The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-03-27
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yet remain unpaid either of the old funded or an
funded debts, or the debts assumed by the United
States tor the corporate cities OF the district of CO.
| lumbla as will be seen by reference to the an
| hexed statements. Nor do the amounts stated IN
cinde, or have any reference TO, any Indebtedness
OIL .he Cnted States to the Indian tribes, under the
several treaties tor the purchase OF the Indian lands
, s anu payable IN annuitles; or the sums of money
wmch TIE Government hold for the benefit
o. ele INDIANS, and upon which the annual interest
Is paid; and still, as has been seen contnupr de
hcencles are experienced and aniicinated hv m.
mead OF the fscal department, of the Government.
and continued additions Of from two TO three mill
| hons per annum must be made to the debt until a
reduction OF the expenditures, or an mnrove ment
OF the revenues, or both, are made to supersede 60
deplorable necessity Upon page 10 OF the report.
the Secretary presents a further call for imn,oved
revenues. He says "The loan made under The
act OF 2lst OF July, lS4l, IL, ia terms redeemabis
at the option OF the Government after the LIST Of
| January, 1913 yet II Is MT doubted that the nm
derstanding of the lenders at the time was las II
always IS In respect to loans similar termsS that
It would be redeemed at specified time" The
! table f. above referred to, shows the amount OF
the loan to be 1862, 976 IS In addition. there
Tore TO- the ordinary expenses of the next fiscal
year, this portion of the public debt should be met
by Payment; and the committee agree with the
Secretary the Treasury, that AN indefinite post
ponemeni from year TO year, because the obiiga-
ton is made pay able at the pleasure OF the Cow
eminent alter day certain, is not sound policy as
II regards The public treasury, while they think such
a course would be equally inpolitic as il regards
the public faith and credit The loan should be
met AZ the day, either by payment or some further
specific arrangement with the public creditor satis-
| factory to HIM, and making the time of payment
! certain to him and to the treasury. STILL the com
mittee 90 not agree with the Secretary in his re-
commentator to pay the amount by a new loan
son ten or fifteen years stock" II NAV he neces-
sary, II payment must be made on the lst of Janu-
airy next, to reaze the means Of payment or
some portion of them, by a new loan but the COM
mlttee cannot think it sound policy to postpone any
portion of the payment of the public debt for any
thing like the period of either ten or fifteen years
II may De. and probably Is, impossible TO make
any modlhcaiion of the revenue laws, which can
act sufficiently speedy TO yield the means for its
payment on the early day on which the money is
TO iail due; our provision should be made for an
early payment, that this portion of the debt, and
also the tour millions of outstanding treasury notes,
may be paid of and discharged before the year
1922, when another portion of the debt Of seven
millions lsto become payable. In the face of these
iacts, and entertaining these opinions the commit.
tee have not found themselves able, 10y any reduc-
uons they dare anticipate in the expenditures, to
relieve themselves from the conviction that mo.
ditcaion OF the revenue laws is rendered necessa-
ry by the wants OF the treasury and the obligations
OF the public debt Whole branches Of the public
| expenditure, such as the commencement of new
works connected with the public defence fortifica-
tons, armories arsenals, and the like, are, by the
order OF business OF the House, entrusted TO other
| hands than tins committee; and, by an express or
der OF the House, appropriations for the improve
| men OF the navigation of rivers the construction
OF harbors, and the like, have been referred TO a
different and more appropriate committee. Appro-
buoys, and the like, also usually cmanate from
another committee Expenditures upon all these
objects are pressed upon the present Congress, with
| at least the ordinary earncstness, by the various
sections OF country interested Ia these works; and
II does not become this committee TO attempt to
anticipate the action OF the appropriate committees
| or OF the Legislature upon them. Anticipated ex-
pendiures under these heads form large items
| in the estimates Of expenditures Of the Secretary
OF the Treasury for the next fiscal year and refer
ence is made to the subject here TO show that this
| committee cannot assume " hat the expenditures
OF that year will be, without attempt TO antcl-
pate and prejudice the action of Congress upon
these great questions. They can only saw If the
ordinary expenditures which they do anticipate,
and the demands OF the public debt render a yeyi-
SION OF the revenue laws and Improvement Of
the current revenues necessary TO NEE. the de-
mands upon the treasury to arise from these sour
ces, other and further expenditures authorized by
Congress TO be made upon these, or other objects,
may render that revision mperious, to prevent the
accumulation OF debt beyond the reach OF the
present sources OF revenue, under any improvement
OF which they are susceptible.
The committee have turned their attention to
the sales OF the public lands, TO whether they
could make any practical suggestion for an ncreas-
ed supply TO the treasury from that source /; but,
after careful reflection they unable to propose
| any modification of the land laws which " ouId
have that tendency, and which they believe would
be acceptable to the country, or wise in reference
to that portion of the public property. Recent ex-
| perlence has shown that the minimum price esta-
bshed by law Is abundanty low for the fresh
| lands and yet II l. very questionable whether an
advance upon the price would increase the pro-
ceeds OF annual sales, while It is confidently be-
lleved that such proposition would not meet with
favor IN or out OF congress. The state OF the trea-
sury for the last seven years, presented by the
Secretary, shows the vast value and importance TO
the nation OF tins source of supply to the public
treasury, as Il comes in when fluctuations in trade
dlsappoint the antlcipations Of revenue from Gus
toms, not merely TO sustain the public credit, when
resorts must be made 10 IL, but 10 relieve such re-
sorts to the extent of the sales. and to present
fund to meet accruing interests, resting upon the
best possible security. While the committee would
not lightly change the present established and APP
proved system of sales they would cling to this
source OF revenue "a the safest reliance when war
or other national calamity shall demand a strong
cirGit aud Az unbroken faith
Impelled by considerations Of this character, the
committee entered upon an examination OF the pre-
sent tariff law, not without ny dc p, # rot a
full and proper sense OF the responsibility, diiiicul
5 w. and decacy Of that undertaking, with a view
to its modification. However ii may be IN remote
localities, il IS impossible here, acting members
or Congress. associang with the representatives
from all of the States and from every important
portion Of every State, 10 be lnsensbe that inte-
rests, and feelings and preudlces Of the utmost
strength, the keenest senslbillty, and the most per-
fectly conflicting character, surround this difficult
subject Coming from widely different sections of
the country, and naturally iubued with the feel
lngs aud interests, and not exempted from the in
lnencc OF the prendlces and habits OF thinking,
which surround their homes, and prevail with their
immediate constituents, it not strange that differ
ences OF opinion have been found TO exist between
the members OF the committee, and that they have
not been able to agree either upon the principles
which should govern their action in proposing mo-
dlicaiions to the existing tariff law, upon what
| those notifications should be, or indeed, upon the
| question whether any modification should be pro-
posed and recommended to the House for It's ac-
ton.
If the conflicting Interests which connect them
selves with an adjustment Of the tamil existed IN
common in everv locality, and were only such as
TO arise between the varou, classes OF citizens in
tho same State or section OF the country, growing
ncrtv and business much the most serious obsta-
rle which now exists to such adjustment of this
difficult subject as should prove moderately salts
f,ctory 10 the whole country, and 90 the passage
ot snrh a tariff law rs should have some permanent
cv would be- removed II Is known, however,
that in addition to these conflicting interests,
vrhirh do co-exist in some States and sections Of