The actual receipts into the treasury for the fiscal year ending 30th of June, 1854, were as follow: Total sum for the service of the fiscal year ending June 30, 1854 $73,549,705 20 21,942,892 56 95,492,597 76 $64,224,190 27 8,470,798 39 854,716 54 21,942,892 56 95,492,597 76 $15,081,383 70 22,301,896 24 12,448,947 42 25 522,402 90 75,354,630 26 Leaving a balance in the treasury on July 1, 1854, of 20,137,967 50 Navy department. 7,726,677 13 13,531,310 33 2,609,054 79 11,733,629 48 10,768,192 89 Redemption of public debt, interest and premium.... 24,336,380 66 Total expenditures.... 75,354,630 26 Balance in the treasury on July 1, 1854, $20,137,967 50, as appears, in detail, per Statement 1. The estimated receipts for the fiscal year, ending June 30, 1855, were as follow: From customs $51,000,000 00 Fлom lands... Miscellaneous. Add estimated balance in the treasury July 1, 1854.. Estimated resources for the fiscal year ending June 30, 1855...... The estimated expenditures for the same year were as follow: Balance of former appropriations to be expended during the year........ $6,865,126 44 Permanent and indefinite appropriations to be expended during the year Specific appropriations asked for the service of the year... Making an aggregate of.... 8,285,716 14 3,500,000 00 500,000 00 55,000,000 00 11,266,604 62 66,266,604 62 35,909,434 54 51,060,277 12 Leaving in the treasury, on July 1, 1855, a balance of 15,206,327 50 The receipts of the 1st quarter of the fiscal year, ending September 30, 1854, have been as follow: From customs.. From lands... Miscellaneous.. Total... $18,639,798 45 2,731,654 12 149,850 28 21,521,302 85 The expenditures for the same first quarter have been as follow: Civil, miscellaneous, and foreign intercourse.. Interior Department.. War Department. Navy Department. Redemption of public debt, interest and premium... Total expenditures... as appears, in detail, from Table 2. $6,241,749 31 2,175,737 13 3,367,039 92 2,508,791 09 1,876,013 17 16,169,330 62 The receipts for the remaining three quarters of the year are now estimated as, follow: From customs. From lands.. Miscellaneous.. $36,000,000 00 6,000,000 00 500,000 00 Total..... 42,500,000 00 The receipts for the first quarter, the estimated receipts for the remaining three quarters, and the balance in the treasury on the first day of July, 1854, make a total sum of $84,107,967 50 for the service of the fiscal year ending June 30, 1855. The estimated expenditures for the remaining three quarters of the year are as follow: Civil list, foreign intercourse, and miscellaneous.... Interior Department.. War Department.. Navy Department. Interest on the public debt.. Making. 15,066,931 13 2,719,464 00 3,133,655 25 13,628,350 90 11,258,095 71 2,370,093 60 48,176,590 59 Total estimated expenditures for the year 1855 ..... $64,345,921 21 The expenditures of the first quarter, and the estimated expenditures for the remaining three quarters, are $64,345,921 21, leaving an estimated balance in the treasury, on the 1st day of July, 1855, of $19,762,046 29. There is always, at the close of the fiscal year, a balance thus estimated, not expended, of at least $12,000,000. That $12,000,000 may be applied to the purchase of the public debt during the remaining three quarters, without disturbing the estimated balance in the treasury. The amount of the public debt, outstanding on the 1st day of July, 1853, was... And on the 1st day of July, 1854... Being a reduction of.... $67,340,628 78 47,180,506 05 20,160,122 73 The estimated receipts for the fiscal year ending June 30, 1856, are as follow: 62,500,000 00 Add estimated balance in the treasury July 1, 1855.. 19,762,046 29 Making the estimated sum of... for the service of the fiscal year 1856. Estimated expenditures for the fiscal year 1856: Balance of former appropriations, to be expended this year. Permanent and indefinite appropriations, to be expended this year..... Appropriations asked for, and to be expended this year 82,262,046 29 $11,212,905 20 7,934,411 70 41,722,516 47 60,869,833 37 year leaving the sum of $21,392,212 92 on the 1st of July, 1856. Upon this estimate of the receipts and expenditures of the fiscal 1856 there will be a balance in the treasury, on the 1st of July, 1856, of $21,392,212 92, without expending anything in the redemption of the public debt; but if $12,000,000 shall be applied to the redemption of the public debt, which may be done, there will remain an estimated balance in the treasury of $9,392,212 92. It appears the receipts from customs, for the second, third, and fourth quarters of the fiscal year 1854, were not diminished from the pressure in the money market and other causes, as expected in my former report. They were kept up from importations, growing out of large exports of provisions, caused by the scarcity in England and France, and the expected demands of the European war, and by the shipments to this country of foreign manufacturers, who, owing to the want of a remunerating market in those countries, sought the benefit of ours. They were also kept up by a greater uniformity and better valuation of foreign goods, and a diminution in smuggling, caused by increased vigilance on the part of the revenue officers. The foreign and internal immigration to the new States and Territories, combined with speculative investments in the public lands, greatly increased the receipts from that source; so that, instead of a reduced revenue, as anticipated, the receipts have been greater than in any previous year. It also appears from the statement of the receipts of the first quarter of the fiscal year 1854, that the receipts, both from customs and lands, have been greater for the quarter than a fair proportion of the estimated receipts for the year. This has grown out of the same causes that kept up the receipts from customs and lands, for the last three quarters of the fiscal year 1854, aided as to lands, to some extent, by the effect of the act graduating the price, which operated in favor of the receipts, for the latter half of the quarter. The receipts from customs for the remaining three quarters of the year cannot be in proportion to those of the first quarter, owing to the reciprocity treaty, introducing free trade with the British colonies, and the short crops in almost all portions of the country, which must materially affect the exportation of provisions, and the return importations, and diminish the ability to purchase and pay for foreign goods. The effect of a scarcity of provisions, with consequent high prices, has always been to diminish the consumption of other articles of customary use, and may be expected to operate on the importations for the remaining three quarters of the year, as it certainly will on the consumption. Moreover, the United States have enjoyed a long period of agricultural, manufacturing, and commercial prosperity, under extended bank and other credit facilities, backed by the immense production of gold from the mines of California. This has led to large speculative investments in railroads, lands, lots, houses, ships, stocks, and other enterprises, and to enhanced prices for rents, labor, provisions, and all the necessaries of life. The bank and credit facilities have been in check for more than a year, with a prospect of a continued check; whilst the large and extended indebtedness of operators has to be met under receding prices, without the stimulating effect of new enterprises. This will also act in restraint of importations and consumption. In the estimated receipts from customs for the three remaining quarters of the current fiscal year, the effects of the reciprocity treaty and reduced importations have been considered; whilst, also, the same causes will operate in the sale of the public lands; but the effect of the act graduating the price has been considered sufficient to keep up the receipts from the latter source to what they were for the fiscal year 1854. The estimate of receipts for the fiscal year 1856 has been made from an expectation that the same causes which will operate to reduce the importations and consumption of foreign goods for the remaining three quarters of the fiscal year 1855, will be continued through a part of the succeeding year, and sensibly affect the importation and consumption of foreign goods. The accompanying table, 3, exhibits the particulars of the public debt on the 1st of July, 1853, and the accompanying table, 4, exhibits the particulars of the public debt on the 1st of July, 1854, to which is appended a table exhibiting the interest paid on the public debt during the fiscal year 1854, and the principal, interest, and premium, on the part redeemed within that year. Table 5 exhibits the principal, interest, and premium on the public debt redeemed from the 1st July, 1854, to the 20th of November, 1854. From these tables it appears that the sum of $20,098,422 73 of the public debt was redeemed between the 1st of July, 1853, and the 1st of July, 1854, and that the interest and premium paid on the amount redeemed was $3,345,545 23; and the principal, interest, and premium on that part of the public debt redeemed between the 1st of July, 1854, and the 20th of November, 1864, was $2,604,203 51. The table, 6, which accompanies this report, exhibits the tonnage engaged in our foreign and coasting trade from the year 1789 to the 30th |
