The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-01
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Upon these computations there win be defcien-
cy in the revenue Of 1891 10 be provided in some
way TO meet the expenditures Of nearly twenty-one
million dollars But the deficiency Of revenue from
customs WILL Ihaye not the least doubt, far exceed
the amount have estimated. Probably three mil
lions The extraordinary appropriations for the
military service, may not amount TO as much as
have estimated. That, however must depent en-
rely upon the continuation Of the Florida war, and
the manner In which il viii be. prosecuted.
Under the most favorable aspect, in which the
whole matter can be viewed, there must be def
cheney Of between fifteen and twenty millions, which
must be provided for in some way.
IN what mode can the Government raise this vast
sum BY an issue Of Treasury notes No. That,
according to the doctrine ofthe SubLreasury advo-
Gates in the Senate would be doing an injustice to
the public creditors They contend that this class
Of individuals have been dealt with unjnsy by being
paid in the notes Of non-spece paying banks which
they received voluntarily in discharge oftheir Dues
which bank notes, in many instances commanded
premium in exchange for Government Treasury
notes Therefore, according TO their own doctrines,
the plan of raising the wind by emission Of Trea-
sury notes cannot be tolerated even by themselves.
A resort to issuing Treasury notes, excepting as
mere temporary exPedienl, and for small sums,
has been condemned invariably by all sound fnan-
ciers Indeed, hardly think Congress will ever
give its assent new emission of Treasury notes,
Judging from the disp oson manifested by that boz
dy at TIE time they sanctioned the present emission.
Then the only resort, will be to direct loan on
the credit of the nation That is the only proper
and legitimate mode Of supplying the deficiency in
the revenue. II was adopted in 1890 when a def
cheney in the had tobe provided for arising
out Of The embarrassments of the times that pc
Rod Nor can II be made, with any prospect Of re-
funding it in periods shorter than 3, A. 5, and
years
Many may startle, and attempt to cavi at this ex-
position. That viii not change the facts. II will
prove to be but true. is time the country should
be made acquainted with the state Of its finances
A war Of determination is waged against all the
sources of wealth. and upon credit, and the govern
ment with BANKRUPT TREASURY! The
only means possessed by the government or to what
it can resort to supply its wants is, Us credit
Warning against credit and at the same time depend
ing entirely upon credit, for the Of derayng
the expenses of conducting the government. This
is the picture which We now present to the nation
and the world.
think it is high time that Congress should take
into its own hands the management of the public
finances, or take their management out Of the hands
OF the present incumbent OF the Treasury Depart
ment whose administration of its affairs, has been
characterized from first to last by succession Of
blunderings, fatal in their effects, upon the
country and its great interests than would follow
war, pestilence and famine"
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