Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-05-14

continuance oil present OF things induces
respectfully invite the earliest attention Of Con-
gress the subject which may be consistent with due
regard to other public interests. NJ. VAN BURKE.
May 10, 1888.
TREASURY DEPARTMENT, May 10, 1888.
The undersigned would respectfully submit to the
President the following statement concerning some
fiscal entertainments which are likely to happen
unless averted by early legislation.
1t has been usual for the Secretary OF the Treasury
except in the annual report the finances and in
plies special calls directions by either House Of
Congress to give Information respecting all matters
which appertan his Office, through letters addressed
TO the appropriate committees. For months past
and several occasions that mode has been pursued
in respect these threatened by giving
TO the Committec of Ways and Means, such informa.
ton conserving them the public exigences and sea-
sonable foresight seemed to require. Some suggges-
ions and facts connected with them have likewise been
introduced reports made Congress. But the re-
lief desired having not yet been granted and longer
omission provide for the emergency having tendency
TO impair pablo credit to the great prejudice Of
tractors and werkmen, as well Of pensioners, tho,
Array, Navy, and many other classes, the undersigned
deems il his duty aPprze the Executive also Of the
impending difficulties in order that he may take such
further steps appear proper to promote faithful dis
charge Of the pecunary obligations Of the Govern
nent. a.M. E .Us.
The peculiarly in the present condition of the f.
be very briefly explained has arisen not
from any actual deficiency which has yet occurred
in the amount Of receipts anticipated for The year
from any Of appropriations which has yet been
made Tor ether ordinary extraordinary objects
from prohibition use, for the payment of the public
dues, what Is required by law TO be be received for
them.
In the act Of October last, au,horising the issue or
Treasury notes they made receivable at any
time for those dues but we're expressly forbidden
after such receipt from being ressued in discharge
OF claims on the Treasury. From this circumstance,
coupled with the protracted failure Of most Of the
banks TO resume specie payments, little has of late
been received for revenue except Treasury notes.
Over FIVE and a half millions Of them have already
been paid in, though fall due till about the Let OF
November next As these cannot be paid again. or
others in their place till the restriction before
10 modified. II has followed that great portion OF tho
receipts Of the have thus far been entirely useless
for aiding deray the large expenditures charged upon
H. and resort has Of necessity been had TO the emission
of more Treasury under the original act until the
whole amount authorised except e26so2 has beea ex
hausted. t.H I6' II - -T.-'-7 -
The only other available TO meet the public en-
gagemens with the exceptions trssts a.d the Mint
detailed in on the condition Of the Tres-
sury the House Of the Goth Of March
last, reduced to about s347, 43e. .I-I
These constitute an aggregate Eve hundred aaA
Thousand two hundred and thirty -four dollars
thus available instead Of balance Of from 10 six
millions which IL has generally been considered wise to
retain hand, in order with the aid Of the current re-
venue, TO insure puncuaty and guard against the ON
barrassmens incident 10 fluctuations and other con,in
gencies During the present year, however, the reve-
has been paid in Treasury notes to such an exeu,
that only about one-fourth Of million monthly has
been received from ii in money. assist II dis
Charging the currcnt expenditures These
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 paynerts il Is probable that
a great part Of the revenue WILL for some time 10
come be said IN similar manner. Under such cir
cumsnnces and when Is considered that large sums
due from the postponed custom house bonds, the
banks and the States not yet pay ablc and that
no power now exists, except in Congress- 10 recall
the deposes from the latter; that there no rescrv-
ed fHnd 10 resort to- or any other authorized means
by which the wants Of the Treasury can be sup
piled IL Is manifest that the Department 10 exposed
weekly and almost daily 10 be deprived of the whole
of Us available means, ard the credit OF the Govern
ment 70 be enjsriously affected both al home and
abroad.
Congress could readily aver, these results. i an.
proving ,ne course suggested IN the last annual re
port on the finances. Ii could remove the prohb,,o.
10 reissue the notes which may be or have been nye
maturey paid IN and redeemed, and where thew ha Va
oeen cancelled, permit Others to be used in their stead,
or u could ELECT the same object by allowing othor
notes 70 be emitted instead Of such As have been and
snal hereafter be paid IA, before the year for their
redemption expires BY the seasonahle adoption OF
ether OF those measures, all anticipated cmbanass-
menis during 1888 can probably he obvaied. Fsr,
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
shall appear that new appropriations have been made,
or aFelkely te be made exceeding the estimates sub
mted by the Department in December last, by seve-
raj millions, or that the revenues received viii be ma
tenally less. ...t
On the contrary, if netting Of the measures above
proposed should meet the appreciation OF Congress,
II is obvious that aneng the various substitutes which
may be thought of or which this Department has
taken occasion to suggest N communications TO the
Committee of WAYS and Means, some one must be
selected that can be made Efficient in its operation n,
vcry early day, or twll be impracticable To pre-
serve The national faith unbroken and 10 avert The
INJURIES with which the public service Is threatened
With great respect LEVI WoonsuRv.
Secretary Of the Treasury.
These were referred 10 q committee Of The whole
IN the state Of the Union. sNat MH Fans.
l'oss saL. aA eosnsr lor sods water, With .srb,e