Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1858-05-29
The Finances Of the Govsrnment-Report Of ths
Secretary Of ths Treasury.

TREAsURY DEPARTMENT, Nay -, ISIS.
sIR: In view Of the early adjournment, Dc
sire to call the attention Of Congress TO th
present condition of the finances Of the Govern
mant.
10 nv annual report estimated that ther
would be a balance in the Treasury. ~ the en-
Of the present fiscal year. of S426,S75 81, whic
would have required a deficiency in our resour
css Of five millions Of dollars to be provided foI
as that amount is necessary, az all times, to b
in tie Treasury fer its prompt and snc,essfu
operation. This estimate was based upon q
expenditure limited to the appropriations the
authorised By law. Since that time The de
mands upon the Treasury for the present hsca
veaT have been increGsed by legislation TO al
amount not far below zen millions Of dollars
Another important element OF that estimst
was the probable receipts from customs an'
other sources during the then three remaining
quarters Of the fiscal year.
The actual receipts for that period, Il is nov
believed, will fan ten millions below that esti
mate attributable TO the fact that the trad
and business Of the country have not recovere'
as rapidly from the effects Of the late revulsioI
/ as was then anticipated,
Owing to these causes the twenty millionI
loan Of treasury notes, authorized by the act Of
| December %, 1857, will be exhausted in sup
plying the deficiencies in the treasury for tbs
present fiscal year.
We shall commence the next fiscal year de-
/ pendent entirely upon the current receipts into
/ the treasury te meet ell demands from it.
In reply TO a call upon the heads Of the diff
ferent departments, have received official in.
I formation that the sum Of $1,000 600 will be,
/ probably. called for during the first two quar-
I ters OF the next fiscal year. This sum does
nct include such amounts as may be appropri-
/ sted BY Congress over and above the estimates
submitted to them BY the departments, and ]
/ have no data upon which to estimate for such
/ expenditures. Upon this point Congress is bet
i ter able to form a correct opinion than am.
To meet these expenditures, it is not prudent
to rely upon receipts into the treasury, esti-
mated upon the too rapid revival OF trade and
| business. believe that we may safely csleu-
late upon recAints, during that period, from all
sources, OF S25. 600 600. Looking 10 this slate
Of things, recommend that authority be given
70 this department to supply any deficiencies
| that may arise in meeting the demands upon the
treasury BY an additional loan not exceeding
fifteen millions Of dollars.
10 view OF the amount of treasury notes al
ready issued, recommend loan for that
amount, to be negotiated for a period Of not
more than ten years, at a rate OF interest not
exceeding six per centum.
have confined this Inquiry to the two FIRST
quarters Of the next fiscal year, as Congress
will rs-assembls before the close OF the second
quarter, and it will be time enough then, should
It become necessary to provide for future con-
tingeneies that cannot now be foreseen.
/ do not recommend any measure for in
creased taxation. It would be unwise at this
time to attemnt modification OF the tariff act
II March 3, 1881, for the reasons given IN my
annual report 70 Congress. s lfhcient time has
not elapsed to test the effects Of that act upon
the revenue, considering the condition Of the
country during the period Of its operation In
addition to this consideration, neither the re-
ceipts noE the expenditures Of the government
should be estimated for in the future, upon the
basis Of its present receipts and expenditures.
The former have been, and still are, too seri-
ously affected By the late revulsion to justify a
policy Of legislation based upon a probable
continuance Of this state Of things for any cOn-
siderable period Of time.
The latter have been 50 greatly increased by
causes OF a like temporary character as to pre-
elude, with equal PrOp,isty, the policy Of con-
sidering them as a basis for estimating future
expenditures The most prominent Of these
temporary causes is the Utah eXpedi' ion,
which, II is hoped, will not reach beyond the
end Of the next fiscal year. During the period
Of an overhowing treasury, system Of sXpen-
dituTe was insuglrstfd in the building Of Gus
tOm-houses, post Offices, court houses, and
other public works, which, fortunately for the
country, has been checked by the exhausted
condition OF the treasury. The time thus given
for q more thorough aud rigid inquiry into the
necessity and prOpTiety Of these expenditures,
It is confidently believed, will lead to wise
and sslutary reforms. Retrenchments IN other
branches Of the public service Can, and have
no doubt will, be effected.
Attention should be directed more TO the re-
duction of expenditures than to an increase Of
taxation, to remedy the evils Of an excess Of ex-
pendituTes over the means Of the government.
A full treasury is an UnpropitiOus element in
the work OF retrenchment and reform. II
measures should be now adopted to provide the
treasury permanently with sum equal to the
present demands upon it, it might relieve the
government from some Of its embsTTsssments,
but would greatly weaken the effort TO restrain
the government to an economical expenditure
Of the public money.
The revival Of business, which cannot be
much longer delayed, viii, / am confident, in
sure from the present tariff sufficient Tevepue
for the support OF the government in ordinary
times.
By causes equally extraordinary, always beng
Of a temporary character, should be provided
for in ike temporary manner.
This principle is too plain to require argu-
meut or illustration it is only necessary to call
attention 70 it to command the approval of
every intelligent mind.
an, very respectfully,
HoI. JOHN c. BREsZIERIDGE,
VIC -Prsdeut OF the Unit d States and President o