The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-02-11

hono,able .ssociates on the committee, (Messrs.
Anterior and yanderpoelD gave US the sronges. as
that the issue then contemplated could All DC
ca.lly redeemed within that year. Well, SIR, they
are nearly all outstanding still and far from De-
ing able TO redeem them called upon ior iIes
supply, TO be redeemed within this yoar--6ef'aihy "
be redeemed out Of the abundant incoming revenues
yentured To differ with the Secretary and the honof
able members 10 whom have referred, al ina. time
and endeavored 10 demonstrate not oniy ha' INC ~
venues of the year would be Inadequate W ce' '"o
expenditures OF IT, but to predict mat before ihe close
of Thai session another call would be made LOT about
five millions more. Accordingly, IN July, another
call was made for four millions and a hall. Iheeyent
happened precisely was anticipated. Congress,
however thought il had gone far enough, and did not
accede TO the Sccretarys request, but IN lieu OF H. re-
sorted the espedient Of postponng portion OF the
appropriations to the present year, This expedient,
together with the payment by the late Bank of the
United States of its last bond, amounting 10 two mil
lions and half enabled the Treasury To weather the
storms which threatened II without however, the re-
temp ion Of the notes issued under the act OF 3ist
March last, which had been confidently promised
amounting, at the close of the year, TO near i've mil
lions And, what is further 10 be remarked, also, y
the Secretary estimates Of the receipts Of last year had
been verified by the results il there had been no falling
of in the customs and sales Of lands hecoud no. then
have redeemed the outstanding notes, In his annual
,epor 10 the last session. he estimated the receipts OF
The wear 1870 from customs lands and miscellaneous
nj Sl9 600 600 IL appears that they amoun'su
to S7 1877 1863, falling shor, Of his ss'ima'ese'e
OOOOO Now il this last sum had been received a,u
his expectations thus fulfil ed Is evident nc eouiu
not have redeemed the outstanding notes, even Win
the aid Of all the unexpended sums IN the treasury
at the close of the year he dehciency wouiu sun
have been over two millions, With this recent expc
rience fresh before US what degree otconhdence can
we he expected repsc in the assurances now gwen
of the ability OF the Treasury TO redeem the proposed
issue within the current yeai regard " as utterly
out OF the question moi merely 10 redeem these ea'
impossible, without other means, 10 reicea NE ave
millions now OUTSTANDING which viii tAsl sss ~ W
distant day; and this will pteccca y asdsSst'4fsss'
AT the last session endesvered 10 sAe~ aF'S Hs't'S
did conclusivel- show tina, the sSrsassss'ys ~ ~
Government for the three preceding years AsA sNSSSs
ed its accruing revenue, upon an sresssS aeeas stSa
millions annualy and just al the etese ~ NC session
attempted TO demonstrate that the expenditures Of
last year would exceed the income by nearly the same
amount What has been the result
The receipts into the Treasury from the
accruing revenues lands, msceiane
GUS, and all thesorainary sources, (esti-
mating for the fourth quarter,) were slTs, IoS
And the ex expenditures, for ordinary
rent erpeHses, were =, ,Sis
Showing de6ei, of ssssl. $50
The estimates Of the fourth quarter embraced in the
general aggregate of expenditures, tive millions
but the Secretary says that the other Departments
place the amount higher The probability that the
Others will the mark, and that the def
cit will thus be increased Now, SIR, as well as can
Judge, about million half OF appropriations of last
year. and which would ordinarily have been expended
then have been postponed To this Ii the
of Government therefore, had been conducted in the
mode the deficit would have fallen little if any
short Of millions of dollars. II supplied
this way:
The efectual balance on hand January /, 1870 was
$22i6, H9 In the annual report of the Secreta-
ry, December 3, 1889 he estimated the balance which
asouid be on hand 3ls December at 81 $50, 3S4 but
II now appears to have been about $500 900 more.
Why he should have been far mistaken SO near the
Is q an1p hans is nj
consequence:
To the actual balance on hand So 246 749
Add receipts from Bank of the United
States and other deposte banks 100000
Excess OF Treasury notes issued over
those redeemed 675 4SS
Amounting to $7,222, 237
Deduct balance on hand now l,59O,S55
S5,63l 1882
BY this computation, which probably is the best
mode OF stating the account Of the year, it appears
hat Tor the ordinary current expenses of lS40 exclu
siye of the redemption Of Treasury notes over five
millions and half, besides all the accrunp revenues
OF the year. were requisite; and this after the post
Ponemen OF so large an amount of appropriations
has been already stated In any view of the subject
the result is the same. With these incontrovertibe
facts before u.s. what there to expect that the
receipts of this year will only be adequate TO meet
all the expenditures of it, but will far exceed them
as to enable the Department to pay near We millions
OF outstanding notes Yet the Secretary expects
that while in each Of the last four years the receips
have fallen short of the expenses six seven and e,cht
millions, the tables to be turned The receipts
are to take the lead and to advance beyond the
utures nearly as much as for four successive years
they have fallen behind. This will certainly be n We
ny great change in financial affairs and very de-
slrable one Let US see, however whether il be prac
cable, and how it can be effected In the first place
as regards the expenditures of 1871
The Secretary estimates them, "for ordi.
nj
we have already seen that they amount
ed last year to % $40 40
showing proposed reduction of SO, 239, $40
ne hrst question arising here is, upon what class
glasses OF expenditures is this great reduction fall
Where are the items whicL make up this sum total
~ required near twenty-five millions and half last
year. anu over twenty four millions and half for the
eccug year. to carry on the ordinary operations of
government what ground is there for supposing that
.he same services be performed this year for nine
Teen millions and quarter am not now looking at
az az me appropriations made or proposed for the
ias' or .ne present year but at the amount ACTUALLY
hap am aware the appropriations which have
oeen requested made to CORRESPOND to those est
mates OF expenditure. But | wish to know what la
,sh expenditures were made in lS40 which NAV be
dispensed with in lS4l : What extravapance is 10 he
"a Weall know that, owing to the embarrass
60 state OF the Treasury last year. both the appropria
uon' ana the expenditures kept down to the low
es possible amount Where can there be any greater
swers in these words: -
y Is believed that the ordinary expenses of ls4l
ougn' 20 iai' some millions below those of lS4O as the
rsa'a; nave diminished by deaths; fewer Indians
remain - be removed several expensive public build
ing, ing nave been mostly fnshed and hostites with
tue seminoies must be nearer to close"
these are the heads Of expenditure in which the
nnseo o. over three millions and quarter is pro-
der they named 'Na"''nc mem ~ me Or
ISL as 70 the pensions The Secretary has refer
req se.erai ZINES, IN his reports to the greaf rI;f