The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-07-23

II this be So then the probabilities that II
duce the expenditures of the government within the
proper limits il We administer this government cconon-
csy the time is not far distant when the existing sources
of revenue will again give surplus In view OF that,
II seems to the best thing do IL provide. in
times Of crisis and difficulty, such times these, by way
of loan for any Temporary deficiency and when the
revenues increase, when more money Is derived from
customs, aud tho treasury begins TO overflow
employ that surplus in paying oil the debts and In buy
ing up the stock; and in doing this we do what Is very
desirable give stability 10 the system Of
the country and we make the Treasury Department ope.
rate easily upon the general business and trade OF
the country because, when specie is sccumulatng IN
the treasury, have the means OF depicting it by the
purchase OF our stocks; and, at time when there Is
scarcity Of money the community Is undoubtedly re-
lievod by the fact that the government h enter
ing into the market for loans fur thus call Into
activity capital which would otherwise bo Dormant
i know that In this operation, 1t may sometimes
happen TINT have 10 lose something by way Of
premium stocks but If deduct what We ro-
ceive by way Of premium, and add interest on that
premium, it will be found that the loss is not so great
after oil and When N tae iass With
the immense facility and advantage which is given by
mode of administering the treasury that will not ope
ate harshly and vigorously trade, l think shall
come to the conclusion that the money has not been
badly spent But the ready mode of avoiding this is to
issue your stocks at such rate of interest that they will
go at something like par, nearly par and then ,se
shall not have to pay much premium to purchase them
at time when there is surplus in the treasury md we
going into the market to reduce the public debt and
relieve the public Golfers from plethora OF specie.
In view then of the present condition the finances
of the country in view of what to happen probably for
the future it to that the best thing can do
is that which Is now proposed Let provide for tho
present deficiency by means of loan and when trade
revves and the Golfers OF the treasury full wo shall
then be able not only to meet from all tho existing
sources of revenue the probable demands Of revenue for
the annual expenditures of the government but begin to
pay off the debt besides.
had some doubts as to whether trade would revive in
season to enable US TO get along with small loan as is
proposed by the Secretary Of the Treasury but he is will
ling to meet that responsibility he 10 willing to take
that risk Desiring, very properly, not increase the
debt of the country beyoad what It should be- he feels
confident that he will be able TO carry the
until Congress meets again and it should turn out
that trade does not revive then there will be time
make such arrangements rs Congress may deem fit and
proper in view Of the whole state of the case 1t oh
vious sir that this loan would be insufficient if we had
to add to the estimated expenditures the estimate for vol
unteers but, said before hope and believe that the
occasion which would to have required them has
passed away hope shall not nood them and IL We
do not entertain the hopeI Will speak with much
ceraintythat we shall be able to get along with the
600 and tho existing Of revenue for tho
next fiscal year