The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-01

IN former years, which will exhaust the available
means OF the Treasury and leave the accrung
revenue, reduced as II Is in amount, burthened
with debt, and charged with the current expen-
ses Of the Government
| The aggregate amount of outstanding appro-
priations, on the 4lh day OF March last was
$33,429,6l6 So of which 1921, IL, 300, will be
required during the current year. and there will
also be required for The use Of the War Depart
ment, additional appropriations 10 the amount
OF S2,5ll l32 90, the special objects of which
will be seen by reference 10 the Report OF the
Secretary of War. The anticipated means of
the Treasury are greatly inadequate TO this de-
mand The receipts from customs for the last
three quarters OF the last year and the first quar-
ter of the present rear, amounted to SIP 100 600.
The receipts for lands for the same time 10
$2,742 430 60, showing an average revenue
| from both sources Of 81 ,236,S70 per month. A
gradual expansion Of trade, growing out of
restoration of confidence together with a reduc-
ton in the expenses Of collecting aud punctuali-
" on the part of collecting officers, may cause an
addition TO the monthly receipts from the Gus
toms-they are estimated, for The residue Of the
year, from the 4th of March, at $l2,000,000
! The receipts from the public lands for the same
| time, are estimated AT 81, 100000, and from mis-
cellaneous sources, at $4,000, making an ag
gregate of available funds within the year Of
| $l5,3l5, 600 which will leave probable deficit
of Sl1 ,406, 1872 90. To meet this some tempo
rary provision is necessary until the amount
can be absorbed by the excess Of revenues which
are anticipated 10 accrue at no distant day.
| There will fall due within the next three
months Treasury notes of the issues of 1910, in
GLIDING interest, about $2,S50,000. There is
| chargeable in the same period for arrearages for
taking the 9th Census, $294,000, and the esti-
mated expenditures for the current service are
about SO, 100000, making the aggregate demand
upon the Treasury, prior 10 the first of Septem-
Der next, about Isl 100000.
! The ways and means in the Treasury and
estimated to accrue within the above named pc
Rod, consist ofabout S69i, 200, of funds avaa-
BILE on the 2Sth ultimo, an unissued balance OF
| Treasury notes authorized by the act of 1S41
amounting to $1,955,000, and estimated receipts
from all sources, of SO. 100000, making an ag
gregate of about S6,450, 900, and leaving pro
bable deficit on the first of September next, of
$4,S45,000.
/ In order 10 supply the wants of the Govern
ment an intelligent constituency in view OF their
best interests will without hesitation, submit to
all necessary burthens. But it is, nevertheless
important so TO impose them as to avoid defeat
ing the Just expectations Of the country growing
out of pre-existing laws. The act of the I'd
March, 1883, commonly called the Compromise
act, should not be altered, except under urgent
TO exist. One year only remains 10 complete
the series OF reductions provided for by that law,
| AT which time provisions made by the same law,
and which then will be brought actively in aid
OF the manufacturing interests OF the Union, will
not fail to produce the most beneficial results
Under system of discriminating duties, impo-
sed for purposes of revenue, in union with the
provisions of existing laws, it is to be hoped that
our policy will in the future be fixed and perma-
M - m nj uurfu Mt
which defeat the very objects they have in view.
We shall thus best maintain position, which,
while il will enable US the more readily TO meet
the advances OF other countries calculated to pro-
mote our trade and commerce. will at the same
time leave in our own hands the means of re-
taliating, with greater effect, unjust regulations
In intimate connection with the question OF
revenue, is that which makes provision for a suit
able fiscal agent, capable OF adding increased
facilities in the collection and disbursement of
the public revenues, rendering more secure their
custody, and consulting true economy in the
great multiplied and delicate operations OF the
Treasury Department. Upon such an agent de-
ponds, in an eminent degree, the establishment
of currency of uniform value, which is OF so
great importance TO all the essential interests of
society, and on the wisdom TO be manifested in
its creation much depends. SO intimately in
terwoyen are It's operations, not only with the
interests of individuals but of States, that il may
be regarded TO great degree, as controlling
both. II paper be used the chief medium of
circulation, and the power be vested in the Gov
eminent of issuing ii at pleasure either in the
form of Treasury drafts or any other; or, II
Banks be used AS the public depostaries, with lib
erty 10 regard all SURPRISES from day TO day. as so
much added TO their active capital prices aree
posedto constant fluctuations, and industry TO Sc
we're suffering. Ia the one political consd
erations directed 10 party purposes may control,
while excessive cupidty may prevail in the
other. The public is thus constantly liable to
imposition. Expansions and contractions may
follow each other in rapid successlon-the one
engendering a reckless spirit of adventure and
speculation, which embraces States well as
individuals--the other causing fall in prices,
and accomplishing an entire change IN the as
pect of affairs. Stocks OF all sorts rapidly de-
cline, individuals are ruined, and States embar-
rassed--even in their efforts TO meet with pune
tuality the interest on their debts Such unhap,
PLY is the condition of things now existing IN
the United States. These effects may readily
be traced TO the causes above referred 10. The
public revenues being removed from the then
| Bank of the u. States, under an order of a late
| President were placed in selected State Banks,
which, actuated by the double motive OF concili-
ating the Government and augmenting their
/ profits TO the greatest possible extent, enlarged
| extravagantly their discounts, thus enabling
all other existing banks TO do the same. Large
dividends were declared, which stimulating the
| cupidity OF capitalists, caused a rush 10 be made
TO the Legislatures of The respective States for
similar acts OF incorporation, which by many of
the States, under temporary infatuation, were
readily granted-and thus the augmentation of
the circulating medium, consisting almost exclu-
sively of paper, produced mos, fatal de!usiou.
An illustration derived from the land sales of the
period alluded 10, will serve best to show the ei
! feet of the whole system. The average sales of
the public lands for period Of ten years prior to