The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1848-02-22

Mr.. VINToN's SPEECH on THE FINAN-
CEs.-The able speech of Mr.. Ninton, OF OH
q. Chairman of the Committee Of Ways and
Means. will be found in our columns to-day.
II will attract great attention not only in on!
nonied circles, but throughout the country, for
the lucid views it presents of the National fl
nances, and the probable expenses Of the war
if soon brought 10 a close.
MIR. Vinton estimates that the public debt OF
the ensuing year will reach one hundred and
twelve millions of dollars. The existing debt
nav be called, in round numbers, fifty millions
add TO this twenty-three millions, which the
Chairman estimates for the present fiscal year
and deficiency Of thirty-nine millions for the
ensn,ng year, as the present cost of the war,
and we have the interesting little sum of one
hundred and flrelre millions, rs one Of the bies-
sings Of this Executive WAT y
The Secretary Of treasury (Mr. Finton says
should last year have provided sufficiently for
the wants OF the presont-instead Of asking
loan of twentv-three millions as he did, he
should have informed Congress that lie requir-
ed forty milEons-but the Secretary stated that
20 millions would carry US through tie fiscal
wear ending July /, 1913: Congress complied
with his wishes, authorized the loan for that a.
mount, and the money was obtained.
Had the Secretary asked for forty millions
last wear. it would have saved tie necessity
now Of supplying sixteen millions efficiency.
Then the money could have been obtained
without difficulty, for fiiiy-seyen millions were
proposed 20 the department Oh that loan.
Mr. Vinton saws that between the over esti-
mates of means made by the Secretary Of the
Treasury for which he was responsible IT was
almost impossible 10 get at any correctldea OF
the real condition Of the necessities Of the
Government. III these calculations have been
proved erroneous 10y the records There
seemed 10 be studous design 10 conceal the
truth, and to give better appearance TO the
Treasury than is warranted by the resources
The Secretary Of the Treasury had asked
the present Congress for three different sums
as 4 loan.
First. it was eighteen and a hqlf millions
then fortunate error WAS detected which re-
duced it to t5relce niillions,--thcn an unfortu-
nate error Of fur millions raised the amount
of the loan to Si1fcen millions.
Allowing for all corrections MIR. Ninton
saws he is convinced that before the expiration
of the present fiscal year. (Jan. 30,) not less
than t,ceafg-tlYce millions Will be requisite, in
stead OF sixteen.
The Secretary of the Treasury, says Mr..
Einton, HIS over estimated his means for the
present year very largely. lie has computed
81 millions from the Customs, against 26 null
lions of last year, and mn equal discrePancyin
the Land re eipis which arc much exaggerated.
When the report was made up the receipts of
only quarter Of the year had been asccrtained,
and Mr. Walker estimated twenty millions for
the ensuing three quarters. Since then the
returns Of the Second quarter had come in, &
shown the receipts amounted to S5,3O0,OOO
only; thus demonstrating that if the revenue
of the next six months was maintained at the
same rate there would he deficiency in the
Secreta1's estimate Of S4'l00,O00 in those
three quarters.-N. J. Express.