Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-05-30
TREASURY DEPARTMENT,
Nav 10, 1898.

May 10, 1888.
The undersigned would respectfully sub.
nit 10 the President the following statcmen,
concerning some fiscal embarrassment
which are likely soon to happen, unless a.
ver,ed by early legislation.
1t has been usual foNthe Secretary Of the
Treasury, except in the annual report or
the finances. and in replies to special calls
or directions by either House of Congress,
to give information respecting all matters
which appertan to his office, through let
tiers addressed to the appropriate commit
tees. For some months past, and on sew
cral occasions. that mode has been pursued
in respect to these threatened embarrass.
ments, by giving to the Committee of Ways
and Means such information concerning
them as the public exigencies and sea-
sonable foresight seemed to require. Some
suggestions and facts connected with then,
have likewise been introduced into reports
made to Congress. But the relief desired
having not yet been granted, and longer
omission to provide for the emergency ha-
wing tendency to impair public credit, to
the great prejudice of contractors and work
men, as well as of pensioners, the army,
navy, and man, other classes, the under
signed deems it his duty to apprize the Ex-
.ecutive also of The impending difficulties,
in order tina. he may take such further steps
as appear proper to promote faithful dis
charge of the pecuniary obligations of the
government.
The peculiarly in the present condition
of the finances can be very briefly ex-
plained. 1t has arisen, not from any actu-
al deficiency which has yet occurred in the
amount of receipts anticipated for the year;
not from any excess Of appropriation which
has yet been made for either ordinary or
extraordinary objects; but from prohibit
ton to use, for the payment Of the public
dues. what is required by law to be rece;v.
ed for them.
In the act Of October last, authorizing
the issue of Treasury notes, they were
made receivable at any time for those dues
but were expressly forbidden, after such re-
-ceipt, from being ressued in discharge OF
claims on the Treasury. From this cir.
.cumstance, coupled with the protracted
failure Of most of tho banks to resume sre.
Gle payments, little has Of late been rccoiv.
ed for revenue except Treasury notes.
Over five and half millions of them have
already been paid in, though none fall due
till about the Isl 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 q
great portion OF the receipts of The year
have thus far been entirely useless for aid.
ing to defray the large expenditures char.
ged upon ii, and resort has of necessity
been had to the emission Of more Treasury
notes under the original act, until the whole
amount authorized, except $2l6,s02, ha'
been exhausted.
The only other means available to NEE
the public engagements, with the cxcep
tons as TO trusts and the Mint, detailed in
special report on the condition of the Trea
sury 10 the House of Representatives tn
26th of March last, are reduced TO abou
$347,432.
These constitute an aggregate of fiv
hundred and sixty.four thousand two hun
dred aud thirty-four dollars thus availabl,
instead Of balance Of from two to six mil
lions, which it has generally been consid
cred wise to retain on hand, in order, will
the aid of the current revenue, to insure
punctuality, and guard against the en- bar
easements incident 10 fluctuations and othe
contingencies. During the present year
however, the revenue has been paid il
Treasury notes TO such an extent that on.
ly about e.fourth Of million, monthly
has been received from it in money, so as
to assist in discharging the current expen
ditures. These last, on an average, have
been over two millions monthly, and ia A.
pri nearly three millions.
As more than four millions Of the Urea.
sury notes ore still outstanding, and the
banks generally have not yet resumed spe.
Gle payments, it is probable that great
part of the revenue VIII, for some time to
come, be paid in similar manner. I'm.
der such circumstances, and when it is con.
sidcred that large sums due from the posi-
poncd custom-housc bonds, the banks, and
the states, are not yet payable, and that no
power now exists, except in Congress, to re-
call the dcposites from the latter that there
is no reserved fund to resort TO, or any O.
tier authorised means by which the wants
of The Treasury can be supplied, i is man.
fest that the department is exposed weekly
and almost daily to be deprived of the
whole Of its available means, and tho cred
It IF the Government to be injurious'y af-
fectcd, both at home and abroad.
Congress could readily avert these re-.
suits, If approving the course suggested in
flse last annual report on tho finances. II
could remove the prohibition TO reissue the
notes which may be or have been prcma.
,urc!y paid in and redeemed, and, where
they have been cancelled, permit others TO
be Issued in their stead or il could effsc: