Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1836-02-25
Receipts more than expenditures, 26, l65, 600
Ded unavailable funds, 100000
Military appropriations, 7'595,OO0
$l7,S7O,OO0
S,G95,OOO

Sl|,C|O,OOOi
There WINS also s75O,OOO to be deducted
for an error discovered since the Treasury
statement was sent in. II to this be added
the z millions of Bank stock, supposing that
to come in this year, the aggregate surplus
would be about "a millions.
I He went into some further calculations to
show ihe causes OF the immense difference
between the amount calculated for the 4th
quarter of 1885 and that actually collected,
being difference of about SIX millions, which
he attributed partly TO the great sales OF the
public lands at private entry IN the months OF
November and December, and the increased
importations into New York in anticipation
of a war with France. He recommended
that we should now act Oh the maxim, that IN
peace nations should prepare tor war, and on
that ground we ought to make loeral appro-
pratlons for the public defence, and not suf-
fer tha, fund which ought to be so applied to
be distributed among the States. lie enlo-
gized the present Chief Magistrate as having,
IN the face of the most talented and active
opposition IN the history Of our Government,
sustained himself beyond all his predecessors,
with u single exception where there was no
opposition. in the confidence Of majority Of
the people.
1 NJ. Calhoun made reply, in which he ex-
pressed his apprehension, lest the last Mes
sage of The President, or the speech OF Mr.
Buchanan, in which he had charged the king
of France with violation oi his faith, should
reach France before the payment of the IN
demnity, in which event he could not tell
what might ensue. lie objected to that part
of the financial view of the Senator from New
| York, in which he deducted the outstanding
appropriations from the available revenue, as
sertinu that this amount was generally stand
ing over at the end of every year, and that
there was always enough OF the collections
of the coming year to pay them as they came
in. Taking out this item, it might be as
sumed that there was now thirty millions OF
surplus revenue. lie expressed astonlshment
at the great difference existing between the
| estimated and actual income OF The fourti
( quarter, and said that for several years he had
not seen a single Treasury Report which had
not errors in it. He avowed himself proud
to see the conversion which had taken place
among gentlemen on the other side, to the
policy of that system Of defence, Of which he
was the author twenty years ago, and which
he, for many years, had to sustain alone,
against the assaults Of these gentlemen, and
their friends. lie predicted now that in u
few wears the same gentlemen would admit
! To the ruinous effects of the removal Of the
| Deposits. On the first commercial revulsion,
or even in case of the division Of the surplus
revenue, all this new Banking system would
explode. Nothing would keep up the pet
banks, but the amount OF surplus revenue left
in their hands. A storm was thickenlng over
our heads, and the signs were too manifest to
be mistaken. He adverted to the violation of
pledges given by General Jackson, when be
obtained the assistance Of the South to elect
hinr attributed his triumphant administration
to his success in dividing the South, and de-
cared that no successor could attempt this
with like success. There was in the charac-
ter OF Gen. Jackson something TO attract pop,
uIsrity; he was bold, determined aud suda-
lcious, notwithstanding his violation Of his
pledges. But his nominee possessed no such
qualities. In him there was nothing Of the IL
on or Of the tiger, he belonged to the species