The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-03-19

1885 made at the same time he erred fifteen million.
and hall OF dollars la his report made in Decem
rer 1853, he estimated the whole amount OF revenue
Tor 1881 at ~ 100000 dollars In this he committed
an error Of only about twenty nine millions OF dol
lars lie actual receipts or the year amounting TO 49,
sl3OO0 dollars. In these his estimates all fell short
OF the receipts Ia 1887 the receipts fell short OF the
est mat made in December 1886 about five millions
OF dollars and In 1899 the receipts of revenue ex-
ceeded the estimate in 1888 more than five millions OF
| dollars. Here we have a sptcnen 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 incompelency to perform the
duties Of the station he filled. The President, who
always bases what he says in relation to the condition
OF The finances In his messages on the report OF the
head of the Treasury Department mlsed by him,
In December 1887, Mr.. Van Buren, in his message,
SAID that the resources Of the Treasury would be am
pie TO deiray all the charges imposed on II during the
year 1888 and redeem all the Treasury notes which
mad been issued under the authority previously grant
eu, without any resort TO loans or taxes. these
amounted 10 ten millions. Only five months herea-
ter notwithstanding this declaration Mr.. Van Buren,
on The tenth day of May, 1888, informed Congress,
by special message, that the Treasury literally in
a bankrupted Condition. asked that additional means
DE provided, and that authority be given TO REISSUE
me ten millions of reasury notes during the year
llis was granted. Ia December, 1888, Mr.. Van
Buren, IN his message informed Congress- that not
Wbhstahung nearly eight millions of Treasury notes
were to be paid during the succeeding year. in addition
70 the ordinary appropriations, the of the
Treasury would undoubtedly be ample for both OF
thee purposes Before the close of The session, in
March following, Congress called TO pass
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 limited and by the month of
June the whole amount 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
tention of Congress to grant some power 10 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
have shown they We're for series Of years. Men
do not acquire knowledge Of the science of finance
lntuitively This requires both study and practice.
II would seem preposterous to take ourneyman
blacksmith, place him in watchmakers shop, and
set him at work to make fine gold watch; and yet
is proper to take practising county court lawyer and
translate him to the administration of the financial
and commercial affairs of the country. political
partisan is to be thus rewarded let the cost TO the
country be whatever it may. The affairs of the coun-
try never can be managed with proper skill and
economy until men are placed at the head of the
great departments Of the government, possessing
practical knowledge of the business to which they
late and with which they are connected.