Weekly national intelligencer., 1848-02-12


possible on the state of their affairs What men desire
they easily persuade themselves to believe The Secre
ay Of the Treasury therefore might in his desire TO provide
meet the public expenses his receipts
by pretty large cenage without bdng aware OF it, and
might at the same time firmly believe in realizing the ull
amount The same remark is applicable to the Secretary OF
War in the desire he must feel to cu the war as
much possible But this furnishes good reason why
their estimates should be severely and doubngy scruinzed
in this House. Great allowances ought also TO be made for
the uncertainty that must always from many causes hang
future receipts and future expenditures but with
all this uncertainty the heads of the Departments ought to be
able make reasonable approach the TRUTH IL they
would keep themselves free from difficulty, it would be wise
always make large deductions from their calculations In
private life, if individual in carrying his business habi-
tuay estimates his and undertakes his expenses
requires prophet orete that he is doomed to be
bankrupt, and that too before he is Of it.
This equally true of the great undertakings of Govern
mens When great work is undertaken, the execution oi
which requires multiplied and complicated operations to- be
conducted large scae often times under pressing emer-
gences that oveue all calculations of where losses
with from all the elements and from hand Of
lence and all is to be done by thousand agents. who
making contracts and dsbursng money! scattered large
space at great distance from their principals and most es
pecay If these agents, one and a impressed with the
idea that their principal rich and very able TO and not
few of them OF ahless morality and believe that he is
agrea goose whose feathers ghuy belong to him who
pluck them and if to cap the climax, he himself puts the
highest possible estimates his means and undertakes the cost
may be he will have sad time in footing the bills.
Last year. the annual report Of the Secretary Of the Treasury
the state of the finances which, always presented to Con-
ges when the year nearly half expired, oveestm ted the
of the then year i've millions and under
estimated the expenditures the year than four millions
making together the end of the year, balance against the
Treasury greater than his estimate by than nine mil
lions which of occasions in pat the Necessity for the
loan asked for The Secretary tells US that loan
of sixteen millions will carry him through the year If the
Secreays estimates and undeesmates of the receipts
and expenditures of this year wide of the mark
have shown those of have been the correspond
ing period Of that yearsay nine miunsthat sum- added to
the SIXTEEN will make twenty-five millions the amount Of
loan that he ought have asked for But gentlemen will
haps that this has put him his guard that he has pro-
fitted by experience. So far from it, he regretted that
the Secretary has estimated the of this year
than eght and half millions above the receipts of the last
the estimates of the receipts for this year being 00o
while the total of all the of last year
$685. 346 790 81 There To believe he again
five millions above the mark For example, he estimates the
customs for the three last quarters OF this year at fraction
under twenty millions, (Sl9 S93742 So The returns for
the first of those three quarters received, showing the
duties for that quarter only fraction five
and quarter millions (S5, s74 s4 The actual receipts
from the the customs last year S23 S64 66. He
estimates the this year s3l oO0 0O0-being
cess the actual receipts OF last of and
ter millions.
So much for the customs let turn to the public
lands The last three years have been years of great pros
perty in the West and Southwest where the public lands
situated For those three years the annual average
from the sales of the lands has been below and
half mllons-(S2 942 &C., In his annual report year
ago. the Secretary estimated the receipts of the public lands
for the then current year 400 000 His report this year
shows that they actually yielded only So ,355 20, being
estimate of million OF dollars and yet, in the
face OF these facts he puts down his estimate of the public
lands for this year 500 00O But let be admitted that
the income from the public lands will equal his calculations
The question then arises he the moneys derived from
this source to pay the current of the Government
He undoubtedly the proceeds Of the sales OF the
the two first quarters OF this year that but he has
right to apply 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 be derived from this
though they belonged the general revenue and
to be used for the expenses of the Government
This he conceived in direct violation of the act othe
last session to raise loan of twenty three millions Of dollars
which specifically pledged the proceeds of the public lands to
pay first the interest the loan, and the residue to be ap
piled the purchase Of the stock when the bought
at price not above par. That gentlemen might what
footing this branch of the public placed by that
he would read the provision that subject which is in the
following words:
Thst for the payment Of the stock which may be created
under the provisions of this act the sales of the public lands
hereby pledged and made the duty OF the Secretary
of the Treasury and apply all moneys which may be
ceyed into the Treasury for the sales Of the public lands
the LIST day January IsS frs the interest all stocks
issued by virtue of this and secondly the balance
OF said receipts after paying the interest aforesaid in the
chase e said stocks their market value Prouded No
more than par shall be paid for said stocks"
Now, this makes the proceeds of the public lands sink
ing fund for the liquidation OF the loan of millions
andexpessy enons the Secretary so TO apply them He
believed those in this House holding quite opposite opinions
for very different He member Of the commit
tee that reported the BILL and very well recoeced what his
He thought that whatever other loans the
Mexican might render necessary, and however they might
sink in the Market with this fund back it, this stock could
sink to low ebb Those who have adventured their
money in this stock have right to demand faithful execu
ton Of this pledge That stock is below par and il the
bounden duty Of the Secretary Of the Treasury sustain its
credit by faithful application Of the moneys which may be
received into the Treasury from the sales OF lands He had
his reasons for agreeing to that pledge in which the
OF the stock but remotely If oil interested He was very
glad to take this branch of the public Of the gene
raj Treasury and thereby throw the support Of the Govern
ment upon the customs aone of the of
compelling the Government under the pressure OF its neces
sites, to abandon at earlier day than otherwise would
its mischevous ee-trade policy, and back again
protection Of the home labor Of the country the only sure
fountain Of public prosperity and Of abundant supply Of reve
He had another which weighed strongly with
him for giving the lands in pledge For quarter Of
century unceasng efforts had been made in both branches Of
Congress 70 break down the public land system and squande
the lands, by reducing the price low that they would no
longer be regarded worthy the of Congress and the ex
pense Of managing them. He thought this pledge with all
those who held that public pledges should be maintained
vioae would be bar any future legislation that should
impair IFS value. And yet, in the face Of all this both the
President Of the United States in his annual message to Com
gress and the Secretary Of the Treasury his annual report
utterly regardless Of this pledge and of the express duty
Joined upon the Secretary back the attack upon this
land fund with renewed vgor and exhaust all their energy
with little sophsy Of argument induce Congress
duce the price Of the lands And for what do you think