The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-08-08

as the majority Of the people lead, SO we shall
follo,r, except to adhere uncompromisingly to
our hostility to the Sub-treasury and Special
Deposite scheme, and in opposition to Mr..
VAN BUREN's resolution to the Presidency.
THE UNITED STATES BANK BONDS
THE CONDITION OF THE TREASURY.
In our last, we promised TO show that, nei-
Their the Secretary Of the Treasury, Mr..
WOODBURY., Mr.. CAMBRELENo, the Chancel-
lor Of the Exchequer, Mr.. JONES, his assist
ant of the Committee Of Ways and Means
nor Mr.. Rhet, who made display, knew any
thing at all of the real condition Of the public
finances.
In his annual report in December last, after
giving his estimates Of the receipts and ex-
penditures for the year 1888, the Secretary Of
the Treasury said
!" Il now appears probable, that, during the next
year, means win be possessed without any perma-
nent loans recall of former deposes or increase Of
taxes, SUFFICIENT TO REDEEM sEAsoNABLy THE IREA-
suRy NOTES THAT BECOME PAYABLE as we'll as TO meet
all the ordinary appropriations"
Under most governments such declaration
as this, made by the head Of the finances,
would have been looked to as guide in le-
gislation What is the duty Of the Secretary
of the Treasury, but to furnish Congress such
information both retrospective and prospective
as they can rely upon TO aid them in their le
gislative action touching and connected with
the finances Of the country The above was
Mr.. Woodburys view Of the condition Of the
finances in December, when Congress came
together For the details Of revenue and ex-
penditure we refer to his report. He estma-
ted the receipts Of the year at $33,045,2s5
And the disbursements at 3l,925,S92
Leaving "balance that will thus
be left available, and applicable to
public purposes on the 3lst De-
cember, 1888, estimated at l,lls,393
On the 23d March, less than four months
after the report Of the Secretary above refer
red to was made, Mr. Cambreleng as Chair
man of the Committee of Ways and Means,
made detailed report on the state Of the
finances. He infinitely detailed the anticipat-
ed receipts into the Treasury during the year
1888, which with The amount in the Treasury
on the LIST day Of January last, he estimated
at an aggregate sum of 1871, 100000
| The expenditures making the pro-
bable amount of charges on The
Treasury in 1888 he estimated at 80, $50
Making an excess of charge on the So. ....
treasury, beyond the estimated in
come of $4,000
Here was only about million and half
dollars difference between the Secretary of
the Treasury and the Chancellor Of the Ex-
chequer. f."
Under this view of the subject the Commit
tee Of Ways and Means recommended "that
authority be given to issue Treasury notes TO
such an amount as the public exigency may
require, not exceeding ten millions, at an in
terest no, exceeding six per cent per annum,
and payable one third Of them in twelve
months, one third in eighteen months, and one
third in two years TO be disposed of only to
supply the wants Of the Treasury, and as the
money may be required" This recommen-
dation was for the purpose of providing means
to offset against the amount Of Treasury
notes issued under the act Of October last,
which might be returned TO the Treasury be-
fore they fell due, in payment Of the revenue,
and which to that extent diminished the actual
revenue and means of the government. The
committee Of Ways and Means then said,
"The Treasury may no, require more than six or
seven millions 10 replace the notes paid in and can
eeed but the authority should extend TO ten millions
TO meet any unexpected reduction in our receipts"
Thus things stood until the 10th day Of
May last, when the President sent special
message TO the House Of Representatives in