The Northern galaxy, and Middlebury people's press. [volume] (Middlebury, Vt.) 1843-1844, 1843-12-27
THE FINANCESvMR. SPENCER'S
REPORT.
WAsHIyGToN. MONDAY Dcc !

L.
The Report of the Secretary of the Trea-
sury appears in this mornings National In
telligencer. 1t is a very long but at the same
time very able, and, Tyhat is better, frank
and manly document. Mr.. Spencer devOtes
column TO straitening out the accounts of
former years, which had been tangled up by
State DepOsites, Loans, Treasury Notes, &c,
and by the change of the commencement of
the Fiscal year from list January to LIST July,
alter which he launches boldly upon our
troubled sea of Fnance, truthfully stating and
fearlessly suggesting. l viii present few
OF his more important facts for the benefit
Though they don't deserve it) of those who
Will not read the whole Report, as every vo-
ter, at least, ought to do.
l. Ofthe Public DeJi.-During the four
years of Mr.. Van Buren's Administration, the
average Annual Expenditure of the Govern
ment for all purposes hut Public Debt were
over Twenty-eight Millions of Dollars, which
aggregate was swelied to Thirty odd Mill
ious by his Secretarys absurd fancy of de-
nying that the Treasury Notes constituted
Debt, and so making their payment swell by
so much the Expenditures. During the sue
ceeding three years, the average Expendit-
ure has been little under Twenty-four Mill
half Millions. During the former period tine
Annual Revenue averaged Twenty-one Mill
ions during the latter eighteen Millions and
quarter. Of course, the Government has
been running behind hand ever since Mr.
Van Buren's elevation to the Presidency
During Mr.. Van Buren's term the constant
deficit was supplied by eating up the balance
of some eight Millions beyond the amount
Distributed to or Deposited with the Statcs)
left by Gen. Jackson i'll the Treasury then
by endeavoring in like hammer the eight
Millions and over received from the L. :.
Bank of Pennsy lvania for the Governments
seven Millions of Stock IN the U. 5. Bank;
then by eight Millions and half received
from debts due and other funds existing be-
fore Mr.. Van Buren's accession, and by the
issue of Treasury Notes. When Mr.. Van
Buren, retired, all available resources had
been eaten up, and public debt OF some
S4,OOO,O0O created by the issue of outland-
ing Treasury Notes. Since that time, this
debt has been swelled by the average annual
deficit of some six Millions and quarter,
with the accuing interest, until it now
amounts TO some twenty-five millions of dol
lars. (Nlr. Spencer does not state the pre-
else sum, nor devote chapter to the growth
and present state Of this debt, as he ought
clearly TO have done.) The practical ques-
ton presented, however, is this-Ought we,
in time of profound peace and of general
though moderate prosperity TO allow this debt
to go on increasing! We say emphatically
No! Let us commence its repayment
forthwith. But for the wretched, knavish
demagOgue clamOr of Loco FocOism against
taxing the poor mans Tea and Coffee in
1872, we should have at least essentially
checked its growth in 1912; now the work
must be postponed no longer.
2. OfReUenue.-The Receipts of the Fis-
cal year 1872 fell little short Of twenty mill
ions the expenditures, including interest on
the public debt, were about twenty-five mill
ions-a clear deficit of five millions. For the
current year, the income of the first quarter,
lending Sept. 30tl last) was over six millions
and a half-over six millions from customs
alone. For the remaining three quarters of
the year, the receipts are estimated at lit
tie less than thirteen miliOns-Only eleven
millions and quarter from customs. We
think this must be too lOw-that the receipts
of the three quarters ending next July can
not fall below double those of the one ending
with last September. The total expendit-
ures Of the current year are estimated at
about twenty-five millions and a half, show
ing deficit Of nearly six millions, which |
we believe viii be reduced by excess of re-
ceipts from customs over the Secretary's es-
innate to between four and five millions
still a very heavy sum-. For the year com
mencng July LIST, 1874, the Secretary esti-
mates the receipts from customs at twenty
millions, from lands at two millions and a
quarter, and other sources at fifty thousand
dullars-tOtal twenty-five millions three hun
LII, 4
penditures will be over tH anty-fve millions
and three quarters, beside one million for in I
terest on the public debt, making total of
almost twenty-seven millions, and show
ing a deficit of over four millions and
half.
Here is rather dreary prospect-let it be |
met manfully. Retrenchment is the first re- |
source, and we trust it will be pushed to the /
utmost. We have larger faith in it than the I
Secretary has, though he makes some Judi .
cious suggestions. believe the expenditures
might be reduced three millions without det- .
riment to the public service but this must
begin by reduction Of at least twenty-five 4
per cent. from the pay and mileage of Con- /
gress and what Congress will make this =
The retrencements specifically proposed by ]
the Secretary would not save more than one
million per annum, if so much.
The next resource is an augmentation Of
duties or an imposition of duties on articles
now admitted free. Mr.. Spencer meets this
issue fairly. The idea of resort to direct
taxation is preposterous-no party or con-
siderable body will seriously propose it. A
little immediate cash might be realized from
reduction of the price Of the public lands, /
but this would diminish the future revenue of
the Government far more than it would in
crease the present-so that it would not work |
substantial relief to the Treasury, but the
contrary. There is just one practicable mode
left, and that is to impose duties on tea and
coffee, as was provided in the tariff bill veto
ed by John Tyler. By very moderate spe-
cifc duties on these articles-duties for Rev
enue strictly, and which could have no other