FINANCES OF THE UNITED STATES. 



It was estimated that the expenditures for 

 the same period would be as follows: 



ClT expenM* ............................... 15,mMO 



Foreign tntereoorM ......................... 1,100,000 



Kdliw. ..................................... 



MlHIarr etubllihinent ...................... 84.000.000 



N*l establishment. ....................... iS.Wo.ouu 



MlKclUneoai civil, Including public build- 



ing* ....................................... S4.000.000 



Imereit on the public debt .................. TO.OUO.uOO 



Tol.l .................................. o730,000 



This will leave a deficiency in the revenues 

 of $18,530,000. 



In tlie preparation of those estimates the 

 probable effects of the financial nnd business 

 derangement were somewhat taken into ac- 

 count, although it was too early to determine 

 thuir full effect upon future revenues. By the 

 alterations made in the tariff laws by the acts 

 of Congress, passed May 1 and June 6, 1872, 

 adding tea and coffee, ^md other articles, to 

 the free list, and fixing a reduction of duties 

 on other merchandise, as well as by the re- 

 moval of a considerable amount of internal 

 revenue taxation, the receipts for the year 

 ending Jnne 30, 1873, fell off much below 

 those of previous years. 



The value of merchandise imported into tho 

 United States, during that fiscal year, was 

 $642,029,539, as against $626,695,077 for the 

 previous year. 



An analysis shows an increase in the im- 

 ports of merchandise admitted duty free, in 

 raw materials, and in some articles of neces- 

 sity, while in some articles of luxury there 

 was a reduction. 



The increase in tho importation of coffee 

 was $6,164,339, and in tea, $1,522,619, in ad- 

 dition to the amounts in bond .Inly 1, 1872, 

 and which were withdrawn therefrom during 

 the year. Coffee was so withdrawn for con- 

 sumption to the value of $18,901,126, anil t<-a 

 to the value of $18,024,217. There was an in- 

 crease, also, in the importation of copper and 

 copper manufactures of $1,818,488 ; soda and 

 salts, $1,719,408; tin in plates, $2,681,222; 

 hides and skins, $1,427,784; fur-skins, $188,- 

 17D ; inelndo, ^.''iV,. 1 :m ; wood and immufact- 

 nres thereof, $2,141,766 ; earthen-ware, $745,- 

 140; manufactures of cotton, $9,893,870. 



There was a decrease in silk goods, $5,723,- 

 682 ; precious stones, $182,905 ; fruits, $713,- 

 fancy goods, $278,677; fine linen, lares 

 and other manufactures of flax, $1,064,115; as 

 well as in some articles of a different class, 

 such as barley, $440,626 ; opium and extracts 

 thereof; $128,839 ; leather and leather goods, 

 $1,829,917; wool, $8,105,114. 



The gold value of the exports of morclmn- 

 diso from the United States was $522,478,892, 

 as against $444,177,686 for the previous year. 



There wa an increase in certain article* ex- 

 ported as follows, the value being state*) in 

 curr -nn. $47.201.672; wheat, $12,- 



637,194; wheat-floor, $1,425,980; bacon and 

 haras, $13,896,646; pork, $884,727; lard, $1,- 

 08,196; cheese, $2,745,092 ; oils, $7,266,614; 



wood, and manufactures thereof, $8,878,980; 

 manufactures of iron, $2,872,725 ; coal, $952,- 

 449 ; drugs and chemicals, $575,050 ; hides and 

 skins, $2,159,845 ; fur and fur-skins, $382,546 ; 

 leather and leather goods, $1,621,465 ; in live, 

 animals, $259,781. 



The export of gold and silver in excess of 

 the imports was $63,127,637, as against $66,- 

 133,845 for the previous year. 



The balance of trade in merchandise hns 

 been largely against tho United States for 

 many years, and the country has exported, 

 during the twenty years ending with the last 

 fiscal year, gold and silver to the extent of 

 more than a thousand million dollars over and 

 above the amount imported. 



The disturbance in financial affairs, and 

 other causes, largely diminished tho importa- 

 tion of foreign merchandise, and stimulated 

 the export trade, so that the balance of trado 

 for the months of October and November was 

 in favor of the United States. Gold ami sil- 

 ver, therefore, flowed iuto the country during 

 those months at a more rapid rate than ever 

 before, except in the year 1861, when, for tho 

 whole year, the excess of imports over exports 

 was $16,548,581. During the last twenty 

 years, there has been no other single year in 

 which there has been an excess of imports of 

 gold and silver over exports. 



The following statement shows the increase 

 and decrease from each general source of in- 

 ternal revenue for tho fiscal year ending Jnne 

 80, 1873, as appears from the report of tho 

 Commissioner of Internal Revenue : 



Spirit! 



T'.lvir 



cco 



Fermented liquors 



Penalties 



Bunks and bankers 



Adhesive stamps 



Articles and occupation" for- 

 merly taxed bnt now ex 

 empt 



ta.iM8.8M 4* 



MO. 131 57 



1. (>.. I'M ::s 

 V.i.417 HI 



Total $4.350.875 81 *,058,85 96 



It will be seen that there has been an in- 

 crease in the receipts for taxes on spirits, to- 

 bacco, fermented Honors, and from penalties. 



The decrease in the receipts from banks and 

 bankers is due principally to that provision in 

 the act of June 6, 1872. which raises the ex- 

 emption of all sums deposited in savings-banks, 

 etc., in tho name of one person, from $500 to 

 $2.000. 



Tho repeal of all stamp-taxes imposed under 

 Schedule B, act of June 30, 1864, except that 

 of two cents on bank checks, drafts, or orders, 

 took effect October 1, 1872, and has caused a 

 falling off from that source. 



Tho class of articles and occupations former- 

 ly taxed bnt now entirely exempt includes in- 

 comes, gas, and other sources of taxation on 

 lists repealed prior to the act of June i. 1HT2, 

 nnd the receipts from those sources constantly 

 and rapidly diminish. 



