$5,044,403.09 the amount collected during the last fiscal year under the
tariff act of 1842, ending the 30th of June, 1846. The total revenue
realized from the commencement of its operation, on the 1st of December,
1846, until the close of the last quarter, on the 30th of September
last, being twenty-two months, was $56,654,563.79, being a much larger
sum than was ever before received from duties during any equal period
under the tariff acts of 1824, 1828, 1832, and 1842. Whilst by the
repeal of highly protective and prohibitory duties the revenue has been
increased, the taxes on the people have been diminished. They have been
relieved from the heavy amounts with which they were burthened under
former laws in the form of increased prices or bounties paid to favored
classes and pursuits.

The predictions which were made that the tariff act of 1846 would reduce
the amount of revenue below that collected under the act of 1842, and
would prostrate the business and destroy the prosperity of the country,
have not been verified. With an increased and increasing revenue, the
finances are in a highly flourishing condition. Agriculture, commerce,
and navigation are prosperous; the prices of manufactured fabrics and of
other products are much less injuriously affected than was to have been
anticipated from the unprecedented revulsions which during the last and
the present year have overwhelmed the industry and paralyzed the credit
and commerce of so many great and enlightened nations of Europe.

Severe commercial revulsions abroad have always heretofore operated to
depress and often to affect disastrously almost every branch of American
industry. The temporary depression of a portion of our manufacturing
interests is the effect of foreign causes, and is far less severe than
has prevailed on all former similar occasions.

It is believed that, looking to the great aggregate of all our
interests, the whole country was never more prosperous than at the
present period, and never more rapidly advancing in wealth and
population. Neither the foreign war in which we have been involved, nor
the loans which have absorbed so large a portion of our capital, nor the
commercial revulsion in Great Britain in 1847, nor the paralysis of
credit and commerce throughout Europe in 1848, have affected injuriously
to any considerable extent any of the great interests of the country or
arrested our onward march to greatness, wealth, and power.

Had the