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


Cash in hand July !, 1858. $e,ses 316 10
Less cash In hand July 1859. 4,33o276 "a
Borrowed for cash balance. s2o5eo4o So
Borrowed on Treasury notes. ......... 9,667400 90
Borrowed on loan Of 1885, 1s,62oO00 90
Total borrowed money in 1882. $50 BAG 44o SO
If this were the account of private indivi-
dual, he would not have credit on Change for
single day; for however great his assets might
be, they could not stand such fnanciering dur
ing ordinary business times. n we were en-
gagged in an expensive war for the defence of
the permanent interests Of the country, which
compelled us to draw upon our future resources
for the purpose of securing those interests, the
creation of public debt would be pardona-
BILE; but that in period Of profound peace
the Secretary Of the Treasury should
equal to sixty per cent of the public
income, Is reproach and shame. We
need not 60 into an analysis Of Mr.. Cobb's
estimates for 1859-60 They show the same
state Of affairs The Secretary figures up
balance Of nearly fourteen millions of dol
lars which he shows will stand to his credit in
the treasury if-oh! that little iGCongress will
make no more appropriations and stop pay
ment on the deficits in the Post Office and other
departments. If these deficits, however, should
be paid, the cash in hand will be cut down to
about three and q half millions for Congress to
veer and haul on. On this basis Mr.. Cobb
thinks we shall not be short Of money; but as
we take a very different view Of the probable
action of Congress from what Mr.. Cobb does,
we are not at all surprised that the President
differs from him in opinion, and opines that
there will be deficit
We yet entertain the hope of seeing in the
Treasury department q man who will have the
manhood to throw aside this system of smother
ing the public accounts, and who will frankly
say to the country that our system of finance is
shamefully inadequate to our requirements, and
that if we continue much longer in the present
system we shall incur chronic habit of deficit
which must eventually burthen us with increas-
ed expenditures for interest, and perhaps mate
rally injure our credit If we cannot raise suf-
fcient revenue to meet our ordinary expenses
under our present circumstances, we respectfully
submit that either Mr.. Cobb or the genius Of Co
| lumbia should feel the blush Of shame tingling
| the cheek According to the Secretary's exhi-
bit, we imported foreign products 70 the
amount of $338, 1853, 100, ON which we collected
| an average duty of fifteen per cent, and we
exported s356,7ss,462 of products in the year
| 1859. We should think concern doing such
business as that ought to be able to pay its
! expenseA
We need not 60 into Mr.. Cobb's crudities
| about commerce, nor his platitudes and over
estimates about gold from California Nobody
cares pin about his or any other Secretary of
the Treasury's opinions about trade and over
| trade. All the merchants of the country wish
| TO know Of the Secretary Of the Treasury il
how much revenue he requires to meet the
| wants of government, and how he proposes 10
raise it Every merchant can at once tell how
the proposed measures will affect his own bust
ness great deal better than Mr.. Cobb can.
The Secretary goes on to show that the per-
manent public debt is $45, 1851 sc, and the
temporary debt on the 30th Of June, 1889, was
| $l5,046, 800 more making total Of 500, 202,-
TIT 66, while the public buildings in process Of
erection have been stopped, and no provision
has been made for the redemption of twenty
millions of treasury notes falling due on the
30th of June next. We do not lay the blame
| of this state of things on Mr.. Cobb. 1t is only
a part of the nightmare which the administra-
' ton Of Mr.. Buchanan inherited from that Of