The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-06-23
WASHINGTON CITY, WEDNESDAY, JUNE %, 1858.

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impossible for human foresight to prepare all oontn
gencies Hs asked At the opening Of the session for
$40, 900 900 He askal for that amount in treasury
notes and not pemaAent osn because he hopeh ta'
trade would revive aud sufficient revenue flow into the
treasury 70 spersods the necsty of relying upon any
thing but the receipts for the current ex
pcndtuea Of the government temporary credit relieving
temporary revusion He hoped that in another quarter
say to the country that he wanted more money out
side Of the receipts Money plenty in the country
and baing only panicstricksn Il supposed the pa
ralysis would be temporary That hope has been dsap
EXPORTS but In the revival Of trade The statements
will lay before the House will show that not only has
trade not revived but that IT. hes fallen OF and that
while the has been diminishing for the last three
quarters the expenditures have been Increased by the
Utah war; aud the demand for payment OF debts incurred
when the treasury full 1t has thus become the duty
of the Secretary Of the Treasury to bring these facts 70
our attention aud 10 ask for this additional oan In his
estimates presented at the opening Of the session he did
not include anticipate the appropriations of $40 600 900
of decces which became necessary to be supplied to
the Utah expedition. A
In submitting his letter asking for this loan, with the
estimates, &C., all Of which will have read you will
perceive that he states that he has called upon the sew
eral departments the government to ascertain the
probable expenditures for the portion OF the next fiscal
year commencing with July and ending with December,
and the result has been that the amount required will be
$37 200, 900.
This loan bill has been kept back by in order to see
alton bills and other bills requiring money which might
pass Congress The Secretary of the Treasury estimates
the receipts from customs and other services for the two
quarters of the next fiscal year at $4,000 900 This
added to loan Of $l5 900 900 would give $4,000 900
to meet $3 900 900 of expenditures but that $37 OOO
900 is based upon estimates of tho department. exclu
sve of any appropriation made by Congress in the way OF
private bills increased appropriations beyond the es
mates of the department 1t is for the purpose of
tanning what the difference may be that the loan bill has
been held back by me- but inasmuch the House Is so
far in advance of the Senate think proper to submit the
bill in the form in which it originated in the Committee
of Ways and Means 1t authorizes $l5 900 900 TO be
borrowed the credit of the for fifteen years
If it passes this House will then go to the Senate and
between this time and the action of the Senate the ap-
preparation bills being passed. the accounting officers OF
the treasury will be enabled to ascertain very nearly the
amount which will be required whatever above Sl5,-
900 it reaches will be sent to us as amendment and
when here 1t will be understood that increase
is demanded to meet the equistion Of recent legs
lation send to the clerk to bo read the letter of the
Secretary the subject. The clerk read as follows:
| TREASURY DEPARTMENT, May 10, 1853
SIN In view carly adjournment call the
on Of Congress to the present condition the finances OF tho
In my annual report estimated
the end Of tho fiscal year Of s2e W
lions provided at all
times DO in the treasury for rs prompt and stu operation
then authorized by law Since that time the demands tho
to an amount not far below import
element that estimate the probable receipts from customs
other during the then nros he
The actual receipts for that period believed viii fall
millions below that estinate attributable to tho fact that the trade
OF tho have recovered rapidly from the
effects Of the late revuson as was then anticipated
Owing these causes The twenty millions loan Of treasury notes
M Is m ssi @
dependent entirely the
In reply q call upon the heads Of the dncreut departments
have official Information that the sum Of ss 600 viii be
year This docs not include such amounts be appoi
ated by Congress and above the estimates submitted them by
departments which
expenditures Upon this point Congress better able
these not rely upon receipts
business. that safely upon receipts
ring that period, from all Of sa5 100000 Looking this
mcn supply deficiencies that arise in meeting the
mans the treasury by additional loan not exceeding fifteen
view treasury issuedI
mend loan for that amount to be negotiated for period OF
more than ten years at rate Of interest not exceeding six
have confined this inquiry to the two first Quarters Of the next
fiscal Congress WIN re assemble be!e the close Of the
say to provide for future contingencies that cannot now be fore
any for taxation would
be unwise this time attempt modification Of the
sufficient time has no, elapsed to test the effects a that act the
considering the condition Of the country during the period Of
nor tho expenditures q the government should h estimated for in
The have been and s too ssrousy ctcd pv b late
revusion Justify policy q legislation based apon probable
greatly BY like tenn
Considering hm % estimating pe'
most prominent Of these temporary the Utah expedition,
During the period Of an overnows system
pcnd.uro was naugnra'ed in the building Of custom houses post
country checked coddon tho
ay INTO the Necessity and prop hes sspnae Sns
confidently believed will lead to wise and suary reforms Re-
will should the
Of expenditures taxation to remedy
evils Of an excess expenditures tho govern
ment fnl treasury is an unpodous element the work Of
provide the permanently with equal the