The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-05-26

tneni 81 al The duty bonds outstanding
~ the Uailed States. aud amounting 20
several millions Of dollars, b. poslpond 10
their collection. either belnTe or alter suit.
until The lime requested By the commit
| lee. .~... .a# 80
This will be very manifest from the
following data. The aggregate receipts
in,n the Treasury. dnnng The year 1897.
having been estimated in the last annual
report =, 81, O0O. 600, and the spprOpria-
ions asked for BY the respective Depart
menis. with tie usual anticipated eaniiT-
gent. having amounted 10 ah,ul 80. 900,
600, Il was then suggested thai Tins would
require the expenditure not only Of all The
estimated scemIug receipts, but nearly
three millions Of the iise reserved nn the
1t Of January, 1897. from distribution
among the States.
Congress. however. in the course Of
the session. appropriated not only those
three millions Of excess, but over FIVE
millions IN addition. making an aggregate
Of more than IhirIy-Iwo millions, and by
this means, charge was imposed an the
Treasury 10 the extent OF eight or nine
millions beyond the estimated receipts
during the year.
The expectation Of q recurrence Of an
extraordinary excess of revenue during
The present year, which may have been
contemplated BY some, and haze aarmed
the ground on whlrh so large appropria-
iiOas were made, Was never entertained
by this Department. Nor does sHy such
expectation, Judging from the receipts Of
the first quaIier aud the fret month IN the
second quarter of The present wear, seem
likely 10 be verified. On the eootrsTy,
assuming the hypothesis that a similar
amount It unexpended appropriations
wall remain al the close uf the present
year, a. did al the close Of The last,
(Ihnngh in ordinary times they are gene
rail-, reduced eight millions. aud should
they become 80, would increase The de-
ficlency u thai extent) the pusIPonemenl
Of the payment Of any considerable
amount oi bonds 20 tire lsl of January
Eext would make a deficiency in the
means of the Treasury highly probable.
To pos,pune the payment Of the many
millions, lalling due al all the ports of,he
United States. would render this JeiieIen.
cy inevitable.
| Comparing the present condition NJ the
country with f,rmsr period II similar
revulsiun in trade when IN 1919, from
causes somes hat analogous, the mercan-
tile interests we're exposed To pressure
80 very general aud severe. the Likelihood
seems equally strong ia favor " a rapid
redncnon ~ the revenue.
The foregoing remarks will explain
some nf the praclical difficulties To- be Ell
connisred IN meeting the wishes express
sed nv the COMMITTEE for the long post
ponrmenl af ihe pay meut ni duty binds.
whether granted before or after suit, and
whether in view of The consequences 10
the inetrnanss, or 10 the Treasury and The
pub &c. Bu, indulgence fnr thirty. sixty
AMI nrnPty days, moi extending heyOnj
the 1t II September, or about the time
foe arranging the pay men; u the last Va
slalmeut Of depasrles with the States.
could douh;irss b. granite! IN special ca
ses under the Customary tTms aud cir-
cumsisaces. as before explained. should
anv part,es desire ii. Bat what iurbear
anre tie situation of the Treasury may
Justify IN this respect al any Iuiure dav,
canaai now he lpresrea with much accu'
racv. The payment wIlhin So shnrt d
perlnd as nine months, Of such yasi
amour, Ia the States a. near thIrly-eigh
millious. and winch is mostly u be col
lec,ed through the Depaslte Banks. from
the mercantile porlinn ni the country. In
creases the pressure from other causes
on both the Banks and the community
aud creates prospect that The SeSenu'
ACQUIRING for the rest Of the year will mucl
decline. and will generally be, as ha'
, been the ease in April, less Than the cur
, rent expenditures. .-e...
Hence the amount in The Treasury a
this time being only about SIX millions
: more than IS required 10 be paid 10 tn
: States, the progress ol events may CON
{ pei recourse To such other measures a
, The existing laws authorize. for meeting
one of these great crisis, or fac,uaiion
E IN trade, by which, as well as by othe
: contingencies, our present sources Of re
venue, from intImaie dependence upo
, them. are so suddenly and largely inau
, enced. and for which il has been tn
: anxious wish ol this Department for wv
l years past, that Congress would effectua
: IL provide. @...
j How TAT the powers ofthe Departmer
e under the Opposite and other Acts az
= now adequate tn this end. need not
e be considered until a necessity to re
= sort 10 them shall become imperative
o But at all events il is manifest. that III
S present, as we'll as probably future, cot
i duinn of the Treasury, aust be 50 doub