Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-12-19

.e1he balance IN the Treasury on the
FIRST day Of January, 1887, was forty
Eve millions nine hundred and sixty
eight thousand FIVE hundred and twenty
three dollars. The receipts during
the present year from all sources, nclu-
ding the amount of Treasury notes is
sued, are estimated at twenty three
millions four hundred and ninety-nlne
thousand zine hundred and eighty-one
dollars, constituting an aggregate ofsix-
ty-nine millions four hundred and sixty
eight thousand five hundred and four
dollars. Of This amount about thirty
five millions two hundred and eighty
one thousand three hundred and sixty
one dollars will have been expended at
the end of the year on appropriations
made by Congress; and the residue,
amounting to thlrty-tour millions one
hundred and eighty seven 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 eighty-6ve thou
sand four hundred and ninety eight dol
lars is considered as imme diately avail
able for, and applicable to, public pur-
poses. Those portions of it which will
be for some time unavailable, consist
chiefly of sums deposited with the States
and due from the former deposite
banks. The details upon this subject
will be found in the annual 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 a half millions. 1t 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, de-
sired to prepare their estimates accOr-
dinghy, and | am happy to find chat they
have been able to graduate them on so
economical a scale. In the great and
often unexpected fluctuations to which
the revenue is subjected, it is not posi-
bic to compute recei pts beforehand
with great certainty; but should they
not differ essentially from present anti
cipations, and should the appropriations
not much exceed the estimates, no diff
Guilty seems likely to happen in defray-
my the current expenses with prompt
tnde and fidelity.
Notwithstanding the great embar>
easements which have recently occur
red in commercial affairs, and the hber-
al indulgence which, in consequence of
these embarraSsmentS, has been extern
ted to both the merchants and the
banks, it is gratifying to be able to an
ticipate that the Treasury notes, which
have been issued during the present
year, will be redeemed, and that the re-
sources of the Treasury, without any
resort to loans or increased taxes, will
prove ample for defraying all charges
imposed on it during 1888.
The report Of the Treasury will af-
ford you a more minute exposition of
all matters connected with the admins
tration of the finances during the cur
rent year; a period which, for the a.
mount Of public moneys disbursed and
deposited with the States, as we'll as
the financial difficulties encountered
and overcome, has few parallels in our
history.
Your attention was, at the last ses-
sion, invited to the necessity of addi-
tionaI legislative provisions in respect
to the collection, safe-keeping. and
transfer of the public money. No law
having been then matured, and not I'M
Outstanding the proceedings of Con-
gress as intended to be final, it becomes
my duty again to bring the subject to
your notice.
On that occasion three modes ofper-
forming this branch of the public service
were presented for consideration.
These were, the creation of q National
Bank; the revival, with notifications,
ofthe deposite system established BY
the act of the Odd of June, 1896, pei
hitting the use of the public monies by
the banks: and the discontinuance OF
the use of such institutions for the pur.
poses referred to, with suitable provis-
ions for their accomplishment through
the agency of public officers. Consld-
ering the opinions of both Houses Of
Congress on the two first propositions
as expressed in the negative, in which
entirely concur, it is unnecessary fol
me again to recur to them. In respect
to the last, you have had an opportuni.
ty, since, since your adjournment, moi
only to test still further the expedlency
of the measure, by the continued prac'
teal operation of such parts oft as are
now in force, but also discover-what
: should ever be sought for and regarded
IL IL .1Nvmock h.