New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-05-29
TIE NATIONAL FINANCES.
sPBECH OF HENRY wILsOh
% hAssACHUsIITs.
lin SsLa,s, May -, 1858 ]

srdirsyy And currel. expenditures OF nc o'''""
%, the fr,. two ousriers Of the neIt u 'ca year,
fir the prop~iioB 10 70 incur Iseon"' 'D "
ASSOC. Ooo-to tss the productive h,u''y VI ~.
people for .be next fifteen years 70 mee. '"o ui''N
.s,a,r,.. Of The Government at tune Then we
.... xi.h all tse worli. Tbs ia an Admins
49,. rn...p,,-:he MEASURE Of Democratic Admin
..-,,.n. Il comes here with the seal acd s1percrp-
A., ~ the Administration stamped upon IT. and the
,n,.ri.y here in both Ii rses o. Congress, az in duy
Asrpd win hasten with slscrity to register 'hs ETecu
Ave mandate. Necessity, stern, impsrous necessity
rssds on the supporters Of the Administration to rs
early contamination. do not nee, Mr.. President, 70
RteYpose obstacles 20 the promp. passage OF this Dill
Au. do rise 20 ask the Senate pause long enough TO
tsle an observation 70 see where we now are, and
Vk.ber We are drifting.
Il was. Mr.. President the dccrine-sy, ard the
practice, too-of he republican fathers, OF Jefferson
and Of Madison, Of Adams ard OF jackson, ths. tue
ordinary and current annual exoendituresS the Gov
srAneIt mus. be kept within the receipts Of the Gov
eminent in time Of peace that national deos were not
national blessings, and must not be incurred TO meet
the ordinary wants Of the Government in times Of
peace. Mr.. Van Buren, alone, Of ali our Presidents,
from Washington 10 buchanan abandoned this good
ed policy Of the republican statesmen OF the country,
BY borrowing money IN times OF peace 10 meet the
srdipsry and current expenditures of HE Adminsra-
top. That violation of the cherished policy Of the
Republic contributed in no small degree TO his dig
astous defeat in 1870. Sir, Mr.. buchanan 10
AsHening on in the footsteps Of mr. van Dute t.
Like Mr.. Van Buren,, he is rushing headloDg INTO
debt, borrowing money, mourning HstiI nsl oeDte,
10 meet the current expenditures OF his Admns-
tratiop. Eighteen hundred end sixty may repeat
The lesson Of 1870; ard commend the Administration
Il commend the supporters Of the Admin ra'ion in
both Houses Of COngress-to ponder We'll the Lesson
taught by the people in lSi0 Believing the doctrines
ss1 policy Of The republican Statesmen Of Other days
a be
ne who inherit the and the principles Of the re-
publican fathers inAexibly opposed to this policy
by which the Administration s hurryng the nstlon on
headl0Dg into debt in time OF peace and then resort
ing TO borrowing money to mourning permanent ma
tionsl debts, TO meet wants crested by its own ex'
travsgapce SIX. let the supporters OF the Adminstra
ten undertspd LEI the nation understand that We de-
nounce this policy ID advance that we wash our hands
Of il, and forever that we tske an appeal 70 the
people against the adoption Of policy so much at war
with the asDg interests OF the Gove'nmen.and OF the
People. sn- o..
sight years Of the administrations OF Mr. Polk General
Taylor and MIR. Fillmore, in which time we went
through the Mexican War, were, the average,
as, 900 900 annually. When President Pierce came
900 in the Treasury During his administration the
average expenditures exclusive Of payments or so
count Of the public debt were S5S 10Y oOO beng an
average annual increase Of $l5 900 over the eight
preceding years-years, too during which happened
ihe Mexican war with all ts vast expenditures. The
expenditures Of the Government during MIR. Pierce
the Government from 1889 to 1917. durlog the admin
istrstions Of Washington Adams, Jefferson and Mad.
icon, period Of twenty eight years.
when President Buchanan came into power, he
commenced the fiscal year W tn $4,000, 900 in the
Treasury. He has collected from all sources about
4I COO 0O0 or rather, he has coected the first quar-
Ser 42l OOO 00O the next g. 900 600; the third quar-
Ter 6OO Goo and it is estimated that the last quar-
ter will be IS GOO 00O making $4 COO to be added
70 the SIS, O00, 900, amounting to 10000. We
have borrowed $40 600 900 by Treasury notes, which
Al a.
ton for the present year. The Senstor from Virginia.
The Chairman Of the Committee on Finance, estimates
understand him. that the TeceP's ior tns year WI"
4s5 Goo co., which will leave balance in the Treas
ury Of 100000.
Now, we are told by the Secretary 0. the Treasury
that, at the commencement of the next fiscal year
the 500 O0O 600 of Treasury notes will be exhausted
AID we shall begin the next fscal year without any
money or with only nsgpif ant SUN 10 the Trea-
sury The usl expenditures of this Administration
exceed the expenditures of the last Administration,
exclusive Of the public debt, more than $2O,OOO,oVo
The last Administration added Sl5 Ooooo TO the aver
age annual expenses of the country and the present
Admin sY ration adds 500 900 600 annually over the last
Administration, which the whole country believed to
be an extravsgsDt Administration.
We all remember that when Congress assembled IN
December ast the Secretary Of tue Treasury, IN his
annual report estimated that the receipts during this
year about closing would equal the demand. upon the
Treasury; that it would be about $75,OOOOO0, and
that he would have balance 10 the Treasury toe lst
day Of July next Of $462 600. The Secretary, how
ever thought that Congress ought to grant him tue
power TO issue 10000 600 of notes IN anticipation OF
The revenue; not that the Treasury notes would be
wanted this year. but he wished the authority to issue
these notes in anticipation OF the revenue which would
accrue during the present year The President OF the
United States in hs message Endorsed this demand OF
the Secretary of the Treasury.
On the 18th Of December last the Secretary wrote
q letter TO the Committee of Ways AMI Means, asking
for authority to issue $40 600 Of Treasury Notes
md in this letter. written days after his annual
report wac made, the Secretary, while asking for
Though Of $4,000 600 will not in s probability,
Be early day. all yet deemed best that the
should II b. required by the public service
He would not want thsse Treasury Notes at an early
day if he wanted them at all That was on the lon
of December. The bill was promptly reported, and
Congress entered upon its discu sion. Within the
period of seven or eight days that bill carried
through Congress, and, although the Secretary had
told us ne did not want TO issue these notes immediate
iy at al within days we were pressed to hurry
that b Il through Congress, because tbs government
was becoming bankrupt; aud, within ten days after
the Secretary of the Treasury wrote that letter the
Coyernm, ut Of the United States unable t. meet
its oblg atoms drafts dawn by its Army officers upon
the Treasury remained unpaid; and the Members OF
Congress who desired TO 90 home and see their iani-
hes and spend Christmas with them, could not ob:an
tie money TO do bscsuse the Treasury was exhaust
ed sndthis within the period Of ten days after the
Secretary Of the Treasury had asked for SOOOO w.
and told us that he did not want II very soon he
should want il all. What foresight What wonder
frl sagsclty WHAT an exhibition OF ststesmanship
Was tIis
TIE Secretary OF the Treasury in his suuusl rep Ut
after asking for authority 10 issue 81 Goa, 900 Of
Treasury notes in anticipation of tie eCcrg revenue
estimated that the receipts fO the resiGe c. the year
would be equal to the demands for the year and that
he would have balance IN the Treasury o. the let
OF July Of re 0O0 Nov, the Secretary comes here
on tie 18th of May with report asking for ban Of
A. TO he 4