, 1857-04-24

CO While most other Governments are
pressed for tho necessary funds to keep
them in effective operation, our own ap-
pears troubled to find out the way of re-
ducing sufficiently our revenues The
actual receipts into the treasury for the
fiscal year ending June 80, 1856, were
nyarly seventy four millions, TO which
almoSt nineteen millions of balance in the
treasury from the proceeding year being
added, gave nearly ninety-three millions Of
dollars as the total sum for the service Of
the fiscal year ending june 80, 1856. The
actual expenditures for the year were near.
ly seventy-three millions For the present
fiscal year the estimated receipts are almost
ninety three millions. The estimated
expenditures for the year are about seventy
and half millions ofdollars. Thus despite
the jealous efforts of Congress 10 get clear
Of as much of the public funds as possible,
the surplus is still accumulating. Forty
FIVE and half millions Of dollars had been
paid out in liquidation Of the national debt
up TO the 18th of last November, at which
time the debt was less than thirty one mil
lions; thus the treasury is surfeited with
moucy, notwithstanding the great draughts
made upon it during the last ten years, not
only for its ordinary expenses, but the costs
Of the Mexican aud Indian wars, the fifteen
millions Of dollars for the purchase, after
they were conquered, of California, New
Mexico and Utah, the ten millions for the
Gadsden Purchase, the many millions paid
to and for Texas debts, and all the other
grand appropriations. And still the reve-
nue. is increasing, for the first quarter Of
the present year exceed by more than
two millions that Of the corresponding quar-
ter of the proceeding year. The importa-
tions are increasing also, and it has become
a question of immense interest, how to les.
sen our national income. Another question
has arisen, also, which is, how to keep
more Of the capital in circulation. Thirty
millions of dollars are continually in the
National Treasury, and Of course, unpro-
ductive.
1t is believed, or pretended to be believ-
cd by our patriots in aud out Of Congress,
that such continual accumulation Of each
in the national treasury is full Of danger.
About twenty years ago similar condition
Of things existed, aud Congress provided
for depicting the treasury by loaning the
surplus to the individual States. Aside
from the effect Of such measure, in placing
the individual sovereignties in a condition
of almost vassalage to the Federal Gov
ernment, being debtors, and therefore
neither free nor independent, the effect
otherwise Of that measure were disastrous
to many, if not most Of them. 1t induced
various kinds Of speculation, banking and,
schemes Of gigantic swindling, aud wildcat
money issued in consequence came as pro-
Life as the clouds in snow storm, and
ended in revulsions, distrust and ruin.
One Of the measures now proposed to
empty the national treasury is similar to
that Of which mention has just been made.
The money is to be loaned to the States as
then, to be paid back again at some indef'
mite time, perhaps never. Should this
measure pass, which is not probable, scenes
similar to what followed its predecessor
may not only reasonably be anticipated, but
safely calculated upon. What will be don,
is probably a great reduction in the tart
upon many articles imported, and thu
admission Of many others free, the inevita
bic result Of which will be greatly increased
importations and still greater balance o
trade against us. The thirty millions o
dollars sent annually to Europe for good
will be increased to forty or fifty millions
and then not many years will elapse ere 1
crisis aud q crash will come, as after th'
\ distribution Of the surplus twenty year
! ago; so that the fact Of having too mucl
money in the treasury seems about as unfor
tunate as to have too little.-SaH Francis
oo Chroaicei, lIarA %, 1851.