Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1846-11-20

Total dllnnutlon m , months, S's22luUU
And it appears from the monthly statements of the
Register OF the Treasury that the amount OF outsand-
ing Treasury Notes was as follows
LIST August last 900 being the remains of old
issues)
lst Sept. 100000 Increase in August, s6i3Ooo
LIST Oct. 22iOOOO Sept. I,l50O0O
Making the of expenditures beyond recepts)
| for months, 1904 900.
The being at the rate per oi2l 633 900
According to the Presidents Message to Con-
gress last December, the receipts for the year
ending Both june 1915, were S29,769,000. II
they are the same the present year. it would APP
pear that the Government is eXpending money
at the rate of $5l 100000 per annum. But as
payments are. probably, not made so fast debts
are incurred. it may, think, be fairly estimated
that our present annual expenses are at laast
double the revenue-that is to say, at least
| $6O,0O0,OOO.
! So that the result is that the Government, fol
the last five months. has been paying at the rate
of 10 millions per annum twice the amount o
the revenue. And this does not include the out
standing claims.
All this is to be met And how is it to be met
Congress has given authority to the Secretary
of the Treasury to issue Treasury notes, and &c
effect a loan. The notes have been issued. and
the loan has been applied for-at high rate OF
interest, per cent-but as the existing bebt is
Ii't dDoNc par. IL - uOuDllUl WIlclllcl HcW
issue can be obtained on favorable terms.
And here appears the absurdity of the Sub,
Treasury scheme. And ! must say, that if
Government were to set itself to work most ei.
(ectually to thwart its own financial measures
it could not contrive better means than the Sub
/ Treasury for the propose. Government, for in
stance, asks for a loan now, and obtains it from
the capitalists. In January next, it requires
another loan of say ten millions, all to be paid
in specie. Where will it be found 1t would
require all the specie in New-Iork ard Boston
to make up the sum As the matter now stands,
| the scheme is impracticablc by its operation
| if carried into fleet, the wheels OF Government
would be clogged the Administration would be
obstructed upon its own COURSE and Government
would be deprived of all means ofaction
1t is agreed by all that the Administration is
not at present, remarkably strong in financial
affairs. taking into consideration the present wal
and it seems to be pretty certain that il will be
hard work, rather an uphill business, to carry
that war on. And provided that every dollar
which Government gets is locked up, as required
by the Sub-Treasury act the machine will soon
come to a stand still.
Gentlemen, let me refer YOU TO the Tariff
That question was one of the causes which opc-
rated largely in the recent Newly ork Election
In Counties where for years before we had moi
been able to secure a majority any where, the
Wings have now majorities in every town and
district. The Tariff Law of Is 40 is found to
strike directly at the Labor of the country and
the interests of Labor. [Cheering.l have ask
ed friend of mine what caused the remarkable
change in his district in New-York. and he re-
piled that his was not an Agricultural, but Il Ma
nufacturing District, and the new law was a
death-blow to nearly all its interests. So OF
| na RI all n1npps where Manufactures pSta
blshed.
Mr.. Chairman, it is the Mexican War, the
! Tariff of 1876 and the Presidential Netocs
which have produced the great changes we SET
around us.
Sir, there are two surpr SEES which have beer
sprung upon the People of the United States.
The first was the nomination of Mr. Polk al
the Baltimore Convention-ior surely no people
was less prepared for any great event than this
people for that nomination. (Applause) When
the event was first made known, as you are all
aware, the great question was, Who under
Heaven, is James X. Polk p But party allie.
glance was so strong, that it overcame the sur
prise, and convinced the people that Mr.. Polk
was an especial fit man to maintain and support
the interests of the country, and the interests OF
Pennsylvania in particular. Qaughter)
The second surprise was the Mexican War
Who expected that But upon the It'll of May
the war did exist, according to the President,
declaration Oar army was then in critical
condition had then, gentlemen, occasion tC
b. absent from Congress and at home, never an
,icipating such state of things. The war bill
which you have SO often heard referred to- passed
on the | It'll, fourteen members voting against il
in the House, and two in the Senate. And upon
what ground was it passed Surely, on the par
of the Wings, that the country was unexpected
" in a state of war-that our army was in an eX
posed stuation-and that it was absolutely ne
cessary to sustain them. larrived in Washing
ton few days afterward, and never did hea
the suggestion from anybody, that u vote for tina
= The existing U. s 6s have l6 years to run, an
were at 1914 and los until the Secretary advertised io
loan of five millions, the other day, for IS having
years TO run This loan, 1t was supposed, might b
taken at par-and the existing IS were lower in con
? sequence and we're quoted At Pdr.