Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1812-02-22

be provided, Tor paying the oFoi'
nary expenses and interest ON
loans for that year, (and leaving
tie extraordinary expenses OF
the year, also to be provided
sr Nv loans lo,s2o,ooo
Estimating the receipts into the
treasury from the present sour
ces of revenue, during that year,
- = 100000
Leaving deficiency, to be provld-
ed for by additional revenues to
be received during that year, OF 7,2so,ooo
Under this prospective view OF the financial
situation OF the government, 1t became, IN the
Underwent of the committee, their imperlous
duty, as we'll in reference to the obligations
incumbent upon them from the general trust
with which they were clothed, as also In de-
ference to that portion OF the message OF the
President of the United States which had been
specially referred to their consideration, 10 en-
ter as early as possible upon system OF ways
and means calculated 10 provide revenue
sufficient at least, to defrav the ordinary ex-
penses of government, and to pay the interest
on the public debt, including that on new loans
which may be authorised" Any provision fai-
ling short of this requisition, would, In the O.
piion of the committee, betray an lmproVi-
dence in the government, tending 10 impair
its general character, to sap the 1ouhaatlons
of its credit and to cnteeble It's energies, ID
the prosecution of the contest into winch II
NAV soon be driven in defence OF its unques-
tionable rights, and for the repulson OF long
continued and most aggravated aggresslohs.
Should the ruinous system of relying altoge-
Their upon the aid of loans, for detraying not
only the extraordinary expenditures OF the
present and succeeding years, but also large
portion, both Of the ordinary expenses OF the
government, and the interest on the pubic
debt, including that on new loans, be suffered
TO prevail, and no additional revenues be sea-
sonably provided it will result--that the loans
which it may be necessary to authorize DUR
ing the year 1918, must amount to at ieast
Sl7,56o,o0o, and for 1914, to S l8,2So'ooo;
an operation, which by throwing into the mar
ket SO large an amount Of stock, accompanied
with no adequate provision for paying even
the interest accruing on such as may be Gre
ated, but relying altogether upon the decreas-
ing ability to borrow for the purpose OF pay
ng such interest, must have most uniavora-
bic effect upon the general price OF Puoiic
stocks, and the consequent terms OF the loaiis
themselves it may be added, that system OF
that sort would, it is believed, be found TO De
altogether unprecedented in the financial his
tory of any wise and regular government anu
must if Welded to-, produce at no distant pc
Rod, that general state OF pubic dscredlt
which attended the national finances during
the war of the revolution, and which nothing
but the peculiar circumstances oil the country,
and the want. of we'll organized and efficient
government, during the period OF that revolu-
ton, could at all Justly.
To have withheld from the public view
faI exposition of the probable state of the
fiscal concerns of the government, under the
very first pressure of active war, or to have
deferred submitting to the House such sys-
tenn, as in the opinion of the committee was
indispensable, to place the revenues OF the
country upon basis commensurate with the
public exigencies, would III their Judgment at
once have eyinced in the eyes OF foreign ma
tons, an imbccility of action and OF design,
the effects Of which must be too obvious to
be mistaken and as it regards our own coun-
try, would have indicated policy as feeble
and short hted, as it must have been con-
sdered deceptive and disingenuous as IN
worthy the rulers of free and enlightened
nation, as in its result it would have been found
fatal to its interests, and paralyzing to all its
efforts. It is obvious that the whole amount
which it is necessary to raise, In order to meet
the anticipated deficit Of revenue for the ensu-
II u