The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-12-22
2,s53,e94 s4

i -
Balance in treasury 2,s53,894 "a
The appropriations were greater than those which
called for by Mr. Walker, and the means available
10 meet those expenditures also greater, making the
actual balance on LET July. ls49 $2,is4,s64 as
Thus it will be seen that the amount in the treasury
at the commencement OF the fiscal year ending June 3d.
1850 was very near the sum which was estimated by
Mr. Walker. Had the expenditure called for by Mr..
Walker been adhered to- the balance would have been
nearly five millions OF dollars The report Of Mr..
Walker estimated for the fiscal year ending June 80.
1867
Total means available $3s,253,894 "a
expenditure 33,2l3,l52 10
5,o4o,s42 II
Such were Mr. Walkers estimates for the fiscal years
ending June 3d. 1s49 and June 3d. 1850 and they ind
cate an economical administration solictous TO reduce
the public expenditure within the Of the govern
ment, and leave a balance to be applied TO the
extinguishment of the public debt Had the eco
nomical views OF Mr.. Folks administration been
adhered to, the balance OF revenue over expendi-
ture would already have provided the means Of ex
tngushng large per centage OF the national debt But
change came over the face OF affairs soon Mr..
Meredith was placed the Treasury Department Not
only did the habitua extravaganza which charactezes
the whig party begin to exhibit ITSELF but singular dispo
ston was manifested to depreciate the receipts from
toms, and establish defc, which might be attributed to
the Mexican war nd give an for tamperng with
the revenue bill Of 1916, and establishing the high duties
Of the tariff Of 1912 II was conceded that the tariff Of
ls4a had been less productive than the lower duties Of
the existing systems but what cared wing fnancies for
that resultl They had predicted the failure Of the
II hat n IN
fail while they assert that its success is temporary, and
that ii must eventually fall short Having mbbed these
views, Mr. Meredith anticipated deficit; and this he
predcated somewhat on the anticipated failure Of the
enue bill, and also on the extravagant expenditures
which he hoped to charge to the Mexican war and to
Mr. Folks administration. But, unfortunately for Mr.
Meredtbs financial character, there was more vitality in
free trade principles than wing sagacy could estimate
Mr. Merediihs estimate for the year ending June 3d.
$780, transmitted after half the year had elapsed.
follows:
Total means S37,s23.464 %
expenditure 43,651,5S5 81
Deficit July, 1850 5,s2s,l2l 6s
Here we find that Mr. Meredith, although he estimated
the available for the year nearly as high as Mr..
Walker bad done, yet, by exceeding the expenditures
which Mr.. Walker thought necessary and proper by
more ltan ten millions Of dollars, the anticipated balance
OF five millions OF dollars melted away and we had in
its place deficit OF nearly six millions OF dollars the
foundation Of an argument TO return 10 the protective
system. Let us see how the matter turned out
For the year ending June 80, 1850, the
total means were S49,e06,7l3 is
Total expenditure 43.oo2,l6s 50
Balance July /, 1850 e,80I,544 40
Thus we find tina, although General Taylor's admins
tra,ion had been extravagant spend ten millions
Of dollars more than Mr. Walker thought sufficient yet
he increase Of he revenue from customs, under the des
pissed revenue law OF 1916, great TO enable the
treasury meet the exorbant demand upon its capacity
and leave balance in the treasury Of than mil
lions OF dollars, when Mr. Meredith had anticipated
deficit Of nearly that amount
When Mr.. Meredith asceriained that The exiravagant
expenditure Of the Taylor administration would be nearly
ten millions more than the estimates and exceed the es
timated Of the treasury by nearly six millions Of
dollars, he affirmed that the deficit had been occasoned
by the Mexican war. This affirmation groundless
and without foundation The expenditures growing out
Of the Mexican had been foreseen by Mr. Walker.
They had been included in the estimates he submitted TO
Congress- and Congress had made appropriations 10 meet
them. Mr.. Walkers estimate for the year ending June
80, 1850, was made up Of the following items:
Interest on public debt s3,799,Io2 Is
Insalment 10 Mexico, May 30. 1850 $4,000 90
Ordinary expenses 25s74 $50 IS
-
33,2i3,lS2 SO
The nstalment due TO Mexico, and part Of the inter.
est on the public debt justly chrgeable TO the Mexi.
can war The revenues amply sucientto meet tina,
sum- and discharge the ordinary expenses Of the govern
ment But wing cabinet increased the ordinary ex-
penses Of the government TO such an unprecedented
amount that they swallowed up the anticipated revenue,
and left nothing supposed TO meet the appro
praons for the interest the debt and the insiament
due TO Mexico. Under these circumstances-hav
quandered the appropriations for the expenditures grow
ing out Of the war on other objects OF expenditure
Meredith had the indiscreon to aege that the deficit he
anticipated was occasioned by that He went into
long calculation, as Mr.. Corwn has done in order to
show the vast expenditure which the had enailed
the country and in order TO salve over the exrava
gance Of whg administration and the wastefuness Of
Ii wing cabinet
After General Taylors death, the country relieved
Of Mr. Meredith's financial superintendent, and the