Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-04-30
from the Giobe.) - : - - . . -,
~, arr, or THE FINANCES AT THE CLOSE OF THE LAST
9iniH W A ADMINISTRATION.
TREASURY DEPARTMENT.,

its condition till the close OF ms connecuoh WI" "
So far as vet uscertaned the ordinary expenditures
for the year 1910 have since that report proved to be
less than those in 1882 by - the amount men es''
mated of between two and three millions oil dollars.
| The revenue has turned out also to be nearly inc
same, then calculated, making IN Tue actual
,bouGb affected by fluctuations III imports almost IN
e,amuled-li,te or no variation from the estimates IN
1880 beyond what has been the average annually iof
the last quarter of century.
The available balance of money i'll the treasury, At
the commencement of 1884, including, as was oeloie
computed what stood 10 the Treasurers cred't WIN
collectors receivers and the Mint, subject TO datt mas
proved to be about as much was anticipated III DC
cenber last
The only material difference, and which has been SINCE
explained to the proper committee was cuuseu W so
new charges imposed by Congress- through nc" apPt'
prations which would otherwise have fallen on 1911
and some failures by the indebted banks TO pay SO uco
in lS40 as expected .,
The power remaining on the LIST oil January 10 issue
Treasury notes, constituted announcer Oh 'iie soai
or the present year. and it has been asceraineo 10 e3
st in an amount somewhat greater than had oeeh es'
mated. -, -,o.
Hence the present year commenced with resources
ON hand quite equal to the antlcpatiohs previously
formed The differences before named were, fortunate
w. of character not TO change the hsca cohol'oh OF
lS4l-as in proportion to their respective amounts lne
receipts in that year will probably be larger ana the
expenses smaller.
Blu, Notwithstanding this, it was deemed very, nm
portant, as detailed fully in the annual report 10 OBTAIN
At an early day the aid Of some subsidiary means with
view to quard against fluctuations and contingencies
generally as we'll as TO equaze the receipts and eSpen
dures during lS4I the latter being likely 10 Tall very
heavily on the first quarter OF 1t.
Accordinrly as had been done some similar occa-
sions the public debt was discharged ana Tue cur
rent revenue diminished, these means were requested
By the Department the first moment practicable aller
the session began, being in the annual report ltse-
The additional! communications in this and other years.
urging compliance with such requests, we're made
only 10 develope new facts and reasons, which had IN
the time occurred, favorable 10 the previous re-
commentators.
Although the aid was not in this instance furnished
as early as desired yet the Department has succeeded
in commanding lis funds effectuay as with the ex-
listing resources the first OF January and the current
receipts afterwards meet all the authorized claims
that were due and presented during the pressure
experienced in that month.
Since the desired aid was furnished by The passage
of the new act concerning Treasury notes. IN February
no necessity has arisen TO issue any OF the solely with
view to defray claims already payable But IN con-
sequence of the public convenience being much pro-
NOTED by advances Of money for pensions, before they
would fall DUE on the 4h of March, those advances
have been made and amount oil notes under the
new act has consequently been issued equal to about
$500 1000 This is not so great by SloO,0OO, as the
sum which has already been forwarded on account oil
those advances. No greater amount Tor any purpose
and probably not great as that difference, IS likey
to be called for before the 18th instant Hence II aP
pears that the other available means in the treasury
have as vet proved more than enough, IN the aggre-
gate, for the discharge of all engagements OF every
kind sanctioned by Congress- whether old or new, IN
arrear or otherwise, which were due, anc have been
presented for payment.
II may be proper TO state further that the receipts,
since the wear commenced have fully sustained the
computation for the whole of the first quarter made by
the Department in January last The accrulng reye-
nue. from duties payable three and six months hence,
has been much larger in January than would be required
monthly TO make all the receipts from mat source IN
Ia4l equal the amount estimated in the annual report.
The revenue received in February, not yet fully as
cer,ained has probably been nearly the same as in the
preceding month"; but the accrung duties are believed
TO have been considerably less II is computed, how
ever that these duties, taking both months together,
have been quite as 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 DC
able to add that, after all the payments above de-
scribed, the balance Of available money now in the
Treasury is than million Of dollars, including
what stands subject to draft, and TO the credit OF the
Treasurer in the mnts and with collectors and recev-
ers Dcducting trust funds Of every kind, which have
seldom been small in amount, and none of which
that should be invested remain unnvested the balance
will still exceed three fourths Of n million.
During the last three months also, well in all
the former exigences since your Administration
menced, that balance has never been ] than from
half million 10 million Of dollars, however much the
Treasury may at times, have been exposed to enbar-
rassment, at particular points, in the various crises TO
which its affairs have been exposed in the performance
of such large, distant, uncertain, and sometimes
pected operations. But any good fortune in preserving
high and scrupuousy the pecunary credit of the &C.
neral Government under such perils should not be
suffered to impair the force Of the recommendations
that have, from time to time, been submitted to Con-
gress for provision Of additional means, to guard well
against sudden deficiencies in receipts and large fuc-
nations and inequalities between them and the expen-
ditures in different parts of the year.
The first recommendation for some such precautiona-
ry measure presented as long ago 1885, inmedi-
ately after the discharge of the national debit and the
termination of the necessity for keeping large balance
on hand 10 aid in defraying it.
The attention Of Congress has since been annually
invited the subject with eurnestness and in several
different forms In respect to present financial con-
dition judging from that part of the year already ex-
PRED and from the existing means OH hand, there ap-
pears be danger of embarrass ment, unless it is
hereafter caused by the circumstances pointed out in
the last annual report.
Should Congress- before the expiration Of the pre-
sent session, before the year Closes burden the
Treasury with much greater amount Of appropria-
tons than called for in December last the expect
ed means of defraying them then explained, may
prove proportonably inadequate. So continued
pension of specie payments BY most of the banks West
and Southwest Of New York. would lessen the receipts
of the Treasury, as was then also stated The sudden
SUSPENSION again. Of several OF those banks in Februa-
ry, after resuming for short time, has already
csed some mugn influence on the revivng business
of the country; and this circumstance immediate
ly submitted to the consideration of the appropriate
committee.
But though it may continue 10 operate unfavoraby on
mercantile credit, there is nevertheless good reason
to doubt that the appropriations not increased be-
yond what was called for in the annual estimates, the
means now on hand with The current receipts and the
existing power TO issue Ave millions of Treasury notes
after the third of March, will prove amply sufficient to
meet all ordinary engagements II they do not also
enable the Department e1tinguish the whole of the
temporary indebtedness caused by the issue of these
notes, it will be owing to the recent and unexpected
suspension again of many of the banks, so sensbly IN
iurng the prospect for increased business which exist
ed to very fla,tering extent early in December.
But Congress having not yet passed appropriations
exceeding in the aggregate the whole estimates no Sc
rious danger seems exist unless future action
of that body during the residue of the year, should
augment the expenditures.