Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1848-05-12

Pendilures oflhe year more lhair loIr millions
making togeihrr ~ the end ofihe wear. a bal.
sbee ogsirsi The Tr asury n aiar than his Sc.
umaie BY more han nine h.ihons; which Of
course occasions ia pau, the necessity Coz the
Ian nov asked Cor. The Secreary nov tells
Us taai loan Of sixteen millions wiiF carry
him through the year. lflhe Secremry's over.
estimates aud under-esimues Of The ryccip,s
and Expenditures OF this year are as wide Of
The marx as have shown those OF The last TO
have been az the corr spending period ofthaI
ycar-say nine mions-thaI sum, added TO
the sixteen, will make twenty-five millions as
the amount Of loan that be ought to have asked
for. Bul gentlemen will perhaps say that this
has put him on his guari-Iha he has profied
hy experience. So far from il. he ragrcucd to
say thar the Secretary has estimated the rcve..
nucs ofthis year At more Than eight and half
millions above the receipts of the last; he e-ii.
tiaies OF the receipts Cor his yc,r beng S3I,-
100000, while the sum toral orUll the.reycnucs
"f last yeur was e2G,3I6.79O.37. There is
every reason TO believe he is again five millions
above the mark. For example, he estimates
the customs for the three last quarters of this
year AZ a fraction under twenty millions (Sl9,-
t93 1889 The returns Gr the fist Of those
three quarters are nos received, showing the
dui5s for that quarter TO amount only TO a Irac-
tion over five and quarter millions (S5 337,-
S7l8I.) The actual receipt from the customs
last year were S23,7l186I66. lie estimates
The customs this ycarm $3l eco, ,OOG-beiug an
excess over the actual receipts Of last year Of
seven and Il quarter millions.
SO much for the customs; now let us turn TO
the pubic lands. Tho last three yeaoo have
been years Of prosperity ia The West and South
west, whore the public lands are silua,cd. For
those three years the annual average income
from the sales Of the lands have been below two
aud half mil.ions-(2, ,Il9,8fe CO. In his
annual report year ago, the Secretary cstima.
t"d the receipts of the lu1.c lands for 1h9 hen
c 'rrent year at SO 400 600. His report Of this
year shows that they actually yielded only
S2,497,355 so, being an over-eslimule Of near
mhiion Of dollars; and yet, in the face of these
facts; he puts down his estimate Of the public
lands for this year al &3, 400 COO. Bu lot it BE-
admitted that the income from the public lands
will equal his calculations. The question
Ihcn arises, can he use The moneys derived
from this source to pay the current expenses Of
the GovcmmcnA he undoubtedly can Use
the proceeds of the two first quarters Of this
ycar in that way, but he has no right 50 to ap-
Ily the proceeds of the sales made after the
first Of January last. In his estimates Of this
year and the next fiscal year. he has treated
the moneys 10 be derived from this source as
though they belonged 10 the general revenue,
and were to be used for the current expenses of
the Government. This, as he conceived, was
in direct violation Of the act of the last session
10 raise loan of lwenty-thrcc millions Of dol
lars, which specifically pledged the proceeds Of
the public lands to pay, first, The interest on the
loan, und the residue TO be applied TO the pur-
chase Of the stock, when the same con be
bought NJ price not above par. That gentle.
men might see on what footing this branch of
the public revenue is placed by thai act. he
would read the provision on that subject, which
is in the igIDowing words;
THAT for Iho payment Of the stock, which
may be created uudcrth provisions Of this act,
the sales Of The public lands are hereby plcdg.
cd, al il is made The duty Of the Secretary Of
Ihs Treasury to use aud apply all moneys
which may be received into The Treasury for
the sales of the public lands after The first day
Of January 1913, first, to pay the interest ON
al stocks issued by virtue Of this acl; aud, Sc
condIy, to use The balarco OF said receipts, ailer
paving the interest aforesaid, in the purchase
o said socks nj their market yaIuc' PT0rmd,
No more than par shall be paid for said stocks. "
Now, this act makes the proceeds Of tho pub.
lie lands a sinking fund for tho liquidation Of
lho loan Of wcnly.lhroo millions, aud express.
" enioins II on the Secretary SO to apply them.
lie blicycs those in this House holding quite
opp site opinions on most questions Of finance
uni ed in giving this pledge for very different
rctsOus. He was member OF the committee .
that reported the bill, aud very well rcculIcccd
what his reasons were. lie thought that what.
ever other loans the Mexican war might render
necessary, aud however they might sink in the I
market, with this fund to back II, this stock
clud never sink to low clb. Those who
have adycnturcd their money in this sock have
Il right to demand a faithful execution Of this
pledge. That stock is now below par, aud it .
j, The bouudcn duty Of the Secretary Of the .
Treasury to sustain its credit by Il faithful 0p-
plicalion Of the moneys which may be reccv.
INTO the Treasury from the sales Of lands
lie had his reasons Tor agreeing to that pledge,
IN which the owners of The stock are but re-
mocly Interested. He was very glad to take
this branch Of the public revenue out Of the
general Treasury, and thereby throw the sup,
pou ofthc Government upon tho customs alone,
as one Of the surest means Of compelling The
Government, under the pressure Of the nocoss.
lies, TO ABANDON at an earlier day than it other.
wise would, its mschicyous lrce.Wadc policy,
aud come back ogain 10 the protection of the
home labor Of the country, as the only sure
fountain of public prosperity and of orubundont
supply Of revenue. He had another reason,
which weighed strongly with him for giving
the lands in pledge. For near quarter of Al
cou,ary mceusing efforts had been made in
both branches of Congress to break down the
public land system and sQuondyr the lands, by
reducing the price so low that they would 10
longer hargarded as worthy the caro- Of Con.
gross aad The expense Of managing them. He
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