The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-02-10

the Secretary Of the Treasury in his annual report and
HOUSE. that sursss9 provision o. eighteen ana hi.
millions would BE- nsosassry to msst the wants Of the
government up to the CLOSE Of the present nsosl
year This bill was reported for that sum, In oon-
formity with the recommendations Of the President
Shortly after the bill was reportsd-psrhaps upon
the same day, q communication made TO this
House by the Secretary Of the Treasury, informing
Congress the fortunate discovery OF an error
y seven million. Of dollars in favor Of the treasury or
rather CT means In the treasury beyond what was sup
posed to exist at the meh made the frst communities
on to Congress- and recommended that the loan be re-
duoed from eighteen millions and half to sixteen mil
lions II 30 happened, however, that short time after
wards the Committee Of Ways and Means informed
that the the War Department had made additional
estimates to the amount Of four millions The Secretary
OF the Treasury accordingly, asked that the loan be
placed ct sixteen millions instead Of twelve as suggest
ed in prior communications and the motion now sub
mitted by Mr.. Vnton, 10 predicated the last recon-
mendstion Of the Treasury Department and proceeds
be made In the estimates and that all omissions in the
Department arc supplied. From this statement 1t will
appear that s the last session Of the recon-
plus of four millions In the treasury instead Of being
twenty-three millione should have been forty millions
part OF the House. carefully to scrutins. the
msndation now made and to whether the provision
He was sffsid that instead Of the sum Of srtssn mil
onsit turn out that from twenty to twenty
I've millions, will have to be provided for the present
said, being SUFFICIENT carry through the next fiscal
year. the continue to the end Of he also greatly
large deficiency will exist at tho end Of the next
year, as will exist from thu present year; and sum
not less than thirty eight millions and half be
sary and should matter of course, be provided in
stead Of twenty and half which the Executive sup.
poses will be enough Mistakes committed during
the last session. both for the
and the country It unfortunate for the govern
ment. because, at the time Of the loan forty millions
should have been authorized instead of In
the then condition of the commerce of the country
There would have been difficulty In negotiating .
loan to that amount Mr. Vinton thought that the Sc
vupF< hA ~Io-~r
joint action the loan carried into effect committed
great oissuipg certificates Of stock and
thirty millions Of treasury no.ssthsss Notes have
come back upon the Secretary, and eeotuay dried up
the ordinary resources Of the government This H.
Something like three fourths of the duties with
in the month have been paid with them instead Of
money. This great fnancisl blunder and mistake
MIR. Vinton proceeded to show what the conclu-
sons he had arrived at with regard to the necessities
the government He had said that he feared, and he
he had made that 1t will require the raising by means
Of aioan, from twenty to twenty-five millions, to carry
when opinion Ia put forth in contradiction of
estimates presented might to be bold assertion
twenty millions would carry US through the year
aud when in fact forty millions required such
would have bssn attributed to party bias snd
1t would have been viewed effort to discred the
government, and by that means, give I" aid and COM
tort to the enemy" When we know that 80 great q
know Why and when the great mistake was committed,
and whether what is asked for is enough and whe-
tner the loan now proposed will be necessary for the
purposes OF the government In looking tho dccu-
ments 1t Is discovered that the mistake occurs In the
over Of Secretary of the Treasury and the
under estimates Of the Secretary of War The Secrets
places the probable receipts from customs entirely
too high That any revenue Of Importance will be de-
rived from the public lands, is absurd The bounty
lands have 30 far absorbed them that the receipts will
not pay sven tho interest OF the twenty three million
loan There are now million six hundred thousand
acres of ecrip Issued selling for oneha that
tnat one OF the warrants can be purchased half
price While this exists there bs receipts into
the treasury OF great valus The Secretary Of the
Treasury las nothing else to fall back upon Ct an the
customs The consequence is there must be q reduc.
tion OF from five to six millions Even taking tho lowest
amount loan, instead Of sixteen millions will have to
be increased to twentyons And the honorable gentle
man continuedto the points he had laid down
til the expiration Of the hour allotted him for debate
Mr. LIsoN, of Maryland, delivered . speech on the
subject Of internal improvements by the govern
ment He took the ground that those who be i'm.
mediateiy benefited BY rivers and harbors should i'm
prove them and pay for their use the farmer who
| pays tollfor travelling over turnpike.
Inc Committee rose, and the House adjourned.