Mountain Democrat. [volume] (Placerville, El Dorado Co., Cal.) 1854-1860, 1858-08-07
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We would like 70 have it understood that
there Is Q wide difference between the decline
Of the public revenues and the extravaganza
Of the Administration. The difference may be
best illustrated by stating two current facts
In connection with the revenues and the ap-
prOpriations and expenditures Of the govern.
ment during the present year:
First. The receipts into the treasury have
greatly declined.
Secondly. The expenditures of the govern
ment have been les than heretofore.
Those who charge the President with the
issue Of treasury notes and bonds should credit
him with the current deficit Of the revenues
in order TO get at the true state Of the ac-
counts. Had the income Of the treasury been
wholly cut of, it il manifest that still larger
amount Of notes and bonds would have been
required to meet necessary expenses; be-
cause the amount of cash OH hand was Insult.
cient, nor would the administration be prop.
erly chargeable with such a condition Of
things. The recent revulsion, acting directly
upon foreign trade, has reduced the revenues
more than one-half and this fact is Suffi
eient- -iAstiiica4ion= n=for-the- issue Of treasury
notes and bonds. The present condition Of
monetary affairs was to great extent. antic-
ipated BY the head Of the Treasury Depart
ment and by the President and every effort
was made to induce Congress to limit the ap.
preparations to correspond with the diminish.
ed receipts of the exchequer. These efforts,
too, in spite Of the extraordinary demands
arising from the dispatch of large force to
Utah, have been, in great degree, successful.
The expenses OF the government have been
largely retrenched, not in amount proportion
ed TO the diminished receipts, because that
was impossible.
Besides, Il IL believed the striking diminu-
tion Of the incomes Of the treasury cannot be
Of long continuance. The almost complete
suspension Of imports which we have witness
ed within the last eight or nine months, indi-
Gates rather healthy and recuperative pro-
cess by which the enterprise of the nation
will soon recover its wonted tone and energy.
We know of no possible injury which is likely
20 result from the present depression to any
Of our great interests, not even to the treas
ury itself. which, enduring . temporary en-
barTAsSment, will be placed on substantial
foundation and be ready for and realize fu.
ture successful business.
These facts instruct US that it is something
worse than folly to say that athe temporary
wants Of the treasury are in any sense charge
able to the administration.
The failure, for the time being, of federal
incomes. is due to circumstances over which
nobody had the least control. Every employ
mcnt, occupation, and trade have their vicis.
Situdes, and in this country and in every CON-
mercial country where capital is limited, they
bear directly upon the public revenues. This
is more certainly 50, perhaps, in the United
States than in the older countries of Europe
because money is more Active here, draws
higher interests, and its employment more
likely to be effected by impaired confidence
in mercantile credits and responsibilities
We fall quickly from high estates and prosper
ity; and we rise rapidly from depressiOns ant
embaFrassments. The nation il now engaged
in two notable works: First, in its usual pro
ductiOns secondly, in consuming the stock
Of foreign goods which were imported In ex
cess during long season Of general prosperi
| ty. These facts indicate habits Of economy
and national and individual retrenchment.-
They point directly to the future. They d.
not promise revolution in public tastes anC
habits, but they do promise . desirable
change. The future, then, is to be, under Ger
tain notifications, what the past has been
& restoration of confidence and general re
sumption Of business, chastened by the dis
astrous experience of the last year, and lead
ing on to higher conditions Of public and pri
vatc prosperity.
II is much easier for individuals than fol
nations to accommodate themselves to th'
special necessities Of the day. II il easier Il
impede the too rapid progress Of light thar
heavy vehicle-to control the action Of thu
few than the many. In the present inStanc'
II may be counted as q great good fortune
that we have at the head of tile government {
man Of the largest experience in public affairs
upright and honorable through long life, So
gacious, vigilant and faithful rs high func
tionary, one above al others in the nation t
whom the people would intTust their most 50
cred Interests; for, even before the burden o
the storm had reached Us, he exerted every
faculty Of his Office to trim the sails to NEE
it's blasts, and to guide the helm SO as to i'm
part universal confidence to al, that he wa'
able and qualified to command the ship in thu
hour Of peril. We say this in the spirit o
candor; and We point to the great fact in jus
tification of It that Notwithstanding the ex
traordinary war service required of the Presi
dent, the expenses Of his administration have
been largely retrenched.- Warrington Union