, 1843-12-23

TIE ca Ctiidl year 1913, -
loans, were little more than eighteen
millions Of dollars; and the ~expcndl
lures, exclusive Of payments al The
public debt, VIII have been about
twentv-threc millions of dollars. BY
the act of 1912, new arrangement
of the fiscal wear wa made. So shat
II slIOuld Commcnccon the LIST of July
in each year. The accounts anu cs
tlmaleS for tie current fiscal wear.
will show that The loans and Treasury
notes made anl Issued before the
close of the list Congress. To- meet
the anticipated Deficiency, have not
been entirely adequate. Although.
on the LIST of October las. there WAS
, balance in tie Treasury in conse-
qUcnce Of the provision thus made OF
&~3,9I4,0G2 II yet the appropriations
already made by Congress viii alb
Sorn that balance, and leave = proba-
The Deficiency Of two millions Of dol
lars at the close Of the present fiscal
wear. There are outstanding Trea-
Sury notes to about the au,ount Of
four millions six-hundrrd thousand
dollars; aud should they be returned
upon the Treasury during tic fiscal
year, they vii require provision Tor
their redemption. | do not, Lowev-
er, regard lhis IS prnbahe. si0cc they
have obviously entered nto the cur
renCy of the country, and vii! cyn
tinUe to form 4 pnrtion Of il. ii the
system now adopted be con,inucd.--
The loar at IG4i, amounting to So
G72,976 IS. falls due on the list OF.
JanuMy. lG45. and must be provided
!or or postponed by a new Ioan.-
Aud unless The resources of revenue
should lie materially increased by
YOU, there viii lie aprobablc dtficicn-
!pr the service OF he fiscal year
ending June 80, 1845, Of upwards of.
about iour millions OF dollars.
II G d"iu>i0n incident to IN enor-
mous'y excessive paper circulation,
which gave 4 fictitious value TO every
thing. and stimulated adventure and
sPtcuintlon to an ~eXrravacant extent,
his been happily succeeded bv the
substitution Of the precious metals
and paper promptly rcdccmabIe in
specie, aud thus false values have dis.
ana a soundcr condition of
has been Introduced. TIN,
transition. although Intimately con-
with the prosperity Of the
country, haSnevcgthieSs been attend
cd with much embarrassment 10 the
Government. IN IT. financial concerns.
80 long as the foreign importers could |
receive payment for their cargncs in
, currency Of greatly less value than
hat III EUROPE. but fully available
le!c IN tie purchase q our agriculture
Il Productions. their profits being In
aeasUrdb!y augmented by Ire opera
ion, the shipments were large and
he revenues OF the Government be-
superintendent. But the changc
Il the character Of the Circulation
rom q nominal and apparently Tr
N the first stt-cs oi us eyIS-
ence, 10 al obviously Gcprcarratcd
aiuc III is second, 50 t4at!t no lou
answered the purpose Of cx-
u barter, and IT'S ultimate sub
tuition by q sound metallic and pa {
circulation combined. has been
tended by diminished importaIon. /
al Il consequent falling of N the ;
evenue. InIS bgS Induced Congress-. !
rom 1891, IL resort 10 tie expcGieuti
+ issuing Treasury notes, and finally :
funding them, IN order 10 supply t
ciiCIenCcS. ! cannot, however, with
old the remark, lhat it is IN no way 1
omPallbie win the di-nity Of the
mat pubic debt should :
. created IN time o: peace to meet {
ne current expenses vi the Govern q
lent, or That temporary expcdients i
.ouId be rcsor!ed to an hour longer t
.an it is possible TO avoid them. i
The Executive can do no more :
ian apply the means which Congress c
aces IN its hands for the support Of =
.overntnent, aud happily Tor the '
,5d Of the country and Tor the pre- I
OF its liberties, it possesses 4
. power to levy exaciioHs on the F.
OF to force from lncm c3ntc-i ;
to the pubic revenue m any -
1t can only Recommend sucu "
clSures Is may, ia lis opinion, be g.
for by the wants OF the public .
10 Congress, with whom Il 8
ne rests the power 10 LAY ana col "
ct taxes, duties, lmposts and excl c
S" This duty has upon several
'casious heretofore heca performed. ii
he present condition oi Things gives Il
.Hdt'erIng promise that trade and i
'Inmcrce are rapidly revivlng, and, Il