The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-11-23

IMPORTANT DISCOVERY IN THE TREASURY
TWENTY OR TWENTY-FIVE MILLIONS WANTED
In order to prepare the public mind for the disclo-
sure the meeting of Congress, the cabinet letter
writer's have been hintng, In their letters to the
outside organs, the probability of deficiency In
the treasury of large amount. This has walked
up the sleepy organs at Washington, and they
forthwith repair TO the Treasury department, TO ex
anime the books. The result must be very graft
fying 10 the stock. jobbers. The fnteHigencer and
Republic, after a careful examination, report that
there must be deficiency in the treasury, on the
Both of June, 1851, OF between fifteen and twenty
millions OF dollars. This is the official estimate,
bu, the probability is, the real deficiency for the
next fiscal year will rise to twenty or twenty-five
millions.
The discovery is very important; but ii the
drowsy organs Of the cabinet. and their letter
writers, had read the Ncw York Herald, they would
have been saved great deal OF trouble. Ga the
22d day of August last we published, in the msney
article of the Herald, some remarks on the state OF
the finances, which we republlsh, with other OIL
cia tables, in the same department to-day. From
these tables il will appear, that at the close of the
fiscal year, ending the 30th Of June last, there was
a deficiency, arising from the ordinary expenses OF
the government, Of upwards OF eight millions, or
exceeding twelve millions, including the Mexican
Indemnity. The receipts for the same year, from
customs alone, exceeded twenty-eight millions;
and from all sources together, they amounted 20
thny.thrce mlllions-an aggregate which cannot
probably be exceeded by the receipts of the cur
rentyear.
What is TO be donel With all the ingenuity Of
Secretary Walker iinancier, there was some
buneng in the settlement of his accounts. and the
tinkerng cabinet which has succeeded him, will
doubtless make it the pretext for their own extra
yagances and bad Management. Their policy in
wolves a liberal squandenng of the public money,
Tor it includes an increase Of Office holders,
an increase Of salaries, increase OF specu-
latIng contractors, general system Of inierna
Improvement, the payment OF the five or ten mil
lions of French spoliations and everything upon a
splendid and liberal scale. With standing def
cheney of twelve millions, and probable decrease
IN the receipts, how can reconcile such system
to anything short Of a deficiency, for the next year.
OF from twenty to twenty-five milllonsl The list of
official expeditions to California, Santa Fc, and
the Salt Lake, and the expenses OF the military GO
vcrnment of the new territories, must also be taken
into the account and these may s,osH the deficiency
10 ncdriy thirty milioHs.
But, instead of cconomizing and retrenching
their cxtravapances, the recspis must be aug
mented. The cabinet propose to do tins by raising
the tariff to the standard of ~, something like
it, Mr. Meredith IT is given out, is making out
his argument to present Congress, in support Of
the scheme. Our experience, however, shows,
that. under the act Of 1876, the receipts from Gus
toms have been greater than under the bill ct ",
or sny other bill From our present improved sys-
tenn of manufactures and the competition in the
home market, any material increase Of duty upon
foreign goods must, TO greater or less extent, di
minish innovations, and diminish the revenue
The benefits of an exorbitant tariff would be con-
fined TO the home manufactures, to the exact
amount Of the decrease Of lmportatlons. tax OF
one hundred per cent upon cold iron would be ex-
ceneut for home projection, but would probably not
bring dol ar into the treasury. The danger is
that Mr. Meredith will run into some such ex-
tremcs. and thus add reduction Of receipts to an
increase Of expenses. The only plan to make both
ends meet Is to rerench expenses, and cut oil all
excresctnces. Nothing else will insure the trea-
sury lrcm bankruptcy. Loans only postpone the
final day Of settlement, and no sort OF tinkenng
with the tariff wall meet deficiency OF twenty NH
| lions
/ the Tie,0h IN bis department. Had ne read NJ
carefully, he might have discovered hts exlstIng
| enibarrBssments some months ago, and gained tune
| 10 make his preparations 10 meet them. We would
advise him to study the Hsratd for the future and
Mr. CLAYTON int, nds % continue IN the state de-
partment, let him replace the IcrnM upon the hes
4 Of bis office, and read u thoughiiuly Medicines
which are sometimes bitter TO the taste, are geoi
4 Tor the stomach