The voice of freedom. [volume] (Montpelier, Vt.) 1839-1848, 1848-03-23

THURSDAY, January 27.--Thc Senate re-
sumed the consideration of the bill to raise
for a limited time, an additional military
force.
Mr.. PHELPS said 1t is not my purpose, sir, in
addressing the Senate at this time, to 60 INTO an
inquiry as to the origin of this war, to its merits
or dement's nor sir, to inquire where the blame
rests provided there be blame in tits commencement.
The important question now before us is first, how
shall this war be prosecuted successfully while 1t
lasts and above all, how can it be ternlnated?-
When these questions are disposed of, and the
country restored to q state OF peace, we may then
perhaps amuse ourselves with the inquiry, who has
been in fault? In looking at this question, Mr..
President it now presents ltsell to us as prac-
teal question: the position in which the Senate has
been pleasedto place me, has very naturally drawn
nv attention to the financial aspect OF the question:
and have esteemed it to be my duty, after having
devoted some little attention to the sub1ect-though
not indeed SO much as L would desire to do-to lay
before the Senate the result Of my investigations.
| am aware, sir, that there is no amusement to be
found in this inquiry; it will be perhaps, not very
nteresting but, sir, it is an inquiry which is not
TO be avoided. 1t is matter OF business and
matter of necessity.
Now, sir if this war is to be prosecuted further
and such seems 10 be the!factias yet-a very impor
tant nnesion arises: What effect will it have on the
nancial and commercial interests of the country?
How are the means to be obtained tor its proSecu-
ton and how are these means to be obtained con-
sisenty with the prosperity OF the country at large
Sir in determining this question, the flrst inquiry
will be, what has been its effect thus far? and when
we have ascertained that, we may perhaps be able
to judge what will be its effect hereafter Sir from
the best computation have been able to make, the
Treasury has fallen in arrears within the past two
wears or nearly two years-while this war has al
ready lasted-to an extent not much, If any thing,
short of seventy millions Of dollars. Yes, sir, from
the best computation which am able to make, the
revenues of this country have fallen short OF IFS eX-
penditures for the past two years to an amount not
much if any, less than seventy millions OF dollars.
Well sir will submit to the Senate certain es-
mates, which will conclusvely prove this result,
and shall endeavor to show to the Senate II they
will give me their attention, from data in my posses
sion, that this result must inevitably be produced.
Sir. in the first place, at the commencement Of the
war Or rather on the st of july 1916 after the war
had been for some six weeks in existence, there was
then-cXclisvely Of the expenditures during the
short period the war had then lasted-a balance in
the Treasury of upwards Of nine millions OF dollars
find from the several reports of the Secretary of
the Treasury that the Government has borrowed, in
Treasury note and Stocks issued during the fiscal
year ending the 3Jth June, l817, nearly twenty-six
millions of Dollars and that dining the current ifs
cal year they have borrowed III addition TO THIS, SIX
millions two hundred and eightyfive thousand dol
lars. The Secretary of the Treasury tells us that
at the close of the current fiscal year there will be
deficiency in the Treasury of nearly sixteen millions.
/ take the original report Of the Secretary though
am aware there has beeh recent correction ofthat
report These sums, the balance in the Treasury
july |, 1916, the amounts borrowed during the two
succeeding wears and the deficiency anticipated at
the close Of the current fiscal year, rs estimated by
the Secretary, will amount to itysiX millions eight
hundred and twenty thousand dollars. But this is
not all. At the very commencement OF this session
we were informed by the Secretary that there was
deficiency Of appropriation for the current year of
little more than ten millions of dollars. This ad
diton to the previous result gives the amount Of
about sixty-seven millions as the deficiency of re-
venue below the amount Of our expenditures for
the last two years. From this, sir, have deducted
six millions six hundred and eghty-one thousand !
dollars, because it is suggested-upon what evil
dence / know not exactly-that upon revising the
there was an error Of nearly seven millions, there
being that amount in the Treasury which is not
represented in the statement communicated to us.
Deducting, then, this sum, which is reported to be
little short of seven millions, but calling it six
millions eight hundred and eighty-one thousand the
result is that there is deficiency of sixty millions
for the two years, or at the rate Of thirty millions
year. But, Sir, am very far from being satisfied
with the calculations of the Secretary. TO satisfy
nv own Judgment will add eight millions, being
the amount to which, as believe the Secretary has
over-estimated the public revenue. This gives us
the amount of sixty eight millions being the de-
fcency which has already accrued or at the rate of
thirty-four millions year. For the coming year
ending June, 1919, the Secretary has estimated the
deficiency at S2O,5OO,OOo have obtained this re-
suit by deductng the estimated deficiency for the
current year. from the Sccretary's estimate of the
deficiency on the 30h June, lS49 Well sir with
out going further-without at present inquirng into
the accuracy of his estimates for the coming year
by taking the deficiency as estimated by himself we
have for the three years ending June 30, 1910; the
sum of lightweight millions the deficiency of our
means below our expenditures. This, Mr.. Presi-
dent, is conscise statement ofour financial expert
ence thus far, as will appear by the following state
ments. Andif we add to this the sum of 80 900 900
which shall endeavor to show the Senate is an
over-estmate of the revenue for the coming year,
and the sum of $7,0O0,000 for under estimate of ex
penditure for that year, the deficiency for three
years ending June so, ls49 will be s0f,OoOO0O, or
about thirty-fvo millions year.