The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-05-22
STATE OF THE TREASURY.

states on thursday, the ioiloWing message was re-
ceved from the President of tho United States, by
Mr. Abraham Van Buren,, his Private Secretary:
To the Senate and House of Representatives.:
submit TO the consideration of Congress a state
ment prepared by the Secretary of the Treasury by
which it appears that the United States, with over
twenty eight millions in deposite with the States,
and over fifteen millions due from individuals ana
banks, are, from the situation in which these tunds
are placed in immediate danger of being unable To
discharge with good faith and prompttude, the va
rious pecunary obligations of the Government
The occurrence of this result has for some tnie
been apprehended, and efforts made to avertit' AS
the principal difficulty arises from n prohibition III
the present law TO REISSUE such Treasury notes as
mist be paid in before they fail due, and may be
efectually oby lated by giving the Treasury, during
the whole year, the benefit OF the whole amount o.
rignally authorized, the remedy would seem to be
obvious and easy.
The serious embarrassment likely 10 arise from
longer continuance of the present stale of things,
induces me respectfully to invite the earliest action
Of Congress to the subject which may be consistent
with due regard TO other public interests
NAV 10, 1918. M. VAN BUREN,,
Treasury DEPARTMENT, May 10, 1888.
The undersigned would respectfully submit To the
President the following statement concerning some
fiscal embarrassmens which are likely soon 10 hap
pen, unless averted by early legislation,
1t has been usual for the Secretary of the Treas
ury, except in the annual report the finances and
in replies 10 special calls or directions by either
House Of Congress, TO give infor,"aton respecting
letters addressed 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 Com
mittee of Ways and Means such information con-
corning them the public exigencies and season
able foresight seemed to require. Some suggestions
and facts connected with them have likewise been
introduced into reports made to Congress. But the
relief desired having not yet been granted, and a
longer omission 10 provide for the emergency hav-
ing tendency to impair public credit, to the great
prejudice of contractors and workmen as we'll as OF
pensioners, the Army, Navy, aud many other class
es, the undersigned deems it his duty TO apprse the
Executive also of the impending difficulties in or.
der that he may take such further steps appear
proper promote faithful discharge of the pecuni-
airy obi gations of the Government.
| The peculiarly in the present condition of the
finances can be cry briefly explained. 1t has ars-
en-, not from any actual deficiency which has vet
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 ex-
traordinary objects but from prohibition to use,
for the payment of the public Dues what is required
by law to be received tor them.
In the act of October last authorizing the issue
ofTreasury notes, they were made receivable at any
time for those dues, but expressly forbidden,
after such receipt, from being reissued In discharge
OF claims on tho Treasury. From this circumstance,
coupled with the proracted failure Of most of the
banks TO resume specie payments, little has of late
been received for revenue except Treasury notes -
Over five and halfmillions Of them have already
been paid in, though none fall due till about the
LIST of November next.
As these cannot be paid out again, others in
their place. till the restriction before mentioned is
modified it has followed that great portion of the
receipts of the year have thus far been entirely use.
less for aiding TO defray the large expenditures char
ged upon it, and resort has of necessity been had
to the emission of more Treasury notes under the
! original act until the whole amount authorised, ex-
cept $2l6S02, has been exhausted.
The only other means available to meet the pub
lie engagements, with the exceptions as TO trusts
and the Mint detailed in special report on the
condition Of the Treasury to the House of Repre-
sentatves the Goth OF March last, are reduced to
about $347, 432.
These constitute aggregate of five hundred and
sixty four thousand two hundred and thrty-onr dol
lars thus available instead of balance OF from two
six millions, which it has generally been oons:d.
cred wise retain on hand, IN order, with the and
of the current revenue, to insure punctualty and
guard against the ADVERTISEMENTS incident 10 huctu-
atoms and other ontingencIes During the present
year, however the revenue has heen paid IN Treas
ury such extent that only about one-fuurih
of a million monthly, has been received from 1t in
money, to assist in discharging the current OK
penditures. These last, an average, have been
over two millions monthly, and in April nearly
three millions.
A more than -four million Of the Treasury notes
sill outstanding, and the banks generally have
not yet resumed specie payments 1t Is probable that
a great part of the will tor some time to
come, be paid in a similar manner. Under such
sums due from the postponed custom house bonds,
the banks, and the States, not yet payable, and
that 10 power exists, exceptin Congress, to re-
call the dep0seS from the atter-that there Is no
reserved fund to resort to, any other authorized
means by which the wants of the Treasury can be
supplied, II is manifest that the Department Is eX-
poaed weekly and almost daily to be deprived of
The whols of its available means, and the credit OF
the Government be- InjuriouSly affected DOth ut
home and abroad.
Congress could readily avert these results, If ap-
proving abe suggested in the last annual re-
port the finances Il could remove the prohibi-
ton TO re-issue the notes which may be or have
been piematurelv paid in and redeemed, and where
they have been cancelled, permit others to be issued
in their stead il could effect the object by
allowing other notes to be emitted instead Of such
as have been and shall hereafter be paid in, before
the year for their redemption expires. BY the
sonable adoption of either of these measures all
tcipated embarrassments during 1888 probably
be obviated-For in that event, provision of adj
dltional means to meet the expenditures of the year
will be hereafter unless before the close
of the session il shall appear that the appropra.
tons have been made, or are likely 10 be made ex-