The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-04-21

~ELs AEas W.
Ibis does not prove ,hat we have not been bor-
rowing money on the strength of the public
credit, paying high interest for il, and having an
/ Immediate prospect oibeing obliged very con
smerably To increase its amount. know of no
way OF Keeping ont of debt but by bringing the
, revenue up to the expenditure, or by bringing
the expenditure down 10 the revenue If we
owe for borrowed money, it is puere to talk
about the form OF our obligation, ms il one form
was less Ceht than another. 1t would be
much more wise TO set ourselves ut once about
getting the means Of payment. Good nphorsms,
| upon the subject OF n national debt, should be
followed, think, by direct and responsible rec.
concentrations TO Congress of such measures as
are necessary to prevent the evil.
Let us now, Mr.. President, look to the Secre-
tary'S estimate Of the means and of expenditures
for the present.
And first, of The means. He thinks the re.
ceipts into the Treasury from customs, lands
and miscellaneous sonIces, will not exceed
eighteen millions six hundred thousand dol.
lars, $4,000 600 90
Amount in the Try, Jan l, 1910, $50, 1855 90
20.l56,385 90
Expected TO lie paid on U S b. bond 2526, $50 90
Due from deposit banks, ll49 9O4 90
1913, 1892 sos 90
rely on the collection of these debtS--and us 10
the receipts from the custom house, the great
source of expected income, Il presume his hopes
are not stronger now tlInn ut the commencement
ofthe year.
Let us turn to the other side of The ac.
count, and see the estimate of the expenditures.
Now, on this head he says that if Congress
should make appropriations to he extent de,
sired by the different Departments, the expendi.
lures OF the year will amount to $20,0O00O0 90
Besides the payment ofoutstanding
Treasury notes amounting TO $3.50 900 co
22,75Oo00 90
This would leave an apparent bnh
ance in the Treasury, at the be.
ginning OF next year OF 1852, S65 90
But this sum is less than the amount due from
the deposit banks, The payment Of which, he
says, ought not to be relied on. If no part of
that should he paid, the Treasury, according to
this statement will he minus at the close of this
year. Probably some part Oft viii be'pai,i Il III at
hes,S if the Secrelary's hopes should be fulfill
ed, ii will he, upon his showing u touch alld.go
affair.
But rs he does not rely on receiving these
debts from the banks what does he propose?
He speaks always of Trea sury notes being Il
temporary eXpediont only, and that they are to
be redeemed within the year. I do not think
this, at all, but that is his ground. How, then,
does he propose 10 provide for the deficiency,
in case these bank debts shall not he collected?
why, sir, he says very gravely that one mode
of avoiding difficulty will be TO reduce the ap-
preparations by postponng some, and lessening
others.-We need no ghosts TO tell us that. But
'chat appropriations will he reduce? Where
snail the essning take place? or where shall the
postponemeut take place? On what bead sh all
the blow fall? Shall it be in the civil list, the
army, or the navy? lie says, in an early part
OF bis message, that he thinks reduction eau
be made, without essential injury to any useful
objects, "for reasons which will he afterwards
enumerated" have looked through The whole
puper carefully, and cannot say that have met
with that enumeration Of reasons Perhaps the
chairman of the committee, if he were here,
could tell us where those reasons ire to be
found. He does not say, indeed in the subse-
Quent part of his communication, that it may
become necessary to diminish the compensation
of all offices, civil, military, executive, judicial
and legislative. But he states no proposed rate
of reduction; and, indeed, he does not recon-
mend reduction at ali. lie says il may become
necessary. Does he think it has become, and is
now necessary? Does he recommend ii? Is
that his reliance TO eke out his ways and meansq
And what amount Of reduction does he suppose
such Il process would accomplish? 1t is better
10 do this, he says, than to expose the Treasury
to bankruptcy. Does he mean that the Treasu
ry will he exposed to bankruptcy if this he not
done? Does he mean to say that the Treasury
will he forthwith bankrupt, unless the pay OF the
President, hends of Departments, judges, mem
bers Of Congress, md military and civil officers,
be Immediately reduced? Is it acknowledged
that finances in This condition? If so,
why not recommend the measure at onceE
Why not tell us, distinctly, what is necessary
Why leave Congress to grope in the dark, IL
midst many various, and sometimes inconsistent
propositions and suggestions? When the report
begins with such tlourshing paragraph about
the great prosperity OF the Treasury, one Is not
pIepnrcd To see the Secretary come to This COM
plexion Of bankruptcy quite so soon.
But, Mr., President, there is. at least, an appa'
rent inconsistency belween the President and
the Secretary. The Secretary says the appro.
prialions may be reduced below the estimates,
so as to leave two million, if he reckons on col
lec,ng al the balances due from the deposit
banks; or, if not then reduction of a million
and as much more as shall equal TO what may
Il L. l.ul.. IinS