292 



FINANCES OF THE UNITED STATES. 



In the following table there are shown the 

 receipts from the several general sources of 

 internal revenue from September 1, 13G7, to 



February 28, 1869, and from March 1, 1869, to 

 August 31, 1870, with the aggregate increase 

 or decrease from each source : 



The modification in the import duties re- 

 lated to a few articles only. The rate of duty 

 on tea and coffee was reduced to fifteen and 

 three cents per pound respectively, and a re- 

 duction made on raw sugar, and some quali- 

 ties of iron. The real modification, however, 

 was insignificant. 



Of all the industrial interests of the country 

 there is no one which has suffered so great a 

 decline comparatively as the American tonnage 

 engaged in the carrying trade. The subject 

 was referred to a special committee in Con- 

 gress, who visited New York, Philadelphia, 

 Boston, and Portland, and received the state- 

 ments of merchants, ship-builders, ship-owners, 

 and insurance agents. Various other measures 

 were adopted to obtain the most complete in- 

 formation possible. The conclusions of their 

 labors were laid before Congress, and, although 

 no results have followed as yet, the facts which 

 they present are too important to be over- 

 looked. 



The following table shows the amount of 

 American and foreign tonnage entered the 

 ports of the United States from foreign coun- 

 tries in 1830, 1840, 1850, and- from 1860 to 

 1869, both inclusive: 



The estimated value of the tonnage of the 

 United States engaged in the foreign carrying 

 trade was, in 1861, $108,3-47,748 ; the estimated 

 gross yearly earnings of which was 33^ per 

 cent., or $36,115,916. In 1869 the estimated 

 value of the same tonnage was $70,488,945, 

 and the estimated earnings, $23,496,315 ; a net 

 loss, in yearly earnings of this interest, of 

 $12,619,601. The increase in gross earnings 

 of this class of tonnage, from 1850 to 1860, was 

 $14,719,397, or 72 per cent. Taking the same 

 ratio of increase from 1860 to 1869, say 65 per 

 cent., and there is, in 1869, $57,417,643. The 

 actual amount of gross earnings is $23, 496,315, 



