Litchfield enquirer., 1838-05-24
1ousE OF RsraEsEsTAErxzs, May 10.


The following message was received from
the President Of the United States. by Abra-
ham Van Buren,, his private Secretary:
To the Senate and House of Representatives.:
submit TO the consideration Congress,
statement prepared by the Secretary OF the
Treasury, by which it appears that the UNI
ted States, with over twenty Eight mllllons IN
deposite with the States, and over fifteen mil
lions due from individuals and banks, are,
| from the situation in which those funds are
ulaced, in Immediate danger of being unable
| to discharge, with good faith and promptitude,
the various pecuniary obligations OF the Gov
er1mcnt
The occurrence of this result has for some
time been unprecedented, and efforts made to
| avert it. AS the principal difficulty arises
| from a prohibition in the present law to re-
issue such Treasury notes as might be paid
| in before they fall due, and may be effcctu-
ally obviated by giving the Treasury, during
the whole year, the benefit of the full amount
originally authorized, the remedy would
seem obvious and easy.
The serious embarrassmcnts likely to arise
from a longer continuance Of the present
state of things induces me respectfully to in-
vite the earliest action of Congress TO this SUBJ
ject which may be consistent with due re-.
! gard to other public interests.
May TO, 1883. nj. VAN buren,.
The message was accompanied by re-
/ port made to the Executive by the Secretary
of the Treasury, giving the details of the
embarrassments of the Treasury. Both doc
uments were read, and referred to commit
tee of the Whole on the state of the Union.
| Slate ofthe Tfeesury.--The following is the
report Of the Secretary of the Treasury that
! accompanied the message of the President:
Treasury Department, May 10, 1888.
The undersigned would respectfully sub
NIT to the President the following statement
concerning some fiscal embarrassnents
which are likely soon to happen, unless aver
ted by early legislation.
It has been usual for the Secretary Of the
Treasury, except in the annual report on the
finances, and in replies to special calls or di-
rections by either House of Congress, to give
information respecting all matters which APP
pertain to his office, through letters address
sed to the appropriate committees. For
some months past, and on several occasions,
that mode has been pursued in respect to
these threatened embarrassments, by giving
to the Committee of Ways and Means such
information concerning them as the public
exigencies and seasonable foresight seemed
to require. Some suggestions and facts con-
nected with them have likewise been intro
duced into reports made to Congress But
the relief desired having not yet been gran
ted. and q longer omission to provide for the
emergency having tendency to impair pub.
lie credit, to the great prejudice Of contrac-
tors and workmen, as well rs Of pensioners,
the army, navy, and many other classes. the
undersigned deems II his duty To apprise the
Executive also OF the impending difficulties.
In order that he may take such further steps
rs may appear proper to promote faithful
discharge OF the pecuniRry obligations Of the
Government.
The popularity IN the present condition 0f
the finances can he easily explained. Ii has
arisen EM from any actual deficiency which
has vet occurred in the amount of receipts
anticipated fnr the year; not from any ex-
Cess M appropriations which has yet been
mREle fDr either ordinary or extraordinary
aBbIects bIrt from a prohibition to use, for
the payment of the public dues, that which
Is required by law 10 he received for them.
In the act Of 0ctnber last, authorizing the
IsBue of Treasury notes, they were made re-
ceiyable for Those dues, but were expressly
forbidden, after such receipt, from being re
issued in discharge of claims on the Trens-
ury. 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 have al
ready been paid In, Though none fall due ui,-
til about the first of November next. As
these cannot be paid out again, or others in |
their place, till the restriction before men !
toned is modified, it has followed that |
great portion of the receipts of the year have |
thus far been entirely useless for aiding to |
defray the large expenditures charged upon |
it, and resort has of necessity been had to the |
emission OF more Treasury notes under the
ORIGINAL art until the whole amount author
lied. except $216, 6O2, has been exhausted.
The only other means available to meet |
the pnblic engagements, with the exceptions |
as to trusts and the Mint, detailed in q spe-
cial 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 an aggregate of five hum
bred and sixty-fodr thousand two hundred
and thirty -four dollars thus available, instead
of balance of from two to six millions,
which it has generally been considered wise
to retain on hand, in order with the aid of the
current revenue, to insure punctuality, and
guard against the embarrassments incident
to fluctuations and other contingencies. Du-
ring the present year the revenue has been
PAID IN Treasury notes to such an extent that
only about one fourth of million, monthly,
has been received from it in money, SO as 10
assist in discharging the current expenditures.
Ihese last, on an average, have been over
two millions monthly, and in April nearly
three millions.
/ AS more than four millions of the Treas
ury notes are still outstanding, and the banks
generally have not yet resumed specie paw
ments, it IS probable that great part of the
revenue viii, for some time to come, be paid
In similar manner. Under such circum-
stances, and when it is considered that large
k-as. IT, e. Al