The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-05-22
Special Notice 20 subscribers:
THE FINANCES OF THE GOVERNMENT.
REPORT OF THE SECRETARY OF THE TREASURY.

THE FlNANCES Ut IHE, GOVERNMENT.
REPORT OF THE SECRETARY OF THE TREASURY.
b haYsqii PnaAsunY DnAnsnnsr, May Is, 1858.
sm In view Of the early adjournment desire 20 call
the attention of Congress 70 the present condion OF the
finances of the goyerAxnent IL 1-te4 ssti ~ .9NA
In my annual report estimated that there would be
balance in the tresuy the end OF the present fiscal
year. of S42G,s75 67. which would have required de
ciency in of five mions OF dollars TO bo
provided for that amount IL necessary, at all times
to be in the treasury for its prompt ard suceul opera
ton. This estimate based upon expenditure lin
tied to the appropriations then authorized by law. Since
that time the demands upon the treasury for the present
fiscal year have been increased by egstion amount
not far below millions Of dollars. Another important
element of that estimate the probable receipts from
customs and other during the then three remain
ing quarters of the fiscal year. iAaHas3 yl5gae yf
The actual receipts for that period 1t is believed,
will fall ten millions below that estimate attributable to
the that the trade and business Of she country have
recovered rapidly from the effects Of the late
yulsion was then anticipated. h ~ t i te
Owing TO these tho twenty millions loan Of treas
ury notes. satorssd by the act Of Dsccmber 1s 1887
viii be exhausted ia suppying the deficiencies in the
treasury for the present fiscal year
We shall commence the next fiscal year dependent
trely upon the current receipts into the treasury to meet
all demands from it. t, .l i8fa,s ..i4 ~ Es,,,.a,
In reply to cl upon the heads Of the different depart
cnts have received official information that the Of
$s7 900 will be- probably called for during the first
two quarters Of the next fiscal year This does not
over and above the estimates Submitted to them by the
Departments and have data upon which to estimate
for such expenditures Upon this point Congress is bet
ter able to form correct opinion than am. W
To meet these expenditures it Ia not prudent to rely
upon receipts into the treasury estimated upon the
rapid revival of trade and business. believe that
may safely calculate upon receipts during that period
from all sources of $50 GEO. 000 Looking to this state
of things recommend that authority be given to this
department supply any deficiencies that may arise in
meeting tho demands Upon the treasury by additional
loan not exceeding fifteen millions Of d0llars.
In view Of the amount Of treasury notes already issued
recommend loan for that amount TO be negotiated for
period of than ten years. at rate of interest
not exceeding six per centums sl ,s4-,s.4tl4s4
have confined this inquiry to the two first quarters of
the next fiscal year. Congress will reassembo before
the close Of the second quarter and it will be time enough
then should become necessary to provide for future
contingencies that cannot now be fOreseen.
do not recommend amy measure for increased taxa
ton 1t would be unwise at this time to attempt mod
cation Of the tariff act Of March g. 1857 for the
sons given in my annual report to Congress. Sufficient
time has elapsed to test the effects of that act upon
the revenue, considering the condition OF the country
during the period of its operation In addition to this
consideration neither the receipts the expenditures of
the government should be estimated for In the future,
upon the basis of its present receipts and expenditures
The former have been and still are too seriously affected
by the late revulsion to justify policy of legislation
based upon probable continuance of this state of things
for any considerable period of time.
The latter have been greatly Increased by of
like temporary character as to preclude with equal pro-
prety the policy Of considering them as basis for est
mating future expenditures. The most prominent Of
these temporary is the Utah expedition which II
hoped will not reach beyond the end OF the next fiscal
year. During the period of an oyerhowng treasury,
system Of expenditure inaugated in the building Of
custom houses post Offices court houses and other pub
lie works. which, fortunately for the country has been
checked by the exhausted condition Of the treasury The
time thus given for thorough and rigid inquiry
into the necessity and propety Of these expenditures it
is confidently believed will lead to wise and sautary
forms Rerenchments In other branches of the public
service can and have doubt will be effected At
tention should be directed TO the reduction of
penditures than to increase of axation to remedy the
evils of an excess of expenditures the of the
government full treasury is an unpropitious element
in the work of retrenchment and reform. If measures
should be now adopted to provide the treasury perma
nenty with equal to the present demands upon it,
it might relieve the government from some OF its embar
rassments but would greatly weaken the effort to
strain the government to economical expenditure of
the public money NJ fait&e tf fn6 tstG a5l 3e.a 70
The revival of business which cannot be much longer
delayed will / am confident insure from the present
tariff sufficient for the support of the govern
ment in ordinary times, 5uaies .0l&sai s@t8g6&t
Extraordinary expenses rendered necessary by
equally extraordinary always being of temporary
character should be provided for like temporary
rg t
This principle is too plain to require argument illus
tration it is only necessary to call attention to it to
command the approval of every intelligent mind
am, very respectfully, N -
HOWELL COBB,
t ~ t4n Secretary Of the Treasury
Hon. JonN G. BREcKNRiDGE. i, efa 6t Rt 3nans3ga
Vice President of the United States
~ and President Of the Senate.