Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-12-06


four cases of both descriptions out Of all those formal
y presented, and earnestly pressed have yet been
decided upon by the Msxcan government.
Not percelving in what manner any Of the powers
gwen TO the Executive alone could be farther usefuy
employed In bringing this unfortunate controversy 10
satisfactory termination, the subject was by my
predecessor referred to Congress as one calling for its
lntorposition In accordance with the clearly under
stood wishes of the Legislature, another and formal
demand tor satisfaction has been made upon the
Mexican government, with what success the docu-
ments now communicated will show On a careful
and deliberate examination ofheir contents and con
siderlng the spirit manifested by the Mexican Go
vernment, II has become my painful duly 10 return
the subject as it stands, to Congress, TO whom
y belongs, TO decide upon the time, the mode and
the measure of redress. Whatever may be your de-
cson, IL shall be faithfully executed confident that il
will be characterized by that moderation and Justice
which WILL trust, under all circumstances govern
the councils Of our country.
The balance in the Treasury on the first day Of
January, 1897, was forty Ave millions nine hundred
and slxty-eight thousand live hundred and twenty
three dollars The recePts during the present year
from all sources, including the amount of Treasury
notes issued are estimated at twenty three millions
four hundred and ninety nine thousand nine hundred
and eghty-one dollars constituting aggregate Of
slxty-nlne millions four hundred and sxty-eight
thousand five hundred and four dollars or this
amount, about thirty five Millions two hundred and
eighty thousand three hundred and sixty oneSdol-
lars will have been expended at the end of the year
on appropriations made by Congress, and the resi-
due, amounting thirty four millions one hundred
and eighty seveh thousand one hundred and
forty three dollars, will be the nominal balance
in the Treasury on the first of January next. But of
that sum, only one million eghty-fve thousand four
hundred and ninety eight dollars is considered as i'm
msdiately available for, and applicable to, public
purposes.
Those portions Oft which will be for some timeun-
available, consist chiefly of sums deposited with The
States, and due from the former deposte banks The
81.
report of the Secretary of the treasury The amount
OF Treasury notes, which it will be necessary to issue
during the year. on account of those funds being una
valuable, WILL it is supposed not exceed four and half
millions IL seemed proper, in the condition of the
country, to have the estimates on all subjects made
as low as practicable, without prejudice TO any great
public measures. The Departments were, therefore,
desired 10 prepare their estimates accordingly; and
I'm happy to find that they have been able TO graduate
hem on so economical scale. In the great and
)ften unexpected fluctuations to which the revenue is
abjected, is not possible to compute the receipts
with great certainty; but should they
lot differ essentially from present ancipaons and
should the appropriations not much exceed the est-
Mates no difficulty seems likely to happen in defray
ng the current expenses with prsmputude and
ideity.
Notwithstanding the great endorsements which
nave recently occurred in commercial affairs and the
LIBERAL indulgence which, inconscquence Of these EN-.
has been extended to both the merch-
ciPae that the Treasury notes, which have been issu-
ed during the present year, will be redeemed, and
that the resources the Treasury without any resort
to loans or incrcaed taxes will prove ample for defray
ing all charges imposed on IL during 1888
The Report Of the Secretary ef the Treasury will
afford you more minute exposition of oil mat
tiers connected with the administration of the
finances during the current year; period which,
for the amount of public moneys disbursed and de-
posted with the States, as well the financial diff
iculues encountered and overcome has few parallels
in our history.
Your attention was at the last session. invited to
the necessity of additional legislative provisions in re-
spect to the collection, safe Keeping and transfer of
The public money No law having been then ma
tured and not understanding the proceedings OF Con-
Rress as intended TO be final II becomes my duty again
to brRg the subject to your notice.
On that occasion, three modes OF performing this
branch Of the public presented for con-
These were the creation OF National
revival with notifications, of the dePosite
SYSTEM established by the act of the I'D OF June,
1886, permitting the use Of public moneys by the
banks-and the discontnuanceo Of the use OF such m
sttutions for the purposes referred TO, with suitable
provisions for their accomplishment through tho
agency OF public officers. Considering the opinions
Of both Houses Of Congress on the two first PROPOSE
tons as expressed in the negative, in which entire
" concur, IL is unnecessary for me again TO recur 10
hem. In respect TO the last you have had an opPor.
UNITY since your adjournment, not only TO test still
further the expediency Of the measure, by the con-
nued practical operation Of such parts oft
in force but also to discover-what should ever be
sought for and regarded with the utmost Difference
the eplnon and wishes OF the people.
The national will is the supreme law of the Repub-
lie and on all subjects within the limits Of his constr
tutional powers should be faithfully obeyed by the
public servant. Since the measure IN question was
10 your consideration, most Of you have
enioyed the advantage Of personal communication
with your constituents. For one State only has IN
election been held for the Federal Government; but
the early day at which il took place, deprivcs the
measure under consideration Of much OF the support
il might otherwise have derived from the result Lo-
cal elections for State officers, have however, been
held in several OF the States at which the expectancy
OF the plan proposed by the Executive has been more
or less discussed You will, am confident, yield 10
their results the respect due TO every expression Of the
public voice. Desiring however, TO arrive at truth
and Just view Of the subject In all It's Bearings, you
will AT the same time remember that questions of far
deeper and more immediate local interest, than the
fiscal plans Of the National Treasury were involved
i'm those elections.
Above all, we cannot overlook the striking fact,
that there were al the time in those States more than
one hundred and sixty millions Of bank capital OF
which large portions were subject TO actual forfeiture
other large portions upheld only by special and IL
mted legislative indulgence-and most OF II, If not
all 10 greater or less extent, dependent for CONT
nlance of ts corporate existence upon the will Of the
State Legislature be then chosen. Apprlscd of this
circumstance you will Judge, whether II IS not most
nrobabe that the peculiar condition Of that vast in
,erest in these respects the extent 10 which II has
been spread throsqh all the ramihcations Of society
thSp ell