Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-12-11
VOLUME XAXV.---No. 62.

prnic allh was deeply regretted by the cFpa.t ment YET
II ie constrained, at lhamc to regard many appear
ances OF extraordinary prosperity 6elusive The exist
ing surplus as temporary and alacous lis character;
and consequently believed that much Of likely 10
he required in few years 60 meet Deficiencies in The re-
venue, arising from the progressive reduction OF the
tariff and those fluctuations in income and expenditure
to which all Governments more or less subject, and
to which system Of finance rs peculiarly exposed
Apart from the contingencies OF war and other exl'
gencies affecting expenditure, II is Impossible, under
the GIBBS and foods of trade and speculations Of all
kinds, which, with the present barking SYSTEM are AZ
certain though not regular the tides tAat revenue
derived chiefly from !oreiga imror'aons and the sales
Of land, should NOT vbrate with sush changes The
Department, therefore, has discharged duty deemeu
imperative, in urging on The attention of Congress, a:
several sessions permanent and efficient arrange
for enabling the Treasury to meet such SOLICITATIONS
without injury TO the public eTes;t.
On one occasion, permanent legislation IN respect 10
this point did take place. But tina, has been repealed,
or Indefinitely postponed by the act OF October IL 1857
and the temporary substituted having nearly
ceased their operation, the necessity for further
provision is apparent The form seems TO be the great
question of difficulty there being, is apprehended
general concurrence Of views in favor OF having some
etrctual provision sub ect OF such obvious import
The investment OF part of the surplus in the Trea
suy in Stale stocks in the which, for several
years has been successfully pracsed under the acts OF
Congress, 10 large belonging TO the Indians,
as 10 constitute provdent fnnd TO meet contingencies
and fluctuations was the mode SJst recommended by the
de partment But substitute for this plan preferred
by Congress which directed the whole pas 10 be de-
posted with the States for safe Keeping and enabled the
Secretary of the Treasury recall it, whenever needed
for public purposes In the autumn OF 'e37 however,
when the necessity Of esorting TO this substitute was IN
view, Congress sponed It's operation Instead OF It,
the power issue Treasury notes for limited period
granted and }or additional security against deheen-
ces the depose of the fourth nsanent with the States,
was deferred ill January and afterwards the power
10 sell the bonds of the U s Bank added. But both
IF yiu he inn w
further legislation this subject, which shall be
of efficient character and be available al an early day
the preservation Of the public faith must be endangered
Recent experience is full Of admoniton on this ques-
ton Since the exluguishment OF the national debt,
and especially within the last three years, 1t has oee7
the policy Of Congress avoid large balance IN The
Treasury Immediately available, which, if unemployed
for the public service was regarded az takeh rom inc
circulation of the county and in degree boarded,
though deposited in banks which had made the pubic
money The basis OF enlarged operations lh's PoEcy,
it ubyaies the hazard attending such operations, as
well the imputaon OF improper influence IN he man
agement Of The money, is certainly the most prudent
But the preservation OF the public faith, either under
the former procllce OF keeping the money IN banks,
under the proposed system OF an Independent fea
sury, may occasionally render other resources neces
sary from the considerable fluctuations which are ire
oueaty occurring in receipts and expenditures
from year to year, and even from month TO month mus
the receipts from the usual sources which WERE IN fc39
about twenty millions, rose unexpectedly, IN 1850
forty eight millions but fell again as suddenly, IN
1897 10 only about ninstsen millions. So the aggregate
expenditures 1s34 and 1888. independent OF any pay
ments for ruos the national debt were only seventeen
or eighteen millions; but from Indian wars ana other
ihsy rapidly rose and, Notwithstanding the dnI-
mutton receipts remained since not far from thlT.
ty millions yearly Again. in the month OF January last
the expenditures were only about one million eight hun
dred thousand dollars and in May last only two million
hundred and forty thousand dollars; but, IN Ju
ly they suddenly increased to over four million Eve
hundred thousand dollars being an excess IN single
month"; Of nearly two millions and third, or more
than enough to sweep off, in thirty days, the whole ba-
lance on hand COnse queny, al any period, with onJ
million two in the Treasury, and the current re.
cppls being less than two millions monthly II obvious
that the public engagements could not all be pHnctuay
met, unless power, like those beure named, shah
exist provide for calls unequal in different portions
of the year, well in different years Though the
receipts for any year may be equal 10 the whole ex
:pendures within it, that will not remove the Gil.
fcuIty. The expenditures may be required in larger
proportions in the rs half OF the year, and the greatest
rece pls occur in the last half
Having The power issue Treasury notes during
1885, the department has been enabled, by the aid OF
that and other means meet every authorised engage
ment with punclualily. power OF q similar Alna has
been found in other countries, dung more than cen
iury TO be indispensable 10 sustain public credit II we
keep only small available balance in the Treasury, ana
realise only The comparatively small income which is
desirable the discharge OF The national dent ana
this income shall continue 10 be affected by the PProd'
cal fluctuations Of receipts which are probable unarr
and the habits of trade, this power, some equivalent,
resource seems to be essential to the support OF the
public faith, in the scrupuIons manner required by JUS
tIcP and SOUND policy.
The estimates OF expenditures IN fc39. have been
formed the most economical basis which the different
epariments think the public interests will permit They
re less than those Of either of the two preceding years,
under many heads, and several millions less lhao
either the appropriations made by Congress in those
years, or the expenditures actual paid within them
Judging from past experience alone, the personalities
would be- that The appropriations 10 be made al The pre-
sent session will exceed by some millions the estimates
submitted.
But such additional appropriations 10 any consdera.
BILE extent, anticipated when the whole clrcum'
stances of the country and Of the Treasury shall have
been calmly reviewed by Congress. No doubt exists
with the undersigned that prudence al this time, re-
ouires reduction rather than an increase IN Inc ag'
gregate Of the aRnual appropriations BESIDES what 10
dictated on this subject by wise public frugaNy ana
the strate ned condition Of the Treasury II Is proDaoie
that by gradual reduction in the tariff winch Is IN
progress under the existing laws, the receipts IRON Gus
TOMS which average sixteen or seventeen millions
yearly, will, by 1872 be so far diminished as not ihen
10 exceed ten twelve millions Hence, II the annual
expenses do not by that period, undergo reduction IN
some degree corresponding as not TO surpass that
sum and the few additional millions which may then
be derived from the sales Of the public lands an unPea
SAINT another increase OF the tariff, or 10 recall
of deposles with the Stales TO permanent loans, VIII
then, if not sooner, become indispensable.
The further details connected with the dimlnuton IN
our revenue by 1912 under the existing laws, were so
fully exhibited in the annual report in 1895, that the un
dersgned forbears, this occasion, 10 repeat them
But in CONNIE ncng the unpleasant task nl reduction IN
the expenditures question naturally arises as TO what
items il should first be applied The department woulo
moi be understood as urging relrenchment or parsmo
n.y. where the object is gea pressing, and eons'i,u
tonal 1t has always approved only those apPro-
priaons which are necessary to satisfy the Ordinary
wants Of the public service and others proper
to yndcate our rights and national character il Rut
those which our une xamped increase in territory, mum
bers and wealth. may required in order, al all times,
to afford due protection to persons and property Abroad
az we'll as al home and discharge with efficiency
all those nome ntous duties which have been clearly
and wisely evolved on The Government Of the Union.