The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1848-01-01

4AM AAgAa-A. @FE""~T
We yesterday gave q synopsis q Secretary
Walkers annualfsport, On The state of The na
tional finances, past and prospective.
We should be well pleased, could we con-
vince ourselves that Mr.. Walker, was cOrrect-
in the estimate, that the deficiency of The OF
binary revenue, in case Of a continuance Of
the Mexican war would, as he states, be only
S36,274,O 55, SO, up to the close of the fiscal
year, ending Both June l849.
The great errors in Mr.. Walkers previous
estimates, cannot but throw adoubs upon the
correctness Of the present ones.
The report acknowledges an error Of no less
than Sl8,5O0,00O in his statements and esti-
mates, at the last session, as he then told Con
gress, that no further means would be requir-
ed, to cover all calls upon the treasury torthe
fiscal year ending on Both juno, l84B, and to-
keep q balance of 100000 in the treasury,
and he now asks authority for q loan, to the
above amount, TO cover the defciencies!!
Even this, however, is not the whole amount
Of his error, for he boasts, Of the much great.
er revenue produced under the new tariff than
he anticipated, which has of course lessened
the deficiencies to the extent Of the increase,
and, consequently, instead Of only $l8,5OO,00O,
the error ofhis estimates, is considerably above,
$9O,OOO,O0O, s ,s
This certainly lisa most enormous mistake
in the wavsand means ola nation in period Of
| uoona tyyaiua ~ Eftnan vrnntba.F and haa nm
parallel in the history Of any other coun trys
not even in Great Britain, where inher gigan.
tic warfare with Napoleon, her annual expendi-
ture, was three, four, and one year, fUe hun-
dred millions. Of doilors. IN such enormous
sums, an error Of fifteen to twenty millions
might DO excusable, but is not so in an expen-
diture Of sixty millions. 7a .ns 4
But in addition TO the want of confidence
created by the existence of such gross errors
in the previous estimates, remanating from the
Treasury Department, thee are. what we con-
slider obvious errors in these new ones,
Among the items Of expenditure for the
year ending Both June, l848, is $2,25O,5 STAB
for interest on public debt, and for the year
ending 3Olh June, l849, $2,45S4O2,6s. Tho
difference, we presume, is for interest on the
balance Of the loans Of 1916 and l447, not yet
realized, amounting to about 100000, on
which interest will NOT commence, until il is
paid into the treasury, a t3a.H-e .e
!. Mr.. Walker, however, asks for a new loan
Of l8,50O,OO0 TO cover the deficiencies Of the
current year, and that a further loan of 20,-
/ 100000 will be required at the next Congress,
to cover the deficiencies Of the year ending
Both June, 1919, Of which possibly 100000
may even be T~equired previous to the next
meeting Of Congress, in which case, it must be
authorized during the present session. 1t is,
therefore, evident that previous to the S0th
June, l849, there will have to be paid at least
! fifteen months interest on the loan which
is now called for, and six months on the 20,50O-
600 to be raised next season, and possibly six
millions of il previously. These two items,
+ Of interest, to be paid previous to or during the
fiscal year ending Both June, l849, will amount
to $1,000, 800, which Mr.. Walker appears to
: have entirely overlooked, as he makes no esti-
mate for it,! fsIe. =.
When the the estimates submitted to Con-
gress are found, at the succeeding session, to
have been erroneous to the extent Ofmore than
twenty millions of dollars, tho above sum oil
only two millions, may, perhaps, bo considered
hardly worthy of notice but in the former days
ofthe Republic, when Mr.. Gallatin. in one Of
J his annual reports, made an error of only ont
m%illionit was thought Of su ficient eonseq uence
to be brought officially before Congress,-BuRe
tin. no, asaa.8 gs, .,ses asg.s l