Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-06-02
THE STATE OF THE TREASURY.
Toihe Senate and House Of Representatives;

THE STATE OF THE TREASURY.
Toihe Senate and House q Representatives
Isubmit to the consideration Of Congress
a statement 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 o.
yer fifteen millions due from individuals
and banks, are, from the situation in which
those funds are placedyin immediate dan
ger Of being rendered unaRl to discharge,
with good faith and prorsbtitude, the va
rious pecuniary obligations Of the Gov
eminent.
The occurrence OF this result has for
some time been unprecedented, and efforts
made to avert it. As Ne principal difficulty
arises from a prohibition in the present law
to REISSUE such Treasury notes as might
be paid in before they fall due, and may
be effectualIy obviated by giving the
Treasury, during the whole year, the BEN
eft of the full amount originally authoris-
ed, the remedy would seem to be obvious
and easy.
The serious embarrassments likely to
arise from longer continuance of the
present state Of things induces me respect
fully to invite the earliest action of Con-
gress to the subject which may be consist
ent with due regard to other public in
terests.
NJ. VAN BUREN,,
May 10, 1888.
TREASURY DEPARTMENT, May 10, 1888.
The undersigned would respectfully sub
NIT to the President the following state
ment concerning some fiscal embarrass-
ments which are likely soon to happen,
unless averted by early legislation.
Hhas been usual for the Secretary Of
the Treasury, except in the annual reports
on the finances, and in replies to special
calls or directions by either House of Con-
gress, to give information respecting all
matters which appertain to his office,
through letters addressed to the appropri-
ate committees. For some months past
and on several occasions, that mode has
been pursued in respect to these threaten
ed embarrassments, by giving 10 the Com
mittee of Ways and Means such informa-
ton concerning them as the public exigen-
cies and seasonable foresight seemed to
require. Some suggestions and facts con-
nected with them have likewise been in
troduced into reports made to congress.
But the relief desired having not yet lbeen
granted, and longer omission to provide
for the emergency having a tendency to
impair public credit, 10 the great prejudice
ofcontfactors and workmen, as we'll as of
pensioners, the Army, Navy, and many
other classes, the undersigned deems it his
duty to apprize the Executive also of the
impending difficulties, in order that he
may take such further steps as appear pro-
per to promote faithful discharge of the
pecuniary obligations of the Government.
The popularity in the present condition
ofthe finances can be very briefly explain
ed. 1t has arisen not from any actual de-
ficiency which has yet occurred in the a
mount receipts anticipated for the year; not
from any excess ofappropriation which has
yet been made for either ordinary or ex-
traordinary objects; but lroma prohibition
to use, for the payment of the public dues,
what is required by law to be received for
them.
In the act Of October last, authorizing
the issue of Treasury notes, they were
receivable at any time for those dues, but
were expressly forbidden after such re-
ceipt, from being reissued in discharge Of
claims on the Treasury. From This
circumstance, coupled with the protract-
ed failure Of most Of the banks to resume
specie payments, little has of late been
received for revenue except Treasury
notes. Over five and q half millions Of
them have already been paid in, though
none fall due till about the LIST. Of Novem-
Der next. As these cannot be paid out a.
gain, or others in their place, till the re-
striction before mentioned is modified, it
has followed that a great portion Of the
receipts Of the year have thus far been en-
tirely 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 origin
al act, until hewhoie amount authorized,
except VIC ,8O2, has been exhausted.
The only other means available tomeet
the public engagements, with the excep- |
tons as to trusts and the Mint, detailed in
d special report on The condition Of the
Treasury to the House .of Representatives
the seth Of Mafch last, are reduced 10
about $e47, 439.
These constitute an aggregate Of five
and sixty-fcur thousand two hun
dred and thirty-fonr dollars thus availa-
Bile, instead Of q balance Of from two 70
six millions, which il has generally been
considered wise to retain On hand, in or
der, with tho aid 81 the current revenue,