The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-05-01
STATE OF THE FINANCES AT THE
CLOSE OF THE LAST ADMlNISTRA-
TREAsuaY DEPARTMENT,

TREAsUaY DEPARrMENT,
March 2, l6i1.
npursuance Of suggestion by the President, the
Secretary OF the Treasury submits, with his resigna
on general statement OF the hsca operations Oh nus
Department since the last annual report In order TO
show its condition till the close OF his connection with
So far as vet ascertained the ordinary expenditures
for the year 1910 have since that report proved TO be
less than those in 1889 by the amount then esti-
mated of between and three millions Of dollars.
The revenue has turned out also, 10 be nearly the
same then calculated, making in the actual result
though affected by fluctuations in imports almost
exampled-iittie or no variation from the estimates in
1888 beyond what has been the average annually for
the last quarter Of century.
The available balance Of money in the Treasury, at
the commencement Of lS41, including as was before
computed what stood to the Treasures credit with col
lectors receivers and the Mint subject to draft has
proved to be about much was anticipated in De-
cember last
The only material difference, and which has been
since explained TO the proper committee, caused
appropriations which would otherwise have fallen
On l64l, and some failures by the indebted banks TO
pay SO much in 1910 as was expected.
The power remaining on the LIST of January to issue
Treasury notes constituted another OF the fiscal means
for the present year. and has been asceraned to ex
list in an amount somewhat greater than had been es
mated.
Hence the present year commenced with resources
formed. The differences before named were, foru-
nately of character not TO change the fiscal cond
ton OF lAl--as in proportion to their respective
amounts, the receipts in that year will probably be
larger, and the expenses smaller
But notwithstanding this, it deemed very i'm
A.sit.l faily in the annual report, To OBJ
tain at early day the aid of some subsidiary means
with view to guard against fluctuations and contin-
gences generally, well 10 equalize the receipts
and expenditures during 1871, the Latter being likely
TO fall very heavily on the first quarter of it.
Accordingly, as had been done similar
sions since the public debt discharged, and the
rent revenue diminished these means were requested
by the Department the first moment practicable after
the session began being in the annual report itself
The additional communications, in this and other
years. urging compliance with such requests, were
made only TO develope facts and reasons, which
had the mean time occurred favorable TO the previous
recommendations.
Although the aid not in this instance furnished
early des red yet the Department has succeeded
in commanding its funds effectuay with the
listing resources the first Of January, and the
rent receipts afterwards to meet all the authorized
claims that due and presented during the severe
pressure experienced in that month
Since the desired aid was furnished by the passage
of the act concerning Treasury notes, in Febru
AIRY, necessity has arisen to issue any of them,
solely with view TO defray claims already payable.
But in consequence Of the public convenience being
fore they would fall DUE the 4th of March, those
advances have been made; and amount of notes
under the new act has consequently been issued equal
10 about $500 600. This is not great by $3.50 O0O
al the sum which has already been forwarded on
count of those advances No greater amount for any
purpose and probably not so great as that difference
is likely to be called for before the 4th inst Hence it
appears that the other available means in the Trea-
sury have, AZ yet proved more than enough, in the
aggregate, for the discharge of all engagements Of
every kind sanctioned by Congress- whether old or
new in arrear otherwise, which DUE and have
been presented for payment
IL 10 f,vtho 4 hat ~
since the year commenced, have fully sustained the
computation for the whole Of the first quarter made by
the Department, in January last. The accrung rev.
enue from duties payable three and six months hence
has been much larger in January than would be re-
CURED monthly make all the receipts from that source
in 1S4l equal the amount estimated in the annual re-
port.
During the last three months also as well as in all the
former exigencies since your Administration com
menced that balance has never been less than from
half million to million Of dollars however much the
sTreasury may at times, have been exposed embar-
easements at particular points, in the various crises
which its affairs have been exposed, in the perform
nnca of snch large distant uncertain, and sometimes
unexpected operations But any good fortune in pre-
serving high and scrupuousy the pecuniary credit Of
the General Government, under such perils, should
be suffered to impair the force of the recommends
tons that have from time to time been submitted to
Congress for aprovson OF additional means guard
well against sudden DEFICIENCIES in receipts and large
fluctuations and inequalities between them and the ex
The first recommendation for such precautionary
measure was presented as long ago 1885, mmedI-
aiey after the discharge of the national debt and the
termination ofthe necessity for keeping large bal
ance on hand to aid in defraying it. Il
The revenue received in February not vet fully as
certained has probably been nearly the as In the
preceding month, but the accrung duties are believed
to have been considerably less Il is computed how
ever that these duties taking both months together
have been quite large would be their proportion
in order TO make the receipts for the whole year from
this source, equal to the annual estimate. Nor have
the expenditures since the year began varied material
ly from the amount expected II is gratifying to be
able add that after all the payments above described
the balance Of available money in the Treasury
is than million of dollars including what stands
subject to draft and to the credit of the Treasurer in
ing trust funds Of every kind, which have seldom
been so small in amount and none hichthat should
be invested remain unnvested, the balance will still
exceed three-fourths OF million.
The attention Of Congress has since been annually
invited TO the subject with earnestness and in several
different forms. In respect to our present financial
condition. judging from that part Of the year already
expired, and from the existing means on hand there
appears be danger Of embarrassment unless it
hereafter caused by the circumstances pointed in
the last annual report.
Should Congress before the expiration Of the pres
session. before the year Closer burden the Trea
sury with much greater amount of appropriations
than were called for in December last the expected
means Of deraying them then explained may prove
proportionably inadequate. So continued suspen-
sion Of specie payments by Of the banks west and
southwest of New York. would lessen the receipts of
the Treasury, as then also stated. The sudden
suspension again. of several ofthose banks in Februa
ry after res1mng for short time has already exerc
sed some malign influence the revving business Of
the country and this circumstance was Immediately
submitted 10 the consideration Of the appropriate com
mittee.
But though itmay continue to operate unfavorably
son to doubt that the appropriations are not incrcas
ed beyond what called for ia the annual estimates
the means now hand with the current receipts and
the existing power to issue Eve millions Of Treasury
cent i meet II ordinary enesgemen,s Ifthsy do not
also enable the Department 10 extingush the whole Of
the temporary caused by the issue ofthese
notes. il will be owing 70 the recent and unexpected