Arkansas true Democrat., 1858-01-05
The U. s. Treasury.

Inc moneyed pressure IS reacting on the fed eral government The revenues from customs are falling off very seriously, and there is no prospect of any early reaction of trade to restore them There are bnt six and a half millions of dollars (to speak of round sums) in the govern nlent repositories, and of this sum two and half millions are appropriated to mint operations. There IS, therefore, but four millions on hand. applicable to the present purposes of govern ment, and the accruing revenues do not more than half meet the current expenditures. The 1alInS oil ot revenues Is most conspicuous at the port of New York. The custom receipts there for August, September October and No- vember past, were S0,lS5, 40, against Sl5,- 1o4,61O last year, showing diminution of near ly seven millions of dollars, and the falling off Was greatest in the last two months, showing the probable increase of the de.icieucy
 It Is evident, therefore. that Congress must i speedily md some way ot replenishing the trea- surv, or It will have to suspend in few weeks fonr millions cannot carry 1t through long with an expenditure exceeding its income, weekly, by hundreds of thousands of dollars
 The surplus in the treas urv has been reduced nearly thirteen millions and a half since the middie ot August-chiety in the redemption of the public debt, under the discretionary power given to the Secretary of the treasury to employ all the unappropriated means of the treasury over permanent surplus of six millions That power was exercised very hberalIy by Secretary Cobb, commencing at the time when it was not supposed that the moneyed crisis would be so excessive as seriously to impair the revenues, and that the disbursement oi the coin from the snb-treasury vaults would have a very benef- cal effect in relieving commercial distress. and pr Stc off bnl, the pubic income from foreign commerce.
 These payments have gone into the general stock of the precious metals, on which the re- iosmation of the currency and the revival of business are to be based; but in the effort the treasury has depleted itself, and immediate res toratlves are needed, to enable it to take care of the public interests. There must be a loan, or resort to treasury notes, to the amount ot good many millions. The permanent effects of the present depressed state of com. mcrce on the public revenues is not yet so ascertalned as to be the subjec of fiuancal esti- mate, and It Is therefore probable that a result will be had of a limited issue of treasury notes. These will be only employed to the extent of the dehclency, which may be developed and ascertaned by the regular operation oi the trea sury, without adding anything of the permanent deot. II It be necessary to alter the tariff in order to increase the revenue the use of treasll- " notes will provide a sufficient ready supply until the new act goes into effect, and the sub ject of permanent addition to the debt deferred nntil the amout which is needed has been Bs- certained and regular system Of revenues pro- vided. Treasury note, bearing interest do not go iuto circulation as bank paper, or form part of the currency, but have their great conven- fence as instruments of exchange and for tenn porary investments of capital-M 0. Picay- une.