The miners' express. (Dubuque, Iowa) 1849-1854, 1854-01-04
COL. BENTON'S HISTORY.
AMMO 1020-JAnns MONROE, PRESIDENT.
FINANCES-REDUCTION OF THE
ARMY


The distress Of the country became that of
the government Small as the government ex.
pendture then was, only abont twenty lone
millions of dollars, including eleven millions
f,r permanent incidental ohjcc,s,) it was
+, still too great for The revenue ut the govern
ment at this disastrous period. Reductions OF
expense, and loans became the resort, and
economy-that vrtuous policy in all lines
became the obligatory and the forced policy OF
this tim. The small regular army was the
first aud the largest object on which The reduc-
ton fell. Such as it was, it was reduced near
" one half-fram 10000 to 5000 men, The
navy felt il nrxt-tlie annual appropriation ri
one million Tor its incrase being reduced 10
half million The construction and urnalne nj
of Publications underwent The like process.
Reductions Of exp use took plac. at many Their
points and even the abolition of Il cleI kshp OF
$3.50, in the office OF The Attorney General
was not deemed an obj, CT below the ecanoni-
cal attention Of Congress After all. loan
became indispensable and me President was
authorized to borrow five millions Of dollars
The sum of twenty one millions, then TO be
raised for the service of the government, small
as il now APPEAR, WAS more than double the
amour, required for the actual expenses Of the
governmen,---fnr the actual expenses of its ad-
minisration, the working its machinery
More than half went TO permanent or inciden-
tai objects, to wt:--prncpal and interest Of
the public debt, five and half millions; gra-
dual increase oil the navy, one million; pensions
on, and half millions; Notifications, $500, 600;
arms, munitions, ordnance, and other small
items, about tw millions; making in HE whole
about eleven millions, aud leaving for the cy-
>Hense Of keeping the machinery of govern-
ms*s. In operation, about ten millions Of dol
lars; and which reduced to less than nine
~fx II,
effected. a sum of one million of dollars over
and above the estimated expenditure Of the
government, was always deemed necessary TO
be provided and left in the treasury to meet con
tin.encies--a sum which, though sma in it
self, was absolutely necessary for that purpose,
and the nrcess ty for which was founded in The
mis- aiken idea that the government expends
every year, within the year, the am unit of its
income.
This is entirely fallac;ou-, and never did and
never can tax" place; for Il large portion of the
government payments, accruing within the
latter quarters of any year not paid until
tn, next year And SO in every quarter Of
every year. The sums becoming payable in
each quarter, while new revenue is coming in
This pr cess regularly going on, always leaves
balance in the treasury at the end IF the year,
not called for until the beginning of the next
year, and when there is receipt of money to
meet the demand, even if there had been no
balance in hand. Thus, at the end of tho year
lS2o, one Of the greatest depreesions and when
demands pressed most rapidly upon The treas
ury, there WIS 4 balance of above two millions
OF dollars in the treasuryto be precise, = NO.
617 IA, being one tenth Of the annual revenue.
In prosperous years the balance is still larger,
sometimes amounting tn the fourth or the fifth
If the annual revenue; may be seen in the
successive annual reports Of the finances
There IS, thu rrf"re, no necessity 10 provide for
Keeping any balance a reserve in the treasury,
though III later times this provision has been
carried up tn six mlilnns-a mistake which eco
nony, the science Of administration, and the
purity OF the government, require to be correc-