The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-12-12

il then supposed would require twelve or thirteen
millions Of the exports and which, in that event.
would OF course furnish returns in imports. The
same result must follow yearly till the old stocks
redeemed unless new can, for time longer,
be sold and the difficulty be thus deferred, though
merely at the expense OF increasing the whole ultimate
debtedness
But il is source Of great satisfaction 10 witness the
Indications which the unprecedented amount Of ex-
ports during the last four years has given Of the
tinued prosperity Of the country.
Notwithstanding some depressions in particular
branches Of business in parc places the gene
raj prosperity has been such TO create large sur
plus OF products, and TO enable to send abroad
mense and increased values of them, however great
the complaints have been To low prices
These official records some OF the most anthem
TIC tests Of truth, amidst adicory conecures on
topics like these. They show that we have been able
TO spare in exports of domestic productions during the
last four years, quite S40s, S9i 743 in value; while in
no previous term Of that length since the adoption of
the Constitution, have they exceeded 1855, 447 622
Except IN the last two series Of four years they have
never gone beyond $3.50 SIC 749; or not two-thirds
as high as from 1887 TO 1910 The whole tonnage of
the country has also advanced within the four years
past, more than 20 200 tons.
Seldom, indeed, il ever, has the navigation interest
one OF the great opponents Of wealth and increased
commerce. been prosperous as within the last twelve
months.
II Is true that portion of the increase in exports
may be attributable TO some alteration in the habits
OF the community, not connected with additional
wealth
The disposition in families to rely less on their own
resources, and obtain more by means of mercantile ex-
changes abroad well at home HIS without doubt
grown rapidly of late years than formerly and
tended to augment both the imports and exports be-
yond what the real increase in the Of products
would Indicate. Yet the great excess of exports du-
ring the last few years over those of previous times
cannot all have arisen from these circumstances
Granting, however, that some of it has the
quences TO that extent and in another view of the
subject, are not well calculated TO excite gratfce
ton The increased dependence which the change Of
habits, IN selling and buying much more of what
Is consumed, has occasioned between different
tries and those engaged in different avocatons well
as the increased credit thus demanded through many
new ramfcatons, and the greater subsection thus pro-
duced OF almost every pursuit to the evils attendant
fluctuations in prices, bank expansions, and revu
slons In commerce have probably exercised inlu-
ence on the events of the last four years not ncon
siderable nor sauary. Combined with other causes,
they must certainly have tended TO effect wide and
unfavorabe alteration in public manners; and may,
in time, inct injury the morals and character
of the nation which will more than counterbalance
all the gains in wealth
" The estimates of the receipts and expcndtu res
for lS4l next demand attention
he actual receipts and expenditures in that year
of course, be regulated by Congress- through new
legislation as to reach nearly any it may deem
proper But the undersigned can neither increase
diminish them; though a duty is developed on him. in
respect TO the subject while at the head of the Trea-
sury, which he now proceeds to performof present
ing some opinion concerning the amounts to which,
under the existing laws, and the calls Of the different
department, they are likely to attain.
He will further suggest any general changes which
appear to HIM expedient, well any new means
deemed necessary TO meet all the burdens which, it is
apprehended, may be imposed
The estimates for the ordinary receipts and expen-
ditures in the ensuing year differ some millions from
what will be actually received and expended in the
present one.
1t is calculated however that the difference will be
what is always most desirabe,-some increase OF the
receipts, and further dimnuton of the expenditures
The estimates for the latter in the present year,
Were made less than those Of 1889 and the results
have correspondent. Indeed, it is of much
qualification that the expenditures heretofore cherish
ed, of materially reducing the public burdens have
been verified to so great extent. Thus the ex-
penses of 1888 fell below those of 1897; while the
expenses of 1889, notwithstanding the continuance Of
the Florida war nearly eight millions below those
will be from two to three millions still lower, or quite
/ ten millions less than those Of 1885,
They would have been nearly twelve millions less
had not that war continued and unusually large pay
ments been made to Indians under old appropriations
II is believed that the ordinary expenses of lS4i
ought to fall some millions below those in lS40 as the
pensions have diminished by deaths fewer Indians re-
manned to be removed several expensive public build
ings have been mostly finished, and hostiltcs with
the Scmlnoes must be nearer to close.
More details concerning the estimates for the next
year will be proper, and will illustrate the correctness
of some of the preceding remarks.
II may be stated from the best data in possession of
this Department that the receipts under the existing
laws, will probably be as follows:
From customs $4,000 600
From lands 3,50O000
From miscellaneous 10000
Add the expected balance in the Trea-
suiy, available on the LIST Of January
next 1,5s0s55
The aggregate of ordinary means for the
next year would then be 24,l60,s55
There will be nothing more, either of
principal or interest due from banks
which is likely to be made available
except abou, 100000
power will exist under the act of 3lst
March, 1870 TO issue Treasury notes
till year from its passage expires, but
not to make the whole emission out
standing at any time exceed five
millions of dollars
This will furnish additional means equal
to the computed amount which can be
issued at the close of the present vear