Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1812-03-06
Making the revenue necessary

to be provided, for paying
the ordinary expenses, and
interest on loans for that year
land leaving the extraordina-
ry expenses of the year also --
to be provided for by loansl $1,000, 900
That the receipts into the Trea-
sury from the present sources
of revenue during that year,
calculating on state of war
during a greater portion Of
the present year, are estima-
ted (conjecturally) at 100000
Leaving deficiency to be pro-
vided FOR by additional reven-
ues to be received during that -------
year of 5000 600
Estimating the ordinary expen- -~
ses of lsli as for the present
year. a, about 100000
And adding the interest accru-
ing on the loan proposed for
the present year 660,000
And also the interest then ac-
cruing on the loan which in all
probability may be necessary
to cover the extraordinary ex-
penses of 1878, and which it
would not be prudent to cal
cula,e at less than eleven mil
lions o60,O0c
Making the revenue necessary
to be provided, for paying
the ordinary expenses and in
terest on loans for that year
land leaving the extraordina-
ry expenses ofthe year also to ---------
be provided for by loansl $lo,32o,000
Estimating the receipts into the
treasury from the present
sources Of revenue during that
year at 100000
Leaving deficiency to be pro- ---
vided for by additional revcn-
ues to be received during that
year of N,2SO,OOO
Under this prospective view OF the financial
situation of the government, it became in the
judgment of the committee their imperious
duty, as we'll in reference to tie obligations
incumbent upon them from the general trust
with which they were clothed, as also in de-
ference to chat portion of the message of tho
President of the United States wnich had
been specially referred to their consideration.
70 enter as early rs possible upon system OF
Ways and Means calculated to provide re-
venue, sufficient at least to dcfray the ordi-
nary expenses of government, and to pay the
interest on the public debt, including that on
new loans which may be authorised"
Any provision falling short of this requsi-
ton, would, in the opinion OF the consnlittec,
bcray an mprovidence in the government,
tendingto impair its general character, to sap
the foundations Gifts credit, and to cnfeeble
its energies in the prosecution Of the contest
into which it may soon be driven in defence Of
It's unquestionable rights and for the repuIsion
Of long continued and most aggravated ag-
gressions. Should the ruinous system of rs
lx.n <l.A Il
defraying not only the extraordinary expendi-
lures of the present and succeeding years, but
also large portion both of the ordinary ex.
penses of the government, and the interest on ,
the public debt, including that on new loans.
be suffered to prevail, and no additional re-
venues be seasonaby provided, it will result,
that the loans which it may be necessary to \
authorize during the yoarAl8l3 must amount
to at least $l7 100000 and for 1914 tolls 220 900
dollars; an operation, which by throwing in
TO the market so large an amount of stock ac-
companied with no adequate provision for
paying even the interest accruing on such az
may be created, but relying altogether upon
the decreasing ability to borrow for the pur-
pose of paying such interest, must have
most favorable effect upon the general price
of public stocks, and the consequent terms OF
the loans themselves 1t may be added, that
a system of that sort would it is believed, be
altogether unprecedented in the financial bis
tory of any wise and regular government, and
must, if yielded to. produce, at no distant
period, that general state of public discredit
which attended the national finances during
the war of the revolution, and which nothing
but the peculiar circumstances of the country
and the want of a well organised and efficient
government during the period of that revolu~
ton, could at all justify.
ia ha ,s,ifhhaId fran, tho saaaI,1in