Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-12

making an appropriation for incidental ana COM"
expenses ofthe DEPARTMENT. Stale 'hcuu''s Wv f''
LEGATION and Distribution OF the laws -, a ,t
Tine subject of public pruning and c'ndhg' an" '.'e
various modes Of contracting tor su'h "'t" "1 ~
ba,ed at great enslh aud also the I"''o' " III '
pubIic printing from the party political press ne
speakers princIpaly ai' "''e' "
son. and MIR. Garrett DAVIS. .,;,,o x;
Mr. GUSHING then moved that lhe cou'i'''''ee i'se
Cor the nurnose of hearing several LHecu''e co"ii"
nications which had been received" u. $500.
-.ea n and the comntee rose ana repoIteo P'oSes'
tue STATE OF THE IREAsl ~
The SPEAKER land before the House Tue '0i'o"'"s
e0n'''H''' wAsurxcrox, March {, le42.
To The House Of Representatives,
feel It to be NV duty invite your attention 70 the
accompanying communication IRON Tue secretary u
the Treasury, IN relation 10 the Proo.o'e oena"u
which will be made upon the Treasury Tor the present
ouar,er Il will be seen that, without arres,ng the re-
ouis,ions which will be made by the war anu Navy
Departments for the months OF Mafch, Apf''' any
Nav there will be unprovlded Tor oehc' u upwards
of three millions. ,,. ,b,, :,
cannot briou myself however, to believe that IL
vl enter II, % the view of any department OF the Go
yernment TO arrest works oil defence no" III Pose u
comnleton or vessels under CONSTRUCTION of p'ePaa'"
for sea Having due regard TO the unsetea cohu'lon
- - c,,a;rn relations and the exposed situation OF
nr inland and maritime frontier should ieei myself
wanting in my duty TO the country II coula hesitate
IN urping upon Congress all necessary appropriations
FIR nocnr II in an attitude OF Strength ana security
81 Recommendation however, has heretofore been
made IN full reliance as well on Congress as on the
we'll known patriotism of the People, their hlgh sense
of national honor and their DETERMINATION 10 ueieha
our soil from the possibility, however REMOTE " 'os
lille INVASION 49,, -.
The ammunition in the arising from the great
division of duties under what is commonly called the
compromise act necessarily involves the treasury 10
which have been Tor some years pal
b,-t no
notes-an expedient which, affording no permanent
relief has imposed upon Congress, from time ~
time. the necessity of replacing the Old py new
issue The amount outstanding on the 4th oil march,
1870 varies in no great degree from the amount wheh
viii be outstanding The first Of January next WINE
m the interim the issues are rendered eq
10 the re dempton Of the DID, and at '"e emo o' Tue
fiscal year leave an augmented pressure oh 'e '
by the accumulation OF interest.
The contemplated revision OF Inc tafin uut'cs may
and doubtless will lead The end 10 reiiei .! the
Treasury from these constantly recurring eiha'iss
1nen,s but IT must be obvious that time VIII ne heces
sarv TO realize the full anc'pauons oil financial oene-
II, from any modification of the tariff laws In Tue
mean time submit to Congress the suggestions MADE
by the Secretary and invite lis prompt and speedy &C
ton. !ol> ii'
TRrasrRy DEPARTMENT. March ., l>l2
To the President If the United States
Sir The duty devolved by the Constitution upon Tue
President of the United States ',o take care that The
should be advised of the present condition OF lhe ea
snry as we'll regard 10 the claims upon II as OF .ne
means for their discharge order that you may aecue
upon the expediency OF laying before Congress the ne
cessltv oil iutthet pfo''s'ous' o' '"sS'S ~
legations ,.
The aggregate demands upon the treasury, during
the present and the two succeeding months Is esnia
ted as will be seen by the statement which nave 'he
honor herewith to submit nj $40 olo: Inc 'mtne
date means within the command OF the treasnrers Tor
meeting these expenditures were at the commencement
of the present month, including the uneXpenoea power
10 issue Treasury notes under the act oil 3lst OF 1au
arv last about three millions OF dollars vi ias sum-
nearly two hundred thousand are in the Land Offices
norton of this amount has been paid tor land since
the first of January last, and IS required by Jaw 70 De
paid over 10 the several States. The greater portion OF
It held al points not convenient Tor Ordinary u'souse
iaen,s.
The nett revenue from customs during the present and
,wo succeeding months estimated at 2oo,oOu-
But after adding thus amount TO the means now al tue
command OF the Treasury, there Will still remain DE-
fct to be provided for oil upwards oil three mohs oi
the service Of the same period.
In submitting 10 Congress the annual report OF the
Department the finances, ii was suggested mat an
authority issue Treasury notes 10 the amour, OF hve
millions, with such an extension oil tue term OF Tue
loan remaining 10 be disposed OF As would render II
neroabe would with the venue from it1ports ena-
ble the Department meet the expenditures OF the
present wear At the time, revision OF the tarH
was urged as indspens se means oil sustaining pub
lie credit.
You are aware that, while the report the finances
was in the course of preparation, the plan Of Fiscal
Agent or Exchequer, submitted TO Congress, was
under your consideration No doubt was entertained
that, in the event Of adoption by Congress, 1t would
obviae the necessity any further provision Tor re-
deemap the Treasury notes required for the service OF
tho nresen wear and payable in the next he faculty
OF expanding the issue o exchequer balls To gwen
extent was expected afford facilities that would re-
move all apprehension of embarrassment, while the u.s.
r - ,lltll -
900 600 of specie and 5O00000 of Government stock,
10 he held in reserve meet contingencies OF such
ISSUE and aided by the daily acctu'ng revenue was re-
garded placing such issue on foundation perfectly
and stable.
Sboula Tins provision however, not be adopted by
Compress then 1t is obvious that the whole amount Of
the Treasury notes authorized by the late act OF Con
press will become a burden upou the revenue oil 1913,
without any adequate provision for relief. Ana, IN
view Of this state of things it becomes question OF
grave importance, whether it would not be advisable
10 nd Of the loan to an amount sui
cien TO absorb the Treasury notes that will be out
stand at the end OF the year, and to be applicable
IN the can time To The redemption OF such as may he
offered Tor that purpose But whether thsshal be done
or not obvious that the existing state OF the lreas-
nv calls for the immediate intervention OF Congress TO
save the good faith Of the Government And no ell
tectua expedent for this purpose perceived but that
of enlarrnp the term Of much OF the loan as re-
mans TO be negotiated to period ot at least twelve
Years and securing the payment OF principal ana IN
terest by pedgng distinct source OF revenue tor that
purpose.
Ihave taken leave to place the accompanying state
ment before YOU that you may decide whether any,
and if any, what ought TO be adopted by the
Executive under the circumstances therein exhibited
1t would be wholly superauous TO add any suggestion
in regard to the paramount importance of maintaining
the fidelity Of the Government TO all its engagements.
W. FORWARD,
s"'f Secretary Of the Treasury.
s,o,sn,,, Of means in the Treasury the ls Nareh,lsa
Cash subject to the drafts OF the Treasurer 10y the latest
re,n,n. n This date with the several repositories and
COLLECTORS 1927 $40 03
Subject TO draft in the land Offices, by la
,e't rstnrns 1891 90
4l6260 %
Amount OF Treasury notes authorsedby
act Of 3lst of January last, which may
be- .sued on list of March, 2,G53,Oo3 30