The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-05-21

succeeded in commanding It's funds so eilectual'y
as with the existing resources on the first of Janua-
ry, and the current receipts afterwards, to meet all
during the severe pressure experienced in that
month.
Since the desired aid was furnished by the pas
sage of the new act concerning Treasury notes, in
February, no necessity has arisen to issue any of
them, solely with view to delray claims already
payable, But in consequence of the public con-
venience being much promoted by advances Of
money for pensions, before they would fall due, on
the lth Of March, those advances have been made;
and an amount Of notes under the new act has
consequently been issued, equal to about $500, 600
This is not so great by $3.50 900, AS the sum which
has already been forwarded on account of those
advances. No greater amount for any purpose,
and probably not so great us that difference, Is
likely to be called for before the 4th Instant
Hence it appears that the other available means in
the Treasury have, as yet, proved more than
enough in the aggregate, for the discharge Of oil
engagements Of every kind, sanctioned by Con-
gress, whether old or new, in arrear, or otherwise,
which were due, and have been presentedio for pay
ment.
1t may be proper to state further, that the re-
CENTS, since the year commenced, have fully sus-
tanned the computation for the whole of the first
quarter made by the Department, in January last
The accrung revenue from dates payable three
and six months hence, has been much larger in
January than would be required monthly to make
all the receipts from that source in lsii equal the
amount estimated in the annual report
The revenue received in February, not yet fully
uscertained, has probably been nearly the same as
in the preceding month, but the accruing duties
are believed to have been considerably less. 1t is
computed, hewever, that these duties, taking both
months together have been quite as large as would
be their proportion in order 10 make their receipts
for the whole year, from this source, equal to the
annual estimate, Nor have the expenditures since
the year began, varied materially from the amount
expected. 1t is gratifying to be able TO add, that,
after all the payments above described, the balance
of available money now in the Treasury is more
than million of dollars. including what stands
subjec, to draft, aud 10 the credit Of the Treasurer
in the Miu,s, and with collectors and receivers
Deducting uus, funds Of every kind, which have
seldom been so small in amount, and none OF
the balance will still exceed thrce-four,hs Of a
million.
During the last three months also, as well as in
all the former eygences, since your Admnslra-
ton commenced, that balance has never been less
than from half million 10 million OF dollars,
however much the Treasury may, at times, have
been exposed to embarrassment at particular points,
in the various cases to which its affairs have been
exposed in the performance Of such large, distant
uncertain, aud sometimes unexpected operations
But any good fortune in preserving high and scrr'
pulousy the pecuniary credit Of the General Gov
yernmcnt, under such pcriIs should not be suffer-
ed to impair the force of the recommendations that
have from time to time been submitted 10 Congress
for provision of additional means, TO guard well
against sudden deficiencies in receipts and large
fluctuations and inequalities between Them and the
expenditures in different parts Of the year.
The first recommendation for some such prccau-
ionury measure was presented MS long ago as 1885
Immediately after the discharge of the national
debit and the termination of the necessity for keep
ing large balance on hand TO aid III deiraying it
The attention of Congress has since been an
nually invited to the subject with earneslncss and
in several different forms. In respect 10 our pres
en-, financial condition, Judging from tina, part o.
the year already expired, and from the existing
means on hand there appears TO be no danger Of
embarrassment, unless it is hereafter caused by the
circumstances pointed out in the last annual re-
port.
Should Congress. before the expiration Of The
present session, or before the year closes, burden
the Treasury with much greater amount Of aP'
p.nprialons than were called for in December last
the expected means of deiraying them, as then en-
planned, may prove propor'ionaby inadequate. So
a continued suspension Of specie payments, by
most Of the banks west and southwest OF New
York, wond lessen the receipts of the Treasury
as was then also stated. The sudden suspension
again, of several Of those banks, in February, al
ter resumins for short time, has already exer-
ci.ed some malign influence on the revirins bust
ness Of the country; and this circumstance was
Immediately submitted to the consideration Of the
appropriate committee.
But though it may continue 10 operate unlavora
bly on mercantile credit, there is nevertheless nc
good reason 10 doub, that, il the appropriations are
not increased beyond VIVA, was called for in The
annual estimates, the means now on hand. with ,h'
current receipts and the existing power 10 issue five
milens Of Treasury notes after the third OF March
will prove amply sufficient to meet all the ordlnar,
engagements. II they do not also enable the De
partnent 10 ex,ingush the whole of the temporal,
Indebtedness caused by the issue of these notes, !
will be owing to the recen, and unexpected sus
pension again Of many Of the banks, so sensiby in