Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1842-04-01


Representatives, on the 50 March, the following
Message and statement Disclosed the deporabie con-
dition of the Treasury. Reldsnnd see hoWzI1
the party in power hi reedens the pleds
before the election.
Tie SPEAKER laid before the House the
following communications
WASHINGTON, March s, 1912.
To the House Of Representatives.:
l feel it to be my duty to invite your atten-
ton to the accompanying communication from
the Secretary of the Treasury, in relation to the
probable demands which will be made upon
the Treasury for the present quarter. 1t will
be seen that, without airesting the acquisitions
which will be made blythe War and Navy De-
partments for the months of March, April and
May, there will be an nprovided fer deficit OF
upwards of three millions.
! cannot bring myself, however, to believe
that IL will enter into the view of any depart-
ment Of the Government to arrest works Of
defence now in progress Of completion, or ves-
sels under construction or preparation for sea.
Having due regard to the unsettled condition
of our foreign relations. and the exposed stu
alton of our inland and maratime frontier,
should feel myself wanting in my duty 10 the
country, if L could hesitate in urging upon
Congress all necessary appropriations for pla-
cling it in an attitude Of strength and security.
Such recommendation, however, has hereto
fore been made, in full reliance as well on
Congress as on the weli-known patriotism Of
the People, their high sense Of national honor,
and their determination 10 defend our soil from
the possibility, however remote, of a hostile
invasion.
The diminui;on in the revenue arising from
the great diminution of duties under what is
commonly called the compromise act, neces-
sarily involves the Treasury in embarrasments,
which have been for some years pallated by
the temporary expedient of issuing Treasury
notes--an expedient which, afIord'ng no per-
manent relief, has imposed congress,
from time 10 time, this. necessity 0rsreplacing
the old by new issue. Hs.amount outstand-
ing on the 4lh Of March, MAJ, varies in no
great degreee from the amoql..sSsaa;cn will be
outstanding on the first Of Jannafy. next; while
quivalent to the redemption q NE sUassussessd 9:
the end of the fiscal year leave an augmented
pressure on the finances by the accumulation
ofinterest.
The contemplated revision of the tariff OF
duties may, and doubtless will, lead in the end
to a relief of the Treasury from these constant
w recurring embarrassments but 1t must be
obvious that time will be necessary to realize
the full anticipations Of financial benefit from
any modification OF the tariff laws. In the
mean time, submit to Congress the sugges-
tons made by the Secretary, and invite its
JOHN TYLER.
TREASURY DEPARTMENT, MARCH 7, 1912.
To the President Of tile United States:
SIR: The duty devolved by the Constitution
upon the President Of the United States, ''to
take care that the laws be faithfully executed, -
render it proper that you should be advised of
the present condition Of the Treasury, as we'll
In regard to the claims upon 1t as OF the means
for their discharge, in order that you may de-
eide upon the expediency Of laying before Con-
gress the necessity of further provisions for
meeting the public obligations.
The aggregate demands upon the Treasury,
during the present and the two succeeding
months, is estimated, as will be seen by the
statement which have the honor herewith TO
submit, at So, 574,O 4O. The immediate means
within the command of the Treasurer for meet
ing these expenditures were. at the commences
ment Of the present month, including the unex-
pended power TO issue Treasury notes, under
the act Of 3lst of January last, about three
| million Of dollars. Of this sum, nearly two
hundred thousand are in the Land Offices. A
portion Of this amount has been paid for land
since the first Of January last, and is required
| by law to be paid over to the several States.
| The greater portion of it is held at points not
convenient for ordinary disbursements.
The nett revenue from customs during the
present and two succeeding months is estima-
ted at SO, 900. But after adding this a.
mount to the means now at the command of
the Treasury, there will still remain a deici:
to be provided for ofupwayds Of three millions
tor the service Of the same period.
! III submitting to Congress the annual report
OF the Department on the finances, it was sug-
gested 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 Department TO meet the expenditures of the
present year. AT the same time, revision oil
The tariff was urged as an indispensable means
of sustaining public credit.
| You are aware that, while tho report on the
finances was in the course of preparation, the
plan Of Fiscal Agent or Exchequer, since
submitted to Congress, was under your con-
sideration. No doubt was entertained that
in the event Of its adoption by Congress, il
would obviate the necessity Of any further pro.
vision for redeeming the Treasury notes requi
red for the service Of the present year, and pay
able in the next. The faculty of expanding
the issue Of exchequer bills to a given extent
was expected to afford facilities that would re-
move all apprehensions of embarrassment
while the issue of its MAXIMUM of g 5, 900 900
resting on $4,000, 900 of specie and $5, 900, OOO
Of Government stock, 10 be held in reserve L
meet any contingencies Of such issue. and aid.
ed by the daily accruing revenue, was regard.
ed as placing such issue on foundation per-
fectly sure and stable.
Should this provision, however, not be adop.