The daily union., 1852-01-16
From the n. ss..!iOrd Times, Jan. -
The aIundsrs oa tns Treasury aspsrs.


Thomas Corwin the Secretary OF the Treasury Is Ger.
alny not sage in finance whatever else he may be be
His report abounds With examples OF commonplace whg
s' @os sspa U he Raons
cepls and expenditures for the next financial year The
total receipts Tor the year ending June 80 1882, inclu
ding balance OF Sl09l oio on hand last june are es
mated at 752,4ll Gas the total expenditures est
mated al J0,952 902-leayng surplus on hand on the
sOth June, 1852, of Sl45s 74S The receipts Tor the
year ending June 80, 1893, he estimates at oa
including .lhe above balance the expenditures for the
same year he estimates al S42 S92 299-eaving surplus
on hand on the 30th June 1853, OF $40 3o6,4i3 The
balance on hand june so 1860, amounted to 5000 o44
This picture is certainly hattefing one, and such as
no other nation in the world EXHIBIT II IS the hnan
cia exhibit OF tile only nation whose income Is steadily
gaming upon lis expenditure. seems that surplus.
which, in June 1885, amounted TO only SIX millions OF
dollars destined in the regular course OF events, 10 IN
crease 10 twenty millions OF dollars within three
years This Increase has taken place IN spite OF very
extravagant expenditures and the vast squandered
in corrupt Jobs OF various kinds Cown was OF the
sages who loudly prophesed that the present tariff Would
not AFFORD revenue enough Tor The expenses OF the gov
eminent In his last treasury report we have The reiua
lion OF his absurd prediction reluctantly written by his
own hand II contains practical and complete answer
to his false system Of political economy He did all that
man coud do TO cipher out different result but in spite
OF all his efforts the intraetabe figures and facts could
not be made TO sustain whig theories. Still, though he
could not produce facts 10 suit his opnons and was COM
PEELED. by due regard 10 truth, TO give aerins pic
tuIe OF the condition OF the country, find him. in
subsequent part of his report, sliding into natul and
dismal croak Croaking is the normal condition o. whg-
gerry They may be compelled, in spite OF their theories,
10 acknowledge The present prosperity Of the nation, but
they take their revenge by obsnately refusing TO
anything but clouds and disaster in the future Poe wrote
that man but always 10 be best" The wings
reverse the sentiment OF this famous line, and stouty
contend that our country is always to be uined."
Hence, Corwin, utterly unable TO cipher out present
run does his best to put black patch upon the future
He ssgely remarks:
Should large importation of foreign fabrics continue
70 increase until they drive from the market the like aces
labor of people now engaged in manufactures must be
drawn mainly into planting and farming They must With
ptoducs with no increased market Tor them az home. II
this state OF things shall be realized II follows that the at
y Of the people TO furnish foreign commodities VIII ne
and the sink far below its present swollen
tom Of revenue compulsory depends solely on the
voluntary contributions OF the people, IL citizens refuse
almost solely relied cease, and the be
driven to direct taxation for its support and ultimate qui-
daton OF a large public debt"
Here we have about much folly and nonsense as il
is possible to crowd into four sentences The shallow
Secretary is still at his old trade OF attempting to figure
out deficient future revenue in spite OF the repeated
and uniform reiuiaton which experience has given TO
his assertions In the first part Of his report he est
mates the surplus in the treasury two years hence after
paying all public expenditures, at over 0O0 BY
the time he arrived at the middle of his report he appears
to have wholly forgotten what he had stated at the outset,
and again repoduces in the above extract the stale and
counterfeit bugbear OF deficient revenue. The folly OF
this passage conspicuous ana luucrous he asserts,
in substance, that large foreign imports will first drive
home manufacturers out OF the businessand then
all must go into planting and farming"and then our
ability purchase foreign commodities will be destroyed"
No schoolboy got off siller piece of stuff than
this. our domestic production is destroyed Gan utterly
impossible event is it not perfectly obvious that our
people will require DOUBLE than double, their
present supply of foreign goods to make good the al
legged deficiency in this domestic productions Our foreign
imports are paid for by the export of agricultural produce
IT. then, the number of planters and farmers should be
recruited from the ranks of the manufacturers il not
clear that our agricultural produce would be greatly
ehsapened under the double operation OF an increased
production aud diminished domestic demand, and that a
vast extension OF the foreign demand and export would
necessarily follow II is singular that the wings should
permit incompetent public 10 damage their by
such papable blunders.