The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-03

metal Tor coming and In the process oil cotnage,
and which could moi be Withdrawn without IN
CONFERENCE.-The leaving subject 10 dralt, IN
the various repositories, the sum Of $645,O oo.
BY virtue Of two several acts of Congress, the
Secretary Of the Treasury was authorized 70 is
sue, on and after the fourth day Of March last
Treasury notes TO the amount OF x5,4l3,suUo,
making an aggregate available fund on hand Oh
$6,05S,000.
But this fund was chargeable with outstand-
ing Treasury notes redeemable in the current
year, and interest thereon 10 the estimated
amount Of $5,2SO00O. There is also thrown
upon the Treasury the payment OF large
amount of demands accrued in whole, or npart,
in former years, which will exhaust the available
means of the Treasury and leave the accrutng
revenue, reduced as il is in amount, burthened
with debt, and charged with the current expen-
SEES OF The Government.
The aggregate amount of outstanding appro-
priations, on the 4th day OF March last was
33,429,6l6 so, of which S24,2l0,000, viii be
required during the current year, and there WIN
also be required, for the use of the War Depart
ment, additional appropriations to the amount
Of $2, 5ll 1872 SO, the special objects Of which
will be seen by reference to the Report OF the
Secretary of War. The anticipated means OF
the Treasury are greatly inadequate TO this de-
mand. The receipts from customs for the last
three quarters the last year and the first quar-
ter Of the present year, amounted to $l2 100 600.
The receipts for lands for the same time TO
$2,742,430 90, showing an average revenue
from both sources Of $l,236,S70 per month. A
gradual expansion Of trade, growing out OF a
restoration of confidence, together with a reduc-
ton in the expenses of collecting and punctuali-
ty on the part of collecting officers, may cause an
addition to the monthly receipts from the Gus
toms-they are estimated, for the residue OF the
year, from the 4th of March, at $l2,000,000.
The receipts from the public lands, for the same
time, are estimated at S., 500,0 00 and from mis-
cellaneous sources. at $1700 900, making an ag-
gregate Of available funds within the year OF
$l53l5 900, which will leave probable deficit
of 81 ,406 1872 9S. To meet this some tempo
rary provision Is necessary until the amount
can be absorbed by the excess of revenues which
are anticipated 10 accrue at no distant day.
There will fall due within the next three
months Treasury notes OF the issues Of 1910, in
Guiding interest, about $2,S50000. There is
chargeable in the same period for arrearages for
taking the 9Th Census, 1921, 200, and the esti-
mated expenditures for the current service are
about SO, 100000, making the aggregate demand
upon the Treasury, prior 10 the first of Septem-
Der next, about $l1, 100000.
The ways and means in the Treasury and
estimated TO accrue within the above named pc
Rod, consist of about S694, 900, of funds avaa
BILE on the 2Sth utimo, an unlssued balance o.
Treasury notes authorized by the act of 1S4l
amounting to $1,955,000, and estimated receipts
from all sources, of $3S00,000, making an ag-
gregafe Of about $6,450,0 900, and leaving pro
bable deficit on the first of September next, OF
$4, S45, 900.
In order to supply the wants Of the Govern
ment, an intelligent constituency in view of thei
best interests will without hesitation, submit tc
all necessary burthens. But il is, nevertheless
important so 10 impose them as to avoid defeat
ing the lust expectations of the country growing
out of pre-existing laws. The act OF the %
March, 1883, commonly called the Compromise
act, should not be altered, except under urgent
necessities, which are not believed at this time
to exist. One year only remains to complete
the series of reductions provided for by that law,
AT which time provisions made by the same law
and which then VIII be brought actively In aid
of the manufacturing interests OF the Unon will
not fail to produce the most beneficial results
Under system of discriminating duties, impo-
sed for purposes Of revenue, in union with the
provisions of existing laws, il is TO be hoped that
our policy will in the future be fixed and perma-
nent--so as to avoid those constant fluctuations
which defeat the very objects they have in view
We shall thus best maintain position, which,
while it will enable us the more readily to meet
the advances of other countries calculated to pro-
mote our trade and commerce, will at the same
time leave in our own hands the means of re-
taliating, with greater effect, unjust regulations
In intimate connection with the question of
revenue, is that which makes provision for suit
able fiscal agent, capable of adding increased
facilities in the collection and disbursement of
the public revenues, rendering more secure their
custody, and consulting true economy in the
great, multiplied and delicate operations of the
Treasury Department. Upon such an agent de-
ponds, in an eminent degree, the establishment
OF a currency Of uniform value, which is Of so
great importance to all the essential interests of
society and on the wisdom TO be manifested in
its creation much depends, So intimately in
terwoven are its operations, not only with the
interests of individuals, but of States, that il may
be regarded TO a great degree, as controlling
both. II paper be used as the chief medium of
circulation, and the power be vested in the Gov
eminent of issuing it at pleasure, either in the
form of Treasury drafts or any other; or, if
Banks be used as the public depositaries with lib
ery 10 regard all SURPRISES from day TO day, as so
much added to their active capital prices are ex-
posedto constant fluctuations, and industry to Sc
we're suffering. In the one case political consd
erations directed TO party purposes may control,
while excessive cupidhy may prevail in the
other. The public is thus constantly liable TO
imposition. Expansions and contractions may
follow each other in rapid successlon-the one
engendering reckless spirit of adventure and
speculation, which embraces States as well as
individuals-the other causing fall IN prices,
and accomplishing an entire change in the as
pcct of affairs Stocks Of all sorts rapidly de-
cline individuals are ruined, and States embar
rassed-even in their efforts to meet with pune
tuality the interest on their debts Such unhap
PLY is the condition Of things now existing in
the United States. These effects may readily
be traced to the causes above referred 10. The
public revenues being removed from the then
Bank Of the U. States, under an order of late
President were placed in selected State Banks,
which, actuated by the double motive OF concill-
ating the Government and augmeniing their
profits TO the greatest possible extent, enlarged
eytrayouantlv thair discounts Inns pnabInu