The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-03-19

1885, made at the time he erred fifteen millions
and a half of dollars. In his report made in Decem
ber 1885 he estimated the whole amount of revenue
for 1881 at 10, 10000 dollars In this he committed
| an error of only about twenty nine millions of dol
lars the actual receipts for the year amounting to Az
o73 900 dollars In these his estimates all fell short
Of the receipts la 1887 the recei, fell short OF the
estimates made in December 1886 about five millions
of dollars; and in 1889 the receipts of revenue ex-
ceeded the estimate in 1888 more than five millions OF
dollars. Here we have specimen of magnificent
blunderngs made by the head Of the Treasury De-
Partment, which is taken from his own official re-
ports.
These are not all the evidences existing to prove
Mr. Woodbury. absolute ncompeency to perform the
duties OF the station he filled The President, VINO
always bases what he says in relation to the condition
OF the finances in his messages the report OF the
head OF the Treasury Department. was misled by him.
In December, 1897, MIR. Van Buren,, in his message
said that the of the Treasury would be am
pie to deray all the charges imposed it during the
year 1888, and redeem all the Treasury notes which
had been issued under the authority previously grant
ed, without any resort TO loans or taxes. These
amounted to ten millions. Only five months thereat-
ter, notwithstanding this declaration, MIR. Van Buren,,
on the tenth day of May, 1888, informed Congress,
by special message that the Treasury was literally In
bankrupted condition, asked that additional means
be provided and that authority be given to reissue
the ten millions of Treasury notes during the year
This granted 10 December, 1888, Mr.. Van
Buren, in his message informed Congress, that not
whstanding nearly eight millions of Treasury notes
were to be paid during the succeeding year, in addition
to the ordinary appropriations, the resources of the
Treasury would undoubtedly be ample for both Of
these purposes. Before the close of the session, in
March following Congress called on to pass a
law to authorize the issuing subsequently such por-
lions of the Treasury notes might not have been
issued previously TO the expiration of the year. within
which their issue were limited and by the month of
June the whole amount were issued. In December
following there we've then outstanding three millions
of these notes. and such was the condition of the
Treasury, that Mr. Woodbury. said the earliest at
tentlon of Congress to grant some power to borrow
money or issue interest drafts exchequer bills,
is Indispensable for the security ofthe public credit"
Can any one be surprised that the country has
been brought to the verge of ruin, when its national
fiscal affairs have been conducted in the manner we
have shown they were for series of years Men
do not acquire knowledge of the science of finance
ntuitivey. This requires both study and practice.
1t would seem preposterous to take .journeyman
blacksmith, place him in watchmaker's shop, and
set him at work to make fine gold watch and yet it
proper to take practising county court lawyer and
translate him to the administration of the financial
and commercial affairs of the country. A political
partisan is to be thus rewarded, let the cost to the
country be whatever it may The affairs of the
try never can be managed with proper skill AMI
economy until placed at the head Of the
great departments of the government possessing some
practical knowledge of the business to which they
late, and with which they are connected.