The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1857-11-06
FROM WASHINGTON

OcToBER 29.-The government has been
much alarmed OF late at the prospect of a
deficit in the revenue, even for the purposes
Of the present fiscal year. The panic reached
them week ago, and, at once they ordered
acourse Of contraction Of expenditures. They
put a stop 10 expenditures on Notifications,
at navy Yards and arsenals, and upon custom
houses. Already the Treasury had closed its
doors against the United States Stocks, the
presentation of which for redemption had
been invited.
The alarm Of the Executive Government
alarmed the country, which was already dis
heartened and needed encouragement.
But learn to-day, that Mr.. Buchanan is
not yet frightened out of all propriety, and
that he -disapproves Of the stringent course
of contraction which the departments had in
stituted.
The Administration, by a course so incon-
sistent and unstable, was likely to put itself
upon footing of the banks Of New York,
those pretended regulators of the currency
and exchanges of the country, which expand
ed to an unwise and extravagant extent, only
to follow it with an absurd and unnecessary
contraction.
If the government was right in the course
of liberal disbursement from the Treasury,
which il had pursued for six or seven weeks
after the financial crash occurred, then it was
wrong in changing its course. If it was right
in the contraction, il was wrong in the pre-
vious payments out of the Treasury for the
redemption of United States Stock.
The government will not resume the re-
demption of its bonds. 1t is unfortunate, as
some consider, that they announced it. They
have redeemed bonds at II and l6 per cent.
premium out of the surplus in the Treasury,
supposing that this surplus would continue
to accumulate, and that no change in the tide
would occur.
Should the revenue fall short of the ap-
preparations for this year, and the ordinary
expenditures for the next, they could not
borrow back the money without paying ano-
Their premium. We see that tho rate of int
rest abroad is rising, and at home, the best
State bonds are at discount.
But the Government could, in case of n
deficit, which will necessarily be temporary,
supply it and at the same time improve the
currency by the issue Of Treasury notes, as
heretofore, in sums as low as fifty dollars.
But the Government contraction, as am
"ocuiout 10 W 90 nv anu VIZ puohS
works, authorized under acts of Congress,
are not suddenly to be stopped.
II has been feared that the Government
would withdraw the funds from the Mint,
which are employed, under the law, for the
payment in coin to depositors Of bullion.
The transfers 10 the Mint amount to six mil
lions in coin. Mr.. Cisca and others have
strongly represented to the Government the
necessity of continuing that facility for coin
age and the currency. The amount can be
withdrawn at the discretion of the Secretary
of the Treasury, but it is decided not to
withdraw il.
The reports to the Treasury Department
as to the prospects Of the revenue, are to the
effect that staple goods for the ordinary and
necessary consumption Of the country will
be imported to as great an extent as usual.
But there will be great falling off in the i'm.
ports Of rail road iron, sugar, and silks and
laces, and various luxuries. Char. CoI.