Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-06-07

from miscrllane-
Gus sources, 10000 90
"H"s -- $500. sos o.
And leaving a deficit of . 81 tx M
10 which add the sum recommend
eu To oc Kept IN the Treasury To
nice, any emergencies Of tho
public service, viz: aono ooo mn
Making an aggregate of sy5I-.,ss a,
IN another part of this paper the views of The De-
as 10 mode OF providing lor the above de-
deht, will Ice presented.
FROM the year 1916 10 1897 n n,r;
Oh oi t"enty-o years, the rcve-
MUGS constantly exceeded thoc
renditurcS. The average annual
surplus during that time was
sii,i6i 226 81, (see tables and
~ making an aggregate excess
al s2iOIiS,76i27. OF thsthe
was applied To the extinction Of
The national debt S2OS 1872 I27ii
and there was under the provi,.
IONS oi the act of the Odd OF Jun.
1886, deposited with the States
sHH,lOI,6liol, and there remain
ell on the LIST Of January 1887
IN tho Treasury of the United
states, including the fourth install
ment due TO the States surplus
ihere were, also, outstanding debts
due and falling due Ia the Trea-
sury, nrisin. from other sources
than those Oi the ordinary reve-
nue., and which were Paid be-
tween the LIST OF January, 1887,
and 9TH Of March, IsiI, the a
mount OF (see statement D) ol2i7a7 IN
There Were, also, issued within
| that period, and outstanding on
The AIh ri MARCEL, 1871, Treasury
notes 10 The amount Of 5Gis,5I2 40
Making tho aggregate available
means Which were IN the Tren-
surY on the LIST of January, 1887,
aud which came into il ptlor To
the 9TH OF March, 1871, over and
above the current revenue n sso -7o ca
From which deduct tho amount
(less tho trust funds) remaining
IN the Treasury on the 4lh of
N'a'e"' ISL 572,7Is DC
| ANA thoro appears an excess Of ox-
pchdturc over tho current Tevo-
nue. Of car ANN, ou
IL IS proper to remark that the entries on In. boo
OF the Register oftho Treasury do moi ALWAYS sLn
'he true dates of the receipts and cHpendture. An
''ci" HNofed IN the abovc statement liable DN will
serve 10 Illustrate this fact. The sum of S5i2 3G
- was on The "a and 3lst Of October 1910, paid by
INC bank OF the United States on its last honJ ~
William Armstrong, superintendent at For, GiLson
10y order OF the Secretary of War Though tbi, sum,
was IN iact received and expended on those DAYS
IL did not hnd It's way into the Office of the RcSt.r
| until the ih OF March, 1911 on which dnv Il nm.
IL
diture. rN
Thus and to this extent within the last four year,
were the expenditures pushed beyond the amount
oi the revenue. They were made 10 absorb the sur.
plus IN the Treasury and tho outsiAn dins debts dine
IN tho United Suites, so that the Treas,rv was ON
The 1th OF March, lSil, exhausted of its means nnd
subject TO heavy and immediate Liabilities f. was
already burdened with debt incurred IN time al
peace, and without any adequate resources excepr
tho authority granted by law TO augment tina, debt
As yet no provision has teen made to reduce this
debt or To check its constant and rapid increase
We Ind IT, therefore, as far past legislation and
financial arrangements characterize il, a permanent
| and increasing national debt. The tcr,Ior,rv =,
pedients by which It has been sustained do not NJ
| all vary it's essential character.
ihc attention of Congress Is respectfully invited
TO the necessity O early and oiectual me sures 10
prevent ITS further augmentation. The obvious ro-
mcdy Is Ia increase the revenue as far as may Lc
without unrcasonnbly butdoaing commerce, and to
reduce the expenditures within tho limits of strict
economy.
But as 1t may not comport with the views Of Con.
gross to go into a revision and adjustment Of the
customs So long before the act of March 2d 1874
comes to have It's final and permanent operation,
the undersigned would respectfully recommend as
temporary measure, the levy of q duty of 20 per
cent. hdvalorem oil articles which are no,s free q,
duty or which pay less duty Than ~ por cent cx
cept gold md silver and the articles Epeci6caIlv
enumerated IN the 9Th section Of the act Of March
81, 1883.
" tins measure be adopted, II IL estimated that
th"Te wiil Toe received into the Treasury from Gus
toms, IN the last quarter Of tic present year about
81, 800 900 ~ all OF the year Is H. Ront Sll 200
OOO and IN the yeas - o. after tho final re lncti,n
| under the act of March I'd, 1888. about syO suO
ooo The details ~ this estimate will Le found IN
Tie accompanying paper, marked H., and enclosures
u Is believe uiat, after the heavy expenditures
required l"f Tie public service "a the present year
/ shall have been PROVIDED for, the revenues which
will accrue from that, nearly pfo1imntc rate OF
duty, will bo sufficient 10 deiTny the expenses of
| Government, nnd leave n surplus to Ice annually
applied to the gradual payment n the national debt
leaving the proceeds Oi the public lands to loo dsnos
\ cd oi rs Congress shall TANK ft.
| The general principles which the final revision
Of the tauf ~ 10 rest perhaps simple and Easy 1,
| be appfchoudod, but the work OF revision itself m
| ITS adaptation md detail, must he n work Of time
" should hc done on calm reflection and careful de
,;;--.sii5 with view TO reconcile, as far as poss
bic, tho conflicting opinions. nnG 10 promote az tn,
various interests Of the whole People Of these U
| states. md u may be important in that ndiust
mont, not only 70 recp0caio on fair and equal prn
cIples, and IN liberal spirit, tho Concessions which
| may ho accorded TO our commerce. 10y foreign Mt
lions, but also to do justice our own citizens ID,
| meeting in like equal spirit my heavy o1nction
| or prohibitions which foreign nations may think Fl
70 impose upon the importation of our staple PRO
| duclions.
Some legal provisions aro also required 10 cor,cc
| lasscs, nEd tho drawback upon refined SUGAR nm,
rnm manufactured distilled from foreign matsr,l,
| The relation between the duty and the ,lrny hacl
was adjusted Ivy the nets of January DIST, 1899. am
May 2glh, 1880, since which time ths duties hav
been diminished, while the draw backs remain IN
samo. And a provision of law doclnrinr that nj
On-enumorntod article chargcnblo with duty shn
pay tho Same rate Of duty with tho article which
most resembles, would save n largo sum annually 1
the revenue, and prevent much annoyance and iii
CATION between the imporerand the officers charge
with the collection Of the customs
Of the PuJle DeJI
But Il - not expected thst my modification Of III
revenue laws will bo operative TO supply the immo
date wants Of the Treasury, and to pay tho dobl
which fall due IN tho present and in the onsuin
year. a further loan IS necessary IN efloet these ol
lecIs, and the only questions that can arise arc M
tho mode oi procuring the loan, tho character IT III
securities, and the assumed duration Of the debt.
u would. IN tho opinion Of tho undersigned, !
unwse " charge upon the commerce. or tho resource
OF the country, m any form. the burden OF paying
: once, OF nj oil hastily, the national debt. Befo
mat - done, measures of restoration md relief nj