Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-03-26
TwENry.EIGIiri1 coscREss--Firs, session. tn
REVENUE.


House Of REPRESENTATIVES, March II, 1874.
Mr. MCKAY, ION the COMMITTEE Of Ways and
Niea ans, made The following Report:
Inc COMMITTEE of Ways and Means, to whom re-
ieFred by the House the annual report Of the Score
'aFy OF the Treasury son the state of the finances,
report:
That the document referred presents a condition of
tue revenues and expenditures OF the Government and
state OF the public treasury, aud The demands which
must &c made upon II during the present and the next
hSca years-a period ending on the 10Th Jane, l-lo-
calling the attention Of the Com
ni'ltee 10 The State OF the finances every aspect
aud especially 10 the appropriations which are TO mea-
sure expenditures for the future and to the laws which
90 measure accruing revenue. In time oil profound
peace, and With no peculiar for unusual espen-
ohurr, 10 hhd our revenues illling annually short oil
our expenditures by millions of dulllrs, and perna
nent national debt rapidly growing up, and alrea-
dy adding more than million of dollars TO our or.
diaary annual expenses, To meet IT'S accruing IN
tefest alone, facts which should not escape the
earnest aud active attention of the Legislature and
cannot tail to Impose pressing respons'bhtie upon
The ever responsible duties of tins Committee
Ihe Secretary OF the Treasury, in the report under
consideration, estimates the deic ency Of means the
Treasury II meet the already authorized expenditures
OF the present fiscal year. al than two and hal!
millions OF dollars and IN arriving al this deficiency
he lays ASIDE more than two and half millions OF The
made 10 remain unexpeGded appro.
prattons at the close Of the year, does include any
thing, IN ms estimate OF expenditures 10 meet the MIS-
cellaneous appropriations which The present Congress
may make during It's present session, and which may
payable and paid before the FIRST day Of Jay mex /;
and does not lnclG6e the Treasury balance oil md
Ion and bali, witch he thinks ought to be pc.Ia-
nenty provided 10 meet fluctuations The p nnd
unexpected calls upon the Treasury. II the 8 ctetary
te correct. therefore, increased means mus, b. furnish
I'd TO the Treasury To tGts extent beyond the current
.I,I,,
authorized by he legs lauon of the last Congress: and
as much iurLer ased means must be- provided
as the present Congress by It's Legislation shall rem
der necessary. These means only be furnish
ed By increased Tesenocs further loans; and !, may
he already too late 10 the deficiency at The time
mus, be ne, by any practicable change o! liz revenue
laws calculated eventually 10 bring The permanent Tt
up the OF The treasury. If tins be
then, spite OF any ti.ris which tols Congress can
make, Two and hail, and more hhey three ID Hons,
be- add 10 present public debt al the Close
pi The fiscal yra' The Secrt tsty proceeds (ns by law
/ has duty 10 to AID makes his estimates Tor 'ht
H. X, fiscal year, 10 commence the i-t day OF Jus
next, anu terminate the Both dey of June, lcl3;
and Ut the close OF at fiscal year, aso he anticipates
ust about the deficiency the current revenues
10 meet the current expenses Of the government
tie states the PROBABLE deficiency 81 81 100 ~; but
upon examining his estimates, II will be that he
brings in as item; Of The expenditures, the whole
u! previous ltdI, diio
makes no deduction tor outstanding appropriations of
the year. Tins Anticipation, expressed, the
committee bslieve cannot he reaizad, the whole oi
the appropriations FOR any year never be expended
end pad cut oi the treasury within that year There
a!ays are, there always must be, balances oil aP-
cogrations remaining unexpended or IN tue treasury
4. the termination Of the year for which they are
made; but ordinary period, and when the aPpro.
pa.ons have not been excessive, or very different IN
amount from year 10 year, these balances OF une Spend
I'd appropriations Will probably vary very materially
from 10 another. The committee suppose there
fore, that 10 st esde from the appropriations Tor the
fiscal year lSi4-I3 two millions and hall Che same
amount which the Secretary SET aside the appropr
ons for the fiscal year Sl34 for these unexpended
balances wall bring the calculation sufficiently near the
truth for all PRACTICAL purposes OF THIS report This will
SHOW the annual deficiency the current revenues 10
meet the expenses of the next fiscal year, ac-
cording the anic,paons of The Secretary thus quail
ied) 10 be, in round numbers, 81 600 any
allowance Tor means 10 meet any especial and insect
laneous appropriations which the present Congress
may make during present lis second session, 10 be
PAID after The st day OF July next and before the lst
day Of July -1o. II seen therefore, that the lnsuii-
cheney OF the current 10 meet the current ex-
pcdures lar as the nntc paions Of the fiscal ocer
of the Government safe guide, not merely pre-
nt but future also; and when II how nearly
parallel that officer the Two lines OF expenditure
and revenue, through The IT, fiscal years named, the
considers the nsulclency no, temporary, but perma-
aent The committee are not possessed OF iniorna-
Ton which enables them TO cIcise the anttcipations
of tie Secretary IN relation 10 the receipts Of revenue
INTO tie Treasury; or to make estimates oi their own,
upon which they could place confidence much less
upon whch they could ask Congress res: It's action
icy prefer, therefore, 10 make the estimates Of the
Secretary the general bass oil the proceedings, point
ipr such variations from his conclusions as they
find themselves forced 10 adopt, t!sy have done IN
reference to the actual deficiency for The next fiscal
year IL reference 10 the future expenditures the CON-
r. alton 10 the accuracy olhe Secretary cpa;ons,
and they hope may be found that considerable re-
duc,ops car he made from his estimates upon this side OF
the account What they PROPOSE far as The measure OF
expenditure the next fiscal year submitted 10 them,
is already before the House. and its possessIon IN the
series ordinary annual appropriation bulls which the
have reported. These bills, as drawn and
reported by ihem secure reductions from the expendi
lures estimated by the Secretary, fully equal 10 hiss an
,repaied deficiency OF revenue. But II must be re-
mebefed that the expenditures for the present iscni
year were appropriated by The last Congress- and are
ne yond the reach of this committee and that ii de-
NJ nds upon the two Houses OF Congress, and the Ex
.cutIye 10 determine whether, 10 what extent, the
reductions in the expenditures of the next fiscal year,
oroposed be the committee, shall b. made in The laws
oroy,Jipr for these expenditures. The committee @ili
mot voluntarily aGi;cp pate rejection Of what they be-
II
that direction, bot the history which the Secretary OF
The Treasury, IN the report they considering, lays
baiore them, adnlonshcs them not 10 conhde too
STORMY in the reduction Of appropriations 10 the stan
dard OF the accrung In speaking oil The de-
6ciences IN the revenues The Secretary says "lhey
are but contnuances of similar tefciencies which
imed after The deposiiss were made
wi,h The States and have continued Tor the last seven
years" And he prepares aud appends 10 hrs report
ms tabla g. 10 sustain his assertion, and exhblt tse
nces of the respective years IN the current ac-
c,uing revenues Hence, IT the Secretary be correct,
zach succeeding Congress, al each succeeding ses-
soo for the last seven yeats, has continued 10 make
largely exceeding the current reVe-
mes During tie eahy portion Of THIS period,
there were means IN The Treasury, independent
If the current revenue beug surplus of the reve.
nue of former years,) 10 EJECT these excuses OF
,,,rrnr,ai,ouc and when those means ex-
haus,td. Temporary loans IN the form OF Treasury
uot.s we're resoried II, supply the Deficiencies. 10
he w.v debt in the shape oi Treasury notes out
,;andng an amount not probably varying very mate
rally from sc 900 0Gu had been Contracted al the tine
h,n iha prcsen, administration came mo power, On
,be 1,h oi March, lS4l and that debt, thu, cont
menced has since lal time, and up ID the first day OF
c.,,har last baen sweed 10 the Startling amount o
nnre nan So 600 gO0-more than 81 900 UGG oil winch
has be.n made to assume the permanent form OF loans
far term 0: years and the residue yetrelans the form
or Treasury notes outstanding Deficiencies IN Inc cur
rent and accrunr revenue, TO meet The annual appro
t.h Oh debt