Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-09-21


ly respectable portion of our citizens to
great sacrifices, and believing that a
temporary postponement could be made
without detrimept TO other interests, and
with increased certainty Of Ultimate pay
ment, did not hesitate to comply with
the request t;.at was made Of me. The
terms allowed, are to the full extent, as
liberal as any thatare to be found in the
practice of the Executive Department.
1t remains for Congress to decide wheth-
er further postponement may not with
propriety be allowed, and i so thsir leg
lslation upon the subject is respectfully
invited.
The report Of the Secretary of the
Treasury will exhibit the condition Of
these debts; the extent and effect of the
present indulgence; the probable result
OF Its further extension on the state of the
Treasury, and every other fact necessa-
ry to a full consideration of the subject.
Similar information is communicated in
regard to such repositories of the public
moneys as are indebted to the government,
in order that Congress may also adopt
the proper measures in regard to them.
The receipts and expenditures for the
first half of the year, AVID an estimate of
those for the residue, will be laid before
you by the Secretary or the Treasury.
In his report of December last, it was
estimated that the current receipts would
fall short Of the expenditures by about
three millions of dollars. 1t will be seen
that the difference will be much greater.
This is to be attributed not only to the
occurrence Of greater pecuniary embar-
rassments in the business of the country
than thoee which were then predicted,
and consequently 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
amounts which it was intended should be
reserved in the Treasury at the COM
mencement of the year, VII be about six
millions. If the whole Of the reserved
balance be not at once applied to the cur
rent expenditures, but four millions be
still kept in the. Treasury, as.seens most
expedlent, for the uses OF the mint, and
to meet contingencies, the sum needed
will be ten millions.
In making this estimate, the receipts
are calculated on the supposition Of some
further extension of the indulgence gran
ted in the payment Of bonds for duties,
which will affect the amount Of the reye-
nue. for the present year to the extent Of
two and half millions.
1t is not proposed to procure the re.
quired amount by loans or increased tax
alton. There are now in the Treasury
nine millions three hundred and sixty
seven thousand two hundred and fourteen
dollars, directed by the act of the 23d
June, 1886, to be deposited with the states
in October next. This sum, if so depos-
tied, will be subject, under the law, to be
recalled, if needed, 10 defray existing
appropriations: and as it is now evident
that the whole, or the principal part of it
will be wanted for that purpose, it ap~
pears most proper that the deposite should
be withheld. Until the amount can be
collected from the banks, Treasury notes
may be temporarily issued, to be gradual
ly redeemed as it is received.
am aware that this course must be
productive 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 instalment, they have in
some instances adopted measures with
which its retention may seriously inter-
fere. That such condition OF thiEgs
should have occurred is much to be re-
GREETED. 1t is not the least among the
unfortunate results Of the disasters Of the
times: and it is for Congress to devise a
fit remedy, if there be ono. The money
being indispensable TO the wants of the
Treasury, it is difficult TO conceive upon
what principle of justice or expediency its
application to that object can be avoided.
To recall any portions of the sums al.
ready deposited with the States, would
be more inconvenient and less efficient.-4-
To burden the country with increased
taxation, when there is in fact large
surplus revenue, would be unjust and un-
wise; to raise moneys by loans under
such circumstances, and thus to COM
.mence new national debt, would scarce
ly be sanctioned by the American peo-
pie.
The plan proposed will be adequate to
all our fiscal operations, during the re-
mainder of the year. Should it be a.
dopted, the Treasury, aided by the ample
resources of the country, will be able to
discharge punctually every pecuniary OBJ
legation. For the future, all that is need
ed will be that caution and forbearance in
appropriations which the diminution of
the revenue requires, and which the
complete accomplishment or great for.
wardness Of many expensive nation
al undertakings renders equally consis-