, 1841-05-15

Z III tIlG HILLS, duu WIN
~ceivers. Deducting trust funds OF every
kind, which have seldom been SO small IN
amount, and none Of which that should be In
vested remain uninvesteG. the balance VIII
still! exceed three-fourths Of a million.
During the last three months also, as well
as in all the former exigencies, since your
Administration commenced, that balance
mas never been less than from half a million
OF dollars. however much the Treasury may,
at times, have been exposed to embarrass-
ment ut particular points, in the various crI-
ses TO which its affairs have been exposed.
IN the performance of such large, dIstaint'
uncertain. and sometimes unexpected opera
tions. But anv good fortune IN preserving
Thigh and scrupulously the pecunIary credit
Of the General Government. under such per-
lis, should not be suffered to impair the force
of the recommendations that have from tim"
to time been submitted to Congress for a pro-
vision of additional means, 10 guard well
agains, sudden deficiencies in receipts and
large fluctuations and inequalities between
them and the expenditures IN different parts
of the year.
The first recommendation for some such
precautionary measure was presented rs long
ago as 1885. Immediately after the discharge
of the national debt, and the termination al
the necessity for keeping a large balance on
hand TO aid in defravinG it.
The attention of Congress has since been
annually invited 10 the subject with earnest
ness and in several different forms. In res
pect 10 our present financial condition. judy
ING from that part OF the year already ex-
PRED. and from the existing means OF hand.
there appears 10 be no danger Of embarraSS-
mrnt, unless i; is hereafter caused by the cir
cumstances pointed out in the last annual re-
port.
Should Congress, before the expiration OF
the present session, or before the vcai clos
eS, burden the Treasury with n much greater
amount al appropriations than were called
Tor in December last. the expected means "i
deiraving them. as then explained. may prove
proportional Y inadequate. So 4 continued
suspension OF specie payments. by most "
the banks west and southwest al New York.
would lessen the receipts Of the Treasury.
Is was then also stated. The sudden sus-
PENSION. again. of several of those banks. in
February, after resunring for Il short time. has
already exercised some malIGn influence on
the reviying business oi the country; and
this circumstance was Immediately submit
ted 20 the consideration OF the appropriate
Committee.
But though II unny c"n'inGc To Operate I'M
favorlhlv on mercantile credit. there -
nevertheless no good reason I" doubt tIi't.
If the appropriations are increased hcv"nd
wha, was called inr in the annual estimates.
The meansnow on hand, with the current re-
! ,o,n. .,,l ,ba a-,-,,pv - y q, ISSrp IN -
millions Of Treasury notes after The third
of March, will prove amply sufficient Ia
meet all ordinary engagements. II they do
not also enable the Department t" rx''n"nlsfr
the whole Of the temporary Indebtedness
caused bv the issue of these notes. II Nil b."
owing 10 the recent and unexpected Sn>prn-
sion acain of many OF the banks. 81 Sen>Ihly
%injuring the prospect for increased business
whici. existed 10 4 very n"lterIng extent
early in December.
But Congress having not vet passed aP'
Preparations exceeding. in the aggregate. the
whole est mates. no serious danger seems 10
exist. unless some future action of that body,
during the residue Of the year. >hould aug
ment the expenditures.
Nothing. of course. is easier than the Il
! tDDlltlll u Hitd>illfN Will nus ~ 49,
the expenses of l9il. So as Ia exceed H.
authorized fiscal means, and thus not only Il
cause enhancement, but impair the pccu
MARY credit of the General Government. anc
leave no alternative except greatly increased
/ taxation of some kind, ora permanent M
, lional debt.
But it is a matter of congratu alton iha'
these financial evils have hiiher Ia been AVOID
ed, though severe commercial commissions
protracied Indian hostIIitieS. and Il periodic
, al reduction of the revenue from customs
. have at times pressed heavily on Our opera
tons. Without doubt they can be l"ngel
avoided by n continued reduction in tho
, public engagements. through perseverance
&, in economical retrenchmenr. and the cireiu
Summing Of causes for new ar increased ex
r pense. Indeed. it mus, be a source "f sin
4. cere satisfaction 10 the President. personally
as well to the community at large, To SEE
his administration close without foreign war
domestic insurrectinn, or any other calamity
requiring heavy burdens of anv kind to be
, imposed on the people by the General Gov
ernment-without the creation Of any per
q. manent public debt whatever, or even of
,ar,n,r,r- th,t ,oIuht mt no IIsphnrraf