The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-04-30
STATE OF THE FINANCES AT THE
CLOSE OF THE LAST ADMlNISTRA-
TREAsuRY DEPARTMENT,
March 2, 1871.


TREAsuaY DEPARTMENT,
March 2, lSfl.
In pursuance Of suggestion by the President, the
Secretary OF the Treasury submits, with his resgna-
lion, genera statement OF the fscal operations OF his
Department since the last annual report in order to
show It's condition till the close of his connection with
IT,
SO far yet ascertained the ordinary expenditures
r the year 1910 have since that report proved TO be
less than those ia 1889 by , the amount then esti-
mated Of between two aud three millions Of dollars.
The revenue has turned out, also, be nearly the
same, then calculated, making in the actual result
though affected by fluctuations imports almost
exampled-le variation from the estimates in
1882 beyond what has been the average annually for
the last quarter Of century.
The available balance Of money in the Treasury, al
the commencement of lS4i including, before
computed, what stood to the Treasures credit with col
iectos receivers and the Mint subject TO drat has
proved TO be about much anticipated IN Dc
cember last.
The only material difference, and which has been
since explained to the proper committee, was caused
by some new charges imposed by Congress, 'nIougn
new appropriations which would otherwise have fallen
l6li, and some failures by the indebted banks to
pay SO much in l640 as was expected
The power remaining the LIST OF January TO issue
Treasury notes. constituted another OF the hsca means
for the year and il has been ascertained 10 ex
list in an amount greater than had been esti-
mated.
Hence the present year commenced with resources
on hand quite equal to the anticipations previously
formed. The differences before named were fortu-
nately of character to change the fiscal condi-
ton Of lS4l-as in proportion 10 their respective
amounts, the receipts in that year will probably be
larger, and the expenses smaller.
But notwithstanding this, it was deemed very i'm
portant as detailed fully in the annual report to OBJ
tain early day the aid of subsidiary means,
with view to guard against fluctuations and contin-
gencies generally, well 10 equalze the receipts
and expenditures during lS4l, the latter being likely
to fall very heavily on the first quarter of II.
Accordingly, had been done some similar occa-
sons since the public debt discharged and the
rent revenue diminished these means were requested
by the Department the first moment practicable after
the session began, being in the annual report itself
The additional communications in this and other
years, urging compliance with such requests,
made only TO develope facts and reasons, which
had in the time occurred favorable to the previous
recommendations
Although the aid was not in this instance furnished
as early DIES red yet the Department has succeeded
in commanding its funds efectuay as with the ex
istng the first of January and the cur
receipts afterwards, to meet all the authorized
claims that were due and presented during the
pressure experienced in that month.
Since the desired aid furnished by the passage
Of the new concerning Treasury Noes in Febru-
airy, no necessity has arisen to issue any of Them
solely with view to defray claims already payable.
But in consequence of the public convenience being
much promoted by advances of money for pensions, be-
fore they would fall due, the 4th Of March, those
advances have been made; and amount OF notes
under the act has uently been issued equal
TO about $500 600 This is so great, by 81 600
the sum which has already been forwarded
count of those advances. No greater amount for any
purpose, and probably not great that difference,
Is likely to be called for before the 4th inst Hence it
appears that the other available in the Urea
sury have, as yet proved more than enough, in the
aggregate, for the discharge of all engagements Of
every kind sanctioned by Congress, whether old or
new, in arrear otherwise, which due and have
been presented for payment.
II may be proper state further that the receipts
since the year commenced have fully sustained the
computation for the whole of the first quarter made by
the Department in January last. The accruing rev
from duties payable three and six months hence
has been much larger in January than would be re-
quired monthly to make all the receipts from that
in lS4l equal the amount estimated in the annual
port.
During the last three months ALSO as well as in all the
former exigencies, since your Administration com
menced, that balance has been less than from
half million to million Of dollars however much thu
Treasury may, at times, have been exposed TO cmbar
at particular points in the tc
which its affairs have been exposed, in the perform
of such large, distant uncertain and sometime.
tine pected operations But any good fortune in pre-
serving high and scrupulousy the pecunary credit o
the General Government under such perils should
be suffered to impair the force of the
tions that have from tine to time been submitted to
Congress for provision oil additional means To guard
well against sudden DEFICIENCIES in receipts and large
fluctuations and inequalities between them and the ex
pendtures in different parts of the year.
The first recommendation for such precaut nv
measure was presented as long ago as 1885, mmedl-
atey after the discharge Of the national debt and the
termination ofihe necessity for keeping large bal
ance hand to aid in defraying it.
The revenue received in February not vet fully as
certaned has probably been nearly the same as In the
preceding month"; but the acorung duties are believed
to have been considerably less. It is computed how
ever that these duties taking both months together
have been quite large would be their proportion
in order to make the receipts for the whole year from
this source, equal to the annual estimate. Nor have
the expenditures since the year began varied material
ly from the amount expected Ii is gratifying to b,
able add that after all the payments above described
the balance of available money in the Treasur,
is more than million Of dollars including what sta nd
subject draft and to the credit of the Treasurer
the minis and with collectors and receivers Deduct
ing trust funds of every kind, which have seldom
been small in amount and none of hchtha should
be invested remain uninvested the balance will still
exceed three fourths OF million.
The attention of Congress has since been annual,
invited TO the subject with earnestness and in
different forms. In respect to present financia
condition. judging from that part of the year already
expired and from the existing means on hand thcr.
appears to be no danger of embarrassment unless il
hereafter caused by the circumstances pointed out il
the last annual report.
Should Congress, before the expiration of the pres
session. before the year closer burden the Irea
sury with much greater amount of appropriation
than called for in December last the expectc,
of defraying them as then explained, my Prov
proportionably inadequate. So continued suspen
sion of specie payments, by most of the banks
southwest of New York, would lessen the receipts o
the Treasury, as was then also stated The sudder
suspension again. of several of those banks Februa
ry, after rcslming Tor short lime has already exerci
sed some magn influence the reviviog business o
the country and this circumstance was mmedial ell,
submitted TO the consideration of the appropriate com
mittee.
But though 1t may continue to operate unfavorably
on mercantile credit there is nevertheless good ea