Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-09-18

ny thing in the Mint or the Treasury for future
uses, or-to meet contingencies.
In order, therefore, 10 discharge that excess,
and retain, Of the money reserved on the LET of
Jannary, one million, which is the smallest
sum deemed proper, under the acts of Com
gross Tor The efficient operations Of the Mint,
and at least three or four millions more, 10 an
swor sudden and contingent calls-ihero will
probably be a necessity 10 resort TO the depos-
lies now with the States, and to the instruments
destined for them 10 October, or to some other
resource, for sum equal TO SI0000,000 BY !
report Of the Treasurer Of tho 30lh ultimo,
it appears that the balance in the Treasury, in
GLIDING what was in the custody Of banks, the
Mint, and collecting officers, was then Sl4,-
$685. that the amount Of this, subject to
immediate draft, was only Ss, 02S,072; but !
the whole balance in the Treasury including |
all which had been deposited with the States, |
and ordered to be, though only a small part OF
the amount is subject TO immediate draft, was |
S4l, 1881. Deduct all which has been, and
was designed 10 be, deposited with the States,
and there would be no balance left on hand
subject 10 draft, though including every thing
IN The Mint and in the possession Of receivers
and collectors, which is applicable 10 general
purposes.
Hence it is probable, that besides the def.
cheney for the expenditures Of the year, no suf-
ficlent means Of any kind will exist on the first
Of October next, after delraying the interven.
| ing expenses, to complete the nstalments Of
| deposltes then payable, unless large part Of
the bonds Tor duties postponed to that day, and
| amounting TO near 81, ZOO, 900, and the million
and half then due on the first bond from the
United States bank, shall be punctually paid,
| or, in the mean time, some provision on this
subject made by Congress.
The money standing TO the special credit Of
| the Post-ofHce Department and the Patent OF
! flee, as well as various trusts, is not included
! in the above exhibit, for reasons explained in
| the last annual report. Outstanding and I'M
| expended appropriations at the end Of the year
will, in this view OF our financial condition, be
still left charged on the Treasury, amounting
TO about 200, 900.
This does not differ much from their amount
at the close Of the last year. Whether the ap.
preparations unexpended on the first of Janu-
airy, 1888, prove, therefore, TO be one OF two
millions larger or smaller then is now antici-
pated, ii must be manifest, from all the above
data, that come new legislation is indispensa-
BILE 10 complete satisfactorily the service of the
year, and leave q suitable amount in the Mint
and the treasury.
Indeed before submitting the last annual re-
port the indications Of decrease in the re-
ceps, and Of an approaching revulsion in our
commercial prosperity, appeared so strong 10
the undersigned, that he felt compelled, with
reluctance and regret, because differing so
much from the views of many others, TO estl-
mate the accruing receipts for the year at only
S24 600, eco.
AS the appropriations asked for were about
S27, 00U, 600, il was then suggested thatthe &C.
currence Of deficiency was probable. When
those appropriations became in fact enlarged
by Congress TO more than S32 900 900, it rem
dered deficiency inevitable, 10 the extent now
anticipated, unless the receipts should happier
greatly 10 exceed the estimates.
H. Recommends that the payment of bond
for duties be extended fjr months after DC
tobcr next.
III. Declares that the fourth instalment mus
c be withheld or postponed for some time L
come and recommends that il be withheld
from the states and applied to the expenses q
the government.
w. Considers the difficulties of paying III
appropriations the greatest, the alpha an
i omega, of which is, lhe-want Of funds. II
!, proposes the issuing oe treasury notes, fir
without interest--and if this does not succet
|. WE'LL TO issue notes drawing interest; an
/ these to be redeemed as fast as the governmel
j. obtains specie for the purpose.
: V. There are only six banks paying speci
y and selected as repositories of funds in pla,
7, of other banks, the revenue has been deposi
>, ed in the Mint and with the collectors Of Il
e. revenue. The Secretary proposes twoschcm
rs for the collection and disbursement of the re
~ cnue: the first is an enlargement of the sy
IN TEN adopted since the suspension ofthe bank
that is, to make the officers of the Mint, Il
&c collectors of the revenue, and the postmastc
90 all to act as receivers, repositories, and d
he bursers of the revenue; and the second Isl
I'm arrange new system of commissioners,
nv receivers general, 10 gather the collections
~. central points and keep and dsburse the re
in. cnue. The Secretary argues that thi, scher
I'm is preferable to the pet bank scheme, and Ii
~ it gives less power to the Executive; it
word, the doctrines of the message are rept
of ted, almost word for word.
on vi. The Secretary calls for some provisi
for settling with the pet banks, which now
Isl indebted to the government more than tive
81 millions Of dollars. Such measures are dts
,OO ed as will hasten resumption of specie pt
md ments.
AT; VII. Specie is required for the revenue.
re' VIII. The over production Of cotton, O.
ted trading and overbanking are alledsed to be
me principal causes Of distress.
led From the N. Y. Daily Express.