Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1848-03-16


ception OF what may be expected from this source
Now, sir, am right or wrong in adding this
sum OF seven millions to the estimates of expen-
ditures for the coming year in view of these con-
t siderations?
But this is not all. This bill proposes 10 raise
ten additional regiments. The expense OF this
force is not included in the Secretarys estimates.
What will they cost ? Sir, am not enough Of
a military man 20 determine with precision. /
, find that the pay and subsistence of regiment
amounts to about two hundred and fifty thousand
dollars per annum. The additional expense Of
clothing will probably carry the sum up to three
hundred thousand dollars. The bounties for one
thousand men amount to 81 900, and the ex-
pense of recruiting to about the same. The
cost Of raising regiment and transporting it to
: the scene Of action will not in my opinion, fall
short of one hundred thousand dollars This
gives you an expenditure Of four hundred thou
sand dollars for regiment for the year, or four
millions in the aggregate for the troops 10 be
raised by this bill. This estimate is, in my
Judgment, low one; and as it is not included
in the Secreary's estiIuate add it to his estima-
ted deficiency.
have one other item. The Secretary inclu-
des IN his estimate of receipts for the current
year the sum of $6,2S4,294 as avails Of loans
and Treasury notes. OF this sum he reports
Sa2O2,O2O as available on the LIST December,
lS47, by which understand this last sum is yet
to be borrowed. | therefore carry it to the a.
mount of the sums to be raised on the credit of
the Government
The result Of these corrections OF the Secre
tarys estimate is then an over-eslimate of the
receipts of revenues of Sl7,000,000: an under.
estimate of expenditure of $I9, 100000, or SI5,-
100000 in all to which are to be added the
sum of S4000,00O INCLUDED in his estimate of
Teceipts) yet to be borrowed; and the deficiency
of $36,O0O,000, as estimated by him. which will
make the whole deficiency of revenue on the
3Oth june lS49, or the excess of expenditure
beyond our income, amount TO the SUN of s75,-
100000.
But 1t has been stated to US that there was an
error In the Secretary's report of the condition
of the Treasury Of nearly seven millions of dol.
lars; that sum being in the Treasury but not in
Guided in his estimate Of means, and conse-
quepty that his estimate OF deficiency should
have been less by thot sum- therefore deduct
the amount from the above result, which leaves
the deficiency, on the Both June, 1S49, OF the
sum OF S6S,000,0O0; and in this there is no es
innate for The provisional force of 10000 volun
,eers contemplated to be raised.
This may appear very large estimate, but it
is justified by past experience. / stated to the
Senate, in the outset OF my rema, 80, @ 49,. 49,; az.
cess OF expenditure hitherto has been from thirty
TO thirty millions year--arriving at the same
conclusion as the Senator from Rhode Island. |
although by different process. IF such has
been the deficiency heretofore, what il It to be
hereafter? You propose moro extensive plan
oil operations-an increase Of your standing
army by ten thousand men and a provisional
force OF twenty thousand me1.
Sir you have thus far carried on this war nm.
der the most favorable circumstances was n.
bout to say with the especial blessing of Provi
dence. Had it not been for the peculiar state
oil things in Europe, calling to an Unprecedented
extent for our productions, and pourins. into this
country an abundance Of the precious metals.
ana mus furnishing an antidote 20 the exhaust
ION OF your Treasury and Of the currency BY
your foreign expenditure under the operation Of
he Suolroasury, this war would have ceased long
ago Tor want Of the means to prosecute it. We
nave, by this drain of the precious metals, brought
hngiand to the verge Of bankruptcy, the Bank
OF England to the brink of suspension, and TINS
rsnoered them tributary to this unfortunate war.
Apt lne state OF things is changed: the specie
Is rapidly returning, the commercial tide IS oh.
oihs, commercial enterprise stagnatinp, and the
currency Is IN condition of rapid curtailment
1 GU nave before you the prospect OF commercial
and financial embarrassment.
This enormous sum of nearly seventh m;Iliors
oil dollars must be raised within less than eight
cen months from this time, because it is to be
expended during that period. 1t is to be raised
also upon the naked credit Of the Government
ior let 1t be remembered that this sum is not the
aggregate expenditure, but is the excess of ex-
penditure beyond our revenue. This brings me, !
sir, to the important question, how shall it be OBJ
tanned Two modes are suggested:
lst. direct and permanent loan.
a. An indirect and temporary loan in the
form of an emission of Treasury notes.
SIR, will undertake to demonstrate 10 the
Senate that neither of these modes will avail
.ilat, II THIS war continue, the Treasury cannot
be permanently relieved by either, nor by BOTH /
Every consideration connected with the subject
combines IN my judgment to justify this asser-
ton.
Where is this seventy millions to be had ? |
Sir, Il have it from the highest authority-au-
thority which apprehend will not be questioned
by any member OF this body--that the whole a.
mount OF specie in the banks of New York does
not exceed five millions OF dollars. The amount
IN Boston probably does not amount TO four.
cannot say how much may be IN the banks of
Philadelphia and Baltimore less than
IN New York and Boston. The Senator from
Maryland Mr.. PEARcE) says two millions in Bal
timore. How much there may be in the South
ern cities am not able 10 say; but their resour-
ces are generally less than those of the North
ern cities, as their banks are generally The first
to suspend and the last to resume II is not
your commercial cities can command more than
twenty or twenty-five millions. Wher o, then, is
the enormous amount which you require to come
from? There is now bill IN the other house
authorizing loan Of eighteen aud half mill
ions; and there has been much speculation in
the country as to the probability th at such an a.
mount would be taken But, sir, when we come
TO add fifty millions more, 10 cover the deficiency
of the coming year, deny altogether he capac-
lty OF the country to furnish it. 1t is physical
impossibility. The amount is not in the country.
You have dissolved your connexion with The pa
per currency OF the country; you insist uppo
gold and silver, which cannot be had, and which,
IN the present state of your commercial relatio u.s.
is going out of the country instead of coming
in. Relief to the Treasury in this way, un der
the circumstances, | pronounce impractical BILE.
No financial skill can accomplish it.
Sir, there are other nsurmountable difficult tiles
IN the way of such enormous loans, even if YOU
had not hampered yourselves with your Sub.
treasury and its specie clause. The surplus can.
ital growing out OF your recent CONNIE rcial pros
penty has already sought investment some thir-
~ or forty millions IN your public debt, an i'm
mense amount in railroads and ma nufacluring
enterprises, which have been stimulated by the
unusual activity of commerce. Fifty millions,
II is said, have been invested, and are in process