The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-02-18

i 4Jz 81 y tile balances remaining III 'he
| the Both Of September last weres consequently, 80
| large and far beyond the usual amounts
SO the Chief Engineer, Col. Totten, says
THE appropriations Of the last Congress appncaa
bile To these objects lin his DEPARTMENT. were ho ma
ill the middle Of July; and, when made the S'as -
the Treasury attached restrictions teartng INC
istangibis for The rest Of the gear"
Il is evident thai these balances of appropta'ona
standing over must always be greater IN those 49,,
when the bills are passed at the close oil ione see
Of Congress than in tirJse years when the pns =" ~
necessity passed early, as in the short sessions. >
must now he evident, ALSO from the consiaei,auoas
just presented, that the difference in these pa'an.
between the year 1910 and the year 1871 must DC w.
usually great H. but too apparent moreover, 70 "
mind and so the fact, have doubt VIII turn ou',
that there have been other port ponements than tuo
that have taken place under color Of law. The hfs'
object and one pursued very assiduously has been !"
avoid demands on the Treasury by avoiding ana re-
fusng appropriations, even when IL was pcsitise'y
known that Indebtedness must be incurred as IN Tue
case ofthc Florida war; and then il has been made
point by every possible delay and every possible de
vice. where appropriations hare been made, To AVOID
| and postpone expenditures. For all this, the fea
sury must groan and sweat in the year lSll
So much, then, Mr.. Chairman, for the Secretary
estimates Of expenditures in IS4I which are aiiogeth.
or too low and for his estimates of revenue and
receipts in the year, which, IN my OPINION are
altogether too high.
On this latter scorc--lhe estimating of receipts
the Secretary has not certainly heretofore been very
happy in his probabilities OF conjecture. am
indebted to friend who sits me- (Mr. Everett, OF
Vermont for the fact that in the whole six years OF
Mr. Woodbury's administration of the finances, his
annual guesses in coming revenue taken altogether
have been just according 10 the resultwantng only
the trling sum Of sirty-tiro millions Of dollars.
AT the commencement Of the last session OF Con
gress he confidently expected to realize from customs
$4,000, 600 in 1910; he has got about $l2 600
This year he expects $l9,0OO,O00 from the same
source; ! do moi believe he will gel ssi5,0O0,00o
ham IN ealr nIntsan E.r Tho
SIG, 100000
1t seems to be supposed by the Secretary, as well
certainly by Others that business and prosper
ty will greatly revive after the late depressionsi and
that therefore, there will be great increase on the Inn
ports. do not think this follows. Confidence will,
no doubt to good extent, come in with the new
Administration, and business will begin to be more
active But there can be no full prosperity IN this
wide country, SO long exchanges continue to be
deranged, and the currency remains unreguated
Intelligent business know this, and importers as
well as others. That there may be some effort and
some active competitions in the early part Of this year,
to supply the supposed deficiency in the importations
Of the last year, to be expected With this view, no
doubt imports foreign account may for a while
in pretty actively But there causes think,
to check any great excess of imports.
In the first place, cannot learn that there really Is
any scarcity deficiency Of foreign goods There Is
no extraordinary demand in any quarter. The coun-
try satisfied with what got last year. and it will
be satisfied this year with about the same amount OF
will be to knock down prices The country has learn
cd moderation; and that, for while at least,
will stand in the way Of excessive importations.
Again In 1889, there excessive inlportations,
running up to one hundred and sixty-two millions;
and last year it ayorite notion OF the Secretary
that subsequent to large importation and fall OF
prices in articles exported in 1889, the amount OF
imports often declines for one or twoycars Alter lS2o
declined Che says unnterruptedly for six years He
seems to have gotten over this notion entirely.
In his report last year. too, the Secretary remark
ed the effect of restricted circulation, which ex
isted then and exists now and must continue to exist.
And he declared that "hencc diminution in the i'm
ports had already commenced and confidently ex-
pected to continue for some time The tact OF a re-
strcted currency with the deranged state OF the e1
changes, must have the effect TO limit mporatlons.
And this is a state Of things which cannot be cured
until the sub Treasury shall be removed and the coun-
try shall have time to recover from It's unhappy ehecs
Another important agent limiting imports is our 10
| reign indebtedness This strongly insisted upon
year ago both by the Secretary and the President
| Twelve millions of exports required annually say
they to pay interest loans abroad, and so much at
least Of the exports can bring IN no returns OF I'M
ports.
The Secretary admits importations will be some
what checked the present year from the .s
hai vnT ',r c, T. 1910 cmmencing in January of
that year, which will induce importers to Keep back
their goods for the benefit of the reduction undoubt
+, ely this will have its effect.
Now it is in the face of all these considerations that
Treasury ventures anticipate, not merely mode
rate increase Of imports from last year. which am
willing 10 concede, but absolutely most extravaganza
and excessive state of the import trade For observe,
Mr. Chairman in order get his SI9 0OO0 900 of du-
ties he must compute the imports at about %l5sOOo,
600 This is within four millions of the great excess
of imports in 1889, which was the year OF largest mn
poratons the country has ever seen by very far, OK
cept one the year 1886 And this is not ALL sir, for
while the Secretary would make us believe that we are
| to be supplied with foreign goods in 1871, amounting
In value to 81 So 600 600, which he does not seem to
regard at all excessive yet when in another part oil
his report he comes to talk ofthc prospects ahead and
| to recommend economy something else, why then
he discovers that in the very next year 1917 would
not be safe to expect lhat the imports would en sss
Less than $ll4 000,0O0l What happy and in
structiye consistency
MIR. Chairman, ii the value of imports in lS4l shall
come up to about 1888, 600, which is full $2S,-
600 600 than last year, VIC shall have l6,ooo,-
600 Of duties out of them, | calculate. do not
believe the imports will up to that; and If we
get fourteen fifteen millions from customs, II Is as
much expect TO see, especially after drawbacks
and bounties are taken out But IN my estimates !
shall take the sum Of lG,0OOOOO that may not be
found below the mark.
am now prepared, Mr. Chairman, to offer you my
estimates for the year. only remarkng that instead OF
beginning the Secretary does, with an available
balance in the treasury, am forced 10 set down
large balance against II.
ftstHluLtS JOT CHdFBtS cue -"
s,uy in the year ls4l for ordinary purposes, but
including charges account Of funded debt, and
| the redemption Of Treasury notes
On the LIST January, 1871 the aggregate of Treasury
| notes outstanding was "a $50 900
| The whole Of this will be redeema-
| able in IS41, but il is computed that
| $500 900 of the amount may not come
| in within the year, which deduct 100000
$f,15O000
For interest payable on the amount to be
| redeemed add 100000
|