Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-06-03
CONGRESSIONAL.
HOUSE OF REPREsENTATIvEs-M4r 81, ls4s
THE NATIONAL FINANCES. &c.

lures made the following report
The Committee Public Expenditures having had under
consideration the Report Of the Secretary of the Treasury
transmitting his annual report the finances to Con-
gess with the view Of ascertanng whether the statements
contained in said report correct and whether the said
statements could not be submitted in form simple and
less difficult TO comprehend, respectfully report:
That they have carefully investigated certain portions of
the annual report OF the Secretary OF the Treasury and after
great deal Of labor in anal yzng OF the lens contained
in that report have TO the conclusion that in par
cuas the report OF the Secretary is very defective, Civ
ing full information Congress and the public had right
expect whilst in others statements ma that produce
result that instead Of exhibiting correct
statement of the actual condition of the finances of the Gov
eminent the first day of December last which the report
the Secretary puports to do it shows ement that is
calculated to msead and deceive the casual eader and is
extremely difficult for persons of ordinary powers of nyes
CATION 10 understand.
Your committee in making those grave chages against
official document emanang from high source would not
nsnuae that the and miscellaneous adered to have
been made with the design of misleading Congress the
public, but think that those 80 numerous and of
such magnitude that Congress would be derect in its duty
they were permitted to pass unnotced and ncoTected
One great OF excupatng the Seceian from the
pcon of any improper motive is found in hefact that
Of the errors of uncomfortable magnitude co. preu
dca the accountant and in favor Of th Government
Your committee also take pleasure saying thd far they
have had occasion to examine the books of lie Department
they believe that those books kept with accuracy and in
that's highly cedtable to the gentlemen who have
them in charge. 80
The complexty of the at the Treasury and the
difficulty in arranging them properly, arises mainly from the
various ways in which the Secretary of the Treasury is
thozed make Of the credit Of the Government under
the provisions Of the act of January rs, 1917 entitled An
authorizing the issue of Treasury notes. oan and for
other purposes That act authorizes the President to issue
Treasury notes and stock exceeding twenty
three millions OF dollars it also authorizes the re-ssuing and
funding Of those notes well the receiving and refund
ing of Treasury notes that bad been issued under the
of July %, 1916, entitled An authorizing the issuing
OF Treasury notes and oan and the funding of Treasury
notes issued under acts prior those above mentioned.
In making up the the Treasury great
cessay to avoid blending together the operations OF The De-
partment under those different acts AMI the various of
using the authority given, max, them to
uninelgble and almost inexpcable To the Of due
and proper attention in this respect the committee
disposed to attribute most of the ncorgrues discrepancies
and that manifest in the report of the Secretary, and
which will be pointed in the succeeding part of this report
But bfore they enter into that part Of the subject your
mitee will ask your attention what they conceive to be de-
fleets in the report of the Secretary.
The 22d section Of the of January 2Sh, ls47, above
referred to, is in these words
Tha it shall be the duty Of the Secretary of the Treasury
report to Congress at the OF each session.
the of Treasury which have been issued under the
provisions of this act the amount redeemed and the
which the amount Purchased and OF whom and
at what time purchased and the amount ressued stating
lien of which redemption they resued with the date of
such reissue during the preceding year"
requlslions oil ecton, IN the opinion the
committee the Secretary has great failed comply
II is rue in statements H and l., in the report of the
Secretary, have the number and amount of Treasury
issued under the different exchange for specie
deposited in S47 and person whose attention
culary directed to the subject would reading the report
be induced suppose that those all the that had
been issued during the time specified Such the impress
sion of the committee and such, they will say,
the first impression Of than oneh of the members of
Congress close examination, however, and especially
reference the books of the Treasurer will show that large
of notes have been issued pa Of debts due by
the United States under the 4h section Of the act of January
2sh ls47 and though the amount those notes is ncud
ed in statements and b. il will be found very difficult
certain precisely the amount that has been thus issued without
from other data than that which is furnished
by those statements
In have the amount Of Treasury is
sued monthly from January to November 80, S47 nclu-
ve but large Of had been issued in the
year 1916, that statement does not exhibit the whole
issued.
Again. the law requires the Secretary render statement
OF the amount of Treasury notes redeemed AMI the
in which redeemed the purchased Of whom and
at what time purchased Treasury notes redeemable in
three different ways FIRST by paying specie r them when
presented at the Treasury second by receiving them pay
ment Of customs and public lands third BY funding them
issuing stock in lieu Of Treasury notes, and thus Withdrawing
the notes funded from circulation. As the moneys received
in payment Of customs and in payment Of public lands are
always kept separate in the Treasury accounts thee is no
doubt that Congress in requiring the Secretary designate
at the Treasury redeemed, contemplated return of
those notes under four different specifications, VIZ:
Those that were redeemed by the payment Of specie.
Those received in the payment Of customs
Those received in the payment Of public lands and,
Those that were funded.
In statements and have the whole amount of Trea-
uy notes redeemed reimbursed hat being the term used
in the Sccrearys report under the different acts of Con-
gress during the year preceding December l ls47 In
statement find the amount Of Treasury notes received
from the sales Of public lands during the fourth quarter Of
1885, and the FIRST second and third quarters Of lS47 and
in statement XXX have the amount Of Treasury notes re-
ceved at the Treasury Department Of customs
during each month, from December 1885, to December
ls47. The amount Of Treasury funded embraced
in statements and b, and partially specified bot owing to
certain discrepancies that will be hereafter adverted TO- il is
impossible ascertain from those what amount of
each description Of notes actually funded but no state
ment submitted in the annual report of the Secretary in
any other communication to Congress from the Department
that has 10 the knowledge Of the COMMITTEE there
any OF the Of Treasury reimbursed by
The payment Of specie the Treasury, except far as il
might be asceaned by comparison Of the above aements
and then, for already stated the
could not be discovered The law requires statement not
only Of the amount Of notes purchased but Of whom and
what time purchased In regard TO those latter requirements
whom the notes purchased Of and what time
purchased, the committee find no indication whatever
The law also requires statement Of the Of Tres
suy received stating In lieu Of which redemption they
received, with the date Of such reissue Upon these
points the report Of the Secretary Is entirely SILENT and
ushes the slightest information by implication otherwise
How far the interest Of the Government has been or NAV
be compromised affected by the Secretary withholding the
information required by law, not the province Of your
mitiee determine Some Of the information thus withheld