Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1841-07-01
Leaving a deficit at the cud
Of this year, Of

Of this year, OF S6,O00,49l
To ascertain the real deficit. MIR. Wright
said there should be deducted first, The new
appropriations recommended S2,52l ,;36;
2L, the amou, of6 per cent Treasury notes,
not payable ill next year. equal 10 81 ,00O,-
000; 81. the amount in the Mint aud branch
es, no, included in the Sccrclary's stare-
mcni, $2l5, l5l-making together SO, 1885,
iSS; which ,leduced leave dcticiC or dcbt
al The close Of The year OF 1926 l,452.-
Thus it appeared, So far as the Secrelary's
report was TO be taken us authority the
grave and wcichiy matters principally
connected with the revenue and finances
1.-The county" which were given as the
occasion Of the exlra Session, were nothing
morc nor less than To authorize The Secre-
,ary To take S2,26l ,lj2 from the outs,and- >
Ing appropriations, aud apply it 10 the SER
vices Of the year 1911.
He then went into an examination Of
the debt" which the Secretary had re-
commended TO be funded, amounting 10
SlG,0SS,2ll.
FROM this should be deducted the new
appropriations recommended Of $s2,J2l,-
81; the amount recommended as ba-
lance in the Treasury, Or rather for the use
Of the new fiscal agent, 81, 100. 900; rrcns.
ury notes not due until next year sc, ,0S7,-
27i; Treasury noics issued in January aud
February of this year, and not payable un-
Ill next year, 81 ,000000; Funds in the
Mint aud branches S2l5, ,l5l-amounring
in al! 10 Sl3,S23, 1G2; which deducted from
the Sccretary's debt" Of SlG.0Ss,2l5
leaves the exact amount arrived at in ana
liziug The Secrctary's deficit Of the year,
viz: S2,26I, i52. Thus the Secretary TO
create debt had anticipated the Treasury
notes not due ill next year, amounting To
over 81 100000 had recommended new
appropriations Of S2,50O.O 600; aud To raise
four millions for The use Of Il fiscal agent TO
bank upon. That in tho opinion of the
Secretary this debt was so large that il
could no! be paid sLor, Of eigh, years with
out too heavily hurIcning commerce and
the people; ,ha, he therefore recommended
the permanent funding CT the deb, for eight
years; that lic then further recommended
an Increase Of the taxes, by raising u duty
upon articles which arc now FREQ from
duty To the amount Of from five to eight
millions per annum; aud then said Con-
gress might meet the current expenses Of
the Government, pay the interest upon this
sixteen million debt. and make any DISPOSE
ton they should please of the revenue from
the public lands. In other words, he
said it was system Of finance which pro-
posed to raise 10y taxes from five 10 eight
and create permanent debt Of
sixteen millions, to enable Congress TO give
am ay three millions in the shape of dis
Of the proceeds Of tho public
lands.
Mr.. Woodbury. followed Mr.. Wrights'
very lucid exposition in reply to Mr..
Evans's remarks Of yesterday, aud showed
that every effort tha, gentle
man had made to cxtricale the Secretary
from his plumbers had plunged him into
others still more embarrassing. The de-
,ate. was prolonged until after 3 o'clock,
when Mr. Calhoun announced his intcn-
ion Of speaking on the subject and after