Mineral Point tribune. [volume] (Mineral Point, Wis.) 1854-1858, 1858-02-09

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To enable the Secretary to present the bal
aoce ne does at the close OF the year, he Tot on
ly postponed the large sum that have before
indicated but think has under-estimated the
expenditures for the last three quarters of this
year at least SI0000o0o. He estimates the ex-
pendltures for that period at S3l ,2iS 53G Oh
but gives no details by which TO Judge of the
correctness OF the estimate aud We can only
judge them by the preceding quarter ending
september 30, 1853 The expenditure for that
quarter, exclusive of what was paid to redeem
the public debt was ss2I,763.7I5 81. In view
OF what Is Transporting on our frontier ii eanuCt
be WIDE OF the mark to say that the expendi-
tU~es cannot fall much short OF : hat they we've
the first quarter of the year for cath of the three
last quartz rs. Here, then, is over ten millions
more too add to preceding deficiencies
But am not going to leave the Secretary
here; but propose briefly to examine his esti-
mates Tor the fiscal year ending June 80 1854
The Secretary Is eYIdentiy hopeful man Ii
Is happy characterIstlc to be possessed Of but
l submit to the House that it IS not quality to
I be sought or desired in theaclaracter of the
man ID whom Is Intrusted the management of
the finances of this Government. The prudent
and safe tinancier always looks to the worst as
\ pect that his affairs present and guards and
prot ects himself accordingly. Not so our Sec
retary but like bankrupt merchant, who fears
to look at his books, and face the state of facts
there disclosed as they really are. he blundcrs
on, expecting something to turn up" to rescue
him from impending ruin.
That do the Secretary no Injustice in de-
claring him to be of a too hopeful and visionary
/ character 20 be safe counsellor in the Depart
ment which he occupies, l think | have already
shown; but If | have not, perhaps may do SO
/ before l close The coolest. best Informed, and
most calculating men do not regard the late re-
FulsIon as a mere passing shower, be imme-
dIatcIy followed by balnly breezeS and pleasant
sunshine, but rather as IA terrible equinoctial
storm, producing a great upheaval In the ocean
] OF business from lis lowest depths, and sweep
I ing away with Its mighty surges that plant of
slow growth, contidence-and with it the whole
supefstrUcture OF mercantile credit. The Wis
/ est and most experienced among mercantile
men believe that It Is a work of time TO restore
that confidence, and rebuild thereon the struc-
ture that has been swept away l know the
courage and recuperative energy Of our people.
which calamity has power to suhduc. In
deed like General Taylor, at Buena Vista, who
did not know when hc was whipped, a Yam
kee does not know when he Is broke But with
all our will, all our courage, and all our energy
to overcome difficulties we still want a little
time. To ask Ms to believe that in Y ears time
from now our importations are going to return
to what they were one year ago, with twenty
per cent added, Is playing the confidence man
4 little too strong.
The Secretary cstima'c the receipts into he
/ Treasury for the fiscal year ending June 30.
1859. at s575 5926,875 81, made up as follows:
ing tJune 30, 1889. $500 900, on
keceiGts from sales ofpuhlic lands for the
year ending june 80, 1859, 100000 90
From miscellaneous sources, 1,uoO,O 900 90
Aggregate for The year end June 20 1850 S15g26S7 90
To obtain the above revenue, the ImPnria;ionS
of dutiahle goods for that period are estimated
at sS3tO,OJ0,0UO, a sum larger by y 1000 01O
than was ever imported into this country in a
single year 1t is safe calculation TO say that
the average of prices for the next eighteen
months will range at twenty per cent. less than
for the fiscal wear eudin.r June 30, 1871 and
looking At the effect of the revulsion Of 1897 ii
" iuld be a liberal all IVAN G for the c uatrv 10
give 1t the same quantity of foreign mercEau-
disc for the year ending June 81. 1888, that i;
had IN the year ending Junc 80, 1851 the peri
od of our greatest expansion. That quantity
under then eNSilug prices, cost sS29l 90 S36.--
nder the probable price for the next eighteen
months, it would cost Ss235, ,325 Cos. which, at
the average duty Of the new tariff OF nineteen
per cent, would give revenue uf about : D.
CO3OJO, falling off from the Secretary : csti-
males of S243JO,GOO, for q siugc wear III the
customs alone.
To suppose il possible for cur importations
OF dUtiable goods to reach $50 1000 for
the year ending June 80. 1853 we must first
suppose return t. thlt same vicious system
of bank c-e,iits' AMI expansion from which ne
have emerged and which, the President saws.
invited to such vast and ruiuous importatiuus
and specuiatous, and also to a return OF the
same condition of reckless cxtrlvacauce and
folly in society Tor in con sequence of the latter
alone We are able to make way with such vast
quantities OF foreign gewgaws as We have here
tpfore lmpOr ed. / pres ine that the Secretary
does not expect desire return to that canai- /
ion OF things, for he tells that. the only eff
hclent remedy for such evils Is 10 be found in n
re urn TO the prudent couusels and steady haJ- +
Its, which. fpr = long tiuc. were uuhapily laid I
asda." How then does tie Secretary cxpcct F.
-'nportali"ns OF S350,Oo0GJO, fem which TO
draw S6Jj0O,G0G of revenue
The experience of every man tells him that I.
there IS a strong feeling pervadins the minds of
al classes OF community, that re.r uchment in /
expenses Is ncCe 5s;srv- Heretofore. cur people (
have bought not only lbcrally, but extFava- /.
gan;ly hcreafie", and until the occurrences of
the past have been forgotten, they will huy .
prudently and sparingly. The old coat " Il he .
worn little longer, aad wives and daugh er-
" Ii not complain of having nothing to wear +
even though they should not have a new dress
for every day in the year.
Wlth the present reduction Of ouT crr -enev (
from It's nominal t, its rea value. and Il habits
Il economy wh-ca II impo-cs l am satisfied f
that our leyeuac VII fall off even more than ] +
have before indicated. Il is in vain for The /
Secretary to draw different deduction f.nrn +
the Supposed value OF our exports during hat
period; for. unless / am quite mistaken. uUr
exports Will fall otf a much n oar imports
The total exports for the wear ending June
30, 1897. exclusive of specie and bullion, were
- 7,Jpo, tI5, made up is follows:
From cotton, s131.5-5.s59
FRO "A Provisions and breadstuls, 7+.6i7->.2
From tobacco 2b.1.2. ~
From rice, 2zga. loo
Prom other articles, -, ,Ib3.s-g
Total, .Is,ggJ.7Ig
The Secretary admits that our exports of pro-
visions and b-etistuifs may fail of some, q but
that the increased value Of tie exDortations Of
of cotton viii probably make up the dcicieu-
cy, and that IN the worss view, our exports
Viii fail short over ten per cent. l dI-agrce
with him That his high hopes IN regard TO
evident 20 every person who has lately watched
the cotton market. From the most reliable
sources that l have had access to, / learn that
the cotton crop Of this ycar viii fall three or
four hundred Thousand dollars short from last
year. That the tendency Of the decline III
prices VIII be - decrease the expUrraTiou, must
I be apparent. That sich has already been the