Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1848-03-01

millions authorized by previous act. have
all been obtained; and yet, at the COM
Of the present session of Con-
gress, the President asks for an addition
al loan Of eighteen and half millions to
enable him to prosecute the war to the end
ofthe present fiscal year, Both June, 1848.
| present here short extract from his mes
sage:
"Refaning a sufficie Mt surplus in the Treas
ury. the loan required for the remainder of tho
present fiscal year lending Goth June, lsls) will
be about eighteen million five hundred thousand
dollars"
The Secretary Of the Treasury, in his
report, informs us that it is expected to re-
tain in the Treasury only three millions,
instead Of four, as stated in the report Of
last year. Then, if we add to the eigh-
teen and a half millions asked for. the
million taken from the surplus estimated
to be in the Treasury. il appears that the
estimate Of loans Of the last session fell
short Of the amount required. nineteen and
a half millions of dollars. | should be
much pleased if some friend of the Adj
ministration would inform US how this
gross bunder has been made. Are we to
attribute it to the errors of the Secretary
card to the finances of the country. so
poor that he is liable 10 fall into such glar-
ing errorsl Or has there been an attempt
to cover up and conceal from the country
the enormous expenses of the war. and
the alarming national debt it is creating? /
care not which horn of the dilemma the
Administration and its friends may chose;
in either case it is corclusivelv shown that
no confidence can be placed in the esti-
mates emanating from that source.
But the estimates now made by the
Treasury Department show, that the pub
lie debt on the 3Oth Of June, 1919. will
amount to over eighty-four millions Fof
dollars. The estimate is made on the as
sumption that the Government will receive
all the revenue estimated in the Secreta-
rvs report, and will be required to expcnd
only the amount there estimated. But it
will be seen, on examination, that these
estimates Of receipts and expenditures are
entitled to as little credit as the estimate
Of loans, made last year. Let us look at
the estimates Of receipts and expenditures
for the last year, and compare them with
the amounts, as shown by the reports.
The Secretary. in his annual report, in
December, 1916. estimated the receipts
for the year ending 3Oth June, 1847, at
$31 ,33j,731 90. The actual receipts, as
shown by the official report, were $780,
SAG. 79O.37. showing a deficiency Of $4,-
9G3 SAC, 63-almost five millions. lie
estimated the expenditures for the same
year at $55.241,212,O9, while the report
shows that the actual expenditures were
$59. 451 Notwithstanding an excess. be-
Al -
The report now before US proves that the
Secrctary's estimates for the last year var
led so far from the true amount Of receipts
and expenditures, as to make difference
of 9,19G. 9O6,19. Is it not fair to presume
that the estimates for the present and the
ensuing year are at least as erroneous as
were those for the last year! A careful
examination of them will, in my opinion,
show them to be erroneous to a much lar
ger amount. But assuming them to be
erroneous only to the same extent, then
there will be an additional deficiency of
means. to the amount Of $13.397 .G12 SO
which must be provided for by additional
loans. and which will swell the public
debt. on the 3Oth June. 1349, to the sum
of $1O3.O57 .47l.75-one hundred and
three millions of dollars-a sum greatly
beyond the entire public debt occasioned
by the late war with Great Britain. That
our public debt will reach that sum at that
time there cannot be a doubt, while there
is every reason to believe that it will be
MANY millions beyond it. The estimates
and rec lamentations of the Executive
are clearly shown to be entitled to no Gre
dit. At the commencement of the session
the President and the Secretary of the
Treasury both stated that a loan of eigh-
teen and half millions would be requi-
red for the residue of the present year
a few weeks afterwards. the Secretary ad
interim informed us that mistake had
been discovered in the annual report. bv
which the means of the Treasury were es-
timated at near seven millions of dollars
less than the true amount. and that they
then had means 10 the amount of near
seven millions beyond the amount stated in
the report. Upon this important discov-
cry. he recommended that the loan before
requested should be reduced to twelve
millions But scarcely had the report
containing this information been printed,
when We were again informed by the Sec
rotary. that the previous estimates were
erroneous. and that il was now found me-
cessary to raise the loan to sixteen mil
lions. Was ever such series Of blunders
and errors before wifnessedl l venture
the prediction. that before this session OF
Congress closes. we shall be called upon
to authorize additional loans. notwithstan-
ding the assurances ofthe President to the
contrary. The loan now asked for will
be found insufficient to meet the extracr-
binary expenditures we are mourning.
But, Mr.. Speaker. taking the estimates
of the President and his Secretary as COR
rect. with the exception Of an allowance
for errors in the estimates for this and the
next year. equal to that which the report
shows to have existed in the estimates for
the last year, and our public debt on the
3Oth of June. 1S49. will be over one hun
bred and three millions Of dollars, upon
which we shall have TO pay an annual in.
terest of S6.183.448.96. Ii becomes a
matter Of grave interest to inquire how
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