Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-01-10
from the Neie York Ezp1essl
THE TREASURY REPORT.

touches. It's priciple aim appears 10 be TO con-
vince the public that the Government, is deter.
mined to be exceedingly economical. The
preaching and practice Of the Administration
in this respect for the last ten years, have had
very little to do with each other. Indeed il
preaching had been the plague, practice
would not be in the slightest danger OF catch
ing It. One great and prominent object of
the report seems to be to follow up the Mes
sage, in convincing the People Of the utility
ofan Independent Treasury.-the advantage
OF Gold and Silver and the faith-iessness of
Banking Institutions-.The Secretary is
however in good deal of difficulty, for fear
the appropriations will not be cut of, and on
this subject he reasons most earnestly, for the
cutting down of every possible appropriation
Ii Congress he says will only appropriate
what the Departments call on them for, the
expenditures he estimates at $4,000, O00.-
How the Government is to cut down their
expenses to this sum, does not satisfactorily
appear, nor has he fully explained Last
year the expenses Of the Civil, Military, and
Naval alone, were (the last quarter being es-
timated) S24, 769, 900, and the whole amount
OF Drafts on the Treasury. was S35, 66l APT
| So
There are outstanding Treasury Notes TO
be redeemed, amounting 10 S2,750O00; but
as there will be bond due from the u. s.
Bank of 1886, SIC. one will nearly balance
the other.
| With this fearful falling off Of the receipts
of the Government. il is not surprising tina,
the Secretary should call Justify on Congress
10 withhold their appropriations. The Sec.
rsfo hat n 4
fore. that another insta lmeat of Public Mon.
les TO the Safes cannot BE- made. Among
the cuttings down Of appropriations he speaks
of public buildings. dry docks, Improvements
in navy yards, FORTS arsenals and arms, i'm
provements in roads, harbors. rivers &c. and
If necessary, pro rata scale of reduction in
salaries. That there have been incalculabe
wastes in the expenditures of all these which
have always been given to papisans there
can be no question. In the crusade against
Banks, and the establishment of an Independ-
ent Treasury the Sec reiary has we believe
for the frs, time alluded to a difficulty.
which every experienced man was satisfied
the Government must, sooner or later, find
themselves in; &that is the occa sional anticipa.
ton ofthe Revenue. So long as the u States
Bank was the fiscal agent the Government
could always meet their engagements with
honor fidelity and promptness In case there
were no funds on hand,ihe Bank in all cases
supplied the deficiency but now in the estab-
lishment of an Independent Treasury, there
can be no reliance, except on the contents Of
the iron chest lfthere is any delay or dis
appointment in receipts, 1t follows OF course
tina; the wheels OF the Government mus, stop.
The Secretary says,
ut is hoped that an actual failure TO furn.
ish means TO make prompt payment, under all
contingencies, and thus producing the very
violation Of good faith SO much to be depre-
Gated, will not be necessary TO awaken its
guardians to the urgent importance of some
such remedial provision; measure, without
which. in the shape of an investment, or
large balance on hand. or authority given 10
postpone certain classes of appropriation,
when the revenue proves insufficient for the
whole.or some po,oer 10 borro,c money, or is.
sue.o Interest. when necessary, drafts, or eu.
ehsqner bills, no financial system in any en-
lightened country has been. or can be long
administered with safety and honor"
Here is distinct call on Congress to au.
thorise him TO issue Paper Promises 10 pau,
to BORROW MONEY. or issue ON
INTEREST. WHEN NECESSARY,
DRAFTS, or EXCHEQUER Bills
Thus while the Government will receive
nothing from the People but gold and silver,
they in turn ask for the power 10 issue an
irredeemable currency. This is Just the po-
sition tina, Secretary Dallas found himselfin,
after the Bank Of the United States was bro
ken down, and the same party who had ia
ken the charter away were obliged 10 grant
new charter. TO enable them to manage the
fiscal affairs OF the Government, and 10 an
ticipate their receipts.
A summary Of defacations and losses are
given. but it affords but little light A spec
ial report is TO be made oil all that have taken
place from 1889 TO 1887. The Secretary
states, that accurate statements OF the means
OF collecting the revenues Of twenty seven
governments have been obtained-the partic-
ulars OF which will form special report. We
have some curiosity TO see list ofthese hard
money governments. Some Of them we sus.
pect are not foremost in civilization.
The report closes with some remarks on
the conduct of the Banks for not redeeming
their notes with specie, and upon the absolute
necessity there is that all dues to government
should be paid in specie only. He also rec
ommends that severe penalties should be in-
posed on defaulters. He urges the exclusion
Of small notes fIom circulation--a measure
which the Government has as little to do with
as the Great Mogul. Several other topics