Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-12-09
r EPORT
REPORT
OF the Secretary Of the Treasury on the state 81
the Finances.-[co CONCLUDED.
TREASURY DEPARTMENT,


in the Bank and its branches as COMMISSION
ers ofLoans, and which shall not be calico ior oy
the public creditors before the close OF the en-
suing wear should be repaid into the treasury
and held under notice to creditors 10 receive IL
thare. that the office Of Commissioner OF Loans
no aboli,he l. the duties of the Commissioners OF
the Sinking Fund and the provisions as to the
f,rd itself srIspended-and such power devolv-
ed on this department as may be necessary u
settlement of that part Of the debt which may not
thea have been demanded: and as the Bank
charter soon expires, to provide further that
the poks and other papers connected with
the public debt should be returned, and de-
p)sted here To enable the Treasury to guard
tgiinst mistakes and frauds. The whole amount
a rIt-mad in possession of the Bank on account
of the public debt has been reduced to S2S2,-
33} atd though about to be augmented by the
transfer Of a sufficient sum to meet the whole
residue of the outstanding debt, 1t will proba-
bly not remain much larger at the close OF the
ensuing year
With a little legislation of this kind, every
thing will be done by Congress which Is deem,
ed necessary to close up, 1t is hoped, forever oil
the once large public debt of the United States.
By the payment Of the whole of il with punctu-
aiity and fidelity, it is gratifying to reflect that
our public credit as a nation has been raised 10
a high standing, and large stock OF confidence
acquired Il ON others, which in such future eXi-
gencies as are likely to happen sooner or la
ter in all countries will aid us TO procure am
pie and seasonable loans without ruinons dis
counts or delays In pursuing this honorable
course, the government Of the Union has not
only shown good faith abroad TO its friends and
allies; those who lent assistance when most
needed; but it has redeemed, whether al nome
or abroad. the entire debt ofhoth the revolution
and the late war, paid the purchase money Tor
Florida and Louisiana, and with the most scru
pulorIs sense Of moral as well as political obi
I,oip in
wants and atoned for many ofthe losses OF those,
who perilled life and fortune in the struggle Tor
Independence, in which our public debt had Its
sacred origin. Ii is an additional source OF gra-
tificatinn tina, this has been effected without i'm
posing heavy burthens on the People, or leaving
their rrea >ury empty, trade lan@ulShlng and
industry paralised; but, on the contrary, with al
most every great interest Of society hourlshing,
with taxes reduced, a surplus OF money on hand,
valuable stocks and extensive lands still owned
by the government, and with such various OH
er financial resources at command as TO give TO
our country in this respect very envlaoie supe-
riorty.
When tits considered, that this has been eff
fected by young and at first not very hume
rnuS people, within about half century, and
who during the same period, have provided
such other and ample means to sustain their
useful system of Government, and to build up
great and prosperous communities, We may
forCs of the financial ability OF free institutions,
aud ofthe high destinies in various respects, not
appropriately noticeable on this occasion, but
which may await our preservation of these in
situations IN their original vigor purity, and re-
publican simplicity.
From the views before taken of the probable
wants during the ensuing year for expenditures,
and Of the probable receipts to meet them, 1t has
been stated that on the lst January, 1896, twas
estimated that there will remain a surplus OF
available funds of about $500 $50. This re-
suit has been attained by considering the una
vailahle portion Of our funds then and now on
hand at The reduced sum of about 81, 10000,
instead OF 81, 400 900, as heretofore reported
But il may be desirable to Congress to know,
that there is prospect, during the ensuing year,
ofcollecting some further portion OF these funds.
This will be accomplished, It is anticipated by
the appointment OF some more active agents
bv new compromses-and by more rigorous
requirements in collections where property eX
lists. so as to reduce farther the whole amount
from $50 600 to 100000 and if this hope be re.
allied the above named available balance will
10 that extent be increased. minute analy-
sis and examination of these unavailable funds
have recently been completed, q will be submit
ted in the supplement report soon ODE laid before
Congress on the present mode of keeping and
disbnrsnu the pubIic revenue. But on the other
hand. enlarged somewhat as this balance may
happen to be from any causes, 1t should be re-
membered that on the 3lst day of December,
1895. another reduction OF 10 per cent. must, oy
the existing laws, be made from part OF the
present tariff, and if the surplus in the Treasu-
ry, by year from next January, should prove to
be increased to two millions, it could not, with
safety, be regarded as too great for meeting,
with reduced rate Of imposts on importa-
tations, the probable wants Of A. d. 1885, At
all events, such is the uncertainty on that sub
ject at this distance Of time, that though some
thing unusual in the latter part of A. ID. 1886
may in the way of final dividends on our por-
ton of the capital ofthe bank stock. be received;
yet is not now possible to foresee the contin-
gencies that may check either the present large
importations of merchandise or large sales of
land, and consequently reduce the revenue de-
rived from them, or that may require an increase
in our army or navy expenditures, arising from
those unfortunate collisions to which all ma
lions are liable, that feel disposed 10 sustain the
faith of treaties vindieate their public rights,
and protect, efficiently, their commerce and
citizens, No further reduction of the tariff, I'M
iii that already provided for at the close of the
ensuing year, would, therefore, seem to be pru-