The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1858-12-16

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gregate Of seventy million one hundred and
twenty=nine thousand one hundredand nine
;y-fve dollars and fifty-sl1 cents, (S70, ,l29,-.
1876 56)
The expenditures, during the first quarter
of the present fiscal year, were twenty-one
million seven hundred and eight thousand
one hundred and ninety-eight dollars and
fifty one cents, (S2l, ,7Os,l 1893 6i,) of which
one million and ten thousand one hundred
and forty-two dollars and thirty-seven cents
($I,0l0,l42 37) were applied to the pay
ment of the public debt and the redemption
Of treasury nutes and the interest thereon
The estimated expenditures, during the re-
naming three quarters to 30th June, 1859,
are fifty.two million three hundred and fifty
seven thousand six hundred and ninety.eight
dollars and forty.eight cents, (S52, 1857 ,698
4sO making an aggregate of seventy. four
million sixty five thousand eight hundred end
ninety.six dollars and niuety-nine cents,
1854, ,C65, 1896 SO being un excess fexpen.
diture, beyond the estimoted receipts into
the treasury from ordinary sources, during
the fiscal year to the 3Oth June, 1859 of
LuICO Hlllluu uuu
thousand seven hundred and one dollars and
three cents, ($3,936,7Ol 43) Extra.
ordinary 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 l4th June, 1858, to
the extent Of eleven million of dollars, which
if realized during the present fiscal year, will
leave balance in the treasury, on the first
day Of July, 1859, Of seven million sixty.
three thousand two hundred and ninety y-eia hit
dollars and fiFty.seven cents, ($7, 1868, ,29S
sly
The estimated receipts during the next
fiscal year ending 3Oth June, 1860, are sixty
two millions of dollars, ($62 200, ,OO0,) which
with the above estimated balance of seven
million sixty-three thousand two hundred
and ninety-eight dollars and fi'ty.seven cents
($7 063, ,298 SD make an aggregate for the
service of the next fiscal year, of sixty-nine
million sixty-three thousand two hundred
and ninety eight dollars and tihy-seven cents
1860, 1858 29S 57) The estimated expendl.
lures during the next fiscal year ending 3Oth
June, 1860, are seventy-three million one
hundred and thrty-nine thousand one hund-
red and forty-seven dollars and forty-six
cents, ($73.l39,l47 46) which leave a de.
fcit of estimated means, compared with the
estimated expenditures for that year, COM
mencing on the lst Of July, 1859, of four
million and seventy-tive thousand eight
hundred and forty-eigbt dollars and eighty
nine cents, ($4,O75,848 89)
In addtion to this sum, the Postmaster
General will require from the treasury for
the service Of the Post Office Department,
three million eight hundred and thirty. eight
thousand seven hundred and twenty-eight
dollars, ($3,S38,728,) as explained in the
report of the Secretary of the Treasury,
which will increase the estimated deficit on
the 30th June, 1860, to seven million nine
hundred and fourteen thousand five hundred
and seventy dollars and eighty-nine cents,
(S7914576 89.) To provide for the pay
ment 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, as
we'll as to provide for the gradual redemp.
ton, from year to year, of the outstanding
treasury notes, the Secretary OF the Treasury
recommends such revision of the present
tariff as will raise the required amount
After what | have already said | need
scarcely add that | concur in the opinion
expressed in his report--that the public debt
should not he increased by an additional
loan, and would therefore strongly urge
upon Congress the duty of making, at their
present session, the necessary provision for
meetiDu these liabilities
The public debt on the 1st July, 1858, the
commencement OF the present fiscal year,
was $35, ,l55,977 GG.
During the first quarter of the present
year, the sum Of $40, 1000 has been nero.
tiated Of the loan authorized by the act of
18th June, l8j5-making the present out.
standing public debt, exclusive of treasury
notes, S35, ,l55,977 IS. There was ON the
lst July, 1853, Of treasury notes issued bv
authority OF the act of December %, 1857.
unredeemed, the sum of $l0,754,8OO-
makng the amount of actual Indebtedness,
at tht date, $549l0,777 66. To this will
be added $lo,O00,oOO during the present
fiscal year-this being the remaining half of
the loan of 500, 100000 not yet negotiated
The rapid increase of the public debt, and
the necessity which exists for modification
of the tariff, to meet even the ordinarv ex.
penses of the government, ought to admonish
US all, in our respective spheres of duty, TO
the practice OF rigid economy. The objects
of expenditure should be limited in number.
as far as this may be practicable, and the ap.
propriations necessary to carry them into
effect, ought to be disburSed under the strict.
est accountability. Enlightened economy
does not consist in the refusal to appropriate
money for constitutional purposes, essential
to the defence, progress and prosperity ofthe
republic, but in taking care that none of this
money shall be wasted by mismanagement,
in its application to the objects designated
by law. -....
Comparisons between the annual expen-
diture at the present time, and what it was
ten or twenty years ago, are altogether fall
lacious. The rapid increase of our country
in extent and population, renders cores
ponding increase of expenditure, to some
extent, unavoidable. This is constantly
creating new objects of expenditure, and
augmenting the amount required for the old.
The true questions, then, are, have these
objects been unnecessarily multiplied! or,
has the amount expended upon any or all Of
them, been larger than comports with due
economy! In accordance with these princi.
Piles, the heads of the different executive de.
partments of the government have been in.
structed to reduce their estimates for the
next fiscal year to the lowest standard con.
sistent with the efficiency Of the service, and
this dHty they have performed in spirit OF
just economy. ''..