Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-01-23

But certain payments will also he made
on account Of the funded and unfund.
cd debt, urless Congress authorize
contracts to be formed Tor extending
the time OF their payment. Thus
there will be required
On account Of the funded debt, chiefly
Tor the cities Of this District i4e 900
For the redemption OF Treasury notes
II all the Others be issued which can
be under the present law, ne then the
amount returned within A. ID. 1871
will probably not exceed a 500 o0o
s4,s4s,aO0
Estimated balance in the Treasury at
the close OF the next year, after all
payments whatever ssa4.a73
Mr.. J. continued. He thought he must have m.
usned Ihe committee, the report of the Secretary
VI ehe ireAsury were TO be relied on, that the 70.
sourIes OF me government for is4l, were no, only
ample 10 meet all The current charges upon il du-
ring the year, but also to redeem the four million
hse hundred thousand dollars Of Treasury notes
now outstanding, and that portion of the public
ueo. shieh would iall due in the year. and would
leave balance OF 1894 ut tho close Of the pre-
sent year. And he thought the committee mu.t al
30 be satisfied that the great neq y bet cen the
receipts and expenditures at different periods of the
year, Ienoered u accessory that some temporary
provision should be mace 10 meet these Liabilities
That some measure calculated TO obyiate these
difhcuitcs was TO be expected, from the repo,t Of
the Secretary HIMSELF appeared too manifest 10 re-
the Secretary said
at has already been shown that the whole
amount OF receipts in lS4l will probably lie sufi.
Gent 10 discharge all ordinary expenditures, and
1nose parts Of the outstanding debt funded or un-
funded, which may become due. But the preser-
vat'on Of suitable balance in the Treasury nav
require more Than will probably be left after salts
lying other purposes"
And again:
st will be observed, however, that though, un.
uet eI'her oil these arrangements, enough might be
obtained within the whole of Is4I for the objects
contemplated, yet not due or sufficient propor-
ton IN the first quarter; because by that time ali the
measures are not likely 90 into full operation nor
much OF The anticipated increase to happen in the
actual receipts OF duties under existing laws I'm
usually heavy expenses will also fall on that ouar-
Ter IN the next year. In addition 10 full portion
oil most oil the current expenses, and the whole men,
SION Tor the first half Of the year. and one
thrd OF million, or more, for all the annual fishing
oouniies, there will be imposed on il most OF the
charges Tor The whole year connected with the ses-
sion OF Congress and private bills, rs well as large
payments Tor taking the census, and Tor the FIRST
nstament Of the debt for this District; several Of
them as early even as the first day Of January.
Prom these circumstances, and the considera-
TONS that all which is due from the banks NAV not
be then paid, and that the balance in the Treasury
under the policy adopted by Congress Of late yeas
Will oil necessity be small, while the fluctuations
ana inequalities ale very great between the receip 5
and expenditures in different portions of the wear.
70 "hch we are constantly exposed, from Causes
,nal nave on iormeli occasions been explained at
length II must be obvious that entire safety requires
a conditional power to be seasonaby conferred
on The Executive 10 obtain at any tim. within 1871
such subsidiary means may he needed for few
monIhs' and as may be sufficient enable the Treas.
ury puncsually TO discharge, during that year, all
the liabilities imposed by Congress-"
Mr. continued. he was aware that we should
DC Told That these statements not TO be relied
upon; and hat we should probably be referred to
thc estimate submitted AT the commence Of the
last session, and be told that the receipts of the
year ielI lar short OF the estimates submitted by the
secretary ltwas true that the estimates Of the re-
cep'S OF last year were not realized; but every gen.
tleman would recollect that these were mere est-
mates made upon date which had hitherto furnished
rule both Tor the Secretary Of the Treasury and
Tor Congress; and fortunate, indeed, would Il be,
u ln these times OF arrangement in the monetary
affairs oil the couLtIy, when embarrassment pervad-
cd almost the whole land, and when revulsion after
reVGIs'on follows IN rapid succession, they should
be found exact. Eve'y gentleman knew that the
orelgn commerce Of the country furnished the chief
oass OF the revenue Of the Government; and know.
ing this fact, who would lie st n loss TO account for
the extraordinary falling or of the revenue for the
last year. Who Could have anticipated that the
imports during the last year were to sink below
nose oil the preceding year 81 millions Of dolars3
o. that me imports OF 1888 exceeding he recoeced
right, 100 millions, would have sank down again in
1889 10 less than lbs millions.
TWAS also known to every member Of the commit
tee that The principal Of our present revenue
were most sensibly affected by commercial prosper
Hy-by The crops-by the banks, ar d by the credit
system both Of our own county end forcing ma
lions. Let those gentlemen who made objections
10 the estimates submitted to Congress at the COM
mencemsnt Of this year look little further into
u subject. Let them turn their attention to The
year 1886; and they would find the revenue ofthe
Government sinking, in n single quarter. from 9
millions to less than millions. Look al the pro-
ceeds Of the sales Of public land.; and il would be
found that in 1886 the amount paid into the public
Treasury from that source exceeded "a millions Of
dollars, (more than half Of what had been received
during the preceding 40 years. whilst in 1893 the
amount sank 10 less than 3 millions Of dollars.
In Michigan alone, the receipts for 1886 exceed
Cd millions; and in 1888 they sank again to $751;
oOo In Louisiana and Mississippi, where, in
each OF The years OF 1886 and 49, the proceeds had
exeeeIed'3 millions, they sank down in 1885 TO
s96,OpO.
"u' t va .nesc iac's Io' 'ne purpose OF
49, ,n w" uIineus Sas Ioi any man, with
49, O "v n', ,h;n =, oon before hn, TO
49, az Guy .''ius nNc .Aaetness 10 me esumaes
il ''v p ~ 'i W mnch snls country was
pI"oeu put u u,e hePo.t OF me secretary was 10
on;, ed,a,e"I We WV. ~ Knew no safer reli-
49, Una. mere must be
-. p;oL;i;,'s" i.o paw " ue government TO meet