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

be thrown into the next year, when there
will be undoubtedly deficient revenue.
Now TO the calculation Of Mr.. Jones Of the
Finance Committee.
On the 10th OF May last he estimated
the receipts for the year, including
thesum in the Treasury atthe com
mencemeni Of the year, at 500, 10000
(EIe added ii might be three millions
more)
The appropriations for the year, and
the outstanding appropriations at
The end Of 1887 100000
of appropriations that will remain
unexpended at the end Of the year 100000
$3I 100000
Balance of revenue over expenditure 100000
Expenditure, $50, 100000
This balance Of 100000 dollars Mr..
Jones estimated would be in the Treasury on
the LIST day Of January, 1889, as fund in part
towards redeeming the ten millions Of Trea-
sury notes.
Mr.. Jones argued and contended that this
issue Of Treasury notes was asked for, merely
to anticipate debts falling due TO The Gorern-
meni, which he estimated thus
The above balance, Sc, 100000
Instalment from Deposie Banks due Isl
January, 100000
Instalment from Deposite Banks due LIST
July, 100000
Bond of Bank United States due in
September, 1889, 100000
Total to meet Treasury notes, sII,sOooOO
But as it so happens, as we have shown, in
place of this surplus of 100000 dollars,
there will be a deficiency Of 5,250,O00 dollars,
making the small difference between Mr..
Jones and ourselves Of eleven million Of dol
lars.
So much for Mr.. Jones
Now for Mr.. Rhett On the 18th Of May,
he said, "Of available means the resources
are abundant. Twenty eight millions are on
deposite with the States. Fifteen millions
more are due from the banks and individuals
one-half Of which will come in within the next
six months. The necessity Of the Treasury
is acknowledgements necessity; not extend
ing (unless increased by your legisation) be-
yond the next four or six months, and limited
chiefly to the next two or three months. This,
SIR, is the nature Of the necessity, and this the
state Of the Treasury. The embarrassment is
accidental and temporary, occasioned By the
Legislation Of Congress for the relief Of The
banks, By ,chich The means in the Treasury
hare been posiponed--and the premature re-
turn Of The notes authorized 10 be issued By the
October ia,r, before the period Of redemption"
Let the people look at the calculations and
representations of all these extraordinary f.
nanciers, Messrs. WOODBURY., CAMBRELENG,
JONES and RHETT, and then look at the actual
condition Of the public finances, and say if it
is matter Of surprise that the whole moneta-
ry system of the country has been deranged
The only surprise IS, that there has not been
one wide spread scene Of desolation with the
finances entrusted to the management Of
such bunylers.
We will now show what the condition Of
the Treasury will be on the lst day of January
next.
A deficiency Of what will be required .>.
between this and the lst January, ex- .~
elusive Of the bond Of Bank United
States sold s3,oooooo
Appropriations unexpended at the close
of the year as estimated by Mr.
Woodbury. 100000
For Harbors to be expended in 1882 100000
Treasury notes outstanding at the end
oftbe year. 100000
Debt due the Indians, 100000
Debt due Trust Fund, 100000
- 100000
Debt that will be owing LIST JAN, 1889, s26,60O,OOO
This balance will exist, and the Treasury
be left without cent in it, excepting 100000
allowed for the use Of the mint, and all that
will remain on hand of these funds, which
Mr.. Rhett and others spoke of, merely antic-
pations by the issue Of Treasury notes, for
only two or three months, will be one bond Of