Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-07-25

and Yet this is the precise position in which this
Government will stand before the world if the financial
system proposed Ivy the Administration should 20 fully into
operation.
The Treasury bill is of series of measures max
ing up this financial scheme. 1t appointed place
in that scheme, and under the direction of the honorable
chairman OF the Finance Committee it is to be drawn
ORDER like number lottery 1t takes precedence Of both
the tariff and the subeasury and designed lend help
ing hand TO each 1t is make up the loss Of the
onc and to moify the hardmoney currency Of the other
desire to call the attention of the Senate for few mo-
mens to this proposed system of finance 1t of the
following will state them in the order in which
they have been presented o the Senate
~ reduction the price of the public lands, called the
graduation bill.
2. The warehouse bill .us.
3. Treasury notes.
4. Reduction of duties on foreign Imports
5. The subteasury.
This certainly heterogeneous system measures
Almost every measure contains contradiction to ITSELF and
no two of them stand together in amy. Let look at
them Why, sir we have here proposition
|. To increase revenue by decreasing duties
?. TO sustain cash duties by year credit.
o. 10 maintain hard-money currency by free ccua-
ton Of Treasury notes.
4. loan without any provision by law for its nav mep
s. war without any additional to sustain it.
ms system cannot sustain the finances the credit of the
Government even in time of PEACE for strikes death blow
at the sources OF all wealth. national private Ii will
pie the labor il will disturb the capital and destroy the Gre
dit of the country These the great from which
all your revenues to be derived Destroy these and the
nation is bankrupt.
1t is also system in which American labor Is called (by
the author Of the sysem ripat British labor and there
fore to put down 1t is system first suggested by the ne
cesstes OF England and accepted by Secretary the
great gracadon learn by the last steamer of the Eng
ish Parliament 1t is system anti American all Its bear
ngs It has already filed the country with alarm and con
sernaion Even the unerred Democracy of Pennsylvania
are terrified and by number OF petitions they beg their
friends here to save them from the ruin and destruction which
these measures will bring upon their vital interests
All these measures proposed by the President in his
ANNUAL OF December last with the exception OF the
Treasury bill They then urged upon the country
as system OF finance for the ordinary expenses in time cf
peace These then estimated by the Secretary
OF the Treasury S255lssl3 Since then we have been
thrown into and Of expenses greatly in
creased The additional expenses for the year by
the war have been estimated by the Secretary s23
making the whole expenditures to be provided M during the
year S49 47l,7l7 have doubt they will greatly exceed
this Now, s remarkable that the same system of
finance which IN December last produce only S5 OO
0Oo Is held forth capable of producing double that
amount II adaPts itself 10 state OF Of peace
high or low expenditures at the viii OF the Secretary
On the Sd of June last by resolution Of the Senate we
called upon the President inform what additional funds
would be required during the year for the support the Mex
can war; and also TO inform how be proposed raise those
funds BY his message Of the 10th Of June both these nq
ries answered Tbs additional required are stated
to be S23 s52 eo4. The Of raising this amount is
stated IN the accompanying report Of the Secretary His es
mates
l. Nett revenue to be raised from duties leviedby
tIe house tari OIL. .S26, O00o 900
/ :. Duues on tea and coffee, &c, proposed in :
schedule A, accompanying the report .,,, A. Os4 O67
g. Additional duties by Of warehouse bill I00O 600
4. BY the reduction in the price of public lands 500 600
,. Balance IN the Treasury. ........... 1892 AL
i
Total. ACKNOWLEDGEMENTS. S36 s66, sos
This amount Of estimated meet the whole an
nual expenses OF the Government ordinary and
amounting, as estimated by the Secretary, the Of
s49,4l,77 Thus will leave balance against the Treasu-
y TO be provided for, Of s2 605 To meet this def
cheney the Secretary asks for Treasury notes.
Now, Mr.. President, undertake thai the add
ona means relied upon by the Secretary for the support Of
the war are altogether aacious indeed they have been
shown to be already. The Senator from Maine (Mr
EvASs) has demonstrated that the tariff bill will not po
duce 10000 000 Here there loss upon the Sc
cre,ary estimate Of SO, 600, 900
Duties upon tea and coffee, Sc have been re-
fused by the House, making another loss Of Os4 O67
/ The warehouse bill will not, by the admission
\ y ~ Senator from New York, (Mr. DIX, add
~ 1ing ~ he the first year. Here is
sl'sa y, II. ....................... 1000, 900
The lend od aa II passed, and will be killed
= fnenas Ibsis another loss o. ....... 500, 900
-
IS on the Sccretary's estimates
.......................ll ,5s4, 067
e cheney above stated OIL :. IL, SOS, 200