Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-01-02


sury On the first Of January, 1910 1,556,3s5 0
| The efficient means in that wear will
then amount, in the aggregate to { <o'i'o''7oo
If Congress should make appropra-
tons to the extent desired by the
different departments the expcn.
ditures for 1919, independent Of
the redemption Of Treasury notes,
are estimated at 2OOOO,OOO 0
Including all the Treasury notes to be
redeemed, the aggregate expenditure
would be about 22,75O,OOO @
This would leave deficit in the Trea-
sury ut the close of the year,
amounting to e,593,6l5 o.
But there viii &c due from the United
States Ban: in September next, on
:, its fourth bond, about 2,52G,57Go(
Tie principal now due OH the Trrssur
err deposites IN other banks, which
suspended specie payments in 1887,
is. 1ll9,sO4 OF
Should all these claims be collected
in 1910, they would prevent Il def
cheney, and leave an available ba-
ancc in the Treasury of nearly 1,0s2, 500 o.
1t is not however, considered prudent to rely c1clu
svely on the collection of these debts.
One mode, then, of obviating any difficulty from tina
circumstance, will be TO reduce the aggregate of new
appropriations, by posponng and lessenng others
that the means probably available will be sufficcn
average balance Of about two millions.
1t is believed, for enumerated hereafter, thai
such reduction is possible without essential injury Il
any usefu! object and that this balance is the smallest
which adequate to promptitude and good aitt
in public payments, heavy in amount as ours so un
expected at times in the demands for thcm and dis
persed wide territory If the appropriations
not thus reduced it will be wise to provide scasonabl,
in some other way for the amounts Of Tie contingent
deficiency, and of such balance.
According TO the opinions Of the different depart
mcnts, TO the sums of money proper for each, anC
which constitute the basis Of the estimates submitted tC
Congress, the appropriations required for the next
year will equal the sum of 600 55
Viz:
Civil, foreign intercourse
and miscellaneous S4,9el ,;H4 ID
Military services pen
sions, &c S,2l3,6l0 ~
Naval service 5,0S5,G 62
For further particulars 10 these the annual
Inmates herewith submitted ~ Besides these, the
permanent appropriations which, by existing laws and
the modification of them recommended, first became
chargcac the Treasury in lci0, amount 10 81 5o6,
000 They are, in the War Department, 81 236 600 !;
in the Navy, 100000 and public debt, $4,000 The
principal Treasury notes falling due will be about
S2,150,0t0 more. The appropriations already made
and chargcabc, which will remain uncaed for at the
end Of the present year. estimated, by the different
departments, at the further of 81 S2 37l, though
that is considered by the undersigned likely to be
about two millions too small OF these they compute
that nearly Ss270,73 viii be required, i'll order 10
compsh the objects contemplated BY them. 1t is pro-
posed 10 apply S0lI7l TO the service of the ensuing
wear without transportation, and the residue of about
sd 500 not being required IN order to accomplish
thcsc obecs '-a no" he surplus fund II therefore
fol"wr !" whole chr captions. called for are
I-Iu exclusive of the Treasury notes OUTSTANDING win
amount at least to 3 ,l32lG6, of which, rs previously
Observed it is computed that $4,000 900 will be az
pended within that year for ordinary purposes or two
millions and three-fourths more, including the rcdcmp-
ton OF Treasury notes. From these satcncnts il must
be perceived that condition in relation to he demo-
site of another Instalment Of public money with the
States remains much the at the close of the
year lc3-. Consequently, the views then expressed
by the department have continued to govern its
This state of the finances renders it also unnecessary
to submit any remarks upon the mpolcy Of providing
Tor the additional depos'te or distribution Of SURPRISES
not likely TO occur, for donation of the proceeds
of The public lands, while they all needed to deray
the ordinary expenses of the General Government
Besides the further objection 10 some of these mea-
sures, arising from their apparent conflict with const
tutional principles, IT must be manifest that if the pro-
cccds OF the lands should be given away when needed
to discharge appropriations the deficiency must be made
up by the unpleasant alternative Of resort to loans OF
increased taxation.
EXPLANATIONS coscfRSISG vuE ESTIMATE OF
RECEIPTS
The estimates of receipts from duties md lands du-
u
for the following
4 further reduction of certain duties amounfinn
to nearly S0U000, will take place after the close of ts
present year Itlikewisc happens that subsequent to
large importation and fall of prices in the articles
ported in 1890, the amount of imports often decline.
for two years After 1926, it declined unintcr-
ruptedly for six years.
The contractions and expansions Of our paper cur
rcncy have at times proved another striking indication
of the reduction and increase in importations. With
out dwelling here the intimate connc1ion between
them as cause and effect, by means of foreign ex
changes, and the necessity after ovcrtradng and
issues by the banks, of drawing them and adjusting
large balances in specie, it may be observed that dim
mutton in the circulation of paper has been going fol
several months. Hence diminution in the import.
has already commenced, and is confidently expected &c
continue for some time.
The country is also supposed to be supplied with TO-
reign merchandise in greater abundance than it
year ago This will lead not only to reduced demand
for the importation of goods, but TO greater
port of what is already here, To other and better mar
Lets and thus b. increased drawbacks as well as d.
minisEed IMPORTS materially lessen the nett receipts
from customs
The price of some of our principal articles of ex-
ports being lower the quantity will likewise fur
nish less ability TO make purchases abroad and where
the quantity larger, the commercial embarrassments
both there and here will tend to prevent buying
hcr side of the Atlantic much beyond what is needed
for early consumption The greatly increased lIabili-
ties the part of many corporations and States, for
the payments of interest and dividends their stocks
owned by foreigners, will still more scnsbly affect the
revenue. Those payments must require millions of ex-
ports either in produce or specie which will lead to no
returns in addition, imports. It believed that with
in few years past annual tax drain on this
country has thus been created equal to twelve or hir-
teen millions of dollars.
This is and important element, besides over
banking and overriding, TO disturb the industry ne
commerce and finances of the Union. It's rapid gro III
has been acceeratedby the distribution of the surplus
in acpostc among tie States tempting them in several
instances to ana Improbable enterprises, and sti-
mulating delusive pes of still further distributions
It's influence for cvl has been aggravated by a few
other causes, some Of them temporary in duration and
limited in extent, but others ditused in degree over
considerable portions If the civilized world, and pre-
senting some singua anomalies in credit currency
and trade But without cnlarging on the considera-
ton Of them here, the following conclusions may be
regarded as inevitable.
Should the States lot speedily suspend more of their
undertakings, which unproductive, but, by new
loans otherwise, find means to employ armies of Ia
borcrs in consuming rather than raising crops, and
should prices thus continue in many to be unna
turaIlv inflated they have been of late years in tho