Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-06-21
90
0,25I.3SS 30

Making an aggregate of 0,251, 1888 30
In another part Of this paper the views of the
Department as to the mode OF providing for the
above deflct, together with the residue of the
existing public debt, will be presented.
From The year 1916 to 1897, a peri
Oh OF twenty. one years, the rev.
enues constantly exceeding the
expenditures. The average an
nual surplus during that time
was SlI ,464, 226 81, making an
aggregate excess, S240,74S,764-
u. OF this there was applied
10 the extinction of the national
debt S206, 70x 1877 IA, and there
was under the provision of the
act OF the Odd of June 1886, de-
posted with The States 25,l0l GA,
VI, and there remained on the LIST
Of January, 1897, in the Treasr-
ny of the United States, includ-
ing The fourth inslalment due to
The States, surplus of l7,l09,473 26
There were, also, outstanding debts
due and falling due to the Treas
ury, arising from other sources
than those OF the ordinary reven-
Tie, and which were paid between
the lSt Of January, 1887, and 4th
of March, lS4l, the amount of 9,l24,747 90
There were, also, issued within shat
period, aud outstanding or the 4ti
of March, l64I Treasury notes
TO the amount of 5GiS5l2 40
Making the aggregate available
means which were in the Treas
ury on the LIST of January, 1887,
and which came into it prior to
the 4th Of March, lS4l over and
above the current revenue 3l,eS2 732 66
From which deduct the amount
(ess the trust funds remaining in
the Treasury on the 4th Of March,
IS4l 572,7ls 46
And there appears an excess OF ex-
penditure over the current reven-
ne of S3I,3l0,Ql4 20
Ii is proper 10 remark that the entries OH the
books of the Register OF The Treasury do not al
ways show the true dates OF The receipts and eX-
pendtures. Ar item involved in the above state
ment will serve 10 illustrate this fact. The sum o
S5l2, l36 AZ was, OIL the ID aud 3lst of October,
1910, paid by the Bank OF the United States Oh its
Inst bond to William Armstrong, superintendent
of Fort Gibson, by order OF the SECRETARY of War.
Though this sum was in fact received and expen
ded OH those days it did not find its way into the
Office of the Register until the 4h OF March,
1911, on which day it appears on his books both
as receipt aud an expenditure.
Thus aud 10 this extent, within The last four
years, were the expenditures pushed beyond the
amouot of the rcveLue. They were made 10 ab-
sorb the surplus in the Treasury and The Oiilsiand-
Treasury was, Oh the 4lh Of March, IS4l, eNhaus
led of us means and subject TO heavy and mtne-
dnte liabilities. II was already burdeued with Il
debt incurred in tlnie OF pence, and without any
adequate resources except the authority granted
by law TO augment that debt
AS yet no provision has been made 10 redure
his debt or to check its constant and rapid in
crease. We find it, therefore, as far past legis
lalion and financial arrangements characterize
1t, u permanent and increasing national debt. The
temporary eXpedenls by which il has been Sis
tanned do not AT all vary its essential character.
The attention of Congress is respectfully invi-
ted 10 the necessity OF early aud efiectual meas
ures TO prevent its further augmentation. The
obvious remedy is to increase The revenue as far as
may lie without unreasonab.y hurdenng COM
melce, and TO reduce the expenditures within The
limits of strict economy.
But as 1t may not compor with The views Of
Congress TO 90 into a revision and adjustment OF
the customs 80 long before the act OF March I'd,
1888, comes to have its final and permanent ope-
ration, The undersigned would respectfully recon-
mend, as temporary measure, the levy of a du-
ty OF 20 per cent. ad vaorem on all articles which
are now free OF duty, or which pay less duty
than 20 per cent. except gold and silver, and the
articles specially enumerated in the 9Th section of
the act Of March I'd, 1888.
If this measure be adopted, it is estimated that
there will be received into the Treasury from GUS
toms, in the last quarter of the present year, a.
bout $4,000 900; in all Of the year 1872 about
500, SOC, 000 and in the year l843, after the final
reduction under the act of March 2, 1888, about
$50, 100000