The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-19
in anticipation Of the means Of the Treasury,
which are abundant and ample.

in anticipation Of the means Of the Treasury,
which are abundant and ample.
Not only did the Chairman OF the Commit
tee differ most widely with himself; but his
distinguished new aliy and new friend, differs
widely from him Really, we live in times
which bring forth geniuses Of the most erqui-
site order TO instruct US in the science Of
finance Those distinguished gentlemen of
whom we have just spoken are gifted with
financial accumen, almost as transcendent as
the Secretary Of the Treasury, who has erred
in every annual report he has laid before Con-
gress for its guide, from five, to nearly thirty
million dollars, sometimes one way and some
times the other
" Truth is mighty and wiH prevail" was,
we have understood, favorite maxim with
General Jackson. II will be verified in this
case To the confusion and shame of those
who have studied to conceal it, the truth will
have to be spoken next December. Most
fortunate viii it be for some, if facts do not
expose the truth, even before the close of the
present session of Congress.
Let us show the disreputable condition in
whichthe public Treasury is now placed, even
with the relief granted that has been asked
for
The Treasury might have been compared
to a. ship with swept hold, completely clean
II rrkn l;,,.t 10 xx,h;,h
notes can be issued, under the new act under
any circumstances, at any ono time, is ten
millions. The Secretary Of the Treasury
stated in his report made to the President and
by him communicated to Congress, that five
and half millions Of those issued under the
former act had been returned The new act
then provides the Treasury with immediate
means to that extent, by issuing new notes in
their place, and no more. How long will that
last, with the enormous claims that have been
held back and suspended over the Treasury,
and which will now pour in upon it and must
be paid 2 Not long, we apprehend. When
that amount has become exhausted, what will
be the means of the Treasury! Exactly the
amount Of money that may be paid in the
mean time, be it much or little; if it be in
cash. good--if in Treasury notes, new notes
to that amount can only be re-issued in their
place.
If all the demands upon the Treasury De-
partment are promptly settled and paid, it
would not surprise us, to see it applying to
Congress for further aid before the close of
the present session.
But whether the money shall be paid in
cash or Treasury notes, we are clearly OF
opinion that, the revenue of the year will fall
so far short Of the lowest estimates made by
any Of those connected with the. finances Of
the country, that Congress will have to be
convened before the usual period, to provide
means for an exhausted Treasury. Should,
however, that event not occur, we confidently
predict, that the lst day Of January. 1889,
will find the Treasury exhausted entirely,
with heavy amount Of claims suspended
over it, waiting for appropriations to meet
them, and a debt Of ten millions Of Treasury
notes thrown into the year 1889, the payment
Of which must be provided for, in addition to
deficiency in the revenue to meet the appro-
priations Of that year.