Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-07-22

following plain account Of the state of the
Finances, taking the facts from the official
statements TO Congress. Wherein the
views contained in this account of the
matter differ from those which we have
mad occasion 10 fake, we freely yield the
palm Of accuracy TO our correspondent.
The FINANCIAL DEFICIT
The Treasury is called upon by acts
Of Congress to provide ways and means to
meet certain authorized expenditures
But its only real means are lis receipts
from customs, sales Of lands, and mscelia-
neous payments 10 il for dues, such rs the
bonds Of the Bank of the United States,
balances due by defauliing banks, and
other defaulters Of former times, patent
lees. &C., al Of which are or represent
real cash into the Treasury. Now, II
appears, that in series OF recent years,
and up 10 the close Of the present, the en-.
tire receipts will fall short oil tho entire
authorized expenditures nearly nineteen
millions, the Treasury being entirely
empty. This nineteen millions, then, Is
the actual deficit of rays and means, or
rather g rerenue," to meet all the habih-
ties for authorized expenditures. But,
though these liabilities are nominaliy Tor
the service of the year 1871 and prior
wears, vet they cannot all be expended
within the year. A portion (say nine
and half millons) will be deferred to the
next year, aud appear upon the accounts
of tina, year as liabilities for unexpended
or outstanding appropriations.
la former times, with abundance ia HE
Treasury, this item Of uuexpendsd m
propriations varied from four to six mil
lions. Latterly, with small account on
hand, this item has been twelve millions,
more or less. On the lst January, 1o!l !,
with less than q million in the Treasury,
the unexpended appropriations exceeded
twelve millions OF dollars. My statements
presume (without taking the acts OF the
Extra Session into the accounO that,
without one dollar in the Treasury, the
unexpended appropriations will be nine
and half millions, and TIE other moiefy
Of the nineteen millions must be expended
within the year. But, as all the revenue
OF the year, including the cash on hand
at the beginning, will have been absorbed
by other expenditures, there will be an
actual deficit Of cash means to the amount
of this moiety, nine and half millions,
Money must be borrowed to meet this ex-
penditure, or the appropriations therefor
must remain uncxpendcd. We have the
power to borrow money to certain e1-
tent, mot sufficient, however, and we dc
borrow, from time to time, by issuing
Treasury notes. But these Treasury
notes are receivable in payment of pub
lie dues instead Of money, and they are
received continually, often within ten
DAYS after being issued. II is evident,
then, that the actual amount borrowed on
them, applicable to the expenditure Of the
nine and half millions, will be the
amount unredeemed at the end of The
year. All the rest, having been returned
and redeemed, and charged upon the re-
venue Of the year, will, al the time OF
their issue, have only anticipated tue re.
venue ofthe year, and not have borrowed
money, orer and aboue the revenue. Il
is possible that the amount Of Treasury
notes unredeemcd ut the end of this year
may be SIX and half millions. Ii so,
they will, to this extent, have afforded
the means Of 6ischarging so much OF the
nine aud half millions; the remaining
three millions will be actual deficit oil
means, and must be supplied by borrow
| ing in some other way, as the power to
borrow with Treasury notes is expended.
Add to this half million 10 the Treasury,
! considered before as having been applied
to payments, though it is impossible so tc
apply it, because it is out OF the way. OF
at places not convenient for our pay menS
and indeed some of il not known TO US 0n.
til AFTER the close OF the year.
You can readily understand that, /,
on7o nine and half Of the nineteen mil
l,ons be deferred expenditure, the defci
of rcrenue for the service of the year vii
be the other nine and half millions
Now, the means TO meet this are probably
six end half millions borrowed on Trea
sury notes. The remainder, three mil
! lions, with the additional half million, vii
be the deficit Of means. 1t is evident, also
that the nineteen millions must 60 into th'
accounts VI tilC tlCAk 10 ~ thuNi
debt and Habi|ifieS-say one moety @
each, on the supposition that money vii
be borrowed to NEE, the three and hal
millions. The actual debt, then, on nc
count of expenditures authorized before
the 4lh Of Mach, is likely to be, al TIN
end of this year, aboutten millions, though
it may no, be necessary to borrow THU
year, by other mode than Treasury
notes, more than three and half millions
The remainder must be borrowed mex
year to redeem the Treasury notes. |
four millions be appropriated at the Extra
Session, and il be necessary to spend tive
millions this year, this must be borrowed
and will increase the debt so much; thu
rest will increase the outstanding appro
priations to eleven and half millions.
july Is, 1S41.