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

iourth oi us "ho had and immense tracts Of public
lands and no resort to even indirect taHa''on 5J
rxce,t for the other tlirre-tour'hs' anu t,e c.
- Tint indirect taxation, though largely anu nc
rsn,v reduced, yet accumuatng SO last Us 10 rcquie
rthcr LEGISLATION dispose OF, or invest consioeid
lilo suros On hand Whether this state OF envlaole pros
nertv be Justly attributable to the form OF our Govern
ncnf-to tn. administration oil Ito the character Vi
our peope-lhe physical advantages OF our countryIof
to all combined, it is subject Ut strong cohgfa.
tiou and exhibits very remarkable phenomenon Ill e
history of taxation and finance thout dwelling on
the primary of our fortunate conoHo'' oi US
cussng any secondary ones: such as the great
and reward in this country tor el'her auoa :" crpn
the appropriate inquiry, under liiese hoVel
Stances and on occasion like the present. seems
TO be to discover the most udcicus course TO pursue IN
using this surplus and in preventing Or sssui han
or anticipated, does not differ so much In amount
from that at several prior Periods as to require any
extraordinary steps, il the available MODE existed,
of emplayinm it legally and beneiicaliy without ne"
devastation There were three former years in our
history viz: 1SlJ 1916, and lSlI, when our balances
on hand on the first of January each year, were re-
spcctively over b. y. and II millions OF uoilars,
and in 1888 over IL millions But these balances were
either unavailable for time or whenever productive,
were soon able be applied in The discharge OF the pub
lie debt and thus to prevent longer ana larger accu-
mutations and to Interest In That way pcihS ie-
duced from time to Tins" they at no other period have
evpr rycrc,rd ten millions thong on four other occa-
sons they have accumulated beyond nine millions
Pu happilv for the country, it is longer compelled
| fn
imrosed in former times; and in the present prosper
Gus state of our finances, 1t Is respectfully submitted,
that i'm order 10 reduce the present surplus, tcie
might be first and udciousy authorized, tor purposes
mol enumerated in any of the estimates other beneIcal
expenditures ir objects clearly lawful and useful Not
considernn the province OF this Department. IN all an
nual report to into minute details IN relation TO 'e
selection Of those Objects the undersigned would merely
advert TO a few prominent ones, about which no con
sutional difficulties ncrposc; such as the erection OF
suitable and necessary buildings for the use OF the
General Government whether III this city or The dill
crent States and the earlier commencement OF Important
works contemplated, and the rapid completion OF
others already begun, which essentially connected
with the commerce, the navy, or the frontier deences
| OF the country.
Since the general estimates closed bat appended
to them in note various additional improvements at the
yards alone requiring the appropriation oil Three ana
half millions, have been specified and submitted by the
Navy Department, and which, III lis opinion, could be
now usetuv undertaken. If so, many works OF these
descriptions should now be authorized, or fastened by
Congress, unqursonuble in their utility and
character, and likely to be sufficient to absorb the
present and anticipated surplus OF revenue IN the reSury
from ordinary sources, it Is hoped that ere long aanto
al receipts from stock in the Bank OF the u ,"ouiu
probably be than sufficient to ensure their compile
ton But the surplus from all sources Should hcrcal-
ter from any cauSp appear likely to become carrier eX-
haustrd of those works could be suspended, or
again. heretofore be less rapidly fastened be not
deemed expedent, in this any other MANNER now to
appropriate all the present surplus, this Department
bable residue after deductng all outstanding appropra-
tons which may be made, and enough TO render our lis
Cal system efficient, easy and prompt would DC, that
Congress retain such residue under It's CONTROL anu pro-
vide for It's investment Tor short period as prCvdrnt
fund, TO be ready TO lcrt any contingencies attending
the great reduction contemplated i'll our revenue hrrcai
ter; Or in the time, to strengthen our financial
position under the additional burden OF any large ais
now pending, which Congress may deem just to allow,
or at any future moment TO aid under those inevitable
and great fluctuations in revenue and expenditure from
which no country Is exempt, and when no human Saga
city wholly prevent For all such occurrences IL IS
often economical and especially in present prosper
condition. with surplus money on hand 1t Is consistent
with wise foresight and sound political prudence 10 DC
previously and we'll guarded. Whatever demands OH such
fund may before 1912 iscertain, under our exist
ing laws before explained that the revenue from customs
must hcn within few months be reduced in the large
sum Of nearly six millions of dollars. 1t is further pro-
babe that whole revenue from customs WILL by the
close Of that year have fallen only nine millions and
from lands, (or public uScs have risen not to much
above four millions Of dollars, both making but thirteen
million Of dollars instead Of their present annual amount
Of twenty For that great and sudden change II Is
very desirable that the country should then lie prepared
By diminished expenditure and proper surplus On
hand to any probable deficiency, So as not TO re-
quire increased taxation to dciray The expenses
then necessary II may reasonably be expected that The
Revolutionary pension list vii! by that time have chiefly
dsappcarcd-the Indian titles have been mostly eXll-
gusedour necessary and Convenient public buildings
throug hou the country mostly finished, and ioruhca-
tons and navy, ifhc appropriations in the nrannc be
LIBERAL will have been placed in proper attitude to meet
hostile agGrcsSlonS Without the continuance or extra
ordinary appropriations. 81 this system, cvlnclng just
and tar-sghted beray in grants to objects clearly ma
tona and necessary, and purSung course OF rlsa eco
nomy and due lctrrchurnt. where the great interests
Of the Union will permit, cur expenses, though uley
must. from rapidly extending population, business,
and frontier increase in particulars, Ill nearly cor
responding ratio and may not whole, Become rcdUc
ed exactly the Of revenue received yet they
will il unforeseen calanilits occur so nearly approach
fnlt pSlpInn rr
ainrd wou doubtless obvialc the necessity OF resort
then or after TO taxes l he Investment OF lS
orany other surplus notsoon wanted c"uld DC W
wantcd in mode most agreeable To congress, IN
r,In the whole power this stub cct resides, and with
nt whose express authority nothing can be taken from
the Treasury Ter any purpose whatever But, las thay
not be deemed necessary or cXrdent soon 10 resort 10
any such investment explanation at this time "t the
different modes in which it might be accotnpisIc' with
the opinion OF the Department on their peculiar ncTlts
and dcmcrits would perhaps bG considered useless ana
consequently only Two general principles Will now be
proposed which respectfully suggested as proper 10
have material bearing on The whole SUBJECT f!rst
that whatever mode may be adopted IL should conform
TO the spirit Of the act oil March, 1871, which has been
in successful operation since the surpluses became
likely to be arc and frequent and which reqned before
the investment of them III purchase or cHtnEuiShWeht
of the public debt, that enough should be lett IN the
Treasury TO meet all outstanding appropriations and two
millions facility and pr"mpiilude III It's
various and distant operations And, secondly, that, toll
lowing the analogy OF the above act, which separated
Inc investment vi any surplus ioI FtCui'".y Pi"H ~"
rely from the management OF the public dcpositcs and
the duties of Dcpose Banks it should leave the bank
agents of the Treasury they and all its other fiscal
AGENTS from the foundation OF the Government have
been left wholly disconnected far practicable, in
regard to their agencies with the dangerous relation Of
borrowers from the Treasury for rcoaning and for p
vae gain Should either o" the above courses not be
deemed advisable so far to exhaust all the unneCcssa
~ surplus on hand the residue if not large could be
gradually disposed Of by making further reduction,
Whenever just and safe, i'll the revenue hereafter accru
ing from the customs.
To obtain the balance estimated to exist in the Trea
snr, NJ The end Of lS3G the SUN Of fifteen millions is