Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1843-02-23
PROCEEDINGS OF CONGRESS.
STATE OF THE TREASURE

i STATE OF The TREASURY.
In the House OF Representatives on
Monday Of last week, alter Mr.. PRoFrrr
had closed his speech, the following mes
sage from the President, was read
WASHINGTON, Feb. Is, lsss.
To The House Of Representatives.
/ herewith transmit TO the House Of Re.
representatives., report made to me on the
9th instant, by the Secretary Of The Trea.
sury, on the subject Of the present and
prospective CONDITION OF the finances.
You viii perceive from il than even IL
the receipts from the vatious sources Of
revenue for the current year, shall prove
not to have been overrated, and the ex-
lpendiiures be restrained within The esii-
mates, the Treasury viii be exhausted be-
fore the close OF the year; and that this
will be the case, although authority should
be given 10 the proper Department. TO re.
issue Treasury notes. But the state OF
facts existing at the present moment, can
not fail to awaken doubt whether the a.
mount Of the revenue for The respective
quarters Of the year will come up to the
estimates, nor is it entirely certain that
the expenditures which will be authorized
by Congress may not exceed the aggre-
gate sum which has hitherto been ASSUME
ed as the basis OF the Treasury calcula-
tons.
| OF all the duties OF the Government,
none is more sacred and imperative than
that Of making adequate and ample pro-
vision for fulfilling, with punctuality, its
pecuniary engagements and maintaining
the public credit inviola,e. Any failure
in this respect, not produced by unfor-
seen causes, could only be regarded by
our common constituents as q serious nc
glect of the public interests. | feel il,
therefore, to be an indispensable obiga.
ton, while So much of The session yet re-
mains unexpired as TO enable Congress to
give to the subject, the consideration
which its great importance demands, most
earnestly TO call its attention to the pro-
prety OF making further provision for tho
public service Of the year.
The proper objects Of taxation are Pc
culiary within the discretion of the Leg
slature, willis, it is the duty Of the Exec.
utive TO keep Congress duly advised Of
the state Of the Treasury, and to admon.
ish il Of any danger which there may be
ground to appreheDd Of a failure in the
means Of meeting the expenditures su-
.horized by law.
ough, not, therefore, TO dissemble my
fears that there will be serious falling
off in the estimated proceeds both OF the
customs md the public lands. ] regard
the evil Of disappointment. in these respects
ms altogether too great to be risked, If by
any possibility it may be entirely obviat.
ed.
While am far from objecting, under
present circumstances, 10 the recommen-
dation of the Secretary, thnt authority be
granted him to reissue Treasury notes
as they shah DO redeemed, and to other
suggestions which he has made on this
subject, YET il appears to me to be worthy
of consideration, whether more permanent
and certain supplies ought not to be pro-
vded. The issue Of one note 10 redemp-
ton Of another is not the payment OF
debt, which must be made in the end, by
some form OF public taxation.
canno, fosbear to add, that, in coun-
try so full OF resources, ofsuch abundant
means, if they be but )udiciously called
out, tho revenues Of the Government, IFS
credit, and its ability to fulfill oil its obi
cations, ought not to be made dependent
ON temporary expe1aents, or on calcula-
tons of an uncertain character. The
public faith in this, as in all things else,
ought to be placed beyond question and
beyond contingency.
The necessity Of further and full provi--
sion for supplying the wants Of rhe Trea-
sury. will be the most urgent, ifCongress
al this present session, should adopt no
plan for facilitating the financial opera
lions Of the Government and improving
tho currency of the country. BY the aid
Of wise and efficient measure Of that
kind, no, only would the country be in.
vgorated, but important additions to tho
amount Of revenue arising from importo-
lions might also be confidently expected.
Not only does the present condition Of
things in relation TO the currency and
commercial exchanges produce severe
and distressing embarrassment in the
business and pursuits Of individuals, but
its obvious tendency is to create also
necessity for the imposition Of new bur-
dens Of taxation, in order TO secure The
Government, and the country against dis
credit, from the failure Of means to fulfil
the public engagements.