The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-30

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for over estimates, and addins $4,000 600 for the
S70,o000o0 excess Of expenditures the receipts
for the last two years The excess for tho ensuing
year, is set down at S2o,S0o 900. which will give
you sggregate Of for three years
all receipts and balances hand, of SO 800 0Oo
Now If this is the things thus far what
be the result for the future? Mr. Phelps exhibited
in detail the Of receipts by the Secretary
of the Treasury from the customs. and from the public
lands He showed that the mportstions OF the last year
were exeessivethat there large surplus hand
in the country and that imports be- for the future
rapidly diminished in consequence aud the receipts
from the customs lessened IN che ratio The
rrsordnary receipts OF last the effects OF
iron the public lands OF the soldiers aad variants
snordipg ground for the ostsry to oAonste upon
The Secretary OF the Treasury had been Qusy unfortu
nate in his estimates expenditures Phelps read vai
tables chow ho~ far the Secretary
tofore made had fallen beb the acrusl snditures
and that in his estimates for expenses he
therefore unreliable authority The regular expenses
may be Appropriated; but then the contingencies.
which cannot Or guessed at perhaps sill ODD they
will fall OF $40 OoO 600 account Of this war
Then the land warrants issued soldiers in bouutes
had already 10 s4s--qual to two-thrds
of the annual receipts at the land ofhoe But fr the
condition of Europe, requiring our extraordinary
ports the War would have stopped for want Of
plies. As it is, have exhausted Europe Ct the pre-
oious metals to sustain this and sir, under the
back again and you have only expedients Of
lief, to wit:
/ More loans or
More treasury notes
II the war continued sic the Treasury cannot be
lieved by her Of these expedients by both The
amount of specie in the New York banks IL less than
So and perhaps there 10 not $40 600 600 in
all the banks of the country Where are you to get
your loan of SIS 600 0C0 when the money not in
the country to spare you Private capital Ii in.
vested In railroads the public debt already
trscted manufactures foreign goods 60 What 10 the
condition Of the money market? Stringent beyond de-
scription What ia the condition Of your currency?
In process OF rapid and stringent contraction Mr.
Phelps exhibited specie was going over to
England to meet drafts from Mexico account Of the
war, and concluded that the attempt at loan would
bring the necessity of viking It about in the markets
at TO- IL Is per cent aud that neither England
Holland would subscribe because they had sympathy
with US In this war OF ACKNOWLEDGEMENT In season
should have suspension OF tho banks, and general
vuson, and the only way to prevent 1t to
the leading to these thing sby stopping the
As for Treasury notes. another would destroy the
currency Already they paid for customs lands
SO and how are your Sub Ire asuries to be supplied
with specie the fountain heads but paper ssues
Sir it will bring about appreciated paper currency,
which will continue to depreciate the amount in
and the banks and trade must be Frustrated in
the struggle
AT the instance Of Mr. Clayton 1t being three O'Clock,
Mr.. Phelps suspended for the day,
And the Senate adjourned