Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-04-24

lS4J, whoever may be at the head of that Admit
nistration, must be provided for. say this. sir,
merely to preclude, alb ante the idea that, if a ma
tional debt shall be found existing after March,
1871, il will be the debt of the Administration of
that time, and not ofthe present.
Nv real ground of complaint against the present
Administration and think it a very Just ground,
is, that il has not come out in manly manner
long ago. and told Congress that there was me-
cessily to make further provision for revenue.
The President in is message of the 81 December,
observed that all the Treasury notes then outstand
ing would have been redeemed before that time,
If the Treasury could have realized the payments
due to il from the banks" What banks The
outstanding Treasury notes amounted, at that
time, to two millions and three quarters. The de-
poste banks owed the Government only million
or million one hundred thousand dollars. The
President must have included the bond of two mil.
lions and half of the Bank Of the United States.
But that bond is not, by the terms of il, due till
September next. There could have been no disap-
pomtment, therefore, IN not realizing the pay
ment of that bond before the date of the message.
The President makes very Just observations upon
the lmpolicy and danger of commencing public
debt in time Of peace of the fearful rapidly
with which such debts are apt TO be increased
and upon duty to struggle against such debts
at the threshold. But all this does not prove that
money borrowed and still owed ON Treasury notes
is not national debt. All this does not prove
that we have not been borrowing money on the
strength of the public credit, paying high interest
for il, and having an immediate prospect OF beng
obliged very considerably to increase its amount.
| know no way of keeping out OF debt but by
bringing the revenue mp to the expenditure, or
bringing the expenditure down to the revenue If
we owe for borrowed money, ii is puerlIe to talk
about the form of our obligation, as II one form
was less debt than another. 1t would be much
more wise TO sci ourselves at once about getting the
means of payment. Good aphorlsn>, upon the
subject ola national debit should be followed,
think, by direct and responsible recommendations
to Congress of such measures "a are necessary 10
prevent the evil.
Let MS now, Mr.. President, look TO the Secre'a-
RVS estimate of means and Of expenditures for the
present.
And, first Of the means. He thinks the receipts
into the Treasury from customs, lands, and nlscel-
laneOus sources will not exceed eighteen millions
six hundred thousand dollars, S1S,6OO,OO0 90
Amount in the Treasury, Jan. /,
1910, 1,556,3S5 90
2O,156,3s5 90
Expected TO be paid on U. S. Bank
bond, 2,526,576 90
Due from deposite banks, 1,l49,904 90
800, $685. 65 90
But the Secretary does not deem it pruecnt to
rely on the collection oftheSe debts-and as to the
receipts from the CUSTOM house, the great source
OF respected income, presume his hopes are not
| stronger now than they were at The commence
ment of the year.
Let us now turn TO the other side of the account,
and see the estimate of expenditures
Now, on this head, he says that if Congress
should make appropriations to the extent desired
by the different Departments, the expenditures of
the year will amount to $20,OOO,OOO 90
Besides the payment OF OrtStand-
ing Treasury notes, amounting
to 2,75O,OOO 90