The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-03
CONDITION OF THE NATIONAL
FINANCES.

PROBABLE NECESSITY OF RESORT TO LOANS on TAXES
INTERESTS or THE SOUTH,
The startling exposition Of the prospective
condition of the national Treasury, made in
our last paper by our able correspondent
Va!erius Publius," viii arrest the gravest
attention, and merit the serious contemplation
Of all interested in the present and future well
fare of the country. That this nation, with
all its exhaustless resources, and revenue
but recently so redundant, as to require the
distribution Of a large surplus among the
States, should become bankrupt in time Of
profound peace, and obliged to resort to
LOAN or a TAX to supply the current expenses
Of its Government, must be, indeed, matter
| Of amazement even 10 the wsest economist.
The occasion ola war with powerful foreign
nation, and the extraordinary emergencies of
1919 and 20, before, brought this irksome
necessity upon us but its recurrence from the
causes which operate on the present occasion,
is an anomaly in the history Of this Govern
ment. And it is an anomaly calculated to
arouse the Indignation Of sagacious people,
and to excite the curiosity, if not to draw down
the ridicule, ofthe world.
1t has been conclusivcly shown, that the
public Treasury will be deficient in means in
the current year at least FIFTEEN MILLIONS
OF DOLLARS! and probably TWENTY MIL
EIoNs
The calculations made at the Treasury
Department, founded as they are, upon under
estimates of expenditures, and over estimates
Of receipts, and upon the mistaken supposition
Of high degree of commercial prosperity,
and the hope of peace in the south and quiet
in the north, have probably misled many into
false security in regard to our actual condi-
ton. Although we understood Mr.. Cambre-
leng to say, in debate, on Thursday, that the
estimates taken from the Department had in
volved him in more embarrassment than he
ever expected to be extricated from, yet we do
not intend TO impute design upon any officer
to mislead the public mind, or to charge any
with Intentionally concealing the real plans
that are impatienly struggling for predomi-
1
ing the public funds from the purposes Of pri-
vate speculation.
The case is presented Of Government, it.
self on the verge Of bankruptcy, pressing upon
the National Legislature a BANKRUPT LAW,
to close up the concerns of those State insti-
tutions that had irresistibly fallen victims to
the general calamity Of suspension Q! specie
payments--a measure which would have
struck dead every interest and palsied every
energy of the country.
The case is presented of Government in
direct war with the very sources OF It's re-
venue; aiming to destroy the very arm that
upholds it. To divert attention from the
real cause OF our difficulties, the merchant Is
charged with the responsibility south is
told that its planters grow too much cotton,
and the north, that it does too much business.
Amid these various attempts to conceal the
real cause of the mischief, and to shift the
responsibility, the country is agtated from
one end to the other, the sources of wealth
are rulhlessly assaied and the most diaboIical
means are resorted to in order to prejudice and
overthrow the credit system of the country
and plot is going forward to wrest the pub
lie revenue from the control Of Congress, and
to concentrate the whole political and money
power of this nation in the hands of the fede-
raj government
But do the people know that while the go
vernment is making war upon the banks and
the credit system that it is at this moment de-
pending on It's own credit to carry on its cur
rent operations That it is arraying public
credit against private credit in open and dead
ly hostility That the Sub-treasury partisans
are involving the country, step by step, deeper
and deeper in difficulty and disaster!
We are informed, and believe that, in sixty
days the amount Of Treasury notes, author
lied by Congress to be issued, will be entire
ly exhausted, and the wheels of the govern
ment brought to an absolute stop, unless some
new and sudden means be discovered to re-
plenish the Treasury.
Shall Congress again resort to tho issue Of
Treasury notesl Will the Republican party
again consent TO authorize TREASURY PAPER