The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-11
Message from the President OF the United
/ states, and Letter from the Secretary Of
the Treasury on the FiaaHces Of the Coun-


the Treasury on the Fiansces Of the Coun
try. .a.t, .ts.a la s.fiaf- Ae-af ,r.,
or' y asllt b awAsmrSeror, March 8, 1872
To rHE HorsE OF REpREsENrArivEs,- afsl .fsr..
lee to be my duty to invite your attention to thu
accompanying commune alton from the Secretary. 2
the Treasury in rlson to the probable demands which
will be made upon the Treasury for the present quarter
will be seen that without arrestipg the acquisitions
which will be msde by the War and Navy Departments
for the months Of March, April aud May, there i'll BE-
unprovided for deficit Of upw ards OF three millions
lcannot bring myself however to believe thu. it will
enter into the view Of any department Of the Govern
ent 10 arrest works odefencs in progrt Of
Pleon or vessels under construction preparation for
sea- Having due regard % the settled condition OF
foreign rciaons and the exposed situation ofoxr
and marstime frontier, should feel yself wanting In
ny duty to the country could hesitate ip urging upon
ConBea a necessary appropriations for placing II in
an attitud strength and sec rty Such snds-
ton however, has heretofore been made in full
the people their high Of national honor their
determination to defend soil from the possibility,
however remote, Of a hostile invasion.
The diminuton in the revenue arising from the great
dminution Of duties under what IL commonly called the
compromise act, necessarily involves the Treasury
EMBELLISHMENTS, which have been Cor years pal
lated by the temporary expedient Of issuing Trsa
sury notss-an expedent which, ahording no perna-
nent relief, has imposed upon Congress from time to
time, the necessity ofrepacins the old by issue
The amount outstanding the Attn Of March, varies
In no great degree from the which will be ont
the issues arc rendered equiv slsn to the redsmp
ton Of the old and at the end of the fiscal year leave en-
augmented pressure the finances by the accumulation
The contemplated revision of the tariff Of duties may,
and doubtless will, lead in the and 10 relief Of the
msnts hut il must be obvious that time will be ne
cessary to realize the full anticipations of financial
Deneht from any modification Of the tariff laws. In
the mean time, submit to Congress the suggestions
made by the Secretary, and invite its prompt and
speedy action. M
TREASURY DErAsrMENr, March I, ls4a.
ofhs P,esident Of the United States: 'f
SiR The duty devolvpdby the Constitution upon the
Presidert OF the United States "to take that the
laws be faithfully executed renders proper that yon
should be advised othe present condition of the Trea
sury, we'll in regard to the claims upon il a. Of the
means for their discharge in order that you may decide
upon the expectancy Of laying before Congress the
obligations. fatsl. "a ~ h'a fot
The aggregate of demands upon the Treasury during
ted, a. viii be seen by the statement which have the
honor herewithto submit at So O40 The immediate
means within the command of the Treasurer for meeting
these expenditures were, at the commencement Of the
present mouth including the pended power ssue
Treasury notes. under the act Of slst Of January last,
two hundred thousand are in the Land Offices per.
ton OF this amount has been paid for land since the
January last and required by law to be paid to
points not convenient for ordinary disbursements.
The nett revenue from customs during the present and
twU sSS,ns month, i estimated co.
and oithe Treasury, there will still deficit to
be provided for Of upwards Of three millions for the
In submitting Congress the annual report ofthe De.
partment on the finances, It was suggested that
TO issue treasury notes to the amount Of FIVE mil
Ilons with such extension OF the term olhe loan
naming to be disposed Of would render 1t negotiable
would with the revenue from imports enable the Depart
the same time revision Of the tariff was urged a.
indispensable means Of sustaining public credit.
You are swars ths while the report on the hnsnee,
Agent or Exchequer, since submitted TO Congress,
under your confederation No doubt was entertained
that IN the event of its adoption by Congress- would
obviste the necessity Of any further provision for
deemng the Treasury notes required for the service Of
Of eRpsudns q Ss to
tent expected tn afford faci that would remove
all apprehension Of embarrassment while the OF
Gle and - of Government stock BIZ held in
reserve TO meet any contingencies of such ISSUE and
placing such issue on foundation perfectly and
stable. III .rr s,-tr !, = =. = ".
Should this provision however net be adopted by Con.
gress, then 10 obvious that the whole amount of the
Treasury notes authorized by the late act of Cong ess
will becomes burden upon the revenue Of lsl3 without
any adequate provision for relief And in view of this
state ofthngs becomes quetten efgrave importance
whether would not be advisable TO recommend an in.
Of the loan to an amount sufficient absorb the
Treasury notes that will be outstanding the end
year, and 10 be applicable in the time the re-
demption Of such may be offered for that purpose But
whether this shall be- done or not is obvious that the
existing state Of the Treasury calls for the immediate
ervention Of Congress to save the good faith Of the &C.
vernment And no escusl expejient for this purpose
sperceived bat that Of charging the term Of much
ofhe loan remains be negotiated to period Of At
least twelve years. and securing the pay ment Of princ
pal and interest by pedgng adstnct source Of
for that purpose. .o.,r.- .-.,4 ~
Ihave taken leave to place the accompanying state
ment before you that you decide whether any and
IL any, what measures ought TO be adopted by the Exc
cutve under the circumstances therein exhibited Il
would be wholly supernuous to add sny suggestion in
regard the paramount Importance Of maintsinng the
W. FORWARD. q
''tf-ta 4..lt t i Secretary Of tho Treasury.
Statement Of Mems in the Treasury the LIST Of March,
Cash subject to the drafts Of the Treasurer by the latest
retcrns to this date with the several depotores and
collectors, $751; 49 o.
returns, '.a1 n n '1s ,n.H 1891 20
.fn 4l6,260 %
act of 3lst Of January last which may be lirsl
Issued On LIST Of March, ntht a.e5s.css 30
i9ai Total ofimmedate resources, $3,oss, sss SO
Estimated reve from customs during March 100000 90
Nay, 10000 10000 90
Mems for the current three months, seslsaS, os
Probable demands during the current
The amount or Treasury Notes issued in
March, ls4l, at per cent was about "a
100000. Estimating thst twe-thirds Of
these have been already redeemed thro' r. . i, ,in
the custom houses and land Offices, there t
March, 100000 90
sitiens IN Mareb,st sn,eoa 90
regulations in March at 100000 %
No salaries having been paid by the Trea-
sury Since thelsth Of January on account
ofths ciuil list, and the quarterly pay
ment Of interest ON public debt becoming