The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-07-14

Nation the debtor to the Indians, pay the in
terest on il to them, and thereby found debt!
We have, again and again, expressed our
self as to our belief Of the utter incomPeteney
Of the present head of the financial depart
ment Of the Government, to conduct its affairs.
When in his report to Congress, in Dec. last,
we saw his remark that 81 now appears pro-
bable, that during the next year, means VIII
be possessed without any permanent loans'
recall Of former deposites, or increase Of
taxes, sufficient to redeem, seasonably, the
Treasury notes that become payable, as well
as to meet the ordinary appropriations !" and
after examining his estimates Of receipts and
expenditures, we were satisfied ne was mop
ing in the dark, and was altogether ignorant
of the subject on which he was treating, or Of
the state Of the affairs Of the department over
which he presides. We then said, and have
repeatedly announced il since, that, even nd
hitting the appropriations made by Congress,
should not exceed the estimates of the Sc
cretary, there would be deficiency Of
TWENTY MILLION DOLLARS, to be provided for
by loans or otherwise.
An authority TO borrow ten millions by an
issue Of Treasury notes to that amount, has
already been granted; authority to sell the
bonds Of the United States Bank, amounting,
with interest, to four and a half millions;
debt due to the Indians Of from two to three
millions has been incurred; and il is said, the
deposite banks that had awaited themselves Of
the act Of Congress, Of October last, by which
the payment Of the balances due by them,
amounting in the aggregate to four and half
millions, was extended to July, 1888, and
January and July, 1899, are making rapid
progress towards paying up the whole, during
the present year.
Here are nearly twenty millions Of dollars
more Of means than the Secretary contem-
plated when he made his report Notwith-
standing this, we venture to predict, that the
whole study will be, not how much, but how
little Of the appropriations made by Congress
can be expended this year. The pretext will
be, the season is too far advanced to enter
into contracts, materials cannot be procured
/" seasonably," &c. &c.
Nor have we any more confidence in the
financial ability of the Chancellor Of the Ex-
chequer than in that Of the Secretary Of the
Treasury. The former gentleman appeared
to place no reliance in the estimates of the lat
ter, and made up his own. In these, howe
yer, there has not been much to choose be-
tween them. One has Numbered about as
much as the other.
When the application was made to the
House, by the President, to authorize the is
suing Of ten millions Of Treasury notes, those
who opposed it, but were the advocates Of a
loan in its stead, were told by the members Of
the Committee Of Ways and Means, that the
Treasury notes were not to be looked upon as
a loan, but merely anticipation of the pub
lilo revenue to fall due (; among the items Of
which, were enumerated the bonds due by
the Bank Of the United States for four and
half millions, and the balances due by the
Opposite Banks, Of between three and four
millions, and large amount Of bonds that
will be paid this year.
Now we will venture to predict, that when
Congress meets in December, land it will be
a fortunate escape if they are not called to-
gether sooner) they will find an empty Treasu-
ry debt of ten to twelve millions in Trea-
sury notes thrown into the revenues Of 1889
a debt owing to the Indians Of two to three
millions and more than twenty millions OF
appropriations by the late and former ses-
sions unprovided for.
We do not wish to 60 further than the
Getting Of Congress TO obtain ample evidence
to satisfy the people that the country owes
all its difficulties, disasters and the final ac-
tastrophe, to the incompetent and imbecile
management Of the Financial Department of
the Government
OBEYING INSTRUCTIONS.