Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-02-10

reduce largely the expenses of collecting the
revenue. --.--z~--.-s---s-sz
There stand on the statute books laws re-
quiring the building of custom houses, post
offices, and court houses, at places where the
public service does not require them at this
time. The repeal of these laws, or the post
ponement of their execution to a period OF
greater prosperity and less embarrassment.
would relieve the treasury of that amount OF
expenditure.
The recommendation TO abolish the frank
ing privilege, and of raising the letter rate to
FIVE cents, with the view of bringing the Post
Office Department as near as possible TO its
former selfsustaining position. will. if carried
out. very greatly relieve the Treasury. -
In other departments reductions might also
in all probability be made.
He only sneaks of those which have been
brought to the attention of Congress, and
commends them to their favorable cOnsidera-
ton. If. however. the appropriations made
at the present session shall reach the amount
estimated for in the Sccretary's report. def
cheney will exist, which must be provided for
by additional. legislation. and to the extent
which the appropriations shall exceed the es-
Inmates will that deficiency be necessarily in
creased.
He SAYS he has already expressed the opin-
ion that the public debt ought not to BE- in
creased by an additional loan. That opinion
remains unchanged.
The present Thrift should be so modified as to
supply such deficiency as NAV exist. and he
recommends his views on the subject. ex-
pressed in his annual report, to favorable con-
sideratiOn.
He calls attention to the outstanding treas
ury notes In his estimates of receipts and
expenditures. the permanent redemption of
them as they may fall due, has not been con-
templated. All the calculations have been
made upon the basis of continuing them in
circulation, and, as a matter of course. the
redemption of the whole or any part of
them, must increase the anticipated deficien-
cy, unless authority be given for their re-
issue, or other provision he made for their re-
demption. Since February last, there have
been redeemed $543,700. By the 31th of
June next, the sum of Sl7, 75S.9O0 will fall
due, at which time their payment must be
met.
Should Congress adjourn without legisla-
ting on the subject it would be almost impossi-
BILE under the most favorable receipts from
ordinary sources for the Department. to meet
the public liabilities. He had already
recommended that this immediate demand
should be provided for by authorizing the re-
issue of these treasury notes for one or two
years. This can easily be eff cted by extend
ing for that period the provisions of the act
of December, 1857. authorizing the issue of
treasury notes. The proposition to convert
these notes into permanent debt ought not
to receive the favorable consideration of
Congress. 1t would be virtually to postpone
their ultimate payment to a distant day
when the policy of the Gov, rnment should he
to redeem them from y'ar to year as the
means of the treasury will Justify. A public
debt which remains in the form of treasury
notes can always be redeemed without en-
dangering the successful operations OF the
Department. Whenever there shall be an
excess of revenue over expenditures, it can
he safely placed to the redemption of the
treasury notes. For the power of reisSuing
those existing. should the future receipts from
any cause fall below the estimates OF the de-
partment, additional reason is given, namely;
the notes can he redeemed without tn pay
ment of any premium. which will hard y be
the case with United States stock.
Contemplating the gradual redemption of
these notes, and being opposed to the policy
of adding the sum of twenty millions to the
permanent debt, he repeats his former re-
commendation for extending the operation of
the Treasury Note Act from one to two
years