more to be blamed, as, from the very flourishing state of the revenue, its interference would have been attended with double effect. The expenditure of the State, from the 1st of May 1825, to the 30th of November 1826, (a period of nineteen months,) amounted to 340,469 dollars, and the receipts to 414,483 dollars, leaving a surplus of 74,014 dollars in favour of the State.
Amongst the most productive branches of the revenue, the Governor points out that of tobacco, which had yielded a clear profit to the State of 75,437 dollars; and he conceives that this sum may be doubled, by a system of administration sufficiently vigorous to enforce the observance of the monopoly with as much strictness as before the Revolution. The debt of the State to the Federation for tobacco amounted, on the 30th of November, 1826, to 217,176 dollars; but the "existencias," (tobacco on hand, wrought and unwrought,) for the ensuing year, were calculated at 358,598 dollars; and there would consequently be a considerable balance in favour of the State, when the realization of its own stock in trade, (for to this the tobacco revenue, organised as it now is, amounts,) should enable it to meet its engagements with the Federation. Time is necessary for the regulation of this complicated machinery in the first instance, but when the movements of all the parts are combined, the result of the partial experiments tried, hitherto, tends very much
