The voice of freedom. [volume] (Montpelier, Vt.) 1839-1848, 1848-03-23

But it has been stated to us that there was
an error, in the Secretary's report of the con-
dition of the Treasury, OF nearly seven mil
lions of dollars, that sum being in the Trea-
sury, but not included in his estimate of
means-and consequently that his estimate
of deficiency should have been less by that
sum. | therefore deduct the amount from
the above result which leaves the deficiency,
ON the 30th june 1S49, at the sum of $685.
100000; and in this there is no estimate for
the provisional force Of twenty thousand vol
unteers contemplated to be raised.
This may appear very large estimate, but
1t is justified by past experience. stated to
the Senate, in the outset of my remarks, that
the excess Of expenditure hitherto has been
from thirty to thirty-fve millions year--ar-
irving at the same conclusion as the Senator
from Rhode Island, although by a different
process Hsuch has been the deficiency here
tofore, what is it to be hereafter You pro-
pose a more extensive plan of operations, an
increase of your standing army by ten thou
sand men, and provisional force of twenty
thousand men.
Sir, you have thus far carried on this war
under the most favorable crcumstances-I
was about to say, with the especial blessing of
Providence. Had tnot been for the peculiar
state of things in Europe, calling to an un
precedented extent for our productions, and
pouring into this country an abundance of the
precious metals, and thus furnishing an anti
dote to the exhaustion of your Treasury and
of the currency, by your foreign expendit ire
under the operation Of the Sub.treasurv, this
war would have ceased long ago for want of
the means to prosecute it. We have, by this
drain of the precious metals, brought Eng
land to the verge of bankruptcy, the Bank of
England to the brink OF suspension, and thus
rendered them tributary to this unfortunate
war. But the state of things is changed. the
specie is rapidly returning, the commercial
tide is ebbing commercial enterprise stagnat-
ing, and the currency is in condition of rap
id curtallment You have before you the
prospect Of commercial and financial embar.
raSsment.
This enormous sum Of nearly seventy mil
liens of dollars must be raised within less than
eighteen mnnths from this time, because il is
to be expended during that period 1t is toI
be raised also upon the naked credit Of the
Government; for, let it be remembered that
this sum is not the aggregate expenditure, but
is the excess of expenditure beyond oar rev.
enue. This brings me, sir to the important
question, how shall it be obtained Two
modes are suggested:
First. A direct and permanent loan.
Second. An indirect and temp ,rarv loan
in the form Of an emission Of treasury notes.
Sir, will undertake to demonstrate to the
Senate that neither Of these modes will avail 4
that, if this war continue, 1.-THE Treasury cannot
be permanently relieved by either, nor by |
both Every consideration connected with |
the subject combines in my Judgment to iusti-
fly this assertion.
Where is this seventy millions to be had ? |
Sir, have it from the highest authority-au-
thority which | apprehend will not be ques-
toned by any member of this body -thaf the
whole amoant 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 NAV
be in the banks of Philadelphia and Baltimore
less than in New York and Bos-
ton. The Senator from MaryIand, (Mr.
PEARCE,) says two millions in B Gilmore.
How much there may be in the Southern
cities am not able to say; but their re ioui-
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. 1t is
not probable, in my opinion, that all the banks
in your commercial cities can command more
than twenty or twenty-five millions. Where.
then, is the enormous amount which Won re-
quire to come from? There is now n bill in
the other House authorizing loan OF eigh-
teen and half millions; and there has been
much speculation in the country as to the
that such an amount would be
taken But, sir, when YOU come to add fifty
millions more, to cover the deficiency of the
coming year, deny altogether the capacity
of the country to furnish it. 1t is physical
The amount is not in the coun-
try. You have dissolved your connection
with the paper currency OF the country; YOU
insist upon gold and silver, which cannot be.
had, and which, in the present State of your
relations, is going out of the coun-
try instead of coming in. Re eff to the Trea-
sury in this way, under the circumstances, I
pronounce impracticab!e. No financial skill
can accomplish it.
Sir, there are other insurmountable diff
cultieS in the way of such enormous loans
even if you had not hampcred yourselves
with your Sub-trcasury and its specie clause
The surplus capital growing ont Of your recent
commercial prosperity has already sought in.
veStment; some thirty or forty millions in
your public debt, an immense amount in rail
roads and manufacturing enterprises, which
have been stimulated by the unusual activity
of commerce, Fifty millions, it is said, have
been invested and are in process of invest.
mcnt, in railroads in New England alone.
The amount nov being invested in manular-
turing enterprises is immense. Nor is this
all. The Investments are incomplete. and
the amount already invested must draw after
it further investments to a very grea extent,
or the enterprises must be abandoned. This
circumstance will increase the demand for
money, and will increase also the competition
with You in the market. Large amounts are
in goods on hand, which cannot be
realized until the goods are wanted for con
sumntion nor until the cnuntru ncnu;rns .Lu