The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-12-28

would foster system Of jobbing and corruption
which no vigilance on the part Of federal orciaIs
could prevent The construction Of this road ought,
therefore, to be entrusted TO Incorporated compar
MES or other agencies who would exercise that ac-
tiy and VIC liant supervision It which can be IN.
spired alone by sense OF corporate ana indiviuua!
interest. venture TO assert that the addtuohai cost
OF transporting troops, munitions OF war, aud ne
cessary supplies for the army across the vast inter
yenipg plains to our possessions on the racine
coast would be greater in sucha war thaa the
whole amount required to construct the road. And
vet this resort would, after all, De Inadequate LOT
then defence and protection.
THE FINANCIAL CONDITION OF THE COUNTRY.
We have yet scarcely recovered rem Inc naoits
OF extrayagant expenditure, produced by our over
flowing Treasury, during several years PRIOR 70 the
COmmeD cement Of my administration. The imam
cial reverses which we have since experienced
ought to teach us ali To scrnniZe our expenditures
with the greatest vigilance, and 70 reduce them 70
the lowest possible point. The Executive Depart
ments of the Government have devoted them
selves to the accomplishment of this object
with considerable success, as will appear
from their different reports and estimates.
To these l invite the scrutiny of Congress-, for
the purpose of reducing them still lower ii this he
practicable, consistent with the great public inter-
esfs OF the country. In aid of the policy of re-
uenchment pledge myself to examine closely the
bills appropriatng lands or money, SO that If any
of these should inadvertently pass both houses, as
must sometimes be the case, | may afford them al
opportunity for reconsideration. At the same
time we ought never to forget that true pubic
economy consists, not in Withholding the means
necessary 10 accomplish important national objects
coBfded to as by the constitution, but in taking
that the money appropriated for these pur-
poses shall be faithfully and frugally expended.
ADDITIONAL REVENUE REQUIRED.
1t will appear from the rep,r OF te Secretary Of
the Treasury that il is extremely doubtful, to say
the least, whether shall be able to pass through
the present and the next fiscal year without pro-
vidng additional revenue. This can only be accom-
plished by strictly combining the appropriations
within the estimates of the different departments
without making an allowance for any addi-
tonal expenditures which Congress may
rize, and without providing for the redemp.
ton of any portion of the S2OOD0,000 OF
Treasury notes which have been already issued. In
the event Of a deficiency, which consider proba-
Bile, this ought never TO be supplied by resort to
additional loans. II would be rninous practice in
the days of peace and prosperity TO go on increasing
the national debt 70 meet the ordinary expenses OF
the government. This policy would cripple our re-
sources and impair credit III case the existence
of war should reuder it necessary to borrow money.
Should such q deficiency occur as | APP
prehend, | would recommend that the ne
cessary revenue be raised by an increase
of our present duties on imports. | need
not repeat the opinions expressed in my last
annual message as to the best mode and manner OF
accomplishing this object, and shall now merely
observe that these have since undergone no change
The report of the Secretary of the Treasury viii
explain in detail the operations Of that department
CT the government
Tie receipts into the treasnary from all sources
during the fiscal year ending 30th June, 1853. in
Guiding the loDD authorized by the act OF Nth June,
1858, and the issues Of treasury notes authorized
by existing laws, were eighty-o million six hun
dred and Dinety-two thousand four hundred and
seyentyone dollars and one cent (sSl 692 All 0D,
which sum- with the balance Of six millions three
hundred and ninetyeight thousand three hundred
and sixteen dollars aud ten cents 39S BIO lO) re-
naming in the treasury at the commencement of that
fiscal year, made an aggregate for the service OF
the year of eighty-eight million ninety thousand
seven hundred and eighty-seven dollars and eleven
cents (SSs G90,T67 III.
The public expenditures during the fiscal year
ending 30lh June, 1859 amounted to eghty-three
million seven hundred and ffty.ope thousand five
hundred and eleven dollars and iifty-seyen cents
(S8375l,511 SD. OF this sum seventeen million
four hundred and five thousand two hundred and
eghtyve dollars and forty -four cents tslI ,4o ,eS5
AZ we're applied to the payment of interest
on the public debt and the redemption Of the is
sues OF treasury notes. The expenditures for all
other branches Of the public service during that
fiscal year were therefore sixty'six million three
hundred and forty-six thousand two hundred and
twenty-sx dollars and thirteen cents GG6 ,346,226
l3.)
The balance remaining in the treasury on the lst
July. 1859. being the commencement Of the present
fiscal year, was four million three hundred and
thirty nine thousand two hundred and sew enty-tvc
dollars and tisty-four cents "a ,339,27j So
RECEIPTS INTO THE TREASURY.
The receipts into the treasury during the first
quarter of the present fiscal year, commencing
July l, 1859, were twenty million six hundred aud
eighteen thousand eight hundred and sixty-fve
dollars and eighty-fve cents, $50 Sis, S65 $50 OF
this amount three million eight hundred and TWEEN
ty-one thousand three hundred dollars tS3s2l 300)
was received on account of the lean and the issue
Of treasury notes.-the amount OF sixteen milton
seven hundred and ninety-seven thousand five hum
bred and sixty.fve dollars and eighty-ive cents
(sl6,191 ,5d5 soy having been received during the
~. af
nre. The estimated receipts for the remaining
tfrce-quarters Of the present fiscal year to
Both June, 1860, are fifty million four hundred
and twentysix thousand four hundred dollars,
$50 ,426 400. OF this amount it is estimated
that five million seven hundred and ifty-sx thou
sand four hundred dollars rs 756 406) viii be re-
ccived for treasury notes which may be reissued
under the fifth section Of the act OF Sd March last,
ard one million one hundred and seventy thousand
dollars (sl,l7o00U on account of the loan autho-
rize6 by the act of June II, ls5S-ln 4kiBg six
million nine hundred and twentysix thousand
four hundred dollars (s6,926,i0U from these
extraordinary sources, and forty tnee million five
hundred thousand dollars ls13 5oO,oOo) from the
ordinary sources Of the public revenue making an
aggregate, with the balance in the treasury on the
Isl July, 1859, Of seventy-fve million three hundred
dollars and eghty-nine cents s75,asl,54l s9) for
the estimated means Of the present fiscal year,
ending Both June, 1860.
EXPENDITURES Or TIE GOVERNMENT.
The expenditures during the first quarter of the
present fiscal year we're twenty millions seven tnou
sand one hundred and seventy.four dollars and
seyenty-six cents, (s20017, ia 76) Four million
six hundred and sixty four thousand three hundred
and sxtysix dollars and seventy-six cents ga ,66i,-
3G6 76) Of this were applied to the payment Of
jnterest on the public debt and the redemption of
the issues Of Treasury notes, and the remainder,
being fifteen million three hundred and forty-two
thousand eight hundred and eight dollars lS5 ,3t2,
s0s), were applied to or lnary expenditures during
the quarter The estimated expenditures during the
remaining three quarters to June 80, 1860, arc
forty million nine hundred and ninety-fve thou
sand five hundred and fftyeight dollars and twenty
three cents (sio 1896, sos 23). OF which sum
| two million eight hundred and eightysix thousand
six hundred aud twenty-one dollars and thirty
four cents ts2 ssG62I $40 estimated for the in
terest the public debt. The ascertained and es
dmated expenditures for the fiscal year ending 30tl
june 1867 on account of the public debt, are, ac-
/ cordingy seven million, five hundred and fifty
| thousand, nine hundred and Lightweight dollars
and ten cents, (s7,550958 l0);. and for
| the ordinary expenditures OF the govern
ment fftythree million. four hundred and
1 Il.