The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-07-17
PROJECTS OF THE ADMINISTRATION
FOR RAISING MONEY.
Correspondence of the N. Y. Enquirer
WI shin 0yoD Eth I,,I,, 1S2S

Correspondence of the N. Y. Enquirer
Washington 5th July, 1888
In letter l referred TO the unprecedented en-
barrassnens which the party in power was like
~ to experience for the want of money, before
Congress would again convene.-The ways and
means of raising it have notyet been selected.
Two modes presented, which lstated: First, the
issue of a further sum in Treasury Notes That
project is abandoned. Second, the sale of the
bonds of the United States Bank, received and
held by the Government in payment the stock
purchased by Mr. Biddle. There are intrinsic
difficulties attending the transfer OF the bonds.
They were taken in large sums; say bond of
two millions of dollars. They were so taken,
because there were not man in the nation who
believed, or could have been made to believe,
that the administration, with all its eXtravagan-
ces, could SO beggar the Treasury in two years
that it must resort to brokers to raise money
from day to day. for the current expenses of the
Government Yet, in this manner has ii S ubss-
ted through the winter, and the autumn pros
poets are not more cheering.
A new scheme is now in embryo. The Gov
ernment hold, in trust, which they have invested
in State Stock Il little short of four millions of
do liars, belonging to sundry tribes Of Indians.
There is a further sum of about two millions five
hundred thousand dollars to be invested. None
of these stocks are nj a rate Of interest OF less
than five and some bear I'M crest at six per cent
per annum, payable semi-annunlly. In every
case except one small sum, the interest is paya-
bile at the Treasury of the United States or in
the city of Baltimore, Philadelphia, or New York
These stocks buve all been purchased for account
ofthe Indians since the year 1886.
There is project on foot, and DILL prepared
to meet the case, to sell ont all these stocks and
the Government to take the money and allow
the Indians five per cent interest on the amount,
pavabe annually. BY this operation more than
six million of dollars, including that which is to
be invested, would be Immediately raised TO re-
plenisb an exhausted treasury. There is snoth
err small item of half million of dollars, which
is to be grasped by the Administration in the
same way, that is the Smithsonian fund. A bill
is now before the House, allowing the Govern
ment to take that money, and pay five per cent
interest for the of it. Thus these several
items would make up round sum nearly sew
en- millions of dollars.
All these projects are on the tapis; but each
aud every one of them, at this late hour OF the
session, have alarming difficulties with which to
contend; and there is therefore, great uncertainty
how Congress would act if the application
should he made. The consequence is the polit-
leans by trade, that class ofmen who live on pres
emf and expected favors from Government, are
violently opposed to any further application, du
ring this session, for money. They tremble TT
the effect of such an exposure ms the appeal
would call forth, upon the approaching elections
from October TO December, rather than hazard,
at this crisis, the experiment of borrowing an
additional five or six millions OF dollars. Aho'
there are hut three days more of the session, it is
uncertain whether the money will he asked of
Congress-; and yet, every intelligent member
know the pecuniary distress which awaits the
treasury department, and which, in Il few weeks
must come upon it. Gentlemen Contractors
Look out for squalls
Suppose the bill to sell these Stocks should
pass--wil it be threading in the footsteps OF his
lllusrious predecessor" if Mr.. Van Buren, should
send them to England for sale? If not, they
must he thrown into your market Three mill
ions tour hundred thousand dollars are in the
Stocks of Tennessee, Alabama, Indiana, Mary
land, and Kentucky. This hint is given for
Wall street, in the event of such bill becoming
law which must doubt, although the Com
mittee Of Indian Affairs have prepared 1t.
THE Spy IN WASHINGTON.