, by the Danae, and it is now course of the Government in regard to other proposed to complete the important work nations, which was answered with equal which was then commenced. ability, and, as is generally conceded, with The German Zollverein, or Customs complete success, by M. Guizot. The Min- Union, is about to hold its Congress at Ber. ister was assailed with special force respect- lin, when the accession of Hanover to the ing the treaty he had concluded with Moroc- League is confidently expected. The comco, and was bitterly reproached for not hav. mercial treaty between the United States ing insisted on the surrender of that formi. and the Zollverein, negotiated recently by dable enemy of France, Abd-el-Kader, who Mr. WHEATON, as will be remembered. has crowned the war in which he has been failed to receive the sanction of the Senate. so long engaged by one of the most atrocious It is not unlikely that a renewed attempt deeds recorded in history. It is announced, will be made, in the Zollverein Conference on authority which unhappily precludes to accomplish the objects aimed at by this doubt, that about the last of April he gave rejected treaty. The importance of the orders to his brother-in-law, Mustapha. Association, and the number of people Ben-Tami, who commanded in the Deira, comprised within its regulations, render and had charge of the French prisoners desirable on our part some established comtaken in the last campaign, to rid himself mercial relations. The League, it will be of them, in order to facilitate his retreat, recollected, has its origin in a series of and prevent their rescue by certain tribes treaties made generally for terms of six of Arabs and of Moors, through the midst years, in some instances for four only. of whom Mustapha was about to pass in his Upon the expiration of each term, a Conflight before the advancing columns of the gress or Conference of the Zollverein deFrench. The order was obeyed, and above termines whether the association shall be

continued, and what henceforth shall be channels of political intrigue in which the tariff of duties to be imposed. At each they have so long been compelled to move, Congress, the treaties which may have and to place them upon the broad highway been concluded since the last meeting are of public improvement, on which nearly all presented for ratification. The Zollverein the other civilized nations of the world are is a confederation of States for commercial making so rapid progress. Some of the purposes. The States at present composing Italian States are beginning to perceive and it, are: The Kingdom of Prussia, except to act upon these principles; and they are ing the Principality of Neufchatel; the thus gradually establishing an independent Kingdom of Saxony; the Association of the policy. In Sardinia, especially, the enStates of Thuringia, of which Weimar is lightened and patriotic king, Charles Althe capital ; the Ďuchy of Brunswick, in- bert, has taken steps which cannot fail to cluding the Hanoverian possessions within work out for his country results of the most its limits; the Kingdom of Bavaria ; the important and beneficial character. For Kingdom of Wurtemburg; the Grand Duchy some years past, intelligent observers in of Baden; the Grand Duchy of Hesse ; the Europe have remarked the progress which Electorate of Hesse ; the Duchy of Nassau; his government has made in the path of the Grand Duchy of Luxemburg; the City political reform. His police regulations of Frankfort; the States Anhalt, Reuss, have gradually become less and less offenHohenzollern, Lippe, and Waldock. These sively stringent; his supervision has become States comprise, altogether, a population more tolerant of opinion and of speech; of 28,000,000 souls, of which Prussia alone the ultimate control of the public instruccounts upwards of 16,000,000. Thus the tion has been committed to men the most relative power of Prussia in the Con- distinguished in the country, who, though federation is more than half. Prussia owns devoted to the government, are most inimalso the ports on the North Sea. In trea- ical to the priests upon whom has hitherto ties, Holland, Belgium, Scandinavia, Rus- devolved the whole system of education: sia, France and England, the Zollverein is and the restrictions upon trade, which, represented by the Prussian Cabinet, which having no protective purpose to serve, bave negotiates and settles the terms. The con- simply checked and destroyed the comcerns of the Zollverein with Switzerland, merce of the kingdom, have been greatly are managed by Austria ; and with the relaxed and are rapidly disappearing altoItalian States and Turkey, by the Bava- gether. The king, as the Paris Debats rian Cabinet. The Zollverein has com well remarks, fully understands that the mercial treaties with Holland, Belgium, day of political violence and embittered France, England, Portugal, Sardinia, Aus contention has passed, and has wisely raised tria, Russia, Turkey and Denmark. The the standard of reform, being certain, that receipts of the customs of the Zollverein he who most promptly and fully meets the amount to $8,750,000 for Prussia, and about exigencies of the country as they arise, $17,500,000 in all. These statistics exhibit will render most remote the probability of sufficiently the commercial importance of violent disturbances and bloody revolutions. the Association, and demonstrate the policy The distinguished men of Peidmont, in of establishing with it advantageous com- assembling at the General Congress, have mercial relations. But great and just zealously seized the opportunity of renderdoubts are entertained of the propriety of ing themselves useful to their country, fixing on tariffs by treaty, and thus placing The Abbé GIOBERTE, a philosopher and beyond the reach of Congress the power theologian of great merit, has given the expressly committed to it by the Constitu signal for the movement the publication tion, of laying duties upon imported goods. of a work, at once political and moral, upon We do not think any such arrangement Italy. This eloquent writer, paying less should or could receive the sanction of the regard than some of his countrymen to the proper authorities in the United States. Ulopias of speculative radicals, has proved

Influences are at work, and erents are in a most impressive manner, that to ren. in progress, in ITALY, which are attract. der certain the progress and regeneration ing general attention in Europe, and which of Italy, it is necessary to withdraw the cannot fail, at no distant day, to produce princes from those bloody revolutions important results. The weakness and ut which have so widely separated them from ter incapacity of most of the Governments their people, and to engage them heartily of the Papal States, have not only tended and zealously in the national cause. He to cramp the resources and sacrifice the has not failed to remark, with the highest welfare of the people to a policy long since satisfaction and the most deserved eulogium, obsolete; but have aided to perpetuate the the noble manner in which the king of domination secured by Austria over the Sardinia has already entered upon this noPeninsula, by the arrangements made at the ble career. Soon after the appearance of Congress of Vienna. Nothing is wanted this work of Gioberte, one of the most emi. but able, efficient and enlightened states. nent literary men of Turin, Count CESAR men, to bring the Italian States out of the BALEO, published an essay upon the Hopes

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