The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-12-15

1
This occasion is taken, also, to renew the re-
concentrations, before presented by this Depart
ment TO Congress and the appropriate, commit
tees, for the discontinuance of certain officers
now employed in the collection of duties, whose
further services, it has been believed, could be
safely dispensed with, in consequence OF the re-
duction in business of late years at the different
places where they are stationed. They include
some collectors and naval officers, and survey
ors, amounting in all to eighteen, but whose Off
ces cannot be abolished without new Iegisla-
ton.
All the subordinate custom house officers,
which it is competent for this Department, with
out such legislation, to dispense with, and whose
situations in other respects similar, have al
ready been discontinued including within tive
years, than fifty officers, and, besides those,
five vessels and boats, with nearly one hundred
men, in the cutter service. In about forty other
cases, the compensation Of officers and light house
keepers has been reduced.
*. In closing this last annual report OF the
undersigned, it may be expected that ne would
advert for a moment, to the general character
of some Of our financial operations during the
period Of his connection with the Treasury De
partment.
Though employed in different Executive Of
fees nearly ten years, he has been connected
with the Treasury only from six to seven OF
them.
During this term there has occurred much to
eVince the great fiscal power, as well as pros
perty of the Union Some reverses have, at
times, overaken the rashness displayed by parts
of the community in certain branches OF BUSH
ness, and have extended their adverse influences
to the revenue dependent upon them But the
period and the country, a whole, have been
almost unexampled in prosperous Developments.
Thus, in respect to our receipts. Notwith-
standing the unusual revulsions in imports on
two occasions, so sensibly lessening the revenue;
notwithstanding any losses sustained in those
crises, by the Government, through officers,
banks, merchants; and notwithstanding the
biennial reduction in the duties, which has by
law been constantly going en-, as well as the
remission of several millions to rail road corpo
rstions, and under new judicial constructions;
yet our condition has been so fourishing, as to
yield a revenue during that time sufficient after
all those deductions, TO accomplish the following
important results. 1t has enabled the Treasury
to meet the current expenditures of the Govern
ment, as well as the extraordinary ones by In
dian wars, treaties, and other costly measures,
and, without imposing any new taxes, or higher |
tariff, and without any new funded debt what |
ever, but extinguishing considerable remains oil
the old one, and paying the interest on that as
sumed for this District, to save the unprece-
dented surplus Of more than twenty-eight mil
lions of dollars, and deposite the same with the |
States for safe keeping till needed by the Gene
raj Government.
The only permanent aid in efecting this, be-
yond the receipts from ordinary sources, has |
been the debt due from the United States Bank, |
of about eight millions, and the Treasury notes |
now outstanding, equal to nearly four and a half
millions Bat during that period, sum not
far from the first amount has been applied to the
discharge of the principal and interest of the
old funded debt; SO that, towards the payment |
OF all other expenses, only between four and I
five millions, beyond what was temporary, and
what has already been refunded or adjusted,
have been received from any cxtraneous source
whatever.
1t follows, therefore, that the current reven-
lie, notwithstanding all reductions, has been
adequate to defray both the ordinary and extra
ordinary demands, and, after taking from what
S deposited with the States, sufficient TO extin-
,uish every kind of indebtedness created on
lccouut of the General Government during the
'ame period, to leave on hand the large balance
If nearly twenty four millions.
1t is true that the available sums in the Trea-
Jury at the commencement and the close of the
period in question will probably prove different
n amount; but if made equal, a surplus would
It'll be left, which is likely to exceed seventeen
'r eighteen millions of dollars.
Beside this recorded evidence the prosperi-
y OF the country and the fiscal ability of the
General Government in those years. it is graft
ying, amidst many misapprehensionsc concerning
he sublect,t TO reflection another circumtance con-
lccted with our financial operations, wlich has
llso become matter of history. 1t is this: Though
destitute of the aid of a United States Bank as
fiscal agent during that period, and baff1ed by
'arious unremedied imperfections in the laws
with the finances, as well as embar-
'assed by two suspensions of specie payments
~ many of the State banks-one still continu- {
ng; vet the Treasury has been able to make its {
Tast collections, transfers, and payments, with
and in most cases with specie or |
is equivalent.
Some correct judgment can be formed of the /
xtent and difficulty of these operations, when I
is recollected thatthe whole sums which have a
bus been collected, without dedueting fractions U
dded to those sums which have been paid ov-
r chiefly by another class of officers, have ex- Il
eeded the extraordinary aggregate of $780, c
100000, and been dispersed over a territory OF t
early two million square miles in extent. tits, +
borrower, ascertained that the whole losses e
'ithin the same time by defaults, large and
NALL and i'll all kinds Of offices, will probably 1
OF equal half of one per cent on that amount:
nd however official delinquencies NAV, in 1
ome cases, have inevtibly been aggravated by d
lie unprecedented speculations OF the times, l.
nd by great revulsions and failures among Il
anks and individuals, those losses will not be 81
nefourth so large,in proportion to the amounts t;
objected and pad, as in SEINE previous terms, d
hen the system under United States Bank o.
as in full operation. A
A few words may be proper as to the ex- to
enditures durlhg the same period. Though &C
icy were OF necessity augmented by some of to
lie circumstances before mentioned, two Indian &C
pa Ties OnIV ouf nj laroa p,,,,1bar al.
lady involved us in the expense of nearly st
venty three millions of dollars; yet the aggre- W
lte OF all has been much reduced since the in tn
lences OF those causes and the impulses of an 81
'erfiowing Treasury have diminished. The eA
ipenditures have fallen yearly since, 1881, ea
] they are now only twenty-five and half G
illions independent of any debt and trusts, We
I'd are supposed to be in progress to still cy
wer amount &c