The Madisonian., 1840-01-01

sions, DC s2l36l0 "A
Naval service, 5US5 6i5 62
Besides these. the permanent appropriations, which,
by existing laws aud the modification Of them recon-
mended, first become chargeable on the Treasury in
1870, amonn, 10 8 ,5s6,O0O They are, in the War
Department, 81 236 900; IN the Navy, $40 900 and
pubic debl, $4,000 The principal on Treasury
falling due VIII be anout ~, ,750 900 more The
appropriations already made and chargeable which
Will remain uncaed pr at The end Of the present year.
are estimated by the different departments, al the fur
,her sum Of SlS2737i, though that is considered by
the undersigned as likely 10 be about two millions toe
small O these they compute that nearly SS270 1893
will be required, in order accomplish the objects
contemplated by them il is proposed to apply So 0l4,-
II 10 the OF the ensuing year without sap
propriaton and the residue of about 54i $685. be-
ing required in order to accomplish these Objects will
90 to the surplus fund. 1t therefore foows II al the
new appropriations called for made, that the whole
charge upon the Treasury IN lS40 exclusive OF the
Treasury notes outstanding, will amount at least to
S3l, l52 log, OF which, previously observed it
computed that S20,00U,000 will be expended within
that year for ordinary purposes, or two millions and
three loulihs including the redemption OF Trea
suTy notes. From these statements, must he per-
ceved that condition relation TO the deposite of
another lnsalment of public money with the States
mains much the at the close Of the year 1888.
Consequently, the views then expressed by the depart
ment have continued TO govern its course.
he state OF finances also renders II necessary to
submit any remarks upon The impocy Of providing for
the additional deposite distribution Of sdpnses not
likely 10 occur, FOR donation Of the proceeds Of
the public lands, while they all needed defray he
ordinary expenses OF the General Government
Besides The further objection 10 some OF these mea-
sures arising from their apparent conflict with constu
tonal principles, be manifest, that if the pro-
ceeds Of the land should be given when needed
to discharge appropriations, the deficiency must be
made up by the unpleasant alternative Of TO
loans or increased taxation.
Explanation concerning The estimates of receipts.
The estimates Of receipts from duties aud lands dur.
ing The next year have been made lower than for 1889
tor the following
A further reduction OF certain duties amounting to
nearly $500 900 will take place after the close OF the
present year. 1t likewise happens that subsequent
q large importation and fall OF prices tho articles
exported as IN 1899, the amount of imports often de-
clncs Tor years. After 1925, il declined
unlntcUuptedly for wears
The conlractlons and expansions Of our paper
rency have at times proved another striking indication
of the reduction and increase Of mportaiions Without
dwelling here the intimate connection between them
cause and effect by means OF the foreign exchanges
and he necessity after overtradug and overssues by
the banks, of drawing them and adjusting large
balances specie, II he observed that dmInutlon
in the circulation Of paper has been going for several
months Hence dnnnuton in the imports has already
commenced, and is confidently expected to continue
for time
ne country Is also supposed 10 be supplied win
foreign merchandise IN greater abundance than was
year ago. This will lead only a reduced demand
for the importation Of goods but to greater ex-
port Of what already here TO other and better
keis and thus. by increased drawbacks, well as di.
mnlshed imports, materially lessen the net receipts
from customs
The price Of some Of our principal articles OF export
beng lower, the same quantity will likewise furnish less
ability to make purchases abroad, and, where the guam
tiy larger. the commercial emhara both there
aud here will tend TO prevent buying either side OF
the Atlantic, much beyond what needed for early
sumption The grastly increased liabilities the part
OF many corporations and States for the payments OF
interests ard dividends their stocks owned BY TO-
regners. will still more sensbly affect the revenue.
those payments must require millions OF exports either
in produce specie, which will lead no returns ia
additional Imports II is believed that within few
years past annual tax drain this country has
been created, equal TO twelve or thirteen millions OF
thus dollars.
This is new and important element, besides
banking and overtrading to disturb the industry, the
commerce and finances OF the Union. It's rapid growth
has been accelerated by the distribution Of the surplus
IN Geposte among the States te npng them 10 several
instances to and Improbable enterprises, and stun
ulaiing dclusye hopes OF still further distributions
Its influence for evil has been aggravated by few
other causes, OF them Temporary IN duration and
limited extent, but others diiused ~ degree over
considerable portions Of the civilized world, and pre-
scnting singular anomalies IN credit currency ara
trade. But without enidrglng on the co"e"e'a'on "
thetn here the following conclusions may be regarded
S inevitable.
should the States not speedily suspend more OF their
Undertakings which upproducuve, but, by new
loans otherwise find means TO employ armies OF IA.
botcrs in consuming rather than raising crops. and
should prices thus continue in many to be unna-
turaly inflated they have been Of late years IN tho
face of contracting currency, the effect Of u our
finances wll be still more TO lessen exports, and con-
scqnently the prosperity and revenue on our foreign
trade Il will also impede the sale Of the public lands,
by divertng labor from the soil TO works which, ioi
some time, must bo wholly without profit CTcom-
stances like those, with the scarcity Of money and high
OF interest abSoad produced by them and pher oc-
currcnces noi he now repesed, have al
ready diminished he income ia the present yrsf peoT
what il otherwise would have been and Will pFoosbly
manifest thclr power much the year 70 conc.
The estimates iUr from lands hasr oeth ~
duced the most IN proportion, because besides he az
pro.ent and prospective scarcity Of money and fall Of