The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1858-06-10

Now how are you to meet this one
hundred million dollars? The Secre-
tary tells us that he win have to pay
thirty millions in the first six
months, and that the income for the
first half of the year viii not be thirty
seven million dollars, as estimated in
December last, but twenty five millions.
He is getting to be little rational on
this question of. receipts He wants
fifteen millions to carry the Govern
ment through the first half of the next
year, not the whole year. Now, Sir,
these fifteen million dollars will not
carry him to January next. Sir, make
the prediction here now, and I wish
Senators to remember the prediction,
that we shall be called upon when we
meet in December next, to provide
means to carry the Government through
December and over the lst of January.
And this call will be pressed upon us
with all the power of immediate and
overwhelming necessity. 1t is inevita-
BILE, OH the showing Of the Treasury
Department. itself, that the Government
cannot go beyond the 1st of January
next, if it can go to that day, with the
aid of this fifteen million dollars loan.
You have to provide for one hun
dred million dollars next year. You
borrow fifteen millions; you raise from
all sources fifty-6ve millions of reve-
nue., and to the fullest extent that is all
you will get. You will not therefore,
have s70,000,00O with which to meet
one hundred million dollars. You will
have a deficit of thirty million dollars
next year. You are called upon, in
reality, to pay next year, beyond your
receipts, forty-fve millions, at the low
est possible estimate. You may be
called upon to pay fifty-6ve or sixty
million dollars, but it cannot be less than
$45, 100000. To meet that you propose
toraise fifteen million dollars for the first
six months, calculating to raise twenty
five million dollars from all sources,
making forty million dollars.
We shall have to meet sixty million
dollars from January to July, and
we shall have only twenty or
thirty million dollars to pay it with.
thus leaving a deficit of thirty million
dollars for the last two quarters of the
fiscal year. To go through the next
fiscal year, the Government must incur
a permanent national debt of forty mil.
lion dollars. How do Senators ike this
flattering financial pictures 1t is a
truthful statement of the condition of
the National Treasury; and hope
Senators will not fail to see where we
are and whittier we are drifting. No
administration can stand, or ought to
stand, that expends in two years sixty
five million dollars beyond its receipts.
No administration can stand, or ought
to stand, that plungcs headlong into
extravagant expenditures -expendi-
lures which exceed by tens of millions
its receipts. No administration can
stand, or ought to stand, that resorts to
temporary expedients, or to national
debts, to meet its current expenses in
time of peace.
We'll, Sir, what are your hopes for
the future? Does the Administration
expect, can it expect, has it right to
expect, that the Government can raise
money enough to meet its extravagant
expenditures under the present revenue
system?
The Secretary says our exports and
imports are increasing at the rate of
ten per cent. per annum; and the hon
orable Senator from Virginia has in
dulged to-day in these absurd estimates.
Let me tell the Administration and the
Senator that they will witness no such
increase during the next three years of
their power. This increase for the last
four or FIVE years has been an unnat-
ural and unhealthy increase. 1t was
stimulated by the expansions of bank
paper, condemned by your Executive
and your Secretary of the Treasury.
1t was stimulated by large purchases of
State and railway stocks in Europe.
You cannot keep up this expansion du-
ring the next three years. We have
had a reaction, collapse; the country
has been brought back. Our articles
of expectation have fallen about twen-
ty-fve per cent. The goods we import
have gone down-some of them, like
sugar, forty or fifty per cent. They
have gone down on the average, at
least thirty per cent; and the reduction
of the prices of your articles of export,
and your articles of import, with the
fact that we have five hundred million
dollars of State and railway stocks held
abroad, imposes upon the people the
stern necessity to be economical in their
expenditures. In the year ending June
80, 1857, we imported three hundred
and sixty million dollars, and exported
three hundred and sixty-two million
dollars, making seven hundred and
twenty-five million dollars of imports
and exports. This year our imports
and exports will not exceed Eve hun.
dred and twenty-five million dollars,
Does any rational man believe that our
imports and exports for the next year
will exceed the imports and exports in
1857? Does any practical business
man believe that the value of our i'm
ports and exports will, for the next
three years of this Administrations, ex-
ceed in quantity and value the exports
and imports Of the year ending Juno
80, 1857? In the present condition of
the country, in view of the reduced
value of merchandise, and the lessons
of economy taught by the experiences
of the past year, we have no right to