Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-08-17
NEW sERIEs.-voL. II. NO. 3.

l
a examination Of this report; il would -
a work ofsupererogstioH, after the full
and ample exposure made by my friend
from North Carolina, (Mr. McKsy.) I
can safely say, however, that have new
er reac document so well ealeu'sted
if not intended, TO, misIesd the publis
, mind in relation 10 the finances Of this
Government, as the report now before
me. That report .isso arranged g 70
have made the imp essiOn that the past
administrator had ehtarleiI debt Of
thiHy-one millions upon the party now in
I power. Indeed, within few days past
have seen several papers, with the de-
clsralion at the masthead, keep Il con-
sianly before the people. that the Van
Barea administration leti behind hem,as
legacy 10 ibis. debt IF ti1iy-One mill
ions. Now, sir, no gentleman here pre-.
tend any such thing, nor dare the Secre-
.tary say 50, aud yet those who receive
these assertions from whig newspapers
no doubt ielieye them. What then, does
th Secretary say is the debt and deficit
By turning to The report, II will be seen
that he estimates the debt and de6ct to
be provided for in this and the ensuing
year at Sl2,GSS,2l5,ls. have not il
this calculation included the large sEr-
plus which he alleges ought always to be
KEEP, in the Teasnry, for that surely is
eeither''debt'' nor ''defci,," nor have |
found any gentleman here who endorses
that recommendation. 0fthis Si2 ,06S,
2 Is is of debt and deficit, he estimates
that S5,2Jl,3SS 30 will be necessary be-
tween the Isl Of June and the 3lst Of
August only propose 10 examine that
portion Of this SUN which refers TO the
present year; the debt aud deficit Ofnext
year has been fully explained by others.
My object now is to show from his own
report that there was no necessity what
ever for a special session d Congress,
and that the means in the Treasury will
be amply sufficient to meet all demands
against it for the present year, at least
Now, S5.25l 1888 30 is the estimated de-
! GGiency which will accrue previous to
Aexr regular session of congress-
from this amount you must deduct the
two mistakes 10 which have before allu-
ded, (for they should both have been ad-
ded 10 the receipts for the month of
March, thus diminished to that extent
the deficiency aud it leaves the sum Of
$fl32, PSI 81. Deduct from this the.
new appropriations asked for at this ses'
sion, (Which Of course, are neither debt
nor defcit,) amounting TO $2,52l, 1886 SO,
and it leaves $l,6IO,9l4 81 unproVided
for. rake, however, the estimated def
cheney Of the President in his message,
(being Sl,s45, ,000,) and deduct the mis-
takes before referred to, and The new sP.
preparations recommended; and it leaves
debt and deficit an the ist Of September
next of S204,526 81. So that, if you
take the estimates Of the Secretary in re-
iation 10 the probable receipts from GUST
oms for the balance of the year, and the
| probabls amount Of Treasury notes which
will be presented for redemption, it will
leave ''debt aud de6cil''of only 81 ,6lO,-
Oh "a. Take the estimate of the Pres.
dent and il leaves only tpO hundred and
four thousand fire hundred and tDeHty-
STR dollars and tfty four cents. Here,
then, several Of the States have been
compelled, at an unusual season Of the
year, 10 hold elections for Representatives
on this floor; and we have been called
from our homes at an expense of nearly
half million of dollars to the people, 10
make provision for an anticipated deh-
cheney in the revenue Of S204,52 81
-or at most, Sl,6l0,9l4 "a! Yes, sir,
You spend half million and this too, you
call whig reform. The whole of this al
legged deficiency would have been prOvid-
ed for from the land sales, If you had not
| (as learn from the official paper) order
ed the sales 10 be indefinitely postponed.
Besides have 10 doubt the result will
prove that the Secretary, ia his zeal TO
make out deficiency, has estimated the
receips from customs entirely too low;
whilst there is no probability whatever
that Treasury notes TO the amount named
viii be presented for payment within the
wear. Some Of them are drawing 6per
cent. interest: and, in the present state
of The money market, the holders will be
in no hurry about their redemption. In
ADDITION to all this, the expenditures rare
ly in any one year equal the appropria-
lions made. The history ofthe Govern
ment for series Of years back will show
large balances Of appropriations unexpen-
ded, and carried over flom year to year.
In short, L have no doubt that, under
proper msnagement of the Departs
ment, the Treasury would have been
not only able TO meet all the demands
upon il, but that there would BE-
on the lst of January next balance Of
from two to three millions 10 the Treas.
ury.
Upon these facts, which il seems to
me are indisputable, how can yon justify
the creation OF permanent debt OF
twslye millions Of dollars2 No one can me.