Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-02-26

il is said ten or eleven per cent including the
port duty imposed BY the Mexican Government and continued
BY the orders In council the President OF the United States
Ia consequence OF this has been made matter OF Boosting
that the drafts drawn there by Government agents on the
Treasury OF the United States have been sold for coin at
MUM OF from five TO per cent has been found much
cheaper by this mode draw specie from this country Eu
rope than to export II directly from Mexico the stock were
sold payable In whole in part in Mexico to the extent Of
the portion thus paid the purchaser would Obtain al about
ninety cents in the dollar while by the letter OF the law the
Secretary would be getting par.
But ne would pass to the consideration OF our present
financial condition. loan is asked oil sixteen Millions
AT the of the session the sum Of lS 600
deemed necessary be raised for the residue Of this year.
ending the 3Oth june ls4s and opinion expressed
that further sum- not exceeding millions might be asked
Tor at this session Notwithstanding the deficit for the
had been essened by the discovery of the omitted
items OF Treasury notes. he thought when the accounts
settled and paid would be found that the amount asked for
originally was by large But because some Of
the committee, alter the fullest investigation, had come to the
conclusion that larger amount than sixteen millions would
be needed TO meet the expenditures of this fiscal year. had
been made matter of epoach and the basis OF charge Of
lie confessed that ne could not understand
logic by which gentlemen enabled TO arrive at such
conclusion If could be shown that than sixteen mil
lions were wanted surely ought be apersuasye argument
why there should be hesitation in granting that He
should vote for this bill although in his conscience he believed
not enough The gentleman from Alabama had asked
Il would not be stopping the wheels OF Government to
reduce the loan to sixteen millions if more needed In
answer 40 this, Mr. M said that the Secretary, to
venient resource by drawing from the of the ensuing
fiscal meet any deficit beyond that estimated by him
be necessary and throw increased amount in that year
to be hereafter provided Tor He regretted that such
should be pursued He thought that the fair and manly
would be to ask for all that would be really needed
meet the entire expenses of the year. and thus to let the people
know what they actually called upon pay To show
that this had been the heretofore pursued he be
padoned for adyerng of the statements Of the Secr
tary last year.
The Secretary Of the Treasury his report Of December
TO- 1916, estimated the Of expenditures MEANS
up 10 July lst ls4S, nineteen Millions which he said
would all expenditures including that of the war; if
continued up that date and he asked for loan Of twenty
three millions that excess and leave four millions
In the Treasury That loan granted the 18th of jan
uary, lS47 loan Of ten millions had been previously
thorzed II estimated that the million loan would
be absorbed by the expenditures of the year ending June 0
ls47 and 042 oil of estimated excess Of expend
lures for that year deducted from the receipts of the
suing, that is the fiscal year. thus making the deciency,
before stated for this year nineteen millions of dollars Now
for few he invited the attention of the committee
TO- the figures 10 see how the reality corresponded with the
estimates At the of the last fiscal year-the
lst July, ls46-there surplus in the Treasury of
&c. 439 0s and to this must be added the million
loan The Secretary estimated the probable receipts from
customs the Of s27, $685. 73l The actual receipts
S23 747 864 &c. The Secretarys estimated receipts from
land AGO. 600 the actual receipts 355 90
From miscellaneous he anticipated $40 81 The
aggregate actually received S45 473 229 AS
while the aggregate estimated $50 1872 I'D o.
The Secretary, therefore, over-es,mated the receipts
ST. $50 $40 SO. The Secretary also estimated the egpen-
dtures SOS, o.; the actual expenditures
$685. 15l III 65 The expenditures were, therefore, Under
estimated s65 Sc. Instead therefore, of def
cheney for the last fiscal year of S4,779,042 OIL the
actual Of expenditures beyond the actual receipts
was Sl3 977, 94S 20. All Of which embraced the
Secretays report under the general head Of avas of Trea
sury and loans S25 1919 45 If he had used only
the amount estimated necessary for the last fiscal year.
would have been s4 779O42 Oh that is the whole Of the
ten millions, and the estimated OF S4779,042 OIL
But, insieado loan Of twenythree millions covering all
expenses including that of the war; up June 30h, l54s
according to the Secrerys report be told them that he
ought to have asked for sixteen millions more making thirty
nine millions instead Of twentyt millions If however,
any would bring the task ordinary degree Of cando
he (Mr NJ thought it would be that the system
OF veresimatng the receipts and Understanding the
pendures would be found in the tables for the present fiscal
year.
The Secretary makes the and estimated expenditures
for the present fiscal year S5S 66007 which be
added 3d. III 000 being the additional estimate of the Paymas
ter General The aggregate oil these $50 o.
He also estimates the receipts from all $780, SIS
So which should be added the omitted item Of Treasury
notes Of S. 0s the aggregate Of which $40
So showing total deficit by the Secrearys figures Of
036 %, which the present loan OF sixteen
millions asked.
And now look at the estimates Of receipts for this year. The
Secretary down from customs S3 O00 600 Last year
he estimated the sum from this at S2S 000 00O and
after making the most liberal allowance he (Mr did not
find that for the present year il could exceed that The
Secretary estimates the receipts from lands $780, 000 and
would attempt alter for he would not make statements
Of the accuracy Of which he not confident He
ever well satisfied that So 000 900 would not be reslz
ed from customs and reducing that sum, according the
Secrearys estimate Of last year. 70 twenty eight millions, the
whole amount Of receipts could exceed the Of
S46 s0l, 623 so.
And if instead Of the expenditures being limited the
estimated by the Secretary S62 1885, eco there add
ed equal only that Of last year q 200 965 Sc
the total expenditures would amount &c., 596 625 So
From that deduct the total receipts $40 sol 80 and
there would be actual for this 00 49,
to which loan would be necessary Of not less than
twenty three millions to keep always in the Treasury the
deemed necessary by the Department.
H. knew thai gentlemen the other side Of the House, Of
greater experience than he could lay claim to- had considered
this extravagant estimates yet he felt abiding confidence
that would stand the Of the seyerest scrutiny. lie
fully believed that when the whole comes to finally.
settled and paid up This deficit Of twenty millions will be
found TO have been estimate by large If
they judged by the past experience would show that he
had essened rather than enlarged the figures He knew that
the committee bad been referred the large receipt of eleven
millions and upwards during the first quarter Of the present
year. The gentleman from Alabama over the way, (Mr.
HoUsTos, with adroness TO which he is no doubt
toned instead of taking each separate quarter where
ceps Of the FIRST quarter unusually large and those of the
second quarter not half much put the
together aud taking the aggregate asked with air Of
triumph whether cmang the product Of the quar-
be equal amount total receipts Of the year would
not up the during the present year thirty
millions OF dollars. No doubt il would But tho gentleman
might with equal propey have taken the eleven million and
rNIufI thn ErY IT.. 1.f