Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1854-12-21

be instituted, it would not be diff
cult to present repeated instances in
the history Of States, standing IN the
very front Of modern civilization,
where communities, far less offend
ing and more defencelesssthan Grey
town, have been chasllsed with much
greater severity, and whore not cities
only have been laid in ruins, but hu-
maa life has been recklessly. sacri-
feed, and the blood of the innocent
made profusely to mingle with that
Of the guilty.
Passing from foreign to domestic
affairs, your attention is naturally d.
rected to the financial condition of
the country, always subject of gen
eral interest. For complete and ex-
act information regarding the fnan.
ces, and the various branches of the
public service connected Herewith, l
refer you to thersportofthe Secretary
of the Treasury; from which it will
appear, that the amount of revenue
during the last fiscal year, from all
sources, was 73,549,705; and that
the public expenditures for the same
period, exclusive of payments on ac-
count of the public debt, amounted
to S51.O1S,249, During the same
period the payments made in redemp-
ton of the public debt, including in
terest and premium, amounted to
S24 ,336,36O. To the sum total of
the receipts of that year is to be ad-
ded a balance remaining in the Treas
ury at the commencement thereof,
amounting to ST., 942,S92; and at
the close of the same year, cores
ponding balance amounting to S2O,-
1871, 967 of receipts above expendi-
lures, also remained in the Treasury.
Although, in the opinion of the
Secretary of the Treasury, the re-
ceipts of the current year are not
likely to equal in amount those of
the last, yet they will undoubtedly
exceed theamount Of expenditures by
at least fifteen millions of dollars
| shall, therefore, continue to direct
that the surplus revenue be applied,
so far as It can judiciously and eco
nomically be done, to the reduction
of the public debt, The amount of
which, at the commencement OF the
last fiscal year, was s;xty-seven mil
lion three hundred and forty thou
sand six hundred and twenty eight
dollars; of which there had been
paid on the twentieth day Of No.
vember, 1854, the sum of twenty
two million three hundred and sixty
five thousand one hundred and sew
enty-two dollars; leaving a balance
of outstanding public debt of only
forty-four million nine hundred and
seventy-fye thousand four hundred
and ifty-six dollars, redeemable at
different periods within fourteen
years. There are also remnants of
other government stocks; most of
which are already due, and on which
the interest has ceased, but which
have not yet been presented for pay
ment, amounting to two hundred and
thirty-three thousand one hundred
and seyenty-nine dollars. This state
ment exhibits the fact, that the an
nual income Of the Government
greatly exceeds the amount of IFS
public debt, which latter remains I'M
paid, orly because the time of pay
ment has not yet matured, and 1T
cannot be discharged at once, except
at the option of public creditors, who
prefer to retain the securities Of the
United States; and the other fact,
not less striking, that the annual
revenue from all sources exceeds, by
many millions of dollars, the amount
needed for a prudent and economical
administration of the Government.
The estimates presented to Con-
gress from the different Executive
Departments, at the last Session
amounted to thirty eight million four
hundred and six thousand five
hundred and eighty-one dollars; and
the appropriations made, to the sum
of fifty eight million one hundred and
kixteenithousand nine hundred and
ifty-eight dollars. Of this excess
of appropriation over estimates,
however, more than twenty millions
was applicable to extraordinary OBJ
jects, having no reference to the
usual annual expenditures. A.
mong these objects, was embraced
ten millions to meet the third arti-
Gle of the treaty between the United
States and Mexico; 50 that,in fact.for
objects of ordinary expenditure, the