New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-02-05

Ordnance ssd Navy Dtnelt estimated ~ ne ..e-..-o
These sxSea,s, A.. or h. following objects re-
sPecsively
A;. March 2 ~. Deseisnciss Total
Pay o. the Army. .sssssss! ssisl.oS
saS.i.;sae. q 9th ssIlss ssslsss sls,sss
Sssl;:ln..: dc c....s HS ,s s s s:S
terce. he.
:: s's;:; : ; ;:ss |
three months s1tnP.y iaeoO -'"'''s'
Rs i voian,..r. 10000
Appropriation Of Dee-'F l,oo.c0 l,oo.on
Total ...........sSss5 .E5 10 sos .Ss Ss,ss7fIt
ordnsnes aud Navy Department sstimsssd.... 100000
Totsl......................,.... eS s57,7lt
The number Of men on the rolls ct the commence
ment of this fiscal year 10 estimated by the Secre
tary Of War at forty three thousand or ct least
thirty three per cent than the highest average
number that can possibly have been employed in
the preceding year Considering that the number
of recruits wanted to I'll the regular regiments al
ready authorized by law. 10 estimated BY the Ad.
infant General. 10 have amounted. on the 30th Of
September, lsi7. 20 10, 76s; that these daily
cruting aud that an additional volunteer force has
lately been called into service, from the States OF
Michigan, Alabama and Mississippi. il can hardly
be doubted that the average force employed. du-
ring the fiscal year ending June 30, lsts, will be
fifty per cent greater than in the preceding fiscal
year.
The Paymaster General observes that more
volunteers have been called into service the present
fiscal year than were appropriated by Congress
and shall have to estimate for an drreordse, %
soon as the official returns, showing the average
strength of the several regiments. are received,
enabling me to ascertain the amount that will be
required" He had on the lst of July, ls47, bal
ance on hand of 900 dollars the appropria.
tions already made for pay of regulars aud volun-
70 fha haCal ending Goth
June, lsis, amount to s6lsl,0oO, and he announces
arrears beside those sums Other DEFICIENCIES may
be expected, and il 10 highly probable that the TO-
tai expense for that year will not fall short OF forty.
FIVE to fifty millions of dollars, for the support Of
the troops alone which are now authorized by law
FISCAL YEAR ENDING JvNE 80, isas.
Itappears to me impossible that the expenses
Tor that year should not be equal 70 those for the
year ending 3oth June, ls4s The Secretary
estimates them at only s3l, s56.75s so. to which,
adding for Navy and rdnance my estimate Of two
millions they would still amount to less than thirty
four millions.
The great diminution 10 in the Quartsrmaster
Generals estimate which 10 reduced to sl3,ls7..
900. instead Of eli Sl+oo0 expended In the year
ending 30th June, lsis. On this subject the Quar-.
termaster General writes to the Secretary OF the
war Department, under date of Nov. is. leE
Sir: The estimates which submitted for your con.
deraton the 4h inst for the service Of the nett hsea
year. made from data derived from the exps-
Renee OF the last year Ia compliance with sueges
tons have carefully reexamined every item and IN all,
dependios 10 any degree upon my action that Of
the officers Of the Department have made considefaos
reductions Wheths those reductions be ludicous time
must determine. I would have ventursd to max .
them but for the fact that two sessions Of Congress VIII
have terminated before the expiration Of the fscAl
for which the estimates now submitted have been made
The asked for sreasgss for the present hsca year
are not more, an, persuaded than WI DO reqaissd
however making every effort TO reduce expenditures
Of every description 70 the lowest point possioef.
Ii is therefore clear that the estimate was un.
derrated, contrary 20 the Quartermaster General {
opinion that he would not have made the reduc
ton, had he not relied on Con yress making up the
deficiency before the whole Of the money was
wanted and that the attempt is now deliberately
made to underrate the expenses which must ne
cenarily be incurred
III...It has sready been observed that the
causes which had heretofore prevented the evil
Of the war from being felt had, at least for while
ceased to operate. A total arrangement has takeI
place in England, which appears TO have afsctet
almost every branch OF business connected viii
the commercial and manufacturing concerns Of the
country. The causes generally assigned are, the
extraordinary imports Of provisions, aud the magni
tude of the investments in railroads, which have
converted circulating into xed capital not imme
da.ely productive. There may be other more re-
mote and reconcile causes. Whatever these mvy
be. the results are we'll known. Most numerous
and extensive failures have destroyed confidence,
and caused general pressure, followed by fall oil
prices affecting almost every specieso oil commodity
and by a great demand for specie.
The effects Of that commercial catastrophe were
Immediately felt In the United States There was
and still il a reciprocal want Of confidence. Hence
the usual mode Of consigning produce TO England
accompanied by bills drawn on the consignees fo'
large portion Of it's value has been considerably
impeded The low prices OF our cotton abroad
induced the planters TO keep IL back and every
arrival from Eng and brought large parcels OF Amer
lean Stocks ordered 10 be sold for what they would
fetch The reaction took place in the early part OF
November, when II was manifested by IT. lnsllible
index q rise in the rate of exchange, and . conse-
quent expectation of specie.
The amount Of specie in the vaults OF the Banks
of the City OF New-York was lessened near two
millions and half Of dollars during the month Of
November Yet it does not appear 10 me that
there is any great danger 10 be spprehended from
a long continued expectation. There was In the
course OF the present crisis IN Great Britain In the
first place large expectation of specie principally
10 the United States 10 payment for tho articles OF
food she was obligedto purchase, and subsequently,
great demand for specie. This has been amply
supplied and, for the present at least, England
wants no more. If any continues 10 be exported
there, this is principally due TO the want Of conf
dence and those other causes, which created
raised the price Of these two per cent. above the
true par.
There is yet, scattered in the interior, . large
portion of the specie imported during the proceed
ing year; and this will, a. il always the case, nat
orally flow TO the place or places where it IL most
needed. In poin. Of fact, this has already taken
place; and Notwithstanding the continued export
alton the amount ofspecie In the vaults Of the Banks
has. during the last three weeks, been increased
several hundred thousand dollars. As soon - the
internal navigation shall be open, large quantities
Of maize, pork. and other articles Of food will be
exported TO Europe; and cotton cannot be held
back much longer. Thus far everything il yet
sound bat the high rate lat least one per cent.
month"; at which money is borrowed on paper Of
undoub.sd credit, would alone be sufficient 10 show
that great caution is required on the part not
only of the Banks bat of all those who are engaged
in active business.
Notwithstanding tie great increase OF national
wealth there's stIl perpetual demand for capital
The circulating capital OF the country ID clearly the
fund out Of which the public il and must be
raised and the effect prodaced by demand OF
thirty millions, within the next six months requires
serious confederation.
Five-eighths Of the revenue, derived fron customs
xre collected in New.York and ninstenths In ave