Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1848-03-16

And if we add TO this sum 100000 which |
shall endeavor 10 show to the Senate is an over
estimate ofthe revenue for the coming year, and
the sum of 100000 for under estimate Of ex-
penditure for that yea, the deficiency for .hree
years ending June 80, l849, will be SI04000,00O,
or about thirty five millions year.
Statement ofihe ercess Of expenditure orer income
for ttco gears, from July l, 1916, TO June 80,
l8lS
Bal in the Treasury July /, 1886, S9,l26,439
Avails of Treas. notes q loans, 46-7, 25, $40 100
Avails of Treas. notes a. loans, 47.S, 6,2S5294
Estimated defy in Treas. July !, '48, l5,729,ll4
s56,s20,O46
Add appropriations asked for by the
Secretary, not included in his esti-
mate of expenditure Io,OGI, s44
Total by Secretary's estimates, S66,S8I, 800
Deduct the amount of error discover
ed at the Department, say 6,ssl, 800
Leaves true deficiency by Secs est $6O,oOO,COO
Add over estimate OF revenue for cur.
rent year, 100000
True deficiency, s6s,oOo,oOO
Or hirty-four millions per year, for
two years. u.n
Secretary estimates deficiency for the
year ending June 30, 40, 20,000000
Add tor over estimate Of
revenue 100000
Under estimate
OF expenditure, 100000
not including 10 - 100000
regiments not 36,000000
estimated for.
Total deficiency for three years $l04,000,000
What then, sir, is to be our future financial
condiuon? will submit then another estimate,
which is intended TO show the Senate to what
extent the deficiency is 20 60, and what amount
of money will be necessary to be raised upon
the public credit within period of eighteen
months from this time. This is my object.
l commence with the deficiency as estimated
by tie Secretary, oS this;y-six millions OH the
Both June, ls49. In addition to that, an over
estimate, as believe il to be, the revenues for
the current year has been made. In the first
place, deduct IRON the Secretary's estimate the
sum Of seven millions, estimated by him to be
received from customs in the current year.
also deduct one million from the estimated re-
receipts from the sales. of public lands | de-
duct from his estimate of receipts for customs,
Tor the coming year, ending June, 1649 eight
millions more; and deduct for this year also
one million, as an over estimate of the receipts
from public lands. These deductions may ap-
pear to Senators to be large. They may create
an impression that the object is to present our
financial affairs In their worst aspect. But sir,
am confident that an examination of the esti-
mates OF the Secretary, coupled with the expert.
ence Of the past, and reasoning from the present
condition fthe country, will convince the Senate
that this deduction is by no means too large:
Secretary's estimate of def
cheney, June, 30, 1919, $l6y000,000
! Add over estimates OF revenue, viz:
From customs, year end
| ing June 80, lS4S, 100000
Public lands, same year, 100000
From customs, for year
ending June 80, Is49, 100000
Public lands same year, 100000
Total over-estimated, $l7,OOO,0OO
For short estimate OF Expenditures.
Amount of deficiencies for
which the Secretary asks
appropriation for the cur
rent year Sl0000,000 de-
| Quoting excess of expen-
! penditure by his estimate
over existing app;opria-
ations say S3,O00,OOO, 100000
Under estimate OF expend-
ture for the fiscal year,
ending June 80, lS49, 100000
For the ten regiments con-
templated by this bill, not
of course included by the
Secretary, 100000
- $4,000 900
For loans available, already authorized, 100000
! Aggregate, 75O0O,O00
Deduct error in official report 100000
Total to be raised by loan over and
above the revenues OF the country, Soc, 600, 900
In this estimate no notice is taken Of the out
standing Treasury notes, which may, and prooa-
1 bly will absorb the revenue to a great extent and
make further resort to credit necessary.
The first item of the Secrelary's report is the
estimate of the receipts from customs for the
current year. The honorable Secretary estimates
the receipts at thirty one millions Of dollars Sir,
one year ago, lin December, 1885, he estimated
the receipts from customs for the then current
year at twenty eight millions, and in point of
fact they fell short OF twenty-tour, an over est-
mate of over four millions, as tested by
the actual receipts into the Treasury. take
the liberty to say that these estimates are always
too large. And permit me too remark That the
estimates of our expenditures are always too
small Our receipts from customs for the past
year have fallen short Of twenty-four millions
! And on what data, or on what ground OF aDtc-
patton does the Secretary increase this sum this
year 10 the amount OF thirty one mllllons-an
excess in the revenue from this source estimated
for the present year over and aboye the actual
receipts OF last year, to the extent OF seven mil
lions of dollars? Sir, let US institute compar-
ison between the condition of things during tho
past year and the present. The revenues for tho
past year were increased in the first place by the
combined effect OF the new tariff which was to
20 into operation by It's terms the first OF De-
oember, 1886; and the warehouse bill, which
went INTO effect on the day of its passage, viz
August 4th, 1896 Both these bills had been long
pending one having been introduced into the
Senate ON the 2lst Of January, and the other in
10 the House on the l4th of April, 1896 SO that
the passage Of both was for a long time anticipa-
ted.