The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-12

fiscal embarrsss which are likely soon 10 happen
unlcss sdyerted by early legislation
II has been usual for The Secreiar- Of the Treasury
except IN the annual report the 6Danees, and IN
plies 10 special calls directions by either House Of
Congress, 10 give information respecting all matters
which appertan TO his Office through letters addressed
10 the appropriate committees For months past,
and several occasions, that mode has been pursued
IN respect TO these threatened cmbaHassmens by giving
the Committee Of Ways and Means such information
concerning them the public exlgcnccis and a scasonalc
foresight seemed To require Some suggestions and
facts connected with them have Likewise been introduced
into reports made TO Congress But the relief desired
having not yet been granted and longer omission to
provide for the emergency having tendency 10 impair
public red TO the great prejudice Of contractors and
workmen, as well as OF pensioners, the Army, Navy,
aud many other classes, the undersigned deems it his
duty to apprize the Executive also Of the impending
difficulties IN order that he may take such further steps
as appear proper TO promote faithful discharge OF the
pecunary obligations Of the Government
The peculiarly IN the present condition Of the fran
ces can be very briefly explained Il has arisen, not
iiom any actual deficiency which has yet occurred III the
amount ri receipts anticipated for the year not from
any excess OF appropriation which has yet been made
for either ordinary or extraordinary objects but from
prohibition TO use, for the payment OF the public dues
what is required by law to be received for them.
In the act oil October last authorizing the issue Of
Treasury notes, they were made receivable at any time
Tor those Dues but were expressly forbidden after such
receipt from being Ielssued in discharge Of CLAIMS
the Treasury. From this circumstance coupled with
the proracied failure Of most Of the banks resume
specie payments little has OF late been received for
revenue except Treasury notes. Over i've and a hall
millions OF them have already been paid in, though
fall due I'LL about the is Of November next AS these
cannot be paid out again. others IN their place. tl
the restriction before mentioned is modified, II has fol-
lowed that great portion Of the receipts of the year
have thus far been entirely useless for aiding dciTay
he up1 IL and he
has of necessity been had TO the emission Of more
Treasury notes under the original act, until the whole
amount authorized except 2l 6,s02, has been exhaust
ed
The only other means available TO meet the public
engagements, with the exceptions TO trusts and the
Mint, detailed IN special report on the condition Of
the Treasury TO the House OF Representatives the 18th
Of March last, are reduced to about $347,432.
These constitute aggregate Of FIVE hundred and
yfour thousand hundred and thirty -four dollars
thus available instead Of balance OF from two six
millions. which it has generally been considered wise
retain hand, in order, with the aid of the current
venue, to ensure Fnncualty, and guard against the
endorsements incident fluctuations and other
tngcnccs. During the present year, however, the
has been paid in Treasury notes to such ex-
tent that only about fourth Of million. monthly,
has been received from 1t in money, so assist in
dIschargng the current expenditures. These hs on
an average have been two millions monthly, and
in April nearly three millions
As more than four millions OF the Treasury notes
are still outstanding, and the banks generally have
not yet resumed specie payments, il is probable that
a great part OF The revenue will, for some time 10
come, be paid in similar manner Under such cir
camSianceS, and when it is considered that large
sums due from the postponed custom-house tondS,
the banks, and the States are not yet payable, and
that no power exists, except in Congress, TO re-
call the deposites from the latter that there no
reserved fund to resort TO, or any other authorized
means BY which the wants Of the Treasury can be
6 DpDa
weekly and almost daily TO be deprived of the whole
OF It's available means and the credit OF the Go
vernment 10 beinjurousy affected both at home and
abroad.
Congress could readily .vert these results, if APP
proving The course suggested in the last annual re-
port on the finances 1t could remove the prohibi-
ton 10 reissuethe notes which may be or have been
prematurely paid in and redeemed, and where they
have been cancelled, permit others TO be issued in
their stead or il could effect the same obecby allow
ing other notes TO be emitted instead ofsuch as have
been and shall hereafter be paid in, before the year
for their redemption expires. By the seasonable
adoption of either of these measures all anticipated
embarraSsments during 1888 can probably be obviat
ed. For, in that event, no provision OF additional
means to meet the expenditures OF the year will be
necessary hereafter unless before the close of the
session il shall appear that new appropriations have
been made are likely 10 b. made exceeding the
estimates submitted by the Department in December
last, by several millions, or that the revenues receiy
ed will be materially less.
On the contrary, if neither of the meaSuoes above
proposed should meet the appreciation of Congress,
II is obvious that among the various substitutes
which may, be thought of or which this Department
has taken occasion 10 suggest in communications to
the Committee of Ways and Means, some one mus,
be selected that b, made efficient in its opera
ton, AT very early day, or il will be impractcabe
10 preserve the national faith unbroken and avert
the injuries with which the public service is threa-
tened.
With great respect
LEVI WOODBURY.,
Secretary Of the Treasury.
The message and documents having been read
Mr.. CAMBRELENC; observed that he had two