The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-04-14
From the Philadelphia Daily Chronicle.
GOVERNMENT FINANCES.

The present almost parayzed 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 irregua-
rty which has in time of peace, characterized the
first quarter Of the fiscal yeaI 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 make
dividend pdri Notwithstanding that, in each
case, the regular estimates were required for. This
state Of things unustifable it is har 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
at all during that period, it has been in most
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 one time of four
and six per cen-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 state of national finances
disgrace to any country assuming SO proud position
among the nations of the earth, that assumed by
these United States2 Oupourings Of the people In
various have said that it So and have
mitted their opinion to the Capitol itself. Here we
are in a land flowing with milk and honey; land Of
fertility, and blessed with abundant crops, and, more
over, resources OF ulgueSt Nalue
But we have Facilitating legislation, which takes
good to counterfeit 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 it is had to
issue Of Treasury notes for temporary relief, but
there being provision for their redemption at the
EXPIRATION of the year, and not much more likelihood
of in time, they are 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-bu to what purpose Will capitalists take
a loan upon terms advantageous to the Government,
without some definite provision being made or secured
for its liquidation Not unless their faith in Ma
tonal legislature has waxed much stronger than be-
fore. The expense of Government will increase be-
fore it decreases, should there be war; while
the other hand, the already deficient and inade-
quate revenue may become still less than it is now
unless the present session Of Congress dev 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 squabbng about the propriety 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 more congenial
to its wants and interests. In the first place. an ade-
quate must be created for until this is done,
national debt must accumulate, and national credit
suffer depreciation. Government securities will be
below par until the prospect OF their being eventu
ally funded is entirely removed by specific provi-
sion for their future redemption which only be
securely settled by providing 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
jects Of national enterprise now standing still for
want of appropriation. But if neglected, it is i'm
| possible to say what may be the result-poverty,
bankl upcy, and disgrace, sure to follow in the
| train.
The alternative is inthe hands of Congress, who
have been and over invoked to wise and judi
cious course 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 tits 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 SO much
time in accomplishing sinister ends, would do well
now to devote little time to the affairs of the coun-