The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-12-29

sl2, I6s, 5s2 worth Withdrawn during thai month";
and went into the consumption Of the country in the
month of November OF the SI4 46s 545 worth imported
SIS 0f9, III worth withdrawn and went into con-
sumptais Now, sir we come down To the same period
OF time in this year, after this commercial reyulon took
place, and find that out Of tho $l4 439 867 worth OF
goods imported in October $40 4s 1924 worth With
drawn for consumption and the balance semalls in
house, large portion OF II even up to this time La the
month Of November the Disparity was still greater for OF
the Sl3 96n worth Of goods imported In that month
hut S8, 6l3,7T7 worth withdrawal for consumption.
Them sir Ii il not Iapabie that this commercial reyul
sion has produced an effect and very great effect npon
the commercial business OF the eountry and that owing
to this fact the amount received from duties has been
sentially dminshed and that there now OF the inn
portatoDs of those two months something Ike nine mil
lion dollars worth OF goods uncaed for ON MS 2lst day
Of December Hea gaIfgF e-th tsh 3
y But let me go still further Do gentlemen know what
amount of datiable goods waehouDd witn the dis
tict of New Yk up to the Both day Of November last
The returns to the lrsury Department shw that there
upwards Of s2S, 900 900 there then under bond
and since tispt time additions have been made ot.
that IL is fail to estimate that there Is at the present time
not less in that district alone than $50 900 under
the warehousng acwhich allows goods to remain for
period OF three for, and that will not be
called for until later in the winter, possibly in the
spring If that is tho in New York, how sit if you
take all the importing districts in the United States
There multitude of these districts at New Orleans,
Charleston and elsewhere and 1t would be fair, sup
pose II there $50 900 900 in New York at this time,
to estimate the amount under bond in the various other
collection districts at from ten to fifteen million dollars
So that there would be Of dutiable goods ncalled for
and upon which the duties win not be paid until called
for for consumption, between forty and fortyve million
dollars which will pay into the treasury duties to the
amount of about ten twelve millions Is not the Sec
rotary of the Treasury right then when he says that this
is only temporary deficiency and that in consequence Of
the temporary character Of this deficiency II would be
advisable to issue treasury notes instead of negotiating
permanent loan But gentlemen say in this connexion,
and the gentleman from Maine Mr. ABBorT indicated it,
other side the
that the Secretary of the Treasury has managed these af
fairs very badly that he has undertaken to redeem pub
lie stocks and that using the money for that purpose,
he has suandered the which would have deprived
him of the necessity at the present time Of recommending
the issue Of treasury notes.
Now let see how that is under the act passed in
1858 for which voted, and doubt not most of the
gentlemen here, who then upon this floor voted
the Secretary of the Treasury authorized to purchase
at the current market prices, any Of the outstanding
stocks Of the United States he might think most adj
vsabe from any surplus funds in the treasury provided
that the balance in the treasury should not be at any
time reduced below ST. 900 000 There the nstruc-
ton of Congress to the Secretary of the Treasury given
in the month Of March, 1853 directing him, If there
should be any surplus money in the treasury to apply
that surplus money to the purchase Of stocks.
And sir, does it not come with bad grace from any
gentleman the other side of the House to arraign
the Secretary of the Treasury upon this floor when he
voted for House bill of the last session of Congress NO
slG to deposit the entire surplus in the treasury the
lst day Of July last with the exception of SO 900 000
with the States When that bill up here, it received
the strength-amost the entire strengthen the then
opposition to the democratic party 1t passed through
the House, but failed to be successful in the Senate and
that bill proposed have sad to take all the funds in
the treasury the LIST day Of July, with the exception
Of $2 0000 000 and to distribute them Tor deposit them IL
you please with the States upon the conditions therein
specified Now, suppose your proposition had been
cessfnl, that your bill had become law and that all
the money in the treasury on the LIST of July last had
been taken and deposited with the States in how much
n he haan fha,
it Is at present But that bill failed and now the
Secretary is arTagncd, for doing what For taking
the $4,000, 900 and applying it to the purchase
of stocks, which would have been taken from the
treasury under that law2 No, sir, he has applied in
the purchase of stock including principal and interest
from the 18th of july 1857 to the 18th Of October 1857
81, $50 l0f A. complain of no gentleman for voting
for that bill but do complain that gentlemen who voted
for II should arrgn the Secretary for applying to
the purchase of stock only fourth of the amount
which would have been taken from the treasury under
that bill, in the way Of deposites to the States.
Well sir, the banks suspended, i believe, somewhere
between the 18th and 10th Of October and the amount
of stocks redeemed after the 18th day of October was
only S2l2,513 81 amount that then on its way
TO the Office Of the Secretary Of the Treasury for redep
ton What the condition Of the treasury after this
redemption had taken place The Secretary had left in
the treasury $l2 10 after all the stocks had been
redeemed that had been presented and that he chose
redeem You will observe that the 9th section Of the act
Of 1858 provided that the Secretary should reserve So
600 900 in the treasury but instead of reservng So
he reserved upwards of $l2 900 900 and he re-
served it upon the principle that Sc 900 900
TO carry the current operations of the government and
that like Of Sc 900 900 necessary for carrying
on the coming operations ut the mint to meet the charges
upon the mint in the way of returns for the bullion de-
posted there for coinage The Secretary not content
with sticking TO the letter of the law requiring him
hold 50, 900 00O ont of abundant caution had in the
treasury Of the United States beyond Sl2 900 O00
to meet the contingencies that might arise.
Now, sir with this statement OF the case can it be pre-
tended that the Secretary Of the Treasury has gone beyond
the line of his duty Here Is the law laying down that
line of duty for him. He followed that law except in re-
gard to the amount to be retained in the treasury and in
that regard he protected the treasury to the extent of
Sc 600 900 beyond what Congress In 1853 regarded as
sufficient for its protection. 1t to me- then
that he ought not to be complained of but the con
try that he ought to be regarded having performed
to him for his guidance If you take the receipts and
expenditures for the period of time commencing July
last and running down to the present time you will find
how the revenue has fallen off, and you will find that IL
confirms the tables which have heretofore presented in
regard to the amount Of goods bond in the ware
houses Of the that have off this revenue
For the week ending July Is the receipts in the treasury
were SO, 1858 H. while the expenditures were So
700942 4s. 1t runs on through the month Of July
never getting below 50 059 900. In the month of Au
gust the average receipts per week 81 000 In
the month Of September the for the first week
was 81 04I 765 a. and the 2Sth it had run down to
s66O257 IA In that descending scale you will find the
reduced in proportion the market became more
stringent from the suspension of specie payment and at
one time Ii ran down as low as SAL, 1872 rs.
There Is another fact that appears from this table, that
for the last week the receipts of the treasury from rcvc
have increased upwards Of S100 600 The receipts