The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-06-05


By virtue of two several acts of Congress, the
Secretary of the Treasury was authorized TO is
sue, on and after the fourth day Of March last,
Treasury notes TO the amount Of Sab, 900,
making an aggregate available fund on hand Of
SO, 05S,000.
But this fund was chargeable with outstand-
ing Treasury notes redeemable in the current
year, and interest thereon TO the estimated
amount Of $5,2S0,000. There is also thrown
upon the Treasury the payment Of large
amount Of demands accrued in whole, or in part,
in former years, which will exhaust the available
means of the Treasury and leave the accruing
revenue, reduced as il is in amount, burthened
with debt, and charged with the current expen-
SEES of the Government.
The aggregate amount Of outstanding appro-
priations, on the 4th day OF March last, was
500, 429,616 so, of which $24,2l0,000, will be
required during the current year, and there will
also be required, for the use of the War Depart
ment, additional appropriations to the amount
of $2,511, 1872 SO, the special objects of which
win be seen by reference TO the Report Of the
Secretary Of War. The anticipated means of
the Treasury are greatly inadequate to this de-
mand. The receipts from customs for the last
three quarters of the last year and the first quar-
ter of the present year, amounted TO 3d. 100 900.
The receipts for lands for the same time TO
SO, TAP, 430 90, showing an average revenue
from both sources of $1,236,S70 per month. A
gradual expansion of trade, growing out Of a
restoration Of confidence, together with q reduc-
ton in the expenses of collecting and punctuali-
~ sne = f.y, - go
auoi'on - the non'ny iscsipss .ne ~
'osc'ney ~ ess 20 A. =. III s1o noo nnn
MI lloli ~. -. = .,hi;e y. ~
time, are estimated at 81, 800 900, and from mis-
cellaneous sources, at $4,000, making an ag-
grega,e o 81 availane iunus VIM .I Iaes :,
o ~ oo mn no mn M ieass
q @il,4uo ioS ao. - mes. sns sI.ne asnipo,
Ialy plosision necessaly urul ue an .I:Ah
can DC aDsolDeu Dy .ne excess u !esenues WINCH
are anticipated 70 accrue a. NO distant aay'
There VIII fan due within the next three
months treasury notes OF the issues OF lo4u, IN
Guiding interest, about $2,S50OOO. Ihere IS
chargeable in the same period for arrearages Tor
taking the 9th Census, $294,000, and the esti-
mated expenditures TOR the current service are
about $S, 100000, making the aggregate demand
upon the Treasury, prior 70 the first OF Septem-
Der next, about vi, 34O,O0O.
| The WAYS and means in the Treasury, and
| estimated to accrue within the above named pc
Rod consist Of about $500. 900. Of funds ayaila-
HE IN the oath nItimo an unissued balance of
Treasury notes authorized by the act Of 1S4l.
amonnting "a nj. 955.0OO. and ESTIMATED rece,pts
from ali sources Of $3. 500 900. making an ag-
gregate Of abort ne. 40 600 and leaving pro-
hahIe deficit IN the iirst of Sentember next. of
M. 845. 600.
IL order 70 snnnlv the wants of the Govern
ment an INTELLIGENT constituency in view Of their
best interests. will without hesitation, submit to
all necessary burthens. But il is nevertheless.
imnortant 80 70 imnose them az 10 avoid defeat.
inc The lust expectations Of the country growing
out, Of nre-existing laws The act Of the Cd
March. 1883, commonly called the Compromise
act. should not be altered. except under urgent
necessities which are not believed at this time
70 exist One wear only remains to complete
The series of reductions provided for by thai law,
at which time provisions made by the same law,
and which then viii be brought actively in aid
Of the manufacturing interests ofthe Union, will
mt fail 70 nIodnce t6e most beneficial results. 49,
Under ! system Of discriminating duties, impo-
sed for purposes of revenue, in union with the
provisions Of existing laws, it is to be hoped that
our policy will in the future be fixed and perma-
neni--so as to avoid those constant fluctuations
which defeat the yery objects they have in view.
We shall thus best maintain position which,
while il will enable us the more readily to meet
the advances Of other countries calculated to pro-
mote our trade and commerce, will at the same
time leave in our own hands the means Of re-
taliating, with greater effect, unjust regulations.
In intimate connection with the question of
revenue, is that which makes provision for suit
able fiscal agent, capable of adding increased
facilities in the collection and disbursement of
the public revenues, rendering more secure their
custody, and consulting true economy in the
great, multiplied and delicate operations Of the
Treasury Department. Upon such an agent de-
ponds, in an eminent degree, the establishment
Of currency Of uniform value, which is Of so
great importance to all the essential interests OF
society, and on the wisdom TO be manifested in
It's creation much depends So intimately in
terwoven are its operations, not only with the
interests Of individuals but of States, that tmay
be regarded, to great degree, as controlling
both. Ii paper be used as the chief medium Of
circulation, and the power be vested in the Gov
eminent Of issuing i at pleasure, either In the
form of Treasury drafts or any otherj or. II
Banks be used as the public depositaries, withlib-
erty to regard all surpuses from day today, as so