8vo; 176; 87 pages; Bound with Report of the Secretary of the Treasury on the State of Finances; January 6, 1852 (covering fiscal year 1850-1851). Bound in quarter brown leather and marbled boards, marbled endpapers; binding rubbed at corners and spine. Ex libris bookplate of Treasury Department Library (LC release stamp), circulation slip at rear. These two reports on the finances of the United States span two fiscal years comprising the second half of 1849 through the first half of 1851. Much interesting financial info as well as lengthy expositions on duties, tariffs, fraud, and details of the design and construction of the first Marine Hospital in Chicago built upon the old parade-ground of Fort Dearborn reservation. This was a tumultuous period of development and expansion. The nation's population was increasing as European immigrants arrived at a rate of 300,000 annually between 1845 and 1855. This immigration was fueled by the widespread turmoil in Europe and elsewhere -- revolutions in Paris and Germany, Austrian efforts to dissention in its component states, the First Schleswig War in Prussia, the Taiping Rebellion in China, the Mexican War, etc. This political disarray had concurrent economic upheaval much reflected in the U.S. In 1850 U.S. receipts from customs duties ($39 million) was $11 million higher than in fiscal year 1849, a 39% increase; a similar increase was registered in the figures for fiscal 1850 ($49 million). These dramatic increases resulted in part from two pieces of commercial legislation adopted in 1846 by the Democrats under President Polk -- The Warehousing Act (which allowed merchants to warehouse their imports into the United States and thus delay tariff payments on those goods until a buyer was found) and The Walker Tariff (which reduced tariff rates from 32% to 25%). As seen in the excerpt below from the 1850 Finance Report offered here, the Whigs during the Taylor administration predicted the new commercial system would fail and urged its repeal, but the Democrats controlled Congress and blocked the repeal efforts. Subsequently, the postive revenue effects of the 1846 Acts manifested so quickly they were left in place until the 1860s. "I feel it my duty, in view of our necessarily increased expenditures and maturing liabilities, to submit to the wisdom of Congress such suggestions as the present state of our country and the revenues seem to demand. We cannot overlook the fact, in our estimates of future revenue, that the last three or four years have been exceptional ones; that we are indebted for our large revenues in part the famine, the revolutions, and the broken-down markets of Europe. The ease with which the low duties under the Act of 1846 may be reduced still lower by successful frauds and undervaluations, combined with the causes just stated, has induced a large excess of importations. But the markets of Europe are recovering their tone; the effects of the famine are passing away; our country is filled . to excess, with foreign goods; and it would be contrary to all reasonable expectation to look for a continuation of these large importations. The provisions of the Act of July, 1846, have been found insufficient for the prevention of frauds and undervaluations. The extent to which they have been carried, and the degree in which they have been rendered systematic and complete, have been highly detrimental to the revenue. The department has long given the subject of these frauds its most earnest attention, and exhausted all its authority for their prevention and detection; but they are still of such magnitude, and so demoralizing in their effect, as to demand the immediate interposition of Congress.".

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D�tails bibliographiques

Titre

Finance Report - Report of the Secretary of the Treasury showing the Receipts and Expenditures, &tc. for the fiscal year ending June 30, 1850; December 17, 1850; 31st Congress, 2nd Session

�diteur

U.S. House of Representatives 1850; 1852, Washington

Date de parution

1850

Reliure

Hardcover

�dition

First Edition.

�tat de l'article

Very Good-

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At The Antiquarian Book Shop, located in Georgetown - an historic neighborhood of Washington, D.C. - we have been buying, selling & appraising rare, interesting and scholarly books for nearly 30 years. Currently, our catalogued inventory includes about 6,000 books from the sixteenth century through the twentieth century in a variety of subject areas. About a third of our books are published prior to 1900; the rest of our stock comprises collectible, interesting and scholarly books. We have added images of many of the items listed to better convey their quality and condition. If you'd like to see an image of any particular item that is not yet illustrated, please contact us. We can provide professional appraisals and are interested in buying significant collections of books. Contact us for details of fee structure for appraisals. Thank you for considering our offerings.

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