The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-05-12


in ls4l equal the amount estimated in thu
annual report.
The revenue received in February, moi
yet fully ascertained, has probably beer
nearly the same asin the preceding month
but the accruing duties are believed tc
have been considerably. less. Ii is com.
|puted, however that these duties, taking
both months together, have been quite as
large as would be Their proportion in order
to make the receipt for the whole year,
from this source, equal TO the annual esti.
mate. Nor have the expenditures since
the year began varied materially from the
amount expected. tits gratifying to be
able to add, that, after all the payments
above described, the balance of available
money now in the Treasury is more than
million of dollars iuclus;ng what stands
subject to draft, and to the eredf. Of the
Treasurer in the mints, and with collec-
tors and receivers. Deducting trust funds
of every kind, which have seldom been 50
small in amount, and none of which that
should be invested remain uninvested, the
balance will 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 has never been less than from
half million to million Of dollars, how
ever much the Treasury may, at times,
have been exposed to embarrassment at
particular points, in the various crisis to
which its affairs have been exposed, in
the performance of such large distant, hn-
certain, and sometimes unexpected, opera
tons. But any good fortune in preserv-.
ing high and scrupulously the pecuniary
credit of the General Government, under
such perils, should not be suffered to- mn
pair the force Of the recommendations
that have from time to time been submit
ted to Congress for a provision of addi-
tional means, to guard well against sudden
deficiencies in receipts and large fuctua-
tons and inequalities between them and
the expenditures in different parts Of the
year.
The first recommendation for some
such precautionary measure was present
ed as long as 1885, Immediately after the
discharge of the national debt, and the
of the necessity for keeping
a large baluIce ON hand to aid in defray-
ing it..
The attention of Congress has since
been annually invited to the subject with
earnestness and in several different forms.
In respect to our present financial condi-
ton, Judging from that part of the year
already expired, and from the existing
means on hand, there appears to be no
danger of embarrassment, unless it is here
after caused by the circumstances pointed
out in the last annual report.
Should Congress, before the expiration
of the present session, or before the year
Closes burden the Treasury with much
greater amount Of appropriations than
were called for in December last, the ex-
pected means of defraying them, as then
explained, may prove proportionably in
adequate. So a continued suspension Of
specie payments, by most of the banks
west and southwest of New York, would
lessen the receipts of the Treasury, as
was then also stated. The sudden sus-
pension, again, of several of those banks,
in February, after resuming for short
time, has already exercised some malign
influence on the reviving business Of the
country; and this circumstance was i'm.
mediately submitted to the consideration
of the appropriate committee.
: But though it may continue to operate
unfavorably on mercantile credit, there is
nevertheless no good reason to doubt that
if the appropriations are not Increased
beyond what was called for in the annual
estimates, the means now on hand, with
the current receipts and the existing pow.
er to issue five millions Of Treasury notes
after the third of March, will prove amply
sufficient to meet all ordinary engage
ments. If they do not also enable the
Department to extinguish the whole of the
temporary indebtedness caused by the is
suse of these notes, it will be owing to
the recent and unexpected suspension
again of many of the banks, SO sensibly
inimiDg the prospect for increased busi-
ness which existed to very f1attering ex-
tent early in December.