Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-12-17

An spectacle is thus presented 10 the
world of Government not only virtually without any
debts aud witoutany but with about one
fourth OF it's whole annual expenses betrayed from sales
of lis own unncumbered, aud immense tracts of public
lands, and resort to indirect taxation necessary
except Tor the other rcc-iourths: and the proceeds
OF that indirect TAXATION though largely aud fire.
qucnty reduced yc, accommodating fast to require
further legislation 10 dispose of, invest consder
BILE surplus hand Wheeler this state of envable pros
pery be justly attributable to the form Of our Govern
ment-to the administration of tito the character of
our peoPcthe hyscal advantages of our country-or
to all combined, IT subject Of strong congraiula
ton, and exhibits very remur kabe phenomenon the
history of taxation and finance. Without dwelling on
the primary causes OF our fortunate condition. or dis.
cussng any secondary ones such the great demand
and reward in this country for either labor capital,
the more appropriate inquiry under these novel crcum
stances aud on an occasion like the present, seems
To be TO discover the udcious 10 pursue
using tins surplus, aud IN preventing or regulating
it's future accumulation The balance now ON hand,
or anticipated, does not differ so much in amount
from that at several prior periods, to require any
of employing il legally and bcnefically without
legislation. There three former years in
history, VIZ $50, 1910 and lSi7, when our balances
on hand, on the first OF January each year, were
spectively over -, 20, and Ia millions of dollars,
and in 1883, over III millions But these balances
either unavailable for time, or whenever productive,
were soon able to be applied in the discharge of the pub
lie debt and thus 10 prevent longer and larger
mutations, and to save interest In that way being re-
duced from time TO time, they at other period have
ever exceeded ten millions though four other
sIons they have accumulated beyond nine Millions
"
10 part with its discharge heavy burdens
imposed in former times; and in the present prosper
Gus state OF our finances 1t is respectfully submitted,
that, IN order to reduce the present surplus there
might be FIRST aud judicousy authorized for purposes
not enumerated in any of the estimates other beneficial
expenditures Tor objects clearly lawful and useful Not
considering IT the province of this Department in
nual report, To enter into minute details in relation
selection OF those Objects the would merely
advert to few prominent ones, about which
stuona difficulties intcpose; such the erection of
suitable and necessary buildings for the Of the
..I, .lf
feent States and the earlier of
works contemplated, and the rapid completion of
others already begun which essentially come c,ed
WIN the commerce, the navy or the frontier deiences
of the country.
Since the general estimates closed but appended
10 them IN note various additional
navy yards alone requiring the appropriation ohree and
half millions, have been specified and submitted by the
Navy Department. and Inch, in its opinion could be
now usefully undertaken If So many works of these
descriptions should be authorized or FASTENED by
Congress, were unquestionable in their utility and
character and likely to be sufficient to absorb the
present and anticipated surplus the Treasury
from ordinary sources, it is hoped that, long, addition
al receipts from stock in the Bank olhe u 5 wupld
probably be more than sufficient their compile
ton Buff the surplus from all should hereaf
ter from any cause appear likely become earlier
hausted, some OF those works could be suspended or
again. as heretofore, be less rapidly fastened. lift be not
deemed exPedent, in this any other manner,
appropriate all the present surplus this Department
thinks that the eligible concerning any pro-
oaoie residue after deducng all outstanding appropria
tons which may be made and enough TO render our 6s
cal system efficient, easy and prompt, would be, that
Congress retain such residue under its control and pro-
vide for its investment for short period provident
iuhu 10 be ready to meet any contingencies attending
Tue great reduction contemplated in hereaf-
Ter; or, in The mean tme 10 strengthen financial
position under the additional burden OF any large claims
now pending, which Congress may deem it just to allow
or at any future moment aid under those inevitable
ana great fluctuations in revenue and expenditure from
which no country is exempt and which human saga
city can wholly prevent For all such occurrences il is
often economical and especially in present prosper
obs condition. with surplus money hand is consistent
to lao
previously and we'll guarded Whatever demands on such
aund may occur before 1912 tits under our exist
ing laws as before planned that the from
must then, within few months, be reduced in the large
sum OF nearly six millions of dollars 1t further pro-
bable that our whole revenue from customs will by the
close OF that year, have fallen only nine millions and
from lands, QoT public uses) have risen not to much
above four millions of dollars both making but thirteen
million OF dollars instead of their present annual amount
OF over twenty For that great and sudden change il is
very desirable that the country should then
and proper Is sS Gp % fs
que new or increased taxation to defay the expenses
then necessary 1t may reasonably be expected tha the
Revolutionary pension list will by that time have chiefly
disaPPeaTed-the Indian titles have been mostly cxtin
gushedour necessary and mt public BUILDINGS
throughout the country mostly finished and fortifca
tons and navy, ifthe appropriations in the meantime be
LIBERAL Will have been placed in proper attitude meet
any hostile aggressons without the continuance of extra
ordinary appropriations. BY this system, evncing lust
aud iar-sighted beraly in grants objects clearly ma
onal ard necessary and pursuing of rgid eco
nomy and due Ietrenchment, where the great interests
OF the Union will permit, expenses though they
must, from our rapidly extending population, business
ana rontler increase IN same particulars nearly
responding ratio and may not, whole reduc-
ed exactly to the amount of revenue receved yet they
will il no unforeseen caames occur SO nearly approacb
it, that surplus of few millions, duly invested and re-
ained would doubtless obvate The necessity of resort
then after, to taxes ThenVestmcnt of this
other surplus not wanted could be till
wanted, IN any mode most agreeable to Congress- in
whom the whole power this subject resides and with
out whose express authority nothing be taken from
the Treasury tor any purpose whatever. But, may
not be deemed necessary expedent resort TO
any such investment explanation this time of the
different modes IN which it might be Accomplished with
the opinion OF the Department their peculiar merits
and demerits would perhaps be considered useless and
consequently only two general principles will now be
proposed, which respectfully suggested proper TO
have material bearing the whole subject First
that whatever mode may be adopted should conform
TO the spirit of the act of March, 1917 which has been
in successful operation since the SURPRISES became
key to be large and frequent and which required before
the Investment of them 10 purchase or exnruisbment
Of the public debt, that enough should be left in The
Treasury to meet all outstanding appropriations and two
millions more to secure facility and prompGnde in lis
various and distant operations. And, secondly that fol-
lowing the analogy Of the above act which Sc paraed
the investment of any surplus for pccunary profit en-
uTely from the management OF the public dcposites and
the duties Of Opposite Banks it should leave the bank
agents of the Treasury they and all It's other fiscal
agents, from the foundation OF the Government have
been lett wholly disconnected far practicable i'm
regard To their agencies with the dangerous relation of
borrowers from the Treasury reoanino and for nr
vate gain Should either of the above courses not be
deemed advisable, far to exhaust all the unnecessa
~ surplus hand the residue, If not large could be
gradually disposed of Ivy making further reduction
whenever just and safe the hereafter accru
ing from the customs.
To obtain the balance estimated to exist in the Trea