Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1848-03-10


the honorable chairman of tie Committee on
Military Affairs, to occupy and retain all her poe
siiions, military and political. VIII your expen-
ditures be diminished! Upon what principle.
then. is it that we are furnished with an estina'.
for the coming year, which falls from ten to
twelve millions short of the ascertained expendi-
turc of the present!
add the seven millions, therefore, to covcf
the underwriting of expenses actually estimated
for in the first place.
In the second place include in that sum a
variety of contingencies rot estimated for ard
hot susceptible of previous estimation. Such
as the loss and destruction OF military storcs,
provisions. and other property by the ordinary
modes of destruction well as the casualties
of war. The Commissary of Subsistence tells
us, in giving the causes OF the deficiency in his
department for the current year, that, lowing td
the nature of the climate of Mexico and the inn
perfect store houses, Ohe articles of subsistence
being perislablc.) much has been lost from de-
cay and wastagc, as also from wrecks during
transportation"
Thirdly. No estimate is made for The commit
tation of land bounties by the reception of money
instead of land at the option of the soldier, All
thorizcd by the act giving bounties 10 your SOL
diers. This item is not susceptible OF accurate
estimation.
Fourthly. There is no estimate for pensions
to Your wounded and disabled soldiers an item
of no inconsidcrable magnitude. How many
pensioners are to be bilited on the Treasury, az
one of the fruits of this war, NJ man can tell.
And lastly, take into considerations the mis-
cellaneous claims of citizens for services render
ed, property taken or lost, contracts unfuted,
&c, which cannot be estimated or enumerated.
Those who are familiar with the expenses grow
ing out OF the Seminole war can form
cep,ion of what may be expected from this
source.
Now, sir, am I right or wrong in adding this
sum of seven millions to the estimates of expen-
ditures for the coming year in view OF these
considerations
But this is not all. This bill proposes to raise
ten additional regiments The expenses Of this
force is not included in the Seeretary's estimates.
What will they cost Sir, am not enough of
"A military man to determine with precision. l
find that the pay and subsistence of a regiment
, amounts to about two hundred and fifty thou
sand dollars per annum. The additional expen-
SEES Of clothing will probably carry the sum up
: to three hundred thousand dollars. The boun-
4 ties for one thousand men amount TO $4,000,
and the expenses OF recruiting to about the same
D The cost OF raising regiment and transporting
it to be the scene of action will not in my opn-
= ion, fall short of one hundred thousand dollars.
{ This gives you expenditure of four hundred
= thousand dollars for a regiment for the year, or
be raised by this bill. This estimate is, in my
Judgment, a low one !; and as it is not included
h in the Secretarys estimate, add it to his esti-
[ mated deficiency.
d have no other item. The Secretary includes
b. in his estimate of receipts for the current year
: the sum of S6.2S4 294 as avals of loans and
: Treasury notes OF this sum he reports 81.
=. 2O2,020 as available on the LIST December, l347.
d BY which understand that this last is yet
al. - A.
!. mount Of the sums to be raised on the credit o.
l. the Government.
!, The result of these corrections of the Eecfer
n tary's estimate is then underestimate of the
j. receipts or revenues of Sl7.0O0,O 900 an under.
estimate of expenditures of $ 5000, 900. or S33-
: 100000 in all; to which are to be added the sum
; of Si,O00,000 Gncluded in his estimate of re-
f ceipts) yet to be borrowed and the deficiency
of $4,000, 900, as estimated by him, which wifi
! make the whole deficiency of revenue on the
2 3Oh june lS49, or the excess of expenditure
+ beyond our income, amount to the sum of S75.-
100000.
: But it has been stated to us that there was an
t error in the SeCretary's report of the condition
OF the Treasury of near y seven millions of dol
5 lars that sum being in the Treasury but not
I included in his estimate of means. and conse-
D Guently that his estimate of deficiency should
e have been less by that sum. therefore deduct
the deficiency, on the 3Oth June. 1919. at the
sum of 500, 100000; and III this there is no e.-
innate for the provisional force of 10000 youn.
/ teers contemplated to be raised.
This may appear very large estimate but il
| is justified by past experience. stated to the
= Senate, in the outset of my remarks, that the
A. excess of expenditure hitherto Las been from
2 thirty to thlrty-fve millions a year-arrvng at
J the same conclusion as the Senator from Rhode
l. al al, l., 4
@ has been the deficiency heretofore, what is to be
= hereafter! You propose more extensive plan
L OF opcrations-an increase of your standing ar
= my by ten thousand men and provisional force
of twenty thousand men.
s Sir. You have thus far carried on this war un-
:. der the most favorable circumstances-I was
|, about to say with the especial blessing of Prov
# idence. Had it not been for the peculiar state
= Of things in Europe. call to an Unprecedented
V extent for our productions. and pouring into this
f country an abundance of the precious metals,
. and thus furnishing an an,dote to the exhaus-
g ton of your Treasury and of the currency by
r your foreign expenditures under the operation
: of the Subtreasury. this war would have ceased
e long ago for want of the means to prosecute it.
d We have, by this drain of the precious metals,
n brought England to the verge of bankruptcy, the
e Bank of England to the brink of suspension and
thus rendered them tributary TO this unfortunate
I "a'' bul inc state Oh tllngs Is changed the
: specie is rapidly returning. the commercial tide
: is ebbing, commercial enterprise is stagnatinr,
: and the currency is in a condition of rapid cur
tailment. You have before you the pros poet of
:, commercial and financial embarrassment
: This enormous sum Of nearly seventy millions
n of dollars msst be raised within less than eigh-
: teen months from this time because it is TO be
0 expended during that period. 1t is to be raised
J also upon the naked credit of the Government /;
5 for let il be remembered that this sum is not the
= aggregate expenditure but is the excess of ex-
e pendlture beyond our revenue. This brings me,
. sir, to the important question, how shall it be OBJ
= tanned Two modes are suggested:
# lst a direct and permanent loan.
c I'd. An indirect and temporary loan in the
n form OF an emission of Treasury notes.
y Sir, will undertake 10 demonstrate TO the
It Senate that neither of these modes vii! avail
c that, If this war continue, the Treasury cannot
/, be permanently relieved by either, nor by both.
t, Every consideration connected with the SUBJ
l. ect combines in my Judgment to justify this as
It serton.
Where is this seventy millions to be bad p
l. Sir, have it from the highest authority---au-
a thority which apprehend will not be questioned
= Nv any member of this body-that the whole
70 amount OF specie in the banks of New York does
n rot exceed five millions OF dollars. The amount
Al in Boston probably does not amount to four. !
% cannot say how much may be in the banks of
b. ri lladel phia and BaltImore-probaly less than