The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-05-18
STATE OF THE FINANCES AT THE
CLOSE OF THE LAST ADMINS
TRATION.
MR.. BELLS SPEECH ON THE SUBJECT.

MIL
MR.. BELLS SPEECH ON THE SUBJECT.
Having done little at this in our last we have
thought il worth while to notice Mr.. Bells speech
by itself, as il is one Of peculiar simplicity, per-
spicuity, comprehensiyeness, and we think fair
ness. For these reasons we have judged il Of
sufficient Importance to call attention to il sepa-
rately, rather than TO mix il up with other exhb-
its Of the same class. OF course we cannot
quote from il at length, as il occupies nine and
half close columns in the National lntelligen-
Ger. Our object is to present condensed COM
prehensive view of the more forcible points.
Mr. Bells aim was to show, not only what
was necessary 10 be done, in existing circum-
stances, in reference to ways and means for
1871, but also for 1912, and that Congress was
at that moment called upon TO act with that view,
in order to supersede the necessity of an extra
session This, we think, will be found 10 be a
defensble and statesmanlike position. In the
present state Of the country and Of the finances,
il would certainly be very un-statesmanlike to
venue are destined to be subtracted from "A and
az by the Limitations Of the Tariff of '32. Where
is the substitute? In the present poverty of the
Government, can the substitute be dispensed
with2
1t is remarkable fact, that the advent of the
present administration makes the second in our
history, after the lapse Of forty years, when the
Government coming in has been obliged 10 de-
pend on the financial provisions of political op-
ponents. The evaporation of defeat in the
present instance seems to have stirred up tenn
per among the leaders Of the late dominant par
ty, too well disposed to embarrass their success
sors in power in all possible ways, and among
the rest by leaving them without the means OF
carrying on the Government of the country
This, manifestly, is not very patriotic; never
theless, it is very natural to the pravites of our
nature in such circumstances, and the vice in
this case seems to have got the better of the
virtue.
AS we cannot make room for all the state
ments by which Mr.. Bell supports his conclu-
sions (and we beg leave to say they appear to be
very clearly and fully supported by detail Of all
the appropriate component elements 1--WE will
announce the result on his authority He says,
There can scarcely be doubt that the real de-
ficency in the Treasury during the present year,
(ls4D if the credit and justice of the Govern
ment be properly upheld, will not fall short Of
$l5,OOOOOO."
And it is remarkable, that this result is made
out from the late Secretary's (Mr. Woodbury's)
own statements, thoroughly sifted, and sepa-
rately and comprehensively considered The
only item on which difference is made on the
grounds Of probability are those of future re-
venue in the expected receipts from customs and
land sales, the first of which Mr.. Woodbury. put
down at $19,000,000, and the second at $780,
900 for 1S4l. Mr.. Bell gives very satisfactory
and convincing reasons to show, that the receipts
from customs for this year cannot safely be reli-
ed upon for more than $16,5O00OO, and those
from lands for not over So, 100000 This was
the aspect of things on the Goth Of January last
Since that time events have occurred not only
10 justify this reduction, but to make it still
greater.
All the other items are determinate in their
nature, and furnished from Mr.. Woodburys
own documents. Mr.. Woodbury. assumes, that
the unapplied appropriations will be nearly or
about the same at the close of 1S41 as of 1910,
that is about S10,OOO,OOO. The precise sum,
But Mr.. Bel says, "of the ten million and up
wards Of these balances which appear from the
Treasury statements to have been outstanding
at the close of 1910, the largest porton-in fact
nearly all of them-were specifically chargeabe
upon the year 1910. From the same statement
it appears that upwards of sir millions Of dol
lars of the entire amount have been expended
or applied to the service of the last year, but the
payments therefor have not been demanded or
made from the Treasury. They therefore
continue to be a legal charge upon the present
year till paid. They are morfgaged" OF the
remainder Of this ten millions and upwards,
more than "hiree and a half millions remain
to be expended or applied to the objects for
which they were originally appropriated, and are
as binding on the Executive to be thus apple d,
as though they were made specific charge on
1s4l." All this is gathered from Mr.. Woodbu-
rvs own official documents, and yet he takes
for granted, that these expended (mortgaged)
and postponed balances, amounting TO nine and
a half of the ten millions called outstanding at
the end of 1910, will contribute so much towards
outstanding balances at the end Of lS41
1t would appear, that this loose and unconst-
tutional practice of having large outstanding
balances lying over, and payments "staved off"
has grown up within the last ten or twelve years.
In reference to this new custom, unknown to
our Constitution and laws, Mr.. Bell remarks
with great propriety and force =" When Con-
gress appropriates moneys it is meant that they
should be applied 10 the respective branches of
the public service for which they were designed,