The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-09-07


OF the Treasury Many errors have been imputed, anC
their assumed discovery claimed, with little apparen
satisfaction. But these mpuations of mistakes are
the nature OF The only which exists has, far as
am aware, escaped the detection of those who have SC
diligently criticised is the Secretary,s report
In tract which has been published on this subject by
Mr.. Gaaiin there are several inaccuracies, which
have time to enlarge He swels the expenses of the
ready included in the esmates-thus reckoning them
twice. And what is very much matter of surprise,
from not regarding the operation OF the treasury note
SYSTEM because the apparent amount received and avail
BILE from treasury notes and loans the books of the
treasury for the two years exceeds the whole amount,
authorized by law TO be kept out at any time, he sg
gess that the Secretary has made mistake oil S5s79572
IN the amount of funds available from treasury notes
Gloomy presenliments and discouagng estimates he
lanly has right TO indulge. Far be it from to say
aushl TO disparage his character, assa his venerable
years OF to intimate, as was done another OCCASION
that ne IS not acpaled BY patriotic motives and though
ness of style remarkable in at his time OF life, and
displays the workings of intellect accustomed seek
It's recreation in the consideration OF complicated and
difficult subjects But may be permitted to say that
the want of confidence and the doubling apprehension
which il said impelled him to abandon the manage
men of the finances at critical period OF our late
with Great Britain in his vigorous maturity, not like
y to have been diminished BY the OF extreme old
age, which is sometimes conservative even to timidity,
which, notwithstanding Its general dlscouraglng TENOR
afford us ground OF consolation.
He says 'we are yet in sound state. The country
or impedes the indefinite progress Of the further
Improvement and prosperity of the United States"
He also does justice to the skifu and discreet manner
in which transfers OF the funds of the government have
been effected SIN these transfers from the places where
the is collected, the Secretary has done nothing
more than what was absolutely necessary; and he has
done it cautiously skuully, and with much regard
for local and commercial concerns practicable"
And gives me pleasure to perceive, coming from
pee ia on financial T Subjects the following v Gue
which, after the wonderful experience OF the past year,
could be wthheldto the importance and excel
ence nay the necessity OF the independent treasury
system:
st is true that the subueasury is experiment
which SAFE has attempted try for itself But
Gs a ,na my t@r H. on
large and for he banks ths"seios. THAT THEY SHOULD
NEVER BE PERMITTED THE MONEYS for the
pose OF increasing their discounts"
1t is important in considering the aspect of finan-
cal affairs, examine the Secrearys estimates of the
revenue from customs and other sources during the pres
en fiscal year These estimates have been attacked with
much severity. But those who make these attacks do
not agree with each other any more than with the Secrc
rously the amount available from treasury notes, they
cannot all be right, and, that instance, they to
me to be all wrong The occupation Of prophet is
for which have particular prediction, and, certain
liy, no peculiar fitness; and any desire which might
have had to enter upon this avocation would be quite
discouraged BY the Indifferent which has attended
those who have undertaken the dangerous task 1t is,
therefore, fortunate that at the present me not
obliged TO depend much upon Representation for the
honorable senator from Vermont [Mr. PHELps,l in his
speech to the Senate in January last, went into various
calculations TO prove that the revenue from customs for
the present fiscal year could not exceed wenty-four
millions of dollars. He insisted, in the strongest and
most positive terms, that seven millions should be de-
Quoted from The estimates of the Secretary this head
He deducted, also, million account of the receipts
from land, estimated by the Secretary at 900, and
contended that there would be deficiency in the esti
mated revenue OF at least eight millions of dollars 1t is
not quite two months since the senator's speech de-
ivered; and how do facts verify his forebodngs! Why,
sir up TO the present me the revenue of the year from
customs is about twenty five millions of dolars-moe
than the estimate of the honorable senator for the whole
year This not speculation i is positive and ascsr
tanned result and only six millions are necessary in the
remaining portion OF the year to bring the amount to
the estimates OF the Secretary The prospect s that the
estimates will not only be equalled, but exceeded.
Well, sir in relation to the proceeds OF the land sales,
the receipts for the first half Of the year were 81 $751;,
492 49, thus far coming up to the calculations OF the Sec
rotary. The miscellaneous receipts not at any time
sely ss ro the he so
ctor alone an amount not much below two hundred
thousand dollars.
&c. on the WHOLE there is every probability that the
Secretarys estimates of for the fiscal
year will be fully sustained in amount And it is settled
beyond the power OF contradiction that the calculations
of the senator from Vermont have proved entirely fall
lacious. In addition to this of eight millions,
made by the senator his estimate of for the
current year, will here advert to another Of ten
millions Of dollars into which he has inadvertently fallen
in his criticism on the Secretays statements for the
year The senator stated in his speech that had cost
him much trouble to ascertain whether the ten millions
OF additional appropriations asked for in the Secrearys
estimates, sent at the commencement of the session.
were included the expenditures OF the year stated
that they were not He therefore adds ten millions
to the expenses of the year. Now, sir, the honor
able senator is utterly and entirely mistaken. The
estimates asking for the additional appropriations
dated before the report the finances. They were
before Secretary when the report the finances
sent n and would thus impossible that the
could be correct But this, again, matter of specu
ation II is positive FACT appearing on the books OF the
department. that this ten millions of additional appropria
tons included in and made part of the estimated
expenditures in the Secrearys report The honorable
the amount of appropriations passed last year for the
rent fiscal year. and finding them large the whole
estimated expenditures in the Secreary's report. But
the senator will recoect, as said day or since,
thai in these is included the Appropriation for the Post
| Office Department, which is matter of form, and
also large for deficiencies of the last fiscal year,
and which belongs TO the expenditures of that year.
Mr.. PHELPS. did state, in the remarks which made
upon this subject that from the data my possession,
according to the best calculation could make, IT ap
peaed that the deficiency of ten millions of dollars was
not included in the Secrearys estimate for the expenses
of the year. have since been furnished with state
ment from the department the subject showing thai
the deficiency included and that mistaken in
the conclusion to which had come. | am willing TO
take tho statement of the department for the present
But beg leave to remind the senator that ten millions
only included in the estimates ON account of def
cencies and the deficiency, it appears, is four
teen millions; and the honorable chairman OF the
Finance Committee has told us this morning, another
error has occurred of million and half Of dollars
What is the RESULT The result is that we are to add
htrap and halt knco