Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-01-20
THE STATE OF THE TREASURY

lie following statement, containediu n lot
ter from the Secretary of the Treasury. addross
gu 10 "ie committee of ways and means, was
land before the House of Representatives ON
'ne ON INST, In explanation of the bill reported
on mat day by the same committee. for author
ising reissue ofTrcasury Notes to an ononn,
not exceeding Five Millions of Dollars:
"lhe estimated expenditures of the first quarter
''e present year, as appears by the docu-
inents already furnished amount
Inc available means of the Treasury
| IN the same period are not expected
'oeAoeeu 1880, 900
Leaving balance TO be provided for
., S3,745, 4G6
''lmmediately after our first conversation re-
ia'ivc 10 tiie views OF the committee upon the
su'Jcc' oi d loan as means of supplying the
wants Oh the reaSury, addressed private let
'c's 10 correspondents III New Y DIRK and Bos-
ION LOT me purpose OF asceraning the prac-
tcaoillty OF selling stocks to the amount or
TWO OF ihree millions, provided the term Of
reimbursement should be ENLARGED TO ,rclvo
years. The information received was ent;ro
~ decisive as to the imposibilitv of obtaipino
any thing like an adequate supDlv in time -
relieve the existing pressure and I tb;pL /,
may be confidently anticipated that. so LONG
as the present STATE Of Inc money market shall
commune, the prospect of borrowing anv con-
siderable amount of money inthe United STATES
Is quite hopeless. A resort TO Europe for
loans Will be indispensable, but the DELAY that
must necessarily intervene will besuch thatun-
iess some other mode of supplying the wants
OF the department be provided by CONGRESS-
'he greatest embarrassment must ensue. Under
uese circumstances, | have no hesitation in
recommendngan issue ofTreasury notes as a
measure OF obvious necessity.
lie precise limit within which the issue
snal! DE conhned is matter submitted 20 the
oet.er Judgment OF the committee The sum
Oh hVe millions has teen indicated by the De-
partment; and III view of the wants of the
reasury during the current quarter, and the
possible iaiiure to procure the necessary loans
before the LIST of May, this sum is believed
not to be too large.
"intelllgence from Europe represents the
condition of themoney market in England and
on 'he Continent as still depressed, and ncgo-
uatlons for loans may be attended with more
or less delay
"Could an agent be sent Immediately TO En-
rope, report OF hts NEGOTIATIONS might he oy-
Pec'eu III this country in the course of ninety
Gays at iurthest But some time must eIapse
before an act can pass the two Houses of Con-
gress, and the interests of the Government rn-
quire that, In efiecting loans, time sbould bo
allowed to the agent for all such INQUIRIES nc
may be necessary to enable him TO Obtain !
money upon the best possible terms.-Assnm-
ing, then, that the effort to obtain loans in En-
rope would be eventually successful, thew
might not be rendered available to the Treosn,
~ much before the termination offour montbs
An act by which five millions shall be nloceJ |
1t the disposal of the Treasury in the mean
Inc, IS believed to be measure dictated bv
"y