Herald of the times, and Rhode Islander. [volume] (Newport, R.I.) 1846-1849, 1848-02-24
Geralo of tbc Vimes
RHODE ANDER;
Thursday Morning, Feb. 2t, 1913.
NEWPORT.

most prominent in the U. $. House of Repre-
scniatives is the bill to authorize loan for not
exceeding eighteen millions, five hundred thou
sand dollars, to make up deficiencies in the
means applicable to the current, fiscal year,
which will end July lst, 1913. During the
last session of Congress when provision was
required to be made for this year, the Admin
istraton stated, thata loan of twenty three mil
lions of dollars, in addition TO the ordinary rev.
enue, would be ample to cover all expenses
and contingencies and loan to that amount
was accordingly authorized. The Government
now come forward and ask loan of over six
teen millions of dollars additional, to provide
for these very expenses and contingencies
and, in the opinion of Mr.. Vinton, they will
need from twenty to twenty-five millions to
carry us safely to the end of this year. In
loan of twenty-thrcc millions of dollars,
which they knew TO be inadequate, had they
dealt honestly with the country, they would
have demanded, in view of these expenses,
loan of from forty to forty five millions. The
Government cannot pretend that they were ig-
norant at the time, Of the expenses to be in
cured Our troops at that very date were OPP
Grating in New Mexico and California. Gen.
/ Taylor's force was then as far advanced into
Mexico as it is at this very moment. The in
vasion of Mexico through Vera Cruz was de-
cidcd upon by the Cabinet and the Comman-
der-n-Chief had gone from Washington to or
ganizc and take command of the expedition
Generals Taylor and Scott had, each of them,
when called upon officially, given it as their
opinion, that TO accomplish all that was deci-
ded upon would require larger force than has
even yet been called into service. Had the
Government avowed its situation, and called
for loan of from forty to forty-fve millions of
dollars, in the then state of the money market
loan to that amount could have been obtained
without difficulty, and on terms favorable to
the Government. At that time of unprecc-
dented commercial prosperity, loan to the
amount of forty millions could have been taken
without serious injury to the business and cur
rcncy of the country; while, now, by reason
of its own mistakes, for which il alone is in
fault, and alone responsible, the Government
iaGst go into the market for its new loan, when
trade is depressed, when money is scarce, when
great cop,nercial distress prevails, and still
greater is anticipated
There is at this tune much larger force in
the public service, than was employed at the
beginning of the present fiscal year, and the
fact that the President is pressing Congress for
a large addition to it, shows, that even if no
more troops be granted by Congress, all now
in Mexico will continue to be employed, and
that therefore there is not the remotest proba-
bility that the expenses of the next year will
fall below those of this, assuming them to be
no more. The estimates for this year already
sent in amount to siXty-two millions, seven
hundred and cighty-ihree thousand six hun
dred and sixty dollars. At the last session of
Congress the whole expenditure of the year
was estimated by the Secretary at forty-fyc
millions, seven hundred and eghty-onc thou
sand. seven hundred and eighty-iour dollars
making an error of seventeen millions, one
thousand, eight hundred and seventy six dellars
in the amount actually required to be expcnd-
ed. If you add to the whole amount required
for this year, two millions, five hundred thou
sand dollars for under estimates in the Quarter
Masters department, and two millions for adj
ditional interest the next year on the loan now
proposed to be raised, you will have tic amount
required for the next fiscal year, as near rs
can be asccrtained, supposing no additional
forces to be raised, viz, sixty-scven millions
of dollars.
The Secretary estimates the receipts of the
next fiscal year, commencing July lst 1913,
and ending July lst lsi0, at thrty-fve mil
lions of dollars, viz, thrty-two millions from
the customs, and three millions from the pub
lie lands.
II the Secretary be as wide of the mark in
this estimate as in those of the present year,
when he over-estimated the receipts five mil
lions, and underestimate the expenditures
more than four millions, the amount of the
above aggregate of receipts for the next fiscal
year must be very considerably reduced. So
many causes, also, many Of them oftcntimcs
accidental or occult,-which are brought sud-
denly into action-so greatly influence the
commerce Of the country, that no certain esti-
mates can be made of the revenue to be derived
from duties on foreign goods. Judging, how
ever, from certain great and general causes
now at work, the revenue from the customs
for the year which begins the LIST of July lS4S,
cannot be safely estimated at more than twen-
ty-scvcn millions of dollars. As to the public
lands, also, it is apparent from the results of
the present year, that the revenue expected to
accrue from them is over-rated by the Sccreta-
ry at least a million of dollars: and when we
take into account that the proceeds of these
lands are pledged for the payment of the inter-
est of the last years loan, and that the Mexi-
can bounty land warrants necessarily absorb a