Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1841-06-22

ing family and for the blessings which we offer them
we require them 10 come aud look upon country
Us ,heIr country, and 10 unite with in The great
task OF preserving our institutions and thereby pre-
serving our liberties No motive exists for foreign
conqueSts--we desire but reclaim our aim ys ILL.,
mtahle wilderness; and 10 introduce into their depth
Tue lights OF civilization. While we shall at all times
De prepared 10 Vndcae the national honor, most
earnest desire will be 10 maintain an unbroken peace
In presenting the foregoing views, | cannot with
mold the expression of the opinion that where exists
nothing IN the extension of our empire ever
KhoWledged possessions, excite the alarm of the
patriot tor the safety of our institutions. The Fcde
raliVe SYSTEM leaving each State tho care offs
domestic concerns, and dcvoving the Federal CO.
Vernment those of general importance admits the
safety OF The greatest expansion, but, at the saMe
time, deem 1t proper 10 add that there will be foind
10 exist at all times, mperious necessity for
sl!alnlng all The funciionarts Of the Government
within the range OF their respective powers thereby
preserving Just balance between the powers grant
ed 10 tins Government and those reserved 10 the
States and to the people .M
From the report of the Secretary of the Treasury
You VIII perceive that the fiscal means; present and
accralng are insufficient supply the wants OF the
current year. Fhe balance in the Treasury on the
an OF March last, not covered by outstanding drafts
ana exclusive of trust funds is estimated $780,,
OOo: This includes the Of $2l5 coo deposited
IN the mint and It's branches to procure metal for
coming, ana IN the process of coinage, and which
couid not be withdrawn without nconv enience, thus
leaving subject TO drafts in the various repositories
the sum OF $645,000 BY virtue oftwo several acts
OF Congress, the Secretary of the Treasury
fhorlsed TO issue, and after The 4th day Of March
last, treasury notes 10. the amount of $4,4l3,009
making an aggregate a"ailabe fund on hand Of So
25B, 600.
But this fund was chargeable with outstanding
Ireasury notes, redeemable In the current year. and
interest thereon to the estimated amount of $780,
OJo. here Is also thrown upon the Treasury the
payment OF O large amount of demands accrued in,
whole, or part, IN former years. which will exhaust
the available means of the Treasury and leave the
national revenue reduced it is in burthen-
ed with debt and charged with the current expenses
of the Government.
The aggregate amount Of outstanding appropria-
lions on the 4th ofAlarch last was $33 429616 50,
of which S24, 2I0,3 300 will be required during the
current year, and there will be also required for tie
use OF The war department additional appropriations
to the amount of 81 81 1872, 49, the special objects
OF which VIII DO seen by reference TO tho report of
the Secretary War. The anticipated means of
Treasury greatly inadequate To the de;natd.-
The rece pts from Customs for the last three quar-
tiers Of the last year. and le first quarter of the pre-
sent year, amounted to $l2,l00,000 The receipts
for lands for the same time to $27l2 1870 O., show
ing an average revenue from both sources of 1885,
so.
gradual expansion Of trade, growing out Of a
toraton Of confidence, together with reduction in
the expenses of collecting, and punctuality the
part Of The collecting officers, may cause an addition
to the monthly receipts from o'custons--they
estimated for The residue of The year, from tho 9TH
of March, Mt Sl2,GO0,0O0, The receipts from the
public lands, for the same tine are estimated al
50 500 ,000 and from miscellaneous resources,
$4,000, making an aggregate available fund with
in the year Of 1875 000 which will leave proba-
bic deficit of l,9UG, 1872 SO. To meet this some
temporary provision is necessary until the amount
can be absorbed by the OF revenues which are
anticipated TO accrue at no distant day.
There will fall due within the next three months
Treasury notes of the issue of 1910. including inter
est, about So $4,000. There is chargeable in tho
period, for arrearages of taking the Sixth Cen
$291090 and the estimated expenditures for The
current service about So 100 600 making the op
gregae demand upon the Treasury prior to the first
of September next, | l. 100000
The ways and means in the Treasury and esti-
rated TO accrue within tho above named PERIOD con-
ssts of about 1854 000 funds available ou the 28h
utimo, and unissued balance of Treasury notes an
thorsed by the act of 1871, amounting to $4,000
and estimated receipts from all sources of $4,000
090-making aggregate of about six million four
| hundred and fifty thousand dollars and leaving
| profitable deficit on the first of September next of
four millions, eight hundred and fifty thousand dol
| lars.
| In order to supply the wants of tho Government
intelligent constituency, in view their best in
terests, will, without hesitation, submit 10 all neces-
sary burdens But, ii is nevertheless important so
impose them TO avoid defeating the Just expec-
taIons OF the country growing out of the preexis-
ting laws.
| The act of the second of March, 1888, commonly
| called the Compromise Act, should not be altered
except under urgent necessities, which are not be-
LEVIED al this time 10 exist. One year only remains
TO complete the series of reductions provided by law
at which time provisions made by the same law and
which will then be brought actively IN aid of the
manufacturing interests of the union will not fail TO
| produce the same beneficial effects.
Under a system of discriminating duties imposed
for purposes of revenue union with the provisions
of existing laws, is TO be hoped that our policy
will in the future be fixed and permanent-so as to
avoid those fluctuations which defeat the very objects
they have IN view.
In intimate connexion with the subject of revenue
is that which makes provision for suitable fiscal
| nAfa, H. oo5l,r
collection and disbursement of the public revenues
rendering their custody, and consulting
true economy in tho great, multiplied and delicate
operations Of the Treasury Department. Upon such
an agent depends, in an lmnent degree, the esta-
| bshment Of u currency of uniform value, which is
Of 50 great importance 10 all the essential ntesests OF
society, and on the wisdom TO be manifested in il,
creation much depends. So intimately interviewer
vduals, but of States, that II may be regarded TO
great degree, controlling both.
Ifpaper be used as the chief medium of circulation
and the power be vested in the Government of issI-
ing ii at pleasure either in the form of Treasury
drafts, any other or, if banks be used as the pub
lie repositories, with liberty regard all surpusses
from day to day, as much added 10 their active
capital, prices are exposed TO constant fluctuations,
and industry, TO severe suffering In the one case
political considerations, directed TO party purposes
| may control, while excessive cupdity NAV prevail
on the other The public Is thus constantly liable to
! imposition. Expansions and contractonS may fol-
low each other in rapid succession-the one enpen-
derng a reckless spirit Of adventure and speculation
| which embraces States as we'll ndividuas-the
| other causing fall in prices. and plishng
entire change in the aspect ofallrs Stocks of all
| sorts rapdy decline, ndIv duals are ruined. and
! States embarrassed-eyen IN their efforts to meet
| with puuctuahty the interests on their debts. Such
unhappiIy is the condition Of things existing in
/ the United States. These effects may readily be
| traced 10 the causes above referred 10.
! The public revenue being removed from the then
Bunk Of the United States, under an order of late
President were placed in selected State Banks which.
a0taated by the double motive of concaiing the Co
yernent and augmeHtng their profits to the greatest
possible extent charged cxlravaganty their discounts,