Advantages of a Gold Currency

$668,526 66, and from the return already received for the present quarter, the receipts of the two. first quarters of this year from land, may be safely estimated at more than $2,000,000. In the annual report, the receipts, of the whole year were estimated at $3,000,000. The information above stated, shows that the anticipated income from this source, as well as from the customs, will be more than realized. ' Upon the whole, the information received since the annual report on the finances was made to Congress, affords satisfactory evidence that the extent of our foreign commerce has been fully sustained, and gives strong reasons for believing that the receipts into the Treasury during the present year will be greater than the amount at which they were estimated at the* commencement of the present session. But I beg leave to repeat what I have already said, in the annual report from thisDepartment, that as the receipts of each year, under the present system of short credit and cash duties, must mainly depend on its own importations, as the estimates for the year can never be made with as much certainty as under the former system, when the receipts chiefly depended on the duties which had accrued in preceding years, and which were ascertained and secured by bonds before the times the estimates were presented. And as all calculations on the amount of revenue hereafter to accrue, must be more less uncertain, apd are liable to be affected by unforseen contingencies, it would hardly be proper to appropriate on a scale of expenditure fully equal to the expected income. There is, however, no reason for apprehending that the resources of the present year can fall short of the estimate contained in the annual report. And it is believed, that the appropriations may be made with entire safety according to that estimate. I have the honor to be, sir, very respectfully, your obedient servant, R. B. TANEY, Secretary of the Treasury. Hon. Martin Van Buren, Vice President United States and. President of Senate, ' SPEECH Ol MH. KENTON. IN SENATE. Monday, June,-16,1834. The Vice President communicated the report of the Secretary of the Treasury, in answer to Mr. Clay’s resolutions calling for the state of the revenue,-and comparative statements showing the relative amounts of revenue accruing in the first quarter of 18,33 and the first quarter of 1834. ,Mr. Webster moved to dispense with the reading, and refer it to the Committee On Finance. Mr. Benton demanded the reading. The Secretary of the Senate resumed the reading, and completed it. Mr. Webster moved to refer and print it. Mr. Benton rose, and said that this report was of a nature to deserve some attention, before it left the chamber of the Senate, and went to a Committee from which it might not return in time for copside- .ration at this session. It had been called for under circumstances which attracted attention, and disclosed information which deserved to be known. It was called for early in May, in the crisis of the alarm operations, and with confident assertions that these two quarters, would have been greater if the importations in the latter had not exceeded those of the former. In some instance's, without doubt, importations "which in the ordinary course of our foreign trade would have been made in the last quarter of .1833, were delayed until the first quarter of the present year, in order to obtain the benefit of the reduced tariff which took effect on the first of January last —and this circumstance has enlarged, in some de. gree, the imports of the first quarter of 1834. But after making a due allowance for the increase which may have arisen from this cause, and which would be peculiar to the first quarter of the year, the ■amount of duties which accrued in the quarter," are sufficient to show that the imports of the present year will most probably exceed the amount at "which they were estimated in the annual report, and be fully equal to those of 3833, which were unusually large. If this expectation should be realized, the proceeds of the customs will exceed the amount at which they were estimated by more than $1,000,000. The difference in the comparative receipts of the two first quarters, as shown by the statement herewith transmitted, does not arise from any fluctuation in commerce or diminished importations, but is chiefly occasioned by the alterations in the times of payment introduced by the act of 14th of July, 1832. The receipts of the first quarter, and the bonds already taken, confirm the opinion .that the income from customs will be greater than the estimate presented at the commencement of the session. The actual receipts into the Treasury from customs, for’ the first quarter of the present year, amounted to the sum of $4,435,386 13: and the duties secured by bonds payable in the second quarter, amount to the sum of $4,003,368 77. After making a fair deduction from these amounts for return _ duties, which may yet be called for, and for debentures and expenses of collection, the nett income of these two quarters may be safely estimated at $7,500,000. And if the third and fourth quarters should be only equally productive with the two first, the receipts will equal the amount at which they were estimated in the annual report. But under our present system of duties, the receipts from customs in the ordinary course of commerce, will always be greater iq the two last quarters of the year than in. the two first. ’The woollen goods which form so large a portion of our imports, are for the most part brought into the count ry .in the third an*d fourth quarters of the year. The high duties with which they are charged, render them a very productive source of revenue ; and being now payable in cash, they enter into the receipts of the third and fourth quarters in which the goods are imported. The receipts of these two quarters of the year will, therefore, generally exceed' those of the two preceding ones by at •least one million of dollars.. Although not embraced in the resolution, it will no doubt be gratifying to the Senate to learn that the receipts from lands are equally encouraging and will more than equal the amount at which they were estimated. The receipts inf® the Treasury, from this source,- during the first quarter of the present year, amount to the sum of $1,398,206 18, while in the cor- jcesponding quarter of 1833, they amounted only to