The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1842-05-19

apology 10 Be found ii he csliciebey a
The Tesruue snd the vans Il aLe psblie
service. did fhs Sensiar and his Intends
do brtlef xh<n they had possession Of
the Gasernmens, The very 6ra act II
Congress. - sht called SESSION under Ala.
Van Ruren. nss IN act 10 bolras nine
millions Of dollars uhich had brtn given
20 he S.sies By The bounty o! Congress:
] say given. bscsasr. although 10 legal
fern il was bus dsposIir Tor eurody. ~
subsistence and intention. 81 least On The par
Of many. il vas giit;) sud IN The acl oI
Congress 70 whieh y Ger. the transfer 10
mrrriy postponed unlil The Isl Of January.
1889. but repeal 81 The RiI. is avoided.
This was The frsI movement OF Congress
under that Administration. and The ssennd
j, like unto II: ihstis. an acI 10 borrow
ten millions II doll rs BY The issue 81
Treasury notes. by deductions equally
fair With those Of ihe hnnarsble Senator,
i 10 shown that, not in ihiIiren months.
but 10 seven months II grooming inio pow
CT. the Administration 81 Mi. Van Barren
borrowed nlneIern millions Of dollus.
This wss alleged u The line 10 be indls.
pensshly necessary, because III The indul
gence gwen 70 merchants ON duty tonds
by sn &c; nf that session, aid the failure
Of The deposile banks 10 pay The amounts
due from them 10 6uvefnmeni: and that
these measures were lobe merely Tempo
rary Unlll those means could be realized.
But, sllhnugh The merchants and the
banks paid up wlfsi they nwed. yet The
fourth insislment was never paid 10 tbs
States. of wh0m Il vas borrowed. and
Treasury NOES were kept sfnal by issu.
ing and Iedceming again and sga,n. lesv.
ing Eve aud . half millions outstanding
WHEN Thai Administrator closed.
Mr.. Woodbury. would remark 10 The
Sena'or that there was yet due 100000
or $500, 900 from The hanks nf MissssIp.
' ri. and he believed $4,000 from the
Bank Of The United STATES.
Mr.. Evans: No, the last has been paid,
Tie Mississippi banks are all who have
not paid.
Mr.. Graham resumed. That is too
tri1ng an amount 10 constitute The eight
est apology for failing 10 pay The fourth
insialntnt aud redeem ell The TIeasur,
noies issued. Il bears no proportion e
the nine millions of the former. and ,h,
FIVE and half millions Of The latter. j
now distinctly appears tina, the Sia'es los
the fourth insislmeni which had beer
promised them, and permanent debt o
iise and half millions was fixed on ID,
country. M, BY reason of,he defalcat'oni
Of "ihe merchants and The banks. which
for some time, we're represented as III,
sources Of Ill The Ills which b. fell The Gov
eminent, but because heexpendilurrsd dur
ing The last Administration were Iaised u
an annual aversge amount Of tweniy-eigh
millions Of dollars per wear. With re
venue admitted 10 be de6cIen, by their We
~ first acts OF legislation, and which. BY
regulation Of the compromise act o
1893, was 10 decline materially during
their contlnu .ncc in authority. . system
Of expense was pursued, which not only
overran the yearly ipcomes and exhaust
ed all the earnings Of presious years, bn
superadded a national debt besides. A
guardian who should thus manage the es
tale Of his ward would find no jus, cause
for wonder IN bis remnvsl from pfiice.
We are now tnIi, however, tina, al.
though the average rate Of expenditure
was large, the graduation was downward
and il has been repeatedly a matter 81
boast, that. in the last year Of Mt. Van
Buren,. the whole amour, expended was
but twenty-five and ahaif millions al dol.
lars. And il is vshemenily commended.
that The experience Of that year shows
that sun 10 be the smplesi amount toi
annual expense; and, indeed, that i,should
fall below il. Sir. hope II will be found
To be enough fr the yearly support o.
Government. If we can avoid war,
hope to see the annual expenses reduced
10 twenty millions. Blu. very casual
Examination Of The legislation Of lS3S-'4C
will show that the reason Why no more
than twenty-five and half millions wa
lexpendsd in the latter year was, thai
the Administration had no more TO ex'
pend. The seventeen millions which
they found in the Treasury were gone,
the nine millions Of debts which they
had collected were gone, in addition ia
their current revenues; and q Presidents
ELECTION being on hand. il was no, deemed
prudent at that moment 10 resor, 10 the
taxing power TO raise new supplies. The
perennial iouuiain Of Treasury notes, itl'
lirue. was still kept open, but for suihc'en
reasons il was not expcdIent 10 swell 'h'
amount of those in the monthly publish
cd statement. What, then, was the wist
measure Of economy and retrenchmen
which was adopted 10 bring down expen
ses TO income! Was an useless branct
OF service cut of! Were all The objects
which yearly cost the Government, mo
lney examined, and those struck otf ant
discontinued which were not supposed
To be worth what they would cost ~ tax
les upon the people! No. sir. A new
expedien, was devised. Appropriation
III n y