Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-04-25

that the same should remain in the treasury
unemployed.
The unexpended balances of the Sinking
Fund are transferable (under the existing lawsl
to the surplus fund, two years after the caien-
dar year tor which the appropriations have
been made, in like manner as all unexpenCed
balances for other objects OF expenditure are
transferable.
The preceding statement shews, that the
expenditures authorized by law, for the year
1870, will exceed the receipts into The I'reasu-
ry, OF that year, the sum of S3 ,773 1913 95 ;that
sum may be reduced TO 5 I, lS5, OOl 66 by the
application of the balance OF 5 Use, I97 70,
which will, agreeably TO the preceding view
remain uneXpehded OF the sinking fund on
the LIST January ISL. In recommending the
application OF the surplus OF the sinking fund
To the current expenses ot the present year,
your Committee deprecate a recurrence 10 a
ike resort In future years, ii the same can
with any propriety, he avoided; and il is
hoped that such retrenchments will be made
III the public expenditures, as may render a
recurrence TO that fund unnecessary,
A resort TO Treasury notes, 10 meet the de-
hcit,aPpeaied toyOur Committee inexpedient.
Such notes could not, in their opinion, be-
come medium, unless the banks should be
authorized to tender them in payment for any
demands madeop those institutions without
such authority Treasury irotes would be sold
and bought IN the market for the purpose of
paying the public dues aud, when paid into
the bank, conld be considered by the bank
which IL would not be bound TO pay either its
own notes OF specie.
1t appearing TO your committee, inexped-
ent to resort to Treasury notes, and it being
,mPracucable, Il mo objections existed age EST
tue adoption ut such a course,) to CARY iuto
effect system of internal duties, in time to
meet the deficit of tue present year, your
Committee had only TO choose between a loan
OF temporary character, or one otlouger du-
ration: They have preferred the latter be.
cause II carries the time beyond that i'm which
other debts are payable aud because il is
believed that the loan will thereby be obtain
ed Oh decidedly better terms, than on one of
shorter duration. BY authorizing the SUBJ
scriPilon of the Mississippi stock, of which
two thirds must otherwise be redeemed dur
ing the current year, il is inferred, that little
new oebt VIII he created. Couformaby with
those views, tue committee respectfully SUBJ
NIT a bill TO authorize d loan of So 600 900
The committee have deemed it useful TO pre-
sent view of the probable receipts for the
year 1911, ana OF the expenditures, which, un
uer tile existing laws, are spensa bly, charge.
able thereon. They have founded their
statement OF expenses OH the appropriations
actually made for IS20 and have shown, that
snereirom variety of items, amounting 10
81 1890, (Which will not be required for
1921 may be deducted at the same lime, they
are ready TO admit, that new and unforeseen
demands may arise, which may show that too
much reliance ought not TO be placed upon an
expectation OF an expenditure less than that
OF the current year. The view for lS2l, is
founded on the Indispensable expenses, and
does not include the amount of principal which
the commissioners OF the Sinking Fund are
bound TO purchase, il the same can be bought
at or under par. Taking that view the esti-
mates OF receipts and expenditures will be
shewn by the following statement, to wit:
rtImanen erpendituTes... 81 3Ts ,9T5
ismpofary.."..... 500 1874
v,o,. ,.,.,. S24.s'5. OO0
Estimated amount ofreceipts for 1872, (per
'''.''''......-...ls72e,o 900
Leaving deficit, in 1921 ,of..........Sa65 5 oOo
Your committee, having assigned the rea
sons which led them TO recommend the bill
herewith reported beg leave respectful,
10 present their views of the necessity which
enIsii, LOT refreshments and economy in the
su0Ject with feelings which the House Can
dniH appreciate. a government, like ihdi.
vIduals, will generally increase its expendi-
| nule' I'D proportion TO Its increase of means
| lhe revenue(after the peace had swollen TO
an amount surprising all former experience:
! ana, passing froma state OF war, during which
| expensive establishments were Indispensable
| necessary,it was not to have been expected.
| that we could lave immediately made smell
| reductions, as a state OF profound peace could
| render prudent aud proper The war pointed
our attention TO tue weak points of the ma
1 former
have been Increased by objects of great ma
! tional Importance, which have added to our
| security, ana by au act OF benevoence towards
the survivors of the army of the Revolution.
Large outstanding claims, resulting from the
war, to an amount exceeding thirty millions
| ofdollars, have been discharged aud the sum
OF > 81 ,ue5,75O OF the public debt has been re.
deemed since The first day of January, lsI7,-
| EStaDHShmentS nave been created under the
| sanction OF law winch 10 maintain aud advance
| will make il necessary, either 10 resort IN
| annual aud successive loans or to a system Of
Internal revenue. AS TO The first of those al.
| tefnatiVes, II cannot be necessary to urge any
observations: their natura epdeiicy 10 nyoIve
| the Hationin debt is obvious and thev will he
| avoided, when they are not indispensablv ne
! ressary. We are warned against the effects
| OF large aud accommodating debt by the ex-
| peTiehce OF other nations. a nation, laboTing
| under tie pressure OF a large debt no more
| than an individual, can be considered indie
| pendent. Money Is power; and that nation
| will become powerless, who Shall mortgage its
resources, without the prospect of relieving
| them by discharging lis engagements
| Reasons, powerful and cogeut, exist against
resort 10 internal duties aud direct taxes, TO
| snpplya deficiency occurring during state
OF profound tranquility, and ought 10 be a.
! VoIded IL the necessity be not evident and
| pressing, aud such has heretofore besn the
| policy Of the nation. We have been accus.
toned TO system of taxation, which, in its
| operation, has been paid without beiBg per-
! CeptUy itit, ANA VIII reluctantly resort to one
! OF different character ia times of profound
peace.
From the extraordinary depression of com.
meTce, within the last three Years the stag
nation OF our navigation, the depreciation in
tue value OF our experts, the corresponding
depreciation in the value OF property of eve
cry description, and the seTioas entertainments
under which every branch of industry now
labors, economy and retrenchment in expeH-
dItures Of every citizen are imperionsy re-
CURED. The finances Of the BatiOH being Sc
rlOnsly affected by those causes, there world