Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1842-03-17
TREAsusY DEPARrMEsF,
Nihrch I. 1912

10 tis Pfs,ident. Of DE Urigtd Si4es MI 4:,
Sik.: The duly devolyea BY ihe Constitution
bpan he Pfe,idepI Of The pnqed states TO take
care Thai The avs be faithfully executed renders
Il proper that you should be ADVISED N the Pug
seil condition OF iheTreeSGfy, as 9ell.iG regard
to Inc claims upon j. as VI the meansilo their
discharge, 10 order thal gou' may deeRle upon
the exPedlency q laying telole Iongtess the ne
ceSsly OF further provisions for meeupg the
public obligations.
The aggregate ofdemands upon The Treasury,
during Tie present aud the I~o succeeding
nonths, IS estimated, as will be sesn By t1e
statements which have the honor hefewllh a
,vrrnt,f IA qtav y. APE. lGLDedlae means
Fang these expenditures were, at the commence
ineul of lie present. monIh, includiCg The -npex-
Sended power 10 issue Treasury notes, under the
acl ol the 3lslof January last, about thiet mil
HONS pfdulldfs OF this sum-. nearly two hu2;
iiredT thousand ARE in The Land Offices "A po1l
non Of thlsI amount has been paid for land SINCE
The irsltof January hast, and IS Iequireatby LAW
70 be paid over u the seferaI Slates. The great
CT portion Of il is held al points rot ednyenient
Tor ordinary disbursements. fA
The ne;t revenue i:on customs during The
preseatIand two succeeding m nlhs is4estiina,ed
at So 1850 90Of But, after adding tins amouaI
TO the IheanS How al the command Of the Tr-a-
Sufy, Here will sub remain deficit lobe pro-
vi4ed fbr OF upwards Of ahree millioGs'fur The
service Of The same Pericd.
. In submitting 10 Congress lhe annual report
Of the Department Oh the finances, il was sug-
sestedI that an authority 10 issue Treasury nuies
10 the amount &c i've millions, with such an ex-
tension ul The Term Of the loan remaining 10 be
diSpused OF as would render il negotiable, would,
win the revenue from imports, enable the De-
rartmenl Ia meet the expenditures of the present
year. Al The same Iinie, revision Of the tariff
was urged as an indispensable means Of sustain-
ing puoilc credit. /. 20
You are aware Thai, while the report en- the
finances was ia the cuufSe luf preparation, the
plan Of Fiscal Agent " EkchequeI, since sub
United tn congress, was under your cOnsldera-
lton No dodbl was enlsEiained ,Hai, 10 the
ekeniof It's Adoption by CONGRESS- ItIwoud Oh
sia.e The necessity of any further provision for
feueemlng The Treasury notes Iequited for the
service bf The present year, and payable in the
next The>tacuAy ol expanding the issue 81 ex-
cheqner bills 10 given extent was expected 10
Afford facilities thai would remove an appre-
hen ion OF embarrassment, while Fhe issue Of it,
ma KIM ,lJn Of I500G,Q00, resting on 10000
600 Of specie, and IS 0U0,0O0 Of Gaye1nmeaIl
stock tube heid IN reserve To meet adv contin-
geacies Of such issue, and aided by Ihesdallyi
accFul1g revenue, was regarded as pecing such
issue en5a foundation perfectly sure and stable
Should Tins provision, however, not We adopted
hy Congress then 1t is obvious that Inc whole
emtnn4 w The Treasury notes authorised By the
late aStdf Congress will become Burden upon
the reselue ii 1913, %i.houl any adequate pro-
vision Esr relief. Ant, in view Of this state OF
ihlnes,Elt becomes a question Of grave import
ance. whether II would NOT be advisable to re-
an increase Of the loan 10 an amount
sufficient to absorb The Treasury notes thar will
BE- Outstanding al the Nsnd<of The year. and to be
applicable i'd the mean ifxle 10 the redeem piion 1T
such as may be offered fox Ihas purpose Bul
whether this shall be dane OF net i Is obvious
hat The existing state Of the TEeasnfy calls for
he immediate Intervention % Congress ito save
hessond faith If The Government. NAnd no ef-
fectiiai expedient 1ot lhss purpose IS fefceived.
but Ina: Of enlafeing The Term olssS nuek<of the
oau as remains tp be 6egosiaied TO slperied u
II least twelve years, and securing Ing paymeqi
,fpnncipai and Interest by plrdeingJa dlsiinek
source Of revenue for that purpose
i havelaken leave 10 place The accompanying
talement before You, that yeu may decide
shelher any, and, Il any what measures ought
8 be Adopted BIZ me Exsculiveu6d the circuu-
iiances therein exhibiied Il would De wholly
upetduoss 10 add any suggestion in regard 10
hk paramount importance 81 maintaining the !
idelllY Of the GoyerEmeni 10 alfiiis engage
meats. w. FORWARD.
SECRETARY ef the Treasury.
Ssalsasni Of merHs IN tis Treasury On he Isl Of
.afareh, 1912.
lash subject 10 the drafts Of ihe Treasurer BY
the latest returns 20 this date, with The several
uepos;torses aud toIIecsors s237.S4s %
sabIecI 70 draft 10 the laid etices,
~ ia,est-ie.nrns 1881 20
ll6.26O %
Amount OF Treasury notes anthor-
izesi bv act Of SlSt of January