The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-04-14
From the Philadelphia Daily Chronicle.
GOVERNMENT FINANCES.

The present almost paralyzed condition of the Go
vernment finances, is without parallel since the
adoption of the Federal Constitution. Complaints
daily pouring from all quarters and well may they
be SO, when we consider the unprecedented irregula
rty which has, in time of peace, characterized the
first quarter Of the fiscal year. The inability Of the
Government to supply its discussing agents with funds
at proper times has become proverb. Some there
who have been left to meet Government creditors
with empty Golfers during the whole period; and
others have been supplied only with enough to makea
dividend pari standing that, in each
CASE the regular estimates were required for. This
state of things, unjustable it is has been extend
ed in degree through nearly all the Departments
and has reached from Congressman and Secretaries, to
the Clerks employed, and down to the day laborer
upon the public works.
When national finances have made their appear
ance at all during that PERIOD it has been in most
cases in the shape of Treasury notes, of which fifty
dollars is the lowest denomination. These payments
have suffered depreciation in the hands of those who
have received them to the extent at time of four
and six per cent-a loss that has been sustained by
many, and those who have received lesser payments,
have done so only by experiencing the same deduc-
ton Now, is not this slate of national finances q
disgrace to any country assuming proud position
among the nations of the earth, that assumed by
these United States2 Outpourings Of the people in
various sections have said that it and have trans
mitted their opinion to the Capitol ITSELF Here
are in land flowing with milk and honey; land of
fertility, and blessed with abundant crops, and
over, Astounding with resources ofthe highest value.
But we have Facilitating legislation, which takes
good to counteract the natural wealth and indus
try of the land. The Treasury is suffered to become
bankrupt although abundant and timely warning is
given, without effort to save recourse is had to
an issue of Treasury notes for temporary relief, but
there being no provision for their redemption at the
expiration Of the year, and not much more likelihood
of one, in time they naturally at discount in the
market although bearing interest, and at the same
time answering the purposes Of currency. Then we
hear of loan that is to be thrown into the market for
bidders-but to what purpose Will capitalists take
loan upon terms advantageous to the Government,
without some definite provision being made secured
for its liquidation Not unless their faith in Ma
onal legislature has waxed much stronger than be
fore. The expense of Government will increase be-
fore it decreases, should there be war; while
on the other hand the already deficient and made
quate revenue may become still less than it ie now
unless the present session of Congress dew Sc plan
of relief and extension.
And yet while the credit of the Government
finances is thus deprecated and public servants
paid in that deprecated currency, legislators
parleyng and squabbling about the proprety of
adopting such measures as will inspire confidence
when it is SO much needed.
This state Of things certainly betokens the neces-
sity of exchanging the present method of transact
ing the business of the nation to congenial
to its wants and interests. In the first place. ade
quate must be created for until this DONE
national debt must accumulate, and national credit
SuI1cr QepTeClatOn. OOVeTnment securities Will DC
below par until the prospect of their being eventu-
ally funded is entirely removed by specific provi-
sion for their future redemption, which can only be
securely settled by providing an increased revenue.
This done, and more cheering prospect is before
instead of bankrupt Treasury there will be found
ample resources to supply the demands of the balance
of the fiscal year, and to proceed in the several OBJ
iects of national enterprise standing still for
want of appropriation But if neglected, it is inn
possible to say what may be the resut-poverty,
bankl uptcy and disgrace, sure to follow in the
train.
The alternative is in the hands of Congress, who
have been and over invoked to wise and judi
ciuus of action laying aside all local and poll
tca preferences for the common veal. The condition
of the Government finances during the first quarter
of the present fiscal year. should be made guide to
their future legislation it is full of to the whole
nation, and especially in her present situation The
leading politicians of both the Senate Chamber and
House of Representatives, who have wasted much
time in accomplishing sinister ends, would do well
now to devote little time to the affairs of the coun-