The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1858-06-02
The Federal Finances-Condition
and nrospacf of the Treasury.

TREASURY Z
TREASURY DEPARTMENT, May 10, 1858.
In view of the early adjournment, /
desire to call the attention of Congress
to the present condition of the Govern
ment.
In my annual report I estimated that
there would be a balance in the treasury,
at the end of the present fiscal year, of
1926 875 67, which would have required
a deficiency in our of five mill
ions of dollars to be provided for-as
that amount is necessary, at all times,
to be in the treasury, for its prompt and
successful operation. This estimate
was based upon an expenditure limited
to the appropriations, then authorized
by law. Since that time, the demands
upon the treasury, for tie present fiscal
year, have been INCREASED by legislation
to an amount net far below ten millions
of dollars. Another important element
of that estimate was the probable re-
ceipts from customs and other sources
during the three remaining quarters of
the fiscal yeaE-
The actual receipts for that period, it
is now believed will fall ten millions be-
low tnab otln4NC"ai IlDuldDlG " lHO
fact that the trade and business of the
country have not recovered as rapidly
from the effects of the late revulsion as
was then anticipated. '
Owing to these causes the twenty mill
ions loan of treasury notes, authorized
by the act of December %, 1857, will
be exhausted in supplying the defcien-
cies IL the treasury for the present fiscal
year.
We shall the next fiscal
year dependent entirely upon the cur
rent receipts into the treasury to meet
all demands from it.
In reply to a call upon the heads of the
different department, | have received off
cial information that the sum of S37 900
will be probably called for during the
Fl st two.quarters. of the mkt fiscal year.
This sum does not include such amounts
as may be appropriated by Congress
over and above the estimates submitted
to them by the departments, aud L have
no data upon which to estimate for such
expenditures. Upon this point Congress
is better able to form a correct opinion
than l am.
-.Tomeet these expenditures it is not
prudent to rely upon receipts into the
treasury, estimated upon the too rapid
revival of trade and business. l believe
that we may safely calculate upon re
ceipts, during that period from all sour
ces, of $25 ,OoO, geo. Looking to this
state of things, 1 recommend that au-
thority be given to this department. to
supply any deficiencies that may arise in
meeting the demands upon the treasury
by an additional loan not exceeding
SIS, 00O, 900.
In view OF the amount of treasury
notes already issued, I recommend a loan
for that amount to be negotiated for a
period of not more than ten years, at a
rate of interest not exceeding six per
centum.
1 have confined this inquiry to tho two
first quarters of the next fiscal year, as
Congress will re-assemble before the
close of the second quarter, aud it will
be time enough then, should it become
necessary, to provide for future contin-
gencies that cannot now be foreseen.
LIDO not recommend any measure for
increased taxTrfon.- IT wUufd be uuwfsc-
at this time to attempt a modification of
the tariff act o March 8, 1857, for the
reasons given in my annual report to
Congress. Sufficient time has not
elapsed to test the effects of that act
upon the revenue, con-idering the con-
dition of the country during the period
of Its operations. In addition to this
consideration, neither the receipts DOR
the expenditures of the Government
be estimated for in the future
upon the bases of its present receipts
and expenditures. The former have
been, aud sill are, too seriously affected
by the late Revision to justify a policy
of legislation based upon a probable
continuance of this state of things for
any considerable period of time. /
The latter have been so greatly in
by causes of a like temporary
character as to preclude, with equal pro-
the policy, Of considering them
as a basis for estimating future expendi-
lures. The most prominent of these
eauses-is the Utah expedition,
it is hoped, will not reach beyond
the end of the next fiscal year. During
the period of an OVERLOOKING treasury a
system of expenditure was inaugurated
in the building nf custom houses, post
Offices, court houses, and other public
which, fortunately for the coun-
try, has beer checked by tho exhausted
condition of the treasury. The time
thus given for a more thorough and
rigid inquiry into the necessity and pro-
priety of these expenditures, it is conf
IDENTIFY believed, will lead to wise and
reforms. But retreuchments in
other branches of the public service can,
andfI have no doubt will be Effected
Attention should be directed more to
the reduction of expenditures than to
an increase of taxation to remedy the
evils of an excess of expenditures over
The means of the Government. A full
is an unpropitious element in
he work of retrenchment and reform
If measures should. be now adopted to
the treasury permanently with
!. sum equal to the present demands
lpon it, it might relieve the Govern
nent from some of its endorsements,
tut woald greatly weaken the effort to
~estrain the Government to an economi-
expenditure of the public money.
The revival of business, which cannot
'e much longer delayed, will, ] am con-
ident, insure from the present tariff a
efficient revenue for the support of the
Government in ordinary times.
Extraordinary expenses, rendered me-
by causes equally extraordinary,
lways being of q temporary character,
hould be provided for in a like tempora
[Thio nripoipla - 10 ols -