The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1859-03-24

Tor that redcemod, Is PAID, n actihi saving, IN dol
---.----
/ trust, therefore, Mr.. Chairman, that those who can
not appreciate the argument which l have addressed to
the heart, in asking a response to the heart of the Sec
rotary when 1T beat In sympathy with the distresses OF an
embarrassed people, and those whose limited mental vis-
ions cannot embrace within their scope the enlarged poll
cy which looked Cor relief to the treasury, from a revi-
val of trade, and the prosperity of tho consumer, will be
able to understand this calculation in figures and when
they perceive the sum of 1872, 265 ii actually saved to
the treasury by the operation which they thought had
reduced it to bankruptcy, will acknowledge a truth most
difficult for human vanity to contestant there are some
people in this world wiser and more far-seeing than them-
selves. With these remarks, / dismiss the first charge
by which want of capacity in the Secretary of the Trea-
sury has been attempted to be proved by some, and is in.
simulated by others. i submit, that a more complete vim
dication of a public officer has never been addressed to
the minds of a candid people.
The second charge alleged against Mr.. Cobb's manage
ment of the treasury is, that his estimates of receipts from
imports have been SO inaccurate in the past that they
cannot be relied on for the guidance of Congress in the
future. If the test of financial ability be the power to
foresee how many goods will be imported from year to
year, and, consequently, what will be the revenues to
government from them, then this country is wofully de-
fcient in able men, or all the Presidents have made most
unfortunate selections for the supervision of our finances.
My researches into this subject have not carried me
back further than twenty years but, commencing with
the estimates of Hon. Levi Woodbury., in the year 1888,
and coming down to the present period, it will be seen
that that distinguished gentleman, now no more, and all
who have followed him, have fallen into errors similar to
those of the present Secretary. Nor is it wonderful that
it should be so. The currents of trade do not flow with
the regularity of the tides of the ocean. They are not
governed by laws as absolutely fixed as the motions of
the heavenly bodies, and cannot be calculated, by minds
as powerful as those of Napoleon or of Webster, with the
same exact certainty. They are moved constantly out of
their accustomed orbit by causes which human foresight
cannot determine, or human genius avert.
The progress of civilization opens every day new chan
nels for the streams Of commerce. international trea-
ties facilitate or retard them. Changes in the revenue
laws of commercial nations alterations Of export and
import duties even notifications of their internal taxa
tion, all affect the relations Of the commerce Of the
world. Like members Of the same civil community, the
members of the great family of nations are mutually de-
pendent upon each other. The prosperity or adversely
of one, peace or war between any two, is sensibly felt by
the commerce of all. The pocket nerve OF nations, as of
men, is the most sensitive ; and the Dourse in Paris, the
Exchange IN London, and Wall street in New York, feel,
with electrical rapidity, the slightest shock that strikes
the nervous system of international intercourse anywhere
within the range of civilized enterprise. Whilst the
table, therefore, which 1 now exhibit, shows great mac
curacy, with only an occasional approximation to accu-
racy, my object is not TO cast reflection upon the dstin-
guished names who, from time to time, have presided
over the American Exchequer; but simply to vindicate
the character of its present head, and show that he
stands upon a level with those who preceded him. /
deemed it unnecessary to extend the review further than
1888, because, prior to that time, our resources were
smaller, and our revenues and expenses proportionately
less. do not doubt, however, that, il examined, they
would present the same per cent. of inaccuracy.
Mr.. WoOdouys EaimaGs.
Estimates Of the revenue for the year 1898 .......... .sl7, 500, 900
lands. ....' ''''".' ''-'' .''''' 100000
22,5OO 900
Actual receipts for same
- 1920, 730
Being a difference Of. ~. -. s,2SOa oi
Estimatca or The revonps FIR the vea 1880 s1o 600 600