Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1836-12-13

| secretary Ol the treasury, tDAl Inc IlnHnClhl
means of the country continue to keep pace
with IFS improvement in all other respects.
! The receipts into the treasury during the
present year will amount TO about S42 ,69I,-
| S9S-those from customs being estimated
at 500 ,523, l5l--those from lands at about
| Sl4, 100000 and the residue from mscel-
laneous sources. Tie expenditures for all
objects during the year are estimated not
to exceed $4,000, 600, which will leave a
balance in the treasury for public purposes,
on the first day of January next, of about
! SAL 1913, 959. This sum, with the except
ion of five millions, will be transferred TO
the several states, in accordance with the
provisions Of the act regulating the depos-
ties Of the public money.
The unexpendcd balances of appropria-
ton, on the first day OF Jan. next, are esti-
mated at 81 1886, 062, exceeding by So
99,072, the amount of which will te left
in the deposite banks, subject 10 the draft
Of the treasurer OF the u. S.. after the con-
templated transfers TO the several states are
made. If therefore the future receipts shod
not be sufficient TO meet these outstanding
and future approprio tons, there may soon
be necessity to use portion Of the funds
deposited with the states.
| The consequences apprehended when
the deposite act ofthe last session received
reluctant approval, have been measurably
realized. Tho an act merely for the dep
osite of the surplus moneys ofthe U. s. ID
the state treasures, for safe keeping, until
they may be wanted for the service of the
general government, il has been extensive
| ly spoken Of as an act TO give TIE money to
the states, and they have been advised TO
use il as gift, without regard to the means
Ui refunding il when called FOR. Such
| suggestion has doubtless been made with
out due consideration of the obligation of
the deposite act, and without a proper at
tention to the various principles and inter-
ests which are affected by it.
| II is manifest that the law itself cannot sanction
such suggestion, and that, as /, now stands, the
Slater have no mere authority to receive and use
these 6eposites without intending TO return them,
than any deposite bank, or any Individual charg-
ed with the safe keeping OF application OF the pub
| lie money, would now have for the converting the
same 10 their private use, without the consent and
| against the will Of the Government. But lndeptn-
IDENTIFY Of the violations Of public faith and moral
obligation which ar involved in this suggestion,
when examined in reference 10 the terms OF the
present deposit act, it is believed that the consider
atoms which shou Id govern the future legislation Of
Congress this subject, will be equally conclusive
against thu adoption Of any measure recognizing
| the principles on which the suggestion has been
made.
Considering the intimate connection Of tho sub
jec with the financial interests of the country, and
its great importance in whatever aspect it can be
viewed, have bestowed upon it the most anxious
reflection, and feel il be my duty TO state TO Com
gress such thoughts have occurred to me, to AID
t,,cr deliberalion in treating it in the manner best
calculated to conduce 10 he common good.
The experience Of other nations admonishod US 10
hasten The exiingushmcnt Of the public debt. But
il will be in vain that We have congratulated each
other upon the disappearance Of this evil, If we do
not guard against the equally great enc Of promotng
the unnecessary accumulation Of public revenue -
No political maxim is better established than that
which tells Us that an improyiden. expenditure Ct
money is the parent Of profgacy, and lhs. no pee
pile Gun hope 10 perpetuale their liberties who long
acquicsce in policy which taxes ;h'm for objects
not necessary to the legitimate and real wants Of
their Government. Flattering as is the condition
of country at the present period because Of is
unexampled advance in all the steps Of social and
po!ucai improvement, II cannot be disguised thai
there is a lurking iangef already apparent IN the
neglect Of this warning truth, and that the time has
arrived when the representatives Of the people
T should be employed in devi,ing some more aPpro-
prate remedy than now exists, TO avert IT,
A bare inspection, in the annexed table, Of the diff
p odueed BY the ra lie used in the deposit,
act compared with the results of distribution &C
cording to the ratio Of direct taxation must satisfy
every unprciudlced mind that the former ratio con
travenes the spiri: Of The constitution and produce
degree Of injustice in the operation oil The uoVern
meni which would be fatal to the hope Of perpetun
ting it. BY the ratio Of direct taxation, for example
the state Of Delaware, in the collection Of SSOOOO
600 Of revenue, would pay into The Treasury slSo
7l6: and in distribution oi SsoOOo,oOo she woul
receive back from the Government according to III
!, ratio of the dePosile bill, the sum oil s3o6,i22 an
= similar results would follow the comparison oetwee
y the small and the large States throughout the uH
. ion; thus realizing TO the small states an advanlag
: which would be doubtless as unacceptable to heI
e as motive for incorporating the principle IN an
system which would produce It, as 1t would be ineor
ssent with the rights and expectations Of the larg
10 states II wus certainly the intention OF that pre-
i vision Of the constitution which decares that "
VI duties posts and excises shall be uniform thru