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

nominal premium The published rate had ranged
rom ten 70 ten and three quarters, below which Ame
can com can be shipped to advantage.
WIN TINS double drain Of specie from the country the pa
ayNpg enects OF which had been every where felt the
runousy low prices Of all agricultural products the i'm
~ anu'on IN the amount Of our exports, and the
an na inc returns from abroad for present crop
must a short OF that Of last year by least fifteen millions
OF dollars ne put to the cando Of gentlemen to say if
was 10 reduce the estimate Of receipts Gus
toms for this year from thirty millions 10 twenty eight
millions, at which he had placed it.
But suppose that his estimate should in the face Of the e
sng state things prove TO be erroneous and the Tea-
sury should realize thirty Millions estimated by lis Sc
cretary, had gentlemen considered what must be the conse
quences Had they considered one hand The low pces
OF our staples In the foreign Market the small returns
from the national industry; and, the other that in order
TO produce thyone millions Of revenue, one hundred and
fifty five millions worth Of dutabe foreign goods IN addition
to all that admitted free of duty must be brought into the
country Had they considered that safely inn
port more than the average amount Of EXPORTS that our
credits ~ foreign markets must be equal to the there of
the goods purchased that specie balance accumulate
against be paid coin or by the transfer of Govern
ment securities Under such circumstances what could rea
sonaby be looked for but the very Of things had re-
erred toa commercial crisis Of the ruinous description
he thought strange that at the very time the Government
was looking to loans for its present MEANS it inviting
and calculating upon and ardeny desiring importation of
one hundred and fifty five millions of duable goods when it
was well known that the country not able pay by the
fruits OF Its industry sold abroad than about hundred
and ten millions With the balances accumulaing abroad
against from such Of things who could not see that
specie must be drained from BY perpetual exportation
making for itself constantly widening and deepening chan
mel until general distress and ruin should stop its flow But
he had not time to dwell upon this subject.
he had but word TO upon the subject Of the
be derived from the public lands After what had been
well said by the honorable chairman of the Committee Of
Ways and Means the and extent of the pledge
of the public lands which had already made for the debt
now incurred It would be presumption in him attempt
add any thing He thought however, that good faith de-
manded lis strict and rigid observance, which, apart from all
OF political expectancy ought be enforced by
the higher and stronger argument of moral obligation. He
adveed TO the subject merely the he differed with his
friends the amount be derived from this source It
was known that the sale Of the public lands greatly under
the control Of the Secretary of the Treasury The proca
nations for sales for the residue of this fiscal year embrace
between five and six millions Of acres besides the Miami Re-
which about hundred thousand acres hicky
settled and limited to minimum price of dollars per
The effect OF these extensive offerings compel all who
may be entitled opreempon rights them by the day
OF SALE In this state Of the he had felt authorized
to reduce the estimate of the Secretary Of the Treasury below
the sum fixed by him Of SO, 100000 The policy of
bringing such quantities public land into the market
different question While he would give every facility the
honest and bona de settler acquire ahome he would guard
against throwing into the market greatly beyond
the wants of such settlers. He knew that ii had
had tendency retad the settlement Of country by
spcculaons, which had always resulted such large Of
feng where the land good and likely appreciate in
value. From calm and dspassionate of the whole
subject he thought that he might that he had not I'M
der-esmated what would be the actual receipts Tor the pre-
sent fiscal year.
AS TO the expenditures anticipated to- be tor this
year. his friend (Mr NcoLLy in his defence Of the financial
policy of this Administration defence characterized equal
fairness and ability had in great candor seemed admit that
they hadto some extent been the Secreta
report by speaking very efficiently Of the soundness of the
estimates and apoogizng very properly and in good spirit
for the Secretary, from the difficulty inherent in the subject
He (Mr N thought it would be very attractive capi
tass to show that the estimates OF expenditures low;
and although such might be his opinion, he comfoed
himself BY what might be realized from Mexico
likely fully TO make up the deficit
Mr. NJ said that these what by the Quarter
master General when he said that the estimate for The SER
vice Of the year reduced in consequence of the informal
ton you communicated to the policy intended be
adhered TO by the Executive II the whole Of sixty
odd millions Of dollars could be raised by the army Mexico
then there would be necessity for any estimates oexpend
lures any appropriations by Congress The gentleman
seemed to think that all the money which might be extod
from Mexico, the shape OF customs contributions and by
every other mode matter of under the sole
and exclusive control Of the President and that he had the
perfect right spend IT, without any restriction Of law just
he pleased That all this conferred upon him under
the power, because he commaudern of the
army and navy, and had right conqueror levy
buttons and apply them as to him might appear expeden If
this be 50, what is that the mighty right repub-
Executive cannot do Where are those wholesome and
salutary restraints which revolutionary ses vanIy
tempted 10 throw around Executive power If this the
calculation Of the Secretary Of War; and his estimates
reduced consequence thereof he shopd have honestly said
So It is high time that Congress and the country should
know it.
That the expenditures have been largely
beyond all controversy The Quaemaster General sub
mied his estimates TO the Secretary of War the 4th Of
November last but at the suggestion Of the Secretary he took
them back for determination, and in his language made
considerable reductions In his letter the Secretary he
says that the estimates Of the 4h of November made
out from data derived from the experience Of last year The
committee desired TO the original estimates which had
been thus reduced, which accordingly laid before iland
had been published.
The estimates first laid before committee were
ages for the present fiscal year ending 30h June ls4s FIVE
millions Of dollars. The estimate for the made
the 4h Of November for 81 000 The estimate for
for camp and garrison equpage clothing, &C. for
this year 5000 000 That ohe 4 Of November for the
thing $780, 000 The total esima for the Quarter
masters Department originally laid before the committee
amounted 10 $780, 000 The total estimates Of the 4h of
November amounted TO s27,75l 200 1t thus appeared that
the estimates o deficiencies in this Department for this year
reduced $780, 000 and the reduction amounted
200 Yethe Quartermaster General to the Sec
Rotary OF War tbathese estimates the 4h Of November which
have been al his suggestion reduced were made
out from data derived from the experience last year IL was
due to the Quatemaslcr General that he explicitly
that he would not have venued make these reductions but
for the fact that two sessions Of Congress would intervene be-
fore the termination Of the fiscal year. Since The def
cheney bill had been reported 10 the House, the Secretary OF
War had made known the committee that the original es
mate OF the 4h Of November for camp and garrison equpage
and clothing would all be needed and he asks upon that
$780, 000 instead Of $780, 000 which, at his sugges
ton, il bad been reduced.
The Quarermastc General in speaking OF the reduced
80