The Madisonian., 1840-02-06
OUR PREDICTION VERIFIED. DEFI-
CIENCY IN THE TREASURY.

In renewing The Annual Report oI Inc De-
cretary Of the Treasury, in the Madisonian
of the 4th Of January last, we declared that
"Thcre is whining tone in this documents
spirit Of apprehension and alarm. WE PREDICT
that the estimates OF receipts, without change OF
laws are TOO HIGH, and the estimate Of expenditures
too loB Tor 1910; and that The Department mW be
o5gcd either 10 eaH far of tie tariff
nadttioaot issncof Treasury notes"
We showed the various shifts and devices
to which the Secretary resorted, to avoid the
odium Of telling the straight forward, unam-
biguous truth that the Treasury was bank
rupt, and Congress must furnish supplies.
That he told us long story about the "nuc-
tuations' 10 which the revenue had been sub
jdced, and urged Congress to provide "a
LARGE BALANCE 10 be kept continually on
hand to provide against them. That he told
them of the dire necessity of restricting
their appropriations" and had the hardihood
TO propose the reduction of the compensation
TO all officers, !" civil and military, executive,
judicial and legislative" TO save the Treasury
from being exposed to bankruptcy to
which The imbeciity and mismanagement of
the Administration had reduced it.
When we saw the Presidents long rigma-
role about economy his "y Congress shall
keep the appropriations within the estimates"
the neglect to send in any estimates touching
several matters Of general Importance, such
as the Cumberland Road, and ali prelaced
and introduced with the surprising and capti-
~. ~ II. q q.
of the Government during the present year
have, am happy to say, been VERY SUCCESS
ruLr' we tancied that a deficiency" a
" leak inthe Treasury" 10 be filled up by
loans or increased taxation" was concealed
under all this deceptive verbiage, which
few months would detect ana expose to the
world We were right.
The time has come, when, before single
appropriation has been made by Congress,
except for the pay of lis members, the cal
cula,ions Of the President and the Secretary
of the Treasury, are substantially contradict
(, ed, and we behold them appealing to Con-
gfess for summary law, to enable the Trea-
sury TO "guard the public credit and meet
its deficiencies
The former intimated, in his Annual Mes.
sage, that all the outstanding Treasury notes
can be redeemed, and the ordinary expenses
(of GovernmenD paid without imposing on
the people any additional burden, either of
"loans or increased taxes" That, was to
catch the ears of the People-that, was the
story for the country. But the story is very
different now, at the first moment the House
| is organized.
In Message delivered to the House Of
Representatives OH Tuesday, the President
says that certain Judicial constructions
have had the effect of diminishing the amount
of the accruing revenue The amount of di-
mnution is computed by the Secretary Of the
| Treasury at two millions of dollars, and he
tells US in the same breath that attempts can
be made only in few cases to reverse the
"iudicial decisions" "as the amount in con-
troyersy in each case, is frequently, 100 small"
The restoration of certain duties ON inporta-
tons, although hnted at, is not SO fully re-
commended, as some other legislative action
required by the exigencies of the case. Nei-
her the President nor the Secretary have the
manliness t., toe the mark, and tell Congress
honestly and boldly what they mean, viz /:
that the Treasury is minus, and means must
promptly be supplied or the government will
be dsgraced.
/ They endeavor 10 conceal their purpose
under cloak Of ambiguous circumlocution.
But the President does say, that,
"It is not believed that any law which be
passcd upon the subject effect the fayorably
for several months to come, and could not. therefore,
be safely regarded As sUpsriruTE FOR rHg EARLY
PROVISION OF CERTAIN AND ADEouArs MEANS TO enable
tho Treasury guard the public credit and meet
promptly and faithfully any deficiencies that may oc
cur in the revenue. from irhaiercr cause they may
arise"
Mr.. Woodbury., in his letter to the Prcsi-
dent, dated 3 lst ult., says,
The opportunity afforded on this occasion for sup
plying the OF already lost, and also any
amount likely 10 be needed meet the public engage
ments hereafter by requiring duty on some aricies
no,c free, mgh be Improved benefcatiy without de-
psrture from the compromise act and without agafas