Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1840-01-09
e.
REPORT
OF THE SECRETARY OF THE TREASURY
ON THE FINANCES
TREASURY DrrAnrMrsr. Dre \ 1870

xxI Hp
acting gu these or other cases if Conp,,ss cnnnn,
consistently with its views Of duty 10 the connl,v
adopt the course suggested and ,cst,,e, IN, n,,,,
ot appropriations. whether ordinary or .xtraornay
10 the certain current revenue The only remai,i,,
courses which seem defensibIe are these ,uho, IN
provide for recalling portions of The pnbl,c mann,
now deposited with the States. or establish an AIDE.
qnae system Of direct Taxation or al once reso, In
the contingent power contemplated IN the existing
laws coucering the tariff when changes become ne.
eessary { purposes OF revenue aud restore the du
| ~ on several art'cleso OF luxury now free.
On some PermdTenf safeguard under fluctuations IN
receipts and expenditures.
Much mas al ZINES b' en- wisely done by Congress
10 supply means 10 meet unexpected defcences.
But all ieca provisions heretofore adopted Tor that
purpose having expired, our financial operations
VIII be constantly exposed 10 danger, unless some
permanent safeguard under contingencies es-
taol'shed.
These circumstances must constitute IN apology
Tor onre more explaining of the grounds m
favor OF such measure, aud earnestly asking speedy
leg station concerning II.
The principal sources Of our present revenue are
sensiby affected by fluctuations not only in CONNER
cisl prosperity but IN The crops, the banking policy
aud credu systems oil even foreign nations. Tie
influence oi these causes seems 10 become yeatly
more chaneeabe and moie uncertain in us eA-
tent.
Numerous illustrations in support Of these views
have been reic,ied 10 ~ former reports. Sone of
them show sudden aud great falling off IN the rep
ular receipts. though during peace as The duties IN
1886, from nine millions in quarter only hiee
IN lie next ; and as The sale oil pubic Lands from
/" euty -four millions in 1886 amount over hall
oil all received ~ iN pityiuus 40 wears, less hsn
three millions IN 1888 But the returns from The
districts III some. Slaies during the last two years
present additional i"cts equally sinking on this
subJrci.
In Michigan. Tor instance the s les far public
lands IN ls36 exceeded five millions Of dollars
how FIJI m IN Ia a
sppi, where. IN 1885 and S36, Ihev exceeded three
millions each year, they fell in 1888 To only $780,
6. As before minated, portion of such exua.
ordinary fluctuations results from The yacllaiinp
character III thr sources from winch our revenue Is
derived. But most Uf them are evils ,nsepable
from the lerodl,al couracI,ons and expansions IN.
cdent 10 the present deiecve system of banking IN
. couutr, SO full Of enterprise as ours with such
lterdotn in pursuits, such faciIes OF inte,cour.c
aud such strong temptation 10 rash spe { ulatinu
The nucinalions. however. cui,f i0ed 10 the
receipts. TIE expenditures which my be sane
toned by Congress annually. are rtly urcerlain 10
,hrir amount. rs well as doubtful in The proportion
Of hen,, which will be called Tor within the year, or
in any particular portion a..
All these, aud simlla consider atoms, in lavoi OF
some permanent provision this subject. afpl,
wIih sill Giraler fulce lban they have hetst fore.
Tie available balance in the Treasury 10 facilitate
us operations, is much smaller sihnn has foimerl,
been usual. The iecepls Oh the debts sui due
some Of them, nns' he regarded w'ih increased doubt
aud II they sh"uld be pad wnhih the coming year,
TIE oul,t mdiug Treasury notes become red eo'a-
bic il Tie 6fst hall oi II, and mes brdiseha'etd sumo
nror tbs BET re tie bond OF the Unned States Bauk /
falls due IA September.
Tie inttoduclnu III steam in voyages across the
Adautc. besides The great rrv"in'ion it mus no
duce IN other respects. wall so expedite orders and
import, as To pt"duce sensible departure BON the
TURNER more uniioim pe'Io sol Laying III stocks OF
ce,t1in Kinds al nerehahdlSr IN advance, and must
Illus add TO tue irieen'"''y 10 our ie'f'p's ""n ma
puts, well as 10 the uncertainty IN previously es-
lImaung Their amount.
The practice ni lncurring expenses in cerlan
case someone's military, or "ia different character, IN
ANTICIPATION "i appropriations and "ccasioned b. M
rAnecied necessities or UNUSUAL DELAYS. Gems to be
increasing. II augmtn's the risk 81 Temporary de-
hctenty, because large sums thus beeome payable
in mas, aud iurii"ili' from The Treasury. when
most IT the menbers of Congress, "a the nme OF
making ahc appropriation, expect that The b"rlhen
VIII be spfrah Some"h"' tq"'''y o'e' 'ne "ho'e VI
the ensuing year.
Why Then, should not constant safeguard. OF
son permanent remedy under shch irregularities
lie provided The OMISSION 10 do this can hardly |
he considered the true che X on rxlravgan rxpe"- |
dnure, as thai cheek would seem to CONSIST faihtf
il ai"'ofafance |" make unnecessary appropriations
ia ~ IN ieIns""i 10 provide 'Pe means Tor pay
log with pfonp'nude' htatf an Poo"oie con''hReh-
cies, what mas ahea"S oeen al'lfofta'ed' al" h's
received The deliberate s"ncn"n OF CnnsleNs'
The national prIdc, no less Than MS honor ana credit
appears 10 be concer G IN adopting sumo measure
this subject. stable. elcien tiehiable 10 ifee III
stiulons, and possessing paramount influence 10
preserve uhsP"''u '"e P"o''' '"''"
The SAFES now possess, separately, g"'ie as deep
.