Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1837-09-16

VI ouSti tiOuoulVo vi ACtOktA 80 tiAS f>-~~r
lie good demands. All that can right
fully be done by the Federal Govern
ment to promote the accomplishment OF
that important object, will, without doubt
be performed. i
In the mean time, it is our duty to
provide all the remedies against de-
preciated paper currency which the con-
stitution enables us to afford. The
Treasury department, on several former
occasions, has suggested the propriety
and Importance of a uniform law con-
corning bankruptcies of corporations,
and others. -as.-
Through theinstrumentality Of such a
law, asalutary check doubtless may be
imposed on issue of paper money; and
an effectual remedy given to the citizen
in way at once equal in all parts ofthe
Union, and fully authorized by the Con-
stitution.
The indulgence granted by Executive
authority in the payment Of bonds for du-
ties has been already mentioned. See
ing that the immediate enforcement of
these obligations would subject large
and highly respectable portion ofcitizens
to great sacrifice, and believing that
temporary postponement could be made
without detriment to other interests, and
with increased certainty of ultimate pay
ment, did not hesitate to comply with
the request that was made of me. The
terms allowed are, to the full extent, as
liberal as any that are to be found in the
practice Of the Executive Department.
1t remains for Congress to decide whe-
ther a further postponement may not
with proprety be allowed, and if SO,
their legislation upon the subject is res
pectfully invited.
The report Of the secretary of the
Treasury will exhibit the condition of
these debts, the extent and effect Of the
present indulgence; the possible result
OF its farther extension on the state of
the Treasury and every other fact neces-
sary TO full consideration of the sub.
Iject. Similar information is communi-
Gated in regard to such repositories of
the public monies as are indebted to
tho Governmen, in order that Congress
may adopt tho proper measures in re-
gard to them.
The receipts and expenditures for
the first half ofthe year and an estimate
of these for the residue, will be laid be-
fore you by the secretary of the Treas
ury. In his report of December last, it
was estimated that the current receipts
would tall short of the expenditures by
about three millions of dollars. 1t will
be seen thai the difference will be much
greater. This is to be attributed not on
ly to the occurrence of greater pecunia-
ry embarrassments in the business of
the country than those which were pre-
dicted, and consequently, greater dim
unition in the revenue, but also to the fact
that the appropriations exceeded, by
nearly six millions the amount which
was asked for in estimates then sub
mitted. The sum necessary for the
service of the year beyond the probable
receipts, and the amount which was in
tended to be- reserved in, the Treasury
at the commencement of the year, will
be about six millions. If the whole of
the reserved balance be not at once ap-
piled to the current expenditures, but
four millions be kept in the Treasury,
as seems most expedient, for the use Of
the mint, and to meet contingencies, the
sum needed will be ten millions.
In making the estimate, the receipts
are calculated on the supposition Of
some farther extension of the indulgence
granted in the payment of bonds for du-
ties, which will affect the amount Of
OF the revenue for the present year to
the extent of two and half millions
1t is not proposed to procure the re-
quired amount, by loans or increased
taxation. There are now in the Treas
ury nine millions three hundred and
sixty seven thousand two hundred dol
lars, directed by the 90 Of June, 1886,
to be deposited with the states in Octo-
Der next. The sum if SO deposited,
will be subject under the law to be recall
ed, if needed, to defray existing appro-
priations; and as is now evident that
the whole or the principal part of it will
be wanted for that purpose, it appears
most proper that the deposits should be
withheld. Until the amount can be COL
lected from the banks, Treasury notes
may be temporarily, issued to be gradu-
ally redeemed as it is received.
| | am aware that this course may be
productive of inconvenience to m any
states. Relying upon the acts of Con-
gress which held out to them strong
! probabiltyyif not the certainty of re-
ceiving this installment, they have in