Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-04

for the safety of our institutions Tue -
tenn, leaving TO each State the care OF Its domestic
concerns and deyolying on the Federal Government
those of general import, admits IN safety OF 'he ged
es exnanson: but at the same time, ceem II proper
- add that there will be found 10 exist at all tunes an
imperous necessity for res aiming all inc iuncl'o"ai
of this Government within the range OF their
mowers thereby preserving just balance between the
srs Granted tn this Government and those reserved
10 the States and to the People, r.
From the report Of tie Secretary OF the treasury
Won will perceive that fiscal means present ana ac
cruing insufficient supply the wants Oh ''ie W
vernment for the cure year. The balance IN ohe
Treasury on the fourth dy of March last not
bv outstanding drafts and exclusive OF trust 'unus,
estimated at $500, 600 TLs includes the sum Oh 80
600 deposited in the mint and its branches 10 piolu
metal for coming and in process OF cohuse, aa ,h,s
could not he withdrawn without Inconvenience mus
leaving subject to draft in the various repositories Inc
spm Of S6i5 600. BY virtue OF two severai acts o'
Conrress the Secretary OF the ireasufy was au'"u
rived to ISSUE on and after the fourth Gay OF Mafch
last Treasury notes the amount oil ii o,uoo, max
a m agoreoate available fund Of SG,0oSOo0 on hand
r., the fnnd was chargeable with outstanding lrea
,r no,cs redeemable in the current year and interest
thereon to the estimated amount OF hVe miions Two
hundred and eighty thousand dollars There is also
,b,own npon the Treasury the payment OF large
sn,onnt If demands accrued in whole or in part in
cormer vears which will exhaust the available means
If The treasury and leave the accrung revenue, re-
duced as it is in amount, burdened with debt ano
CHARGED with the current expenses OF the Govern
meni The aggregate amount of outstanding appro
r;,ons on the fourth day of March last 33 49,
GIG So of which 1924 600 will be required during
The current year, and there will also be required lot Tue
use of the War Department additional appropriations
10 the amount of two millions five hundred and eeVen
thousand one hundred and thirty dollars ana nine
weight cents the special objects of which will be
seen bv reference to the report OF the Secretary OF
| War.
| The anticinated means of the Treasury are greatly
inadequate to this demand The receipts from customs
for the last three quarters Of the last year. ana me
quarter of the present year, amounted 10
the receipts for lands for the same time 10 SS'f<4'o
showing average revenue from oo.h sources y, VI
81 ,236 SO per month. gradual expansion OF liaoe
growing out of a restoration of confidence, toselher
Stir rednct;on in the expenses of collecting, and
punctuality on the part of collecting oifcers, may
cause an addition to the monthly Iece'p's from .ne
customs They are estimated for the residue OF Inc
from the fourth of March, at l2O0ooo0; the re-
cein,s from the public lands for the same time are es'
t;matcd At 60 500 000 and from miscellaneous sources
NJ 81 IN 600: making an aggregate of available fund
wbin the year of Sl4 670000 which will leave pro-
bable deficit of Sl1 ,406,l32 9s To meet this, some
temporary provision is necessary unt the amount can
be absorbed by the excess OF revenues winch arc anu
cipa,ed to accrue at no distant day
There will fall due within the next three months
Treasury notes of the issues OF lciU including inter-
est. about S2,S50,000 There is chargeahle IN The
same perod for arrearages for taking the sixth census
2g4 600; and The estimated expenditures for the cur
rent service are about $s0O,U0O, making the agsre-
gate demands upon the Treasury prior to the hfst OF
September next, about Sill 100000
The ways and means in the Treasury, and estimated
to accrue within the above named period, consist OF
about 1864 000 of funds available on the 2Sh uno;
an unssued balance of Treasury notes authorized BY
the act of ls4l, amounting 10 81 9ooOOO and esmat-
ed receipts from all sources of S3S0O000, making an
aggregate of about So 100000, and leaving probable
deficit on the LIST of September next of 81 $4,000
~ of tbe nj
an intelligent constituency, in view Of their best in
teress WILL without hestalion submit to all neces-
sary burdens But it is nevertheless important SO 10
impose them avoid defeating the just expectations
o. the country, growing out oil pre- existing laws
The act of the I'd March, 1885, commonly called the
compromise act should not be altered except under mr.
gent necessities which not believed at this time to
exist One gear only remains to complete The series OF
reductions provided for by that law, at which time
provisions made by the law, and which then Will
be brought actively in aid of the manufacturing inter-
ess of the Union, will not fail TO produce the most be-
neficial results Under system OF discriminating
duties imposed for purposes OF revenue, IN unison with
the provisions of existing laws It is to be hoped that
our policy WILL in the future, be liked and permanent,
so as TO avoid those constant fluctuations which defeat
the very objects they have in view We shall thus
hest maintain position which, while it will enable us
the more readily TO meet the advances oil other coun-
tries calculated TO promote our trade and commerce.
will, at the time, leave in our own hands the
tons
In intimate connection with the question of revenue
capable of adding increased facilities in the collection
and disbursement Of the public revenues rendering
more secure their custc1y, and consulting true econo-
my in the great multiple and delicate operations Of the
Treasury Department. pom such agent depends,
in an eminent degree, IL establishment OF currency
Of uniform value, which of great importance TO all
the essential interests OF society; and on the wisdom
to be manifested in It's creation much depends So
intimately interviewer are ITS operations, not only with
the interests Of individuals, but with those Of the
States that it may be regarded in great degree
as controlling both If paper be used the chief me-
dunn of circulation, and the power be vested IN the
Government ofissung il at pleasure, either IN the form
of Treasury drafts any other, IT banks be used as
the public repositories, with liberty TO regard all sur
pluses from day 10 day. much added to their &C
tive capital prices exposed TO constant fluctuations
and industry severe suffering In the case, po
itcal considerations, directed TO party purposes, may
control, while excessive cupidy may prevail IN The
other The public is thus constantly liable TO imposI-
ton. Expansions and contractions may follow each
other in rapid succession, the one engendering a
reckless spirit of adventure md speculation, which
embraces States as we'll individually the other caus
| ing fall in prices, and accomplishing an entire
change in the aspect of affairs. Stocks oil all Kinds
rapidly MISUNDERSTANDING arc ruined, and States
embarrassed even in their efforts TO meet with pune
tuality the interest their debts Such, unhappiy
is the state of things existing in the w. States
These effects may readily be traced to the causes
referred to. The public revenues on being removed
from the then Bank Of the United States, under an
order of late President were placed in selected State
Banks, which, actuated by the double motive of con-
ciliatng the Government and augmenting their profits
to the greatest possible extent enlarged extravaganty
their discounts thus enabling all other existing Banks
to do the Large dividends were declared which
stimulating the cupidty of capitalists caused rush To
be made to the Legislatures of the respective States
for similar acts of incorporation, which, by many of the
States, under temporary niatuaton, were readily
granted, and thus the augmentation of the circulating
medium consisting almost exclusively Of paper pro-
duced a most fatal deusion. An illustration, de-
rived from the land sales of the period alluded to, will
serve best to show the effect Of the whole system
The average sales of the public lands, for period Of
ten years prior to 1884, had not much exceeded So,
100000 per annum. In 1884 they attained, in round
hunters, to the amount of S6,OoO,oO0. In the sue
ceedng year Of 1885 they reached $l6,0Un0O0
And The next year, of 1896, they amounted to
the enormous sum of $a5,000o00 Thus crowd
ing into the short space of three years upwards OF
oory ha