The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-01
s3I,959,7s7


S3I,959,7s7
Now let us examine the foundation on which
some and the most important, Of these estimates rest
First as TO customs, estimated 90 900
al $l7,5O0,OOO
Deduct s4OOO,0OO postponed
and expected 10 be collected 4OOO,0OO
Leaves actual revenue -- $l3,5OO,OO0
Upon what principle the Secretary could expect TO
receive this sum of thirteen million and hall OF
dollars from customs am at loss 10 conjecture.
Did he not know, that during the last six months o.
1887 The importation of duliable goods, for which
bonds were given was a mere bagatcLIe? And what
could he expect from commerce during the present
wear under the measure he recommended, which
could have no other effect but to cripple IT, whether
50 intended or not so long as il remained in sus-
pense before as well as after going into operations
The Secretary selected the year 1884 in his report
Al the extra session Of Congress for the purpose OF
showing what the probable operations Of commerce
would be hereafter in years Of prosperity
We all know that the year 1884 was year Of
prosperity in commerce, and throughout the country
generally.
The revenue from customs in 1884,
was $l6.2A,957
Under the operations ofthe compromise
act of 1882, twotenihs have been lop-
ped off, at two different periods max
ing four-tenths to be deducted from
the D percentage imposed in 1884, more
than in 1883 This would amount TO 6,4S5,9SO
Leaving $9,72s977
Admitting that the commerce OF the country mad
been equally prosperous the last six months OF 1887
that il was the last six months of 1888 and that i
is equally so in 1888 with what it was in 1884 here
we have an over-estmate of the revenue from that
source this year Of more than three and quarter
million dollars
The Secretary then estimates his receipts from
lands al five million dollars. This estimate is en-
larged on the superstition that new pre-emphon
law would be passed at the present session. And
suppose ii should be Is il not an invariabie rule
to give an indulgence Of twelve months in all such
laws to those for whose relefthey passed, to go
forward, pay their money and obtain their titles
When did the Secretary ever find this class OF
debtors anticipating the period allowed by law, TO
make their payments? II must be plain TO any one
who gives the subject a moments reflection, tnat
nothing can be expected tob received into the Trea-
sury from that quarter this year. will venture the
prediction that the entire receipts from public lands
into the Treasury in 1885, will not amount TO three
millions ii Il am not IHlSlnlOTuleu, INC IcS0iP'o,
thus far, will not justify an expectation OF their
reaching two millions and a-half of dollars.
In this branch of the public there will be
deficiency Of at least two million dollars upon the
estimates ofthe Secretary of the Treasury.
All the other items Of receipts | take as stated by
the Secretary.
Now, as to the estimates of expenditures. These
he makes amount to S3l ,926 1872
N 60 .zla
of Treasury notes, by purchase, and in receipt of
public dues, they being not re-issuable
Let us examine into this item of Treasury notes
little.
II will be recollected that Congress, at the extra
session. authorized emission of Treasury notes to
the amount Of ten millions not re-issuable, and their
validity so far as carrying interest," limited to
year.
The Secretary reports to have received into the
Treasury, from Treasury notes issued in 1887 four
million three hundred thousand dollars; and he esli
mates, among his receipts for 1888, from Treasury
notes, FIVE million seven hundred thousand dollars.
These two sums make up the whole amount autho-
rized to be issued, of ten millions.
Six millions and a half are reported to have been
already issued; and it hardly admits of doubt, that
before ninety days roll round the remainder will
nave been eXndISteu.
These notes, issued on the credit Of the Govern
ment have been constantly at discount for specie;
and in some places, at discount even for the notes
of -specic-paying banks BY the last accounts
they were al a discount in New York. for bank notes
of that State and three per cent below the price spe-
! Gle commanded
| Under these circumstances, what else can be ex-
pecied in payment Of public revenue but these de-
| preciated government Treasury notes2 But little
else will be paid The consequence will be- that in
place of five millions being required for redeeming
these notes. as estimated by the Secretary, the entire
amount issued will be returned into the hands OF The
government, within the year. This will make
difference of five millions in the estimates OF expen-
ditures of the Secretary in this item.
The estimates Of expenditures during the year
| 1893, for military service" DC. is Sll6oaoi2.
This Ipresume, is intended to embrace only the or
,.inaru expenditures The Florida war and other
crtraordiaary expenditures take 1t for granted are
| not included am the more induced to this suppo-
sition from seeing Ii officially reported that The ex
penditures in 1886, under the head of military ser
vice." sc. amounted 10 Sl5, 466, ll0-and mar the
expenditures under the same head for the nrsl u'ee
quarters Of he gear 1887, reported 10 amount
to Sl6,3l0,206.
The expenditures for the fourth quarter Of the year
1887 the Secretary estimates at S9s6s4l5 may
be presumed that at least half OF this sum was
for the military services making the aggregate of The
expenditures OF thai branch, during the year 1881
more than twenty.onc million dollars. Tbatexceeds
about ten millions the estimate for the present year
But is there not every reason for believing that the
military service will be fully as expensive 10 the
country in 1888 as il was in 1879 Look the vast