The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1842-03-23

sNASHlNGTON, MARCtfos 7!
TIE STATE OF THE TREASrR -
The Speaker lad before the House the fol-
lowing scommanicason
WAs.lxG7oN, MARcn;s, ISL.
t. The H2usc Of Representatives.:
fee! i, TO Ae my duty 70 invite your attcns!cn
; TO the accompanying c5:ninan'ca:soh IRON the
s]acre.arv OF the Trsas2-y, in relation to the
probable demands which viii be made upon the
Treasury for the present quarter. 1t will be
sean that, without arresttng the requlsltons
Which will be mlde by the War and Navy de.
part,nents for the months of March, Anrli and
M:y, there will be IN unprovided for dsaclt CT
upwards Of three millions.
cannot bring myself however, to believe
that it will enter into the view of any depart
mant Of the Government to arrest works OF de-
!, ,ence now in progress OF completion, or vesseis
under construction or preparation for sea HaV-
inG due regard to the unsettled condition of our
foreign relations, and the exposed situation OF
our in!and and maratime frontier, / should iee'
myself wanting in my duty to the country, If
conld hesitate in urging upon Congress all ne
csssary appropriations for placing it in an atti-
triie Of strenrth and security. Such recon-
rn,rlltio2, however, has here been made
in full reliance as well on Congress as on the
wcll-known patriotism of the Peonle, their higi'
sense OF national honor. and their determination
to defend CIR soil from the possibility, howeVe
remote, o: hostile INVASION.
The .limiru,;ol in the revenue arising from
the urea: dimnution OF duties under what Is
commonly c1liei the conpromise act, necessa-
rily involves the Treasury in en6arrassmens,
which hlve heel for some yelrs pailla'ea oy the
temporary evpelieNt Of issuing treasury note
IN expe Lent which, af'rdlnT no permanen
ralie. shas imposed upon Congress, from time tc
tine, the necessity of replacing the Ola oy
new issue. The.amoInt Outstanding on the an
OF M trch, 1870. varies in no great degree from
the amount which will be outstanding on tne
6rst of January next: while in the interim the
new issaes7are rendered equivalent to the re-
den,,io, of the old, and at the end of the tis-
c1l voar leave an au rnantel pressure on the h.
no,nns by the accumulation Of interest.
The Contemplated revision Of the tariff OF du-
t;es -,av. and doubtless will lend in the end to
relief OF the Treasury from these constantly re-
curr;nr emharra ssmen.s; but it must be obvl-
ous tint time will be necessary to re1lize the
full anticip1tons of financial benefit from any
modification of the tariff laws. In the mean
time, | submit to Congress the suggestions
male by the Secretary, and invite its prompt
aid speedy action 'OlS hhh
TREASURY DEPARTMENT, Marcn I, lo42.
To The President of the United States:
S1e:-Thc day devoved by the Constitution |
uDo1 the President of the United States go :
take care that the laws be faithfully executed"
rc,ders i proper that you should be advised o.
tbe n-ese,t condition Of the Treasury, az We'll |
in re r,r.l to the claims UPON it as of the mems
for their discharge, in order that you may decide
UPON the Sexpe lency Of laying before Congress
the necessity of further provisions for meeting
the public ohli yat!ons.
The aggregate of den1nds upon the Treasu-
ry, dlrin the present and the two succeeding
m ,nths, is cs.iTnl:e1, as will be seen by the
s.a.enea. which have the honor herewith 10
submit, at S3,574,0l0 The immediate means
within the command Of the Treasurer ior meet
ing these expenditures were at the commence
,me,. of.the present month, including the unex-
pended power to issue Treasury notes. I unaer
The ar. Of 3ls. Janulvy las, about three millions
of d,llars Of this sum neorly two hundred
thous,nl are i, the Land Oliaes. portion OF
this a-nou It has hcen paid for land since the
first of January llst, and is required by law 10
h, na;d over to the several States. The greater
norton of It is held at points not convenient tor
ordinary disbursements.
The nett revenue from customs during the
present and two succeeding months is estimated
At Sa2j100o. But, after adding the amount to
the means now at the command of the Treasury
there will still remain in deficit to be provided ;
for of upwards of three millions Tor the service
Of the same period.
In submitting to Congress the annual report
OF the Department on the finances, it was sug-
eested that an authority to issue Treasury notes
to the amount of five millions, with such an ex-
tension of the term of the loan remaining to be
disposed of as would render it negotiable, would,
with the revenue from imports, enable the De-
partment to meet the expenditures OF the pre-
sent wear. At the same time, revision OF the
tariff was urged as an indispensable means OF
sua aiming public credit
You are aware that, while the report on the
finances was in the course of preparation. the
plan of Fiscal Agent or Eychequer, since sub
intted to Congress was under your consldera-
ton No doubt was entertained thai, in the
event Of its adoption by Congress, it would OBJ
va'e the necessity Of any further provision for
reae,ning the Treasury NOES required for the
service Of the present year, and payab IN the
next The faculty of expanding the issue OF
eycac7uer bills to given extent was expec;et
TO af,rd facilities that would remove all appre:.
be,sion Of enh1rraasner'. while the Issne o.
ia m1xinln Sl5,0l000o, resting on S2,OO0-
OOl of specie, and S5000,00O of Government
cork % be he'd in reserve 20 m"et any contln- 7