The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-03
COMMUNICATIONS.
TO THE noN. q. q. cAMpnELENa,

4
Department and history informs us, the Committee
OF Ways and Means, at that time, (until he was SUI
perseded by Mr. Dallas) were obliged to make their
own estimates to the receipts and expenditures of
money on account of the public.
The proceedings Of the late extra session, as well
as report recently made by you to The House Of
Representatives furnish evidence that such Is the
case now The report of the Secretary Of the Trca-
sury made al lbe commencement Of the extra session,
was either 50 ambiguous, or so inaccurate that, Of
the many who endeavored to come at a correct con-
elusion as 10 The actual condition Of the Treasury,
no two were found 10 arrive at the same results
| Your late report 10 The House Of Representatives
estimating the receipts and expenditures forl the
present year. shows that you relied not on the last
report made by the Secretary Of The Treasury but
on data of your own framing as some Of the same
items exhibit a wide difference in amount in the
two documents.
II might have been reasonably expected, that when
individual so celebrated for financial skill, expe
rience and ability, and occupying The important
tion you now do, should undertake to prepare and
put before the councils of the nation, for their
guide, a corrected view of The national means and
wants, and estimate from whence the same are to
Be derived, 1t would appear free from any important
error or misconception.
In your report you make the probable charges up
on the Treasury Tor the year 1898, amount TO S32-
10000
And you make the estimated resources for the
same year, amount to 1871 100000.
You then say, that, /" nth a rery moderate redue-
ton Of The appropriations for The present year, ii riH
emily be necessary 10 proriGc equal 10 s amount
Of Treasury notes eheh hare been and may Dc rceer-
ed at eur enom+hones andtandeees in lieu Of rcre-
nue." You then propose, "tAat authority be giren
to issue Treasury notes 10 such amount as the public
erigeney may require not crcecdiag ten millions al
an itercanot exceeding sic per cent per amman, and
paya6ic, one-third Of them in tpeire moahs oachird
hcightcea moatas, and one-third in tlro gears"
The items of estimates of receipts from customs
and public lands are the only ones which will, at
this time, undertake to analyze, and expose the
errors into which you appear TO have fallen. You
estimate the receipt from customs this year at $l3-
100000. In this calculation, you seem to have sup
posed the foreign and domestic commerce OF The
country to have been from the beginning, and that it
will continue TO the end of the year. in state Of
unbJundcd prosperity, You seem TO have overlook
ed that directly the contrary is the case You seem
10 have forgotten that, the whole revenue from Gus
toms received in 1884, (Which all will admit, was
/ y ",
garded foreign imports,) was only SIG 0O0O 600. You
seem 10 have forgotten that, under the operations of
the tariff, (caed the compromise act,) the duties
were reduced at least million the first of the
| year 1896 and like sum again in 1888. You also
appear not to have been aware that there has been
gradual reduction Of duties constantly going on, by
the subs tuition of free goods in place of dutiable
articles for consumption. By this alone the revenue
I har hapn cd
! least million less now than in 1884 Also, the re-
duction of duties Wines under the treaty with
France, since that year. appears 10 have been over
looked by you which must amount to at least half
million. But above all, there does not appear to
have been taken into consideration at all the very
important item of bonds given in the preceding
year and paid into the Treasury and forming part
of the receipts of the succeeding year. For ex-
ample and illustration, large amount of the re-
| cepts into the Treasury in 1884, composed Of
! bonds given and running to maturity in 1888 but
! paid in 1881. There will be but few if any paw
ments into the Treasury this year from a similar
source. The greater portion OF the bonds of that
kind, which under ordinary circumstances, would
compose part of the receipts into The Treasury this
year, was postponed under the act of October last
and forms an independent line of revenue in your
| estimates for this year. In the receipts of thirteen
millions OF revenue for customs, in year succeed
ing one OF common prosperity, under the present
! system of credits, at least four millions would be
derived from payment of bonds given the preceding
year.
| Therefore, taking the revenue from customs in
1884, data to estimate that Of this year, we are
brought to the following result.
Receipts in 1884, ' $l6OO0OO0
! Less
Biennial reduction in 1886, 100000
1885, 100000
| Decrease by substituting free
! for dutable articles 100000
| Bonds given in 1888 and
| paid in 1884, 100000
Total, 100000
Making the total amount of revenue
in 1885, under similar state of
| prosperity as existed in 1884 $4,000 600
Deduct for depressed state Of trade,
from which duties will accrue in
1888 under that of 1884, at least 1000 COO
Estimated actual receipts from Gus
toms in 1888 $4,000
This sum, l will venture TO predict, will not be
exceeded in the receipts from customs actually paid
into the Treasury in 1888, Independent of the four
million Of bonds postponed.
You have estimated the revenue from public
| lands at Sy3,0OO000
As far as information has been communicated to
The public relating to the rcceints this year, it will
probably not exceed two MILL ms. Itappears by