The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1847-01-09
Excess ofexpenditures over means
LIST July, lS47, $4 z

Excess ofexpenditures over means
lst July, lsl7. $4,779,042 OF
The Secretary estimates the receipts
from all sources of the fiscal year, com
mencing July 10, l847,and ending 3Oth
of June, lS48, at S32,0J0.OOO, from
which, ,alter deducting the deficit above
the sum Of S97,92O,997 SO remains as
the total means of that year. The ex-
penditures of the Government for the
same period at $45, ,78i ,784 81, which
would leave balance against the Trea-
sury, on the 30th of June, l848, Of
Sl8,500,82O SO. This excess the Sec
retary bases on the assumption that
the whole amount of five millions Is
outstanding of Treasury notes author
lied by the act of the 22d of July, 1896,
under a renewed authority now re-
quested to be conferred by Congress to
issue the same ;but,as the whole amount
cannot be standing at the same time,
on account of the number of notes
cancelled before a new note is issued,
ne estimates the excess OF expenditures
over means on the 1st of July, l84s,
at nineteen millions Of dollars; which
he thinks will cover all expenditures,
including that of the war, if continued
up to that date.
The Secretary thinks that four mil
lions ought to be kept in the Treasury
in the time of war. A loan Of twenty.
three millions is therefore required to
enable the Government to get along
with its disbursements, unless some
other provisions are made to raise mo-
ney. He advises Congress to impose
duty of twenty-five per cent. on tea
and coffee, now admitted free of duty,
from which he estimates that S2,5OO,-
600 would be collected. He recon-
mends that this duty shall take effect
from the first of January next. He also
recommends that the price of the pub
lie land shall be graduated TO the time
that they have been in the market, and
thinks that if graduation bill, in the
form in which it passed the Senate on
the return from the House, during the
last session of Congress, should become
a law,would increase the revenue from
the public lands from half million to
a million Of dollars per annum; and, if
adopted, together with the proposed
duty on tea and coffee, the loans requir-
ed for the support Of the government
might be safely reduced to eighteen mil
hons of dollars.
He proceeds to consideration of
the Sub-Treasury bill, which he says
is defective in some of its details, as no
appropriations are made for the pay.
ment of sundry officers without whose
services the system cannot work pro-
perly. The powers Of the department
in relation 10 that portion of the public
paid in foreign countries, are
not sufficiently defined. The payments
necessary to be made in several parts
OF Mexico are now not easily made.--
The object to be gained is not to cir.
culate paper among the troops, shut 10
facilitate the obtaining and transferring
specie there for circulation through the
operations Of foreign exchange" In
connexion with this subject, it is rec
commended that a branch mint shall be
established in New York.
The Secretary then refers 10 the tar.
iE.
He thinks that some augmentation of
the revenue might be produced by re-
moving several restrictions in the pre-
law, and especially bv exten-
ding its provisions to the unsurveved
lands to which the Indian title has been
extinguished, as well as from the sale
of that portion of the public lands con.
Iaining copper and other ores. He says
that if Congress, at an early period of
The present session, ould impose the
duty on tea and coffee, re.
luce and graduate the price Of the pub
lie lands in favor of settlers and cult.
vators, extend the pre-emption system
to the unsurveyed lands TO which the
Indian title has been extinguished, and
authorize the sale Of that portion of the
public lands containing copper and
,ther valuable ores, the loan required
or the government might safely be re-
iuced from twenty three 10 seventeen
=. .lI..., e 4 tl,re