The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-09-12

already mentioned. Seeing that the immediate
enforcement of these obligations would subject
large and highly respectable portion of our citizens
to great sacrifices, and believing that temporary
posponement could be made without detrement to
other interests, and with increased certainty of ul
innate payment, did not hesitate to comply with
the request that was made 10 me. The terms al
lowed are, to the full extent liberal as any that
are to be found in the practice of the Executive
Department 1t remains for Congress to decide
whether further postponement may not " it'll pro-
prety be allowed, and if SO, their legislation 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 indu gence; the probable re-
suit of its further extension on the state of the
Treasury, and every other fact necessary to Il full
consideration of the subject. Similar information
Is communicated in regard to such repositories of
the public moneys as are indebted to the Govern
ment, in order that Congress may adopt the proper
measures in regard to them.
The receipts and expenditures of the first half
OF the year land estimate of those for the residue,
will be laid before you by the Secretary of 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 dol
lars. 1t will be that the difference will be
much greater. This is to be attributed not only to
the occurrence ofgreaer pecuniary embarrassments
in the business OF the country than those which
were then predicted, and, consequently, greater
dminuton in the revenue but also to the fact that
the appropriations exceed 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 land the amount which
IL was intended should be reserved in the Ireasu-
ny at the commencement of the year, will be about
six millions. If the whole of the reserved balance
be not al once applied to the current expenditures,
but four millions still be kept in the Treasury, as
seems most expedient, for the of the MINT and
to meet contingencies, the sum needed will be ten
millions.
In making this estimate, the receipts are calcula-
ted on the supposon of some further extension of
the indulgence granted in the payment of bonds
for duties, which will effect the amount of the rev.
enue for the present yea to the extent of two and
half millions.
1t is not proposed TO procure the required amount
by loans increased taxation. There now in the
Treasury nine millions three hundred and sixty
seven thousand two hundred and fourteen dollars,
directed by the Of the Odd of June 1886, to be
deposited with the Statss in October next.
This sum- if so deposited, will be subject, under
the law, be recalled, il needed, defray existing
appropriations and it is now evident that the
whole, the principal part OF II, will be wanted
for that purpose, 1t appears most proper that the
deposites should be withheld. Until the amount
can be collected from the Banks, Treasury notes
may be temporarily issued, TO be gradually re-
deemed as it is received.
am aware that this course may be productive of
Inconvenience to many of the States. Relying up
The acts of Congress which held out TO them
the strong probability, if not the certainty, of re-
ceiving this instament they have in some insan-
ccs, adopted measures with which lis retention may
u.
should have occurred is mach to be regretted. Il
is not The least among the unfortunate results of the
disasters of the times nd it is for Congress TO
devise n fit remedy, if they be so. The money be-
ing Indispensable to the wants OF the Treasury, it
is difficult to conceive upon what principle of JUS
tice or expedienoy its application to that object can
be avoided.
To recall any portion of the sums already depos-
tied with the States, would be more announcement
and less efficient. TO burden the country with
increased taxation, when there Is in fact large
surplus revenue, would be uni ust and unwse; to
raise money by loans under such circumstances,
and thus 10 create national debt, would
scarcely be sanctioned by the American people.
The plan proposed will be adequate TO our fiscal
operation during the remainder OF the year Should
it be adopted, the treasury, aided by the ample
sources of the country, will be able to discharge,
punctually, every pecuniary obligation. For the
future, all that needed will be that caution and
of the revenue requires, and which tho complete
accomplishment or great forwardness of many
pensive national undertakings renders equally con-
sistent with prudence and patriotic liberalIty.
The preceding suggestions and recommendations
are submitted, In the belief that their adoption by
Congress will enable the Executive Department
TO conduct our fiscal concerns with success so far
as their management has been committed to it.
Whilst the objects and the means proposed to at
tain them are within its constitutional powers and
appropriate duties, they will at the same time it is
hoped, by their necessary operation, afford essen
tia aid in the transaction OF individual concerns,
and thus yield relief the people at large in form
adapted to the nature of our Government. Those
who look to the action of this Government for spe-
citic aid TO the citizens to relieve embarrassments
arising from losses by revulsons in commerce and
credit, loose sight Of the ends for which it was
created, and the powers with which it is clothed
1t established to g We security to us all, in our
lawful and honorable pursuits, under the lasting
safeguard OF republican institutions. 1t was not
intended TO confer special favors on individual, or
any classes of them; to create systems OF agr-
culture manufactures, trade; or to engage In
them, either separately or in connection with in-
dvdual citizens or organized associations. -
If his operations were to be directed for the BEN
eft OF any one class, equivalent favors must, IN
JUSTICE be extended to the rest; and the attempt to
bestow such favors with equal hand, even to
select those who should most deserve them, would
never be successful. All communities apt to
look to government for too much. Even in our
own country, where its powers and duties are SO
strictly limited, we prone to do so, especially at
periods of sudden embarrassment and distress.
But this ough. not to be. The trainers of our ex.
cellent Constitution, and the people who approved
il with calm and sagaclous deliberaton acted ut the