Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-09-21
WHOLE NO. 800.

To other interests, and with increased cey-
talnty of ultimate payment, did not hesitate
to comply with the request that was made 10
! me. The terms allowed are, to the foil ex-
tent, a. liberal as any that are 10 be found in
| the practice Of the Executive DspartDe Mt
II remains for Congress to decide whether .
, further postponcnent may not with propriety
be allowed, and, il So. their legislation upor
the subject is respectfully invited.
! The report Of the Secretary of the Trea-
I sury will exhIbi, the condition OF these debts;
the extent and effect of the present indul-
gence; the probable result of It's further ex-
tension on the state Of the Treasury, and
every other fact necessary to full considera-
ton OF the ubject.-Slmilar information is
communicated in regard TO such repositories
OF the public money as are indebted to tho
Government, in order that Congress may al
so adopt the proper measures III regard to
them
/ The receipts and expenditures for the first
half of the year. and an estimate of those tor
the residue. will be laid before you by the
Secretary of the Treasury. In his report Of
December last, II was estimated that the cur
rent receipts would tall shun of the expep-
ditures by about three millions of dollars. IL
will he seen that the difference will be much
greater. This is to be attributed not only to
the occurrence Of greater pecuniary embar-
easements in the business of The country than
those which were then predicted, and, conse-
qrently, greater diminution in the revenue,
but also to the fact, that the appropriations
exceeded by nearly six millions, the amount
which was asked for in the estimates then
submitted.
! The sum necessary for the service Of the
year beyond the probable receipts. and the
amount which it was intended should be re-
served in tha Treasury at the commencement
of the year, will be about six millions. 10 the
whole of the reserved balance be- not at once
applied to the current expenditures, bnt four
millions be still kept in the Treasury. az
seems most expedent for the uses of the
mint, and TO meet contingencies, the sum
needed will be ten millions.
In making this estimate, the receipts arc
calculated OH the suppositon of some further
extension of the indulgence granted in the
payment Of bonds for duties, which will az
feet the amount of the revenue for the pres
cnt year to the extent Of two and half mil
lions.
1t is not proposed to procure the required
amount by loans or increased taxation. There
are now in the Treasury nine millions threo
hundred and sixty seven thousand two hnn-
dred and fourteen dollars, directed by the act
VI tIlt SSu OI JHHf, lSs1D, 10 UG ucppeutu Will
tie States in October next
This sum, if so deposited. will be subject,
under the law, to be recalled, if needed to de-
fray existing appropriations and as ii is now
evident that the whole, or principal part Of
1t, will BE- wanted for that purpose, 1t appears
most proper that the depo,ites should be with
held. Until the amount can be collected from
the banks, treasury notes may be tcmporari-
ly issued, to be gradually redeemed as it il
received.
am aware that this course may be pro-
ductive Of Inconvenience to many Of the
States. Relying upon the acts Of Congress
which held out to them the strong probability,
if not the certainty, Of receiving this install
ment, they have in some instances, adopted
measures with which its retention may seri-
ously interfere. That such a condition OF
things should have occurred is much to be
regretted. 1t is not the least among the up-
fortunate results Of the disasters OF the times;
and it is for Congress to devise a ft remedy,
if there be so. The money being indispen-
sable TO the wants Of the Treasury, it is diff
cult to conceive upon what principle Of JUS
tice or expediency its application to that OBJ
ject can be avoided.
To recall any portions Of the sums already
deposited with the States, would be more in
and less efficient. To burden The
country with increased taxation, when there
is in fact large surplus revenue, would he
unjust aud unwise to raise moneys by loans
under such circumstances, and thus to- COM
mence new national debt, would scarcely
be sanctioned by the American people.
The plan proposed will be adequate TO all
our fiscal operations, during the remainder
Of the year. Should it be adopted, the Tres-
- l.l h,, NG In
country, will be able to discharge, ,punctualy,
every pecunary obligation. For the future,
oil that is needed will be that caution and
forbearance in appropriations which the dl-
minution Of the revenue requires, and which
the accomplishment or great forwardness OF
many expensive national undertakings rem
1crs equally consistent with prudence and
patriotic liberaty.
The preceding suggestions and recon-
are submitted, in the belief that
heir adoption by Congress will enable the
Executive Department to conduct our fiscal
oDcerns with success, so Far as their man
cement has been committed to IL. Whilst
he objects and the means proposed TO attain
hem are within Ns constitutional powers and
ppropriate dutics,they will at the same time,
is hoped, by their necessary operation, NJ
,rd essential aid in the trans action Of iDdi-
idual concerns, and thus yield relief to the
eople at largo in a form adapted TO the ma
nre of our Government Those who Iook TO
he action Of this Government for specific aid
, the citizens to relieve emborrassments
rising from losses by revulsions IN commerce.
nd cr cit. lose sight Of the ends for which II
,as created, and the powers with which II 10
lothed. II was established to give security
, VS. sll,ip our lawful and honorable pursuits,
ndcr tho lasting safeguard Of republican IN