M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1858-12-23


! ted with the additional security thus
aifoF6ed against frauds upon the reve-
nue., in which every consumer isdi-
rectly interested.
have thrown ont these suggestions
as the fruit of my own observation, to
to which Congress, in their better
| Judgment, will give such weight as
they may justly deserve.
The report Of the Secretary Of the Treas.
uY will explain in detail the operations of
that Department Of the Government. The
receipts into the Treasury from all sources
during the fiscal yelr ending the SOth Of
June, 1855 including the Treasury notes
authorized by the act Of December 90, 1857,
were $40 ,273, 500 SO, which amount with
the balance of Sl7,7lO,ll4 81 remaining in
the Treasury at the commencement OF the
year, made an aggregate for the service Of
the year Of S87,993,9S4 Sc.
The public expenditures during !he fiscal
year ending June 90, 1853, smounted TO $751;
| 5S5 ,667 76, of which $685.. .5S7 80 were
applied to the payment OF the public debt,
/ ullu LtlE lENEUlplluU va llEushl1 HbNtH " lkll
the interest thereon; leaving in the Treasury
on July l, 1883, being the commencement Of
the present fiscal year, S6,S99,3l6 6 10.
| The receipts into the Treasury during the
| first quarter of the present fiscal year, com
mencing the lst July, 1858. including one.
half of the loan of $50 100000, with the
premium upon it, authorized by the act of
18th June, 1858, were S25 ,290, ,879 46; and
the estimated receipts for the remaining
three quarters TO the 30lh June, 1859, from
ordinary sources, are S38, 500, ,0C0, making,
with the balance before stated, All aggregate
Of $40, l29,l95 56.
The expenditures during the first quarter
Of the present fiscal year, were S2l ,10S. 1873
81; of which S! !,0l0ll2 81 were applied TO
the payment Of the public debt and the re-
demption Of Treasury notes and the interest
thereon. The estimated expenditures, du.
ring the remaining three quarters to S0th
June, 1859. are S52 ,357 SOS as; making an
aggregate OF S74, ,O65 1896 SO; being an excess
of expenditure beyond the estimated re-
ceipts into the Treasury from ordinary
sources, during the fiscal year to the 30th OF
June, 1859, OF S3,936,7Ol 43. Extraordi.
nary means are placed by law within the
command Of the Secretary OF the Treasury,
BY the reissue Of Treasury notes redeemed,
and by negotiating the balance of the loan
authorized by the act of 18th June, 1858, 10
the extent of Sll 900, 900; which, if realized
during the present fiscal year, will leave a.
balance in the Treasury, on the lst day of
July, 1859, of S7,06S, ,29S b.
The estimated receipts during the next fis.
col year ending 30th June, 1860, are $62,-
900 900, which, with the above estimated
balance Of S7,O63,29S 81, make an aggregate
for the service of the next iisca year of S69,-
063 298 81. The estimated expenditures |
during the next fiscal year ending the 30th
June, 1860, are $40, l39, ,l47 as, which leave
a deficit OF estimated means, compared with
the estimated expenditures for that year.
commencing on the lst July. 1859, of S4,-
075 .S4S 80.
In addition to this sum, the Postmaster
General will require from the Treasury, for
the service of the Post Office Department,
s., ,S3S ,72S, as explained in the report Of the
Secretary Of the Treasury, which will III
crease the estimated deficit on the Both June,
1860, to $7,9l4 ,575 SO. To provide for the
payment of this estimated deficiency, which
will be increased by such appropriations as
may be made by Congress, not estimated for
IN the report of the Treasury Department,
IS well as TO provide for the gradual redemp.
ion, from year to year, of the outstanding
Treasury notes, the Secretary of the Treasu
y recommends such revision of the pres
mt tariff as will raise the required amount.
After what have already said, | need scarce
y add that | concur in the opinion express
ID in his report-that the public debt should
lot be increased by an additional loan, and
would Therefore strongly urge upon Congress {
he duty Of making, at their present session
he necessary provision for meeting these Ii
bilities.
The public debt on the lst Of July, 1858,
he commencement of the present fiscal year,
vas S25, i55 ,977 &C.
During the first quarter OF the present |
ear, the sum OF $4,000 900 has been ne ,
,otiated OF the loan authorized by the act Of
18th June, 1888; making the present out {
tanding public debt, exclusive Of Treasury |
totes, S35, 1856, 977 66. There was on the
st July, 1858, OF Treasury notes issued by
uthority of the act of December 80, 1857, ,
the sum of Sl9,754 ,S09-mak-
ng the amount of actual indebtedness at 6
hat date, S54 ,9lO,777 65. To this will be
dded SO 100000 during the present fiscal ,
being the remaining half Of the ,
oan Of 500, 900 900 not yet negotiated. The
apid increase of the public debt, and the
necessity which exists for modification OF (
he tariff, to meet even the ordinary expens. s
IS of the government, ought to admOnish us
Ill., in our respective spheres of duty, TO the
practice of rigid economy. The objects Of |
expenditure should be limited in number, as ;
ar as this may be practicable, and the ap :
necessary TO carry them into !
fleet ought to be disbursed under the strict
EST accountability. Enlightened economy i
loes not consist in the refusal to toappropriate ,
money for constitutional purposes, essential
10 the defense, progress, and prosperity of
the Republic, but in taking care that none
Of Tho money shaIl be wueted by mismunose-
ncnt, i'll its application 70 the objects desig-
mated by law. Comparisons between the
annual expenditure at the present time, and
what it was ten or twenty years ago, are al
together iallaC;ous. The rapid increase of
our country in extent and population, rend-
ers corresponding increase Of expenditure,
10 some extent, unavoidable. This is con-
Stantly creating new objects Of expenditure,
and augmenting the amount required for the
old. The true questions, then, are, have !
the Sc objects been unnecessarily multiplied?
or, has the amount expended upon any or