This estimate
is made upon the assumption that it will be necessary to retain
constantly in the Treasury $4,000,000 to guard against contingencies.
If such surplus were not required to be retained, then a loan of
$19,000,000 would be sufficient. If, however, Congress should at the
present session impose a revenue duty on the principal articles now
embraced in the free list, it is estimated that an additional annual
revenue of about two millions and a half, amounting, it is estimated,
on the 30th of June, 1848, to $4,000,000, would be derived from that
source, and the loan required would be reduced by that amount. It is
estimated also that should Congress graduate and reduce the price of
such of the public lands as have been long in the market the additional
revenue derived from that source would be annually, for several years
to come, between half a million and a million dollars; and the loan
required may be reduced by that amount also. Should these measures be
adopted, the loan required would not probably exceed $18,000,000 or
$19,000,000, leaving in the Treasury a constant surplus of $4,000,000.
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