The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-14
COMMUNICATIONS.
TO THE HONORABLE JAMES X. POLK
Syeaksy of Ms Hn4ss Or Representatives,,

The trainers Of the Constitution, in that sacred
instrument made II the duty OF the head oflhe Trea-
sury Department 10 make all reports in relation TO
The general finances Of the nation directly TO Con-
gress while the heads of the other departments
make their annual reports to the President, who
transmits them TO Congress.
The fact, that all appropriation bills must origi-
nat, in the boly over which you preside seems 10
give that body direct and immediate superin,end-
ing care the condition OF the Treasury, as well
as the manner in which lis affairs are conducted,
The reports laid before Congress by the Secretary
ofthe Treasury, setting forth the condition Of the
finances Of the nation are looked 10 generally, as
the exposure, By which that body is to be guided in
legslaling upon all matters connected with public
receipts undergraduates.
Your long experience in the National Councils,
and the important and responsible situations which
YOU have so ofien 50 honorably, and with such dis
tinguished ability filed renders it wholly uEneces
sary for me dilate upon the importance, nay, abb
solule necessity, there exists, that these should APP
proach as 10 accuracy practicable in all state
ments laid before Congress- in relation 10 the general
finances Of the nation.
In our own as we'll as in mos, Of the countries of
Europe, the budget, or estimate Of the receipts and
expenditures for the year. are made in anticipation
and are therefore coniecturai Hence arises the
Importance in national point Of view, that men OF
experience and acknowledged fnancialtalenis should
always be placed at the head of that branch Of the
Government.
The deep distress into which our country has been
plunged and is now suffering, makes it the duty OF
every patriot to inquire into the causes which have
led to it, No one will doub. that it is the duty of the
national legislative couases TO remove those causes,
when they have been discovered, however they may
exist.
If Congress shall find itself TO have been msled
by those to whom il properly looked for accurate
information TO guide its action can that body longer
repose any confdepc, in calculations and estimates
originating in the same source IT, also, il shall be
discovered and made manifest, that the power and
influence Of the greatest Department of the Gov
eminent (the Financially is exerted, prejudicially TO
the interests of the great of the people in place
of for their benefit; for the purpose Of advancing
the visionary experiments Of empires, and for the
qualification Of the bad passions of malignant minds;
is it The imperative duty of Congress to interpose
its authority, and eectually stop such further pro-
ccedings.
The facts which have been laid before the public
have brought me to the conclusion Chow correctly
let those facts prove) that the recent reports made by
the Treasury Department in relation 10 the finances
have been altogether fallacicus, and If relied upon
at all must lead Congress into errors that cannot
bat produce irreparable injuries to the country. In
addition TO this reports recently made to Congress
differ so widely and vastly from those made some
years since upon the subject, and by the same
hand that it appears TO me great injustice has been
done TO those of whom the reports speak.
The Secretary of the Treasury in his annual re-
port in December, 1885, after congratulaIing the
country upon the near approach Of the entire extn
guishmen of the public debt and the then existing
prosperity of the country remarked; Whether this
state Of enria5Ie prosperity be justly Attributable 10 The
form of Gorernmtent--to the administration Of ito
The character ofonr peoptks physical adrantagesof
our eouHtry-or to all confirmed, it is a SUBJECT of
strong congratulations and exhibits rcry remarkable
phenomsaon in The history Of taxation and france"
Said he, +" Whether deehiag on The primary causes
ofour fortunate condition, discussing any secondary
ones. Such the great demand and re,rard in this
country for either tabor capital She appropriate
INJURY uadsr TIES, noUel circumstances and on an oc
easioa Ike the present. seems to be 10 djseorcr The
most jadicious course to pursue in using this sur
Plus, and in preventing regulating its future
accumulation !" ~. ,..
Here is painted glowing description of the
paralleed state of prosperity which our country
enjoying at the close of the year 1885
How soon thereafter was this state Of prosperity
changed to one of gloom misery and despair AL the
very moment this description of happiness was por-
trayed the foundation for a revulSion was laid, Ivy
the self same hand if it had not at that time begun
its operation
We were told in September last, By the Secretary
of the Treasury, that Early in My last The collec
ton Of The rcrenns from customs became much obarnct
edM"Qmgh The screre Pecuaiary d6culties OF The mcr-
eaHtt5e interest,"" This was but little than one
year after we were told that the county enjoyed
state of cariobe prosperity that crAbcda remarkable
phenomenon IN The history Of finance In that short pc
Rod we were precipated down to state Of wretch
ed adversely that exhibited less remarkable phc-
momenon in the history Of Gaancc
To what remarkable phenomenon is this great and
sudden change to be aScribed? For to the people Of
distant countries it must appear like phenomenon.
The Secretary Of the Treasury ascribcd it to vari
Gus causes, the " chief" Of which were First "thc
orcr- prOductiOn Of cotton Second too greata guam
ty Of foreign goods imported through Il" sTIMrLANTs
TO ovERTRADING." Third, an unnecessary and iajn-
dicious increase Of hank capital, DISCOUNTS, and
issues"
As TO the first Of those causes shall leave it TO the
cotton growers 10 discuss the soundneSs orhat logic
of the SecretaryS am inclined to the belief, how
ever, that it would be difficult thing to convince
Pennsylvania farmer that he became impoverished
by an over production of wheat. ..
Now to the second cause asst ned by The Secretary
the main part Of which is &imaaaatSto 0rertradiRg
This is an important matter, for in excessive over
trading brought on by stimulation, dpprehend, will
be found the seat of all the difficulties. If it shall
be found that the Secretary of the Treasury has en-
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