Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-09-11

the full extent, as liberal as any that arc to be |
found in the practice of the Executive Depart |
ment. II remains Tor Congress TO decide wheth- |
or further postponement may not with propri- |
city be allowed, and, if So, their legislation up
on The subject is respectfully invited.
The report OF the Secretary OF the Trcasu-
ry will exhibit the condition OF these debts -
the extent and effect of the present indulgence
the probable result Of its former extension on
the state Of the treasury e. every other fact ne
cessary TO n full consideration ut the subject.
Similar Information is communicated in regard
TO such repositories of the public moneys as
are indebted 10 the Government, in order that
Congress may also adopt the proper measures
in regard 10 them.
The receipts and expenditures LOT the first
half of the year. and an estimate Of those for
the residue, will be laid before you by the See
rotary Of the Treasury. In his report of De-
ccmbcr last, il was estimated that the current
receipts would fall short Of the expenditures by
about three millions of dollars Ii will be seen
that the difference will be much greater. This
is 10 be attributed not only 10 the occurrence
| Of greater pccuniary cmbatrassmcnls in the
business Of the country than those which were
then predicted, and, consequently, greater dl-
mInution in the revenue, but also 10 the fact
that the appropriations exceeded by nearly six
millions, the amount which wac asked for in
the estimates then submitted. The sum ncces-
sary for the service Of the year beyond the
! probable receipts, and the amount which il was
! intended should be reserved in ho Treasury at
the commence ncnt Of the year, will be about
SIX millions. II the whole of the reserved bal
anco be not at ouce applied 10 the current cx-
! pCndiiurcs, but four millions he still kept in
the Treasury, as seems most cxpcdent, for the
uses Of the mint, and 10 meet contngencic les,
/ the sum needed will be ten millions.
| In making this estimate, the receipts arc cal
cuatcd on the suppOsitlon OF some luther cx-
tension of the indulgence granted in the pay
nent Of bonds for duties, which will effect the
amount Of the revenue for the present year TO
| the extent Of two and half millions.
| II is not proposed 10 procure the required a.
mount by loans oil increased taxation. There
are now in the Treasury nine millions three
hundred and sixty.seven thousand two hun
dred and fourteen dollars directed by the act of
the 23d of Juno, 1886, TO be deposited with
The States in October next. This sum, if so
deposited will be subject, under the law, 10 be
recalled, if needed, In defray existing appro-
priations and il is now evident that the
whole, or the principal part Of 1t, will be wan
ted for that purpose, 1t appears most proper
that The deposit should be withheld. Until the
amount can be collected from the banks, Trca-
sury notes may be temporarily issued, TO be
gradually redeemed az it is received.
am aware that this course may be prodnc-
tive OF Inconvenience 10 many Of the States.
Relying upon the acts Of Congress which held
out to them the strong probability, if not the
ceranty, Of receiving this instalmeDt, they
have in some instances adopted measures with
which its retention may seriously interfere
That such condition Of things should have
occurred is much TO be regretted. IT is not the
least among the unfortunate results Ul the dis
asters Of the times and it is for Congress to
devise fit remedy, if there be one. The mo-
ney being indispensable 10 the wants Of the
Treasury, it is difficult to conceive upon what
principle Of justice or cxpediency its appca-
ton 10 that object can be avoided To recall
any portions Of the sums already deposited
with the States would be more inconveneni
and less efficient. To burden the country
with increased taxation, when in fact u large
surplus revenue would I've unjust and unwisc
to ruise money by loans under such circum
stances, and thus 10 commence new naiiona
debt, would be sanctioned by the American
people.
The plan proposed will be adequate 10 al
our fiscal operations, during the remainder o.
the year. Should it be adopted, the Treasury
aided by the ample resources OF the country
will be able to discharge punclualIy, every pc
cunlary obligation. For the future, all that il
needed will be that caution and iefbearance If
appropriations which the diminuion of The rev
enue requires, and which the complete accom-
pshment or great forwardness of many expen
sive national undertakings renders equally con
sistcnt with prudence aud patriotic liberal
ty.
The preceding suggestions and recommend
atoms are submitted, in the belief that their
doption by Congress will enable the Exccutv,
Department 10 conduct our fiscal concern witt
success, so far as their management has beer
committed 10 it, Whilst the objects and ih
means proposed to attain them are within il
constitutional powers and appropriate duties
they will at the same time, it is hoped, by thei
l necessary operation, afford essential aid in tn
{, transaction Of individual concerns, and thu
yield relief 10 the people at large in form a
dapted TO the nature OF our government. Thos
who look 10 the action Of this government 70
specific aid to the cliizcn 10 relieve cmbarrass
u ments arising from losses by revulsions in com
merce and credit, lose sight Of the ends 70
o which it was created, & the powers with whic
: il is clothed. II was established to give secu
s rty TO us all, in lawful and honorable pursuits
under the lasting safeguard Of our republican insu
G tons 1t was not intended to confer special favor
d on Individuals any classes of the n; to Great
Il systems of agriculture, manufactures trades
, engage in them either separately or in connecto
J. with individual citZen organized assoca tons
If its operations were to be directed for the benef
Of any class, equivalent favors must, in justice
:, be extended TO the rest; and the attempt to besto
/. such favors with an equal hand, or even TO seec
those who should most deserve them, would nevt
l. be successful. All communities apt to look
u government for too much. Even in own counir
where its powers and duties strictly limite
% we are prone dc so,especialy at ofsudde
u embarrassment and dist But this ought not
e to be. The trainers of our excellent Constitution
e and the people who approved it with calm and sagS
cous deliberaion, acted at the time, a soundt
- principle. They wisely judged that the less go'
W eminent nterees with private pursuits, the bette
Is for the general prosperity, 1t is not lis egitima
s object TO make men rich or ia renair nv dir