Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-06-19
message OF the Prosfdene-The Adt0llrns
ment-state Of she Treasury
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ment-State Of she Treasury
70 the Senate and House Of Representatives:
feel it 10 be an Indispensable duty 20 call your
uftsstion a the condition Of the t-sasury- On the
18th day Of MBy last the Secretary Of the Treasury
submitted report to Congress 'on the present CON
dition Of the finances Of The government In this
repert he states that after call upon the heads Of
departments, he had received official Information
that the sum Of S8l, 100000 would probably be re-
qured during the first two quarters Of the next nsea
year from the hrst Of July until the lst OF January
"This sum" the Secretary says. "does not iuelnde
such amounts as may be appropriated BY Congress
over and above tie estimates submitted to them BY
the departments, and / have no data on
which to estimate for such expenditures Upon this
point Congress is better able to form g correct
opinion than am
The Secretary then estimes that the receipts into
the treasury from all sources, between the LIST Of
July and the LIST Of January, would amount to SO,
600 600 leaving deficit Of SIS 900, 900, inclusive
Of the sun Of about So 000, 000 the least amount
required to be in the treasury all times to secure
its successful operation For this amount he re3om
mends loan. This loan, it viii be Observed was
required, after close calculation to met the esi-
mates from the different departments, and not such
appropriations as might be made BY Congress over
and above these estimastes.
There we're embraced in this sum Of Sl5,OOO,OOO
estimates to the amount Of about 81 100 600 for Tie
three volunteer regiments, authorized by the act Of
Congress approved april Z, 1855 fortWo Of which,
if not for the third, appropriation viii now be
required To this extent portion Of the loan Of
Sl5OOO,OOO may be applied TO pay the appropris-
tons made by Congress beyond the estimates from
the different departments, referred to in the report
of the Secretary Of the Treasury.
To what extent probable deficiency may exist
in the treasury between the LIST July and the Let
January next, cannot be ascertained until the ap
Precipitation bills, as we'll he private bills con-
tsining. sppr0 riations, shall have finally passed.
Adversely teaches useful lessons to naiOns well
as 10 individuals The habits Of extravsgant
pendures fostered by slaTge surplus in the treasury
must nov be corrected, or the country viii be in
voved in serious financial difficulties.
Under any fern Of government, extravaganza in
expenditure must be the natural consequence, when
to oss who authorize the expenditure feel no respOn
sibility in providing the means of payment Such
had been for number Of years our condition
previously 10 the great MONETARY revulsion in the
eountry. Fortunately, at least for the of
public ecoDomy the case IS now reversed and to
Ihe extent Of ths appropriations whatever these
may be, eDgrslted on the different appropriation
bills as well as those made By private bills over
and above the estimates Of the different departments.
it will be necessary for Congress to provide the
means Of payment before their adjournment. With
out this the treasury viii be exhausted before the
first of January and the public credit will be seri
ously impaired This disgraes must not fall upon
the country.
1t impossible for me, however, to ascertain this
amount; nor does there at present seem to be the
least probability that this can be done, and the
necessary means provided by Congress to meet any
deficiency which may exist in the Treasury before
Monday next at y o'clock, the hour fixed for ad-
journment ii being Saturday morning at bsf
past II o'clook. IT, accomplish this object the ap
preparation bills SIS they shall have finally passed
Congress- must be before ne, and time must be al
lowed 10 ascertain the amount Of the moneys ap
prorrated, and to enable Congress TO provide the
necessary means. AT this writing it is understood
that several Of these bills are yet before the com
mittees of conference and the amendments to some
of them have not even been printed.
Foreseeing that such state Of things might ex
ist ct the close Of the session, stated, In the
nua1 message 10 Congress, Of December last, that
"frcm he practice of Congress such an exsmina
ton Of each bill as The constitution requires has
been rendered impossible" The most important
business Of each session is generally crowded into
It's last hours and the alternative presented TO the
President is either violate the constitutional duty
which he owes 10 the people, and approve bills
which, for want Of time it is impossible he should
have examined or By his refusal 10 dc this subject
the country and individuals to great loss and ineon
Venienee.