The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-03-23

The S749 ,S4l. GS-being the unpaid balance of the
quarters liabilities closing 31st December, and pay
department within 60 days from this date; the pay
ment of the principal part oft will be made within
thirty days The effect of this will be to divide
the entire deficit of 81 1856 2S. 95 between the quar-
tiers ending 3lst March and 3Oth June, and payable
3lst May and 3st August, that the suspension of
payment part of this Indebtedness will ex
cced beyond few days, six months before the reg
ular meeting of Congress: nearly one half of it
the suspension will be but for few days more than
three months
1t is grievous misfortune to the contractors
that the department has been left without the means
of discharging this debt at its maturity. Under
existing circumstances, however, it would be i'm
possible to Congress in time to meet these
responsibilities without virtually excluding from
that body the representatives of several of the SOW
! ereign States of this contederated government
This would be just cause of serious complaint
The choice of the President has been undoubt-
eddy a choice between great evils; but, in his judg
ment, the lesser evil would be to wait until the
first Monday of December, when Congress will be
| full.
The debts due, and to become due, to the con-
! tractors of a sacred character The contracts,
out of which these debts arise, have been entered
into under the express authority of existing laws of
| Congress. To appropriate money for their pay
ment is as obligatory and binding upon Congress
it is to provide for the principal and interest of
the national debt. There never will be-there new
err can be-a Reputation of this debt by the repre-
amount due to each contractor shall have been
certained and finally settled according to law this
amount becomes a specific debt of record against
the United States. Its payment is inevitable, and
if the contractor desires to borrow money upon it
the lender could have no better security. Besides
as Congress are in default for not having made an
appropriation to meet this debt, it would be no
more than strict justice for them to provide for
the payment of interest on these accounts from
the time of their final adjustment by the accounting
officers of the department, and when warrant
would have issued for their payment had an appro
priatiOn been made. This Understanding from
view that the S749, SAL now in the of pay
ment, and applying the LIST July, to the extin
guishment of the principal, the 100000 for FREE
matter, which will be then available-should Con
gress think proper to allow it, would amount to les
than 500 000-a sum not to be compared with tn
great difficulties and embarrassments of publ
and private character which would result from
holding special session of Congress, to say moth
ing of the expense that would necessarily be in
Cured, even though the members should receive n
additional pay.
A system of retrenchment, so far it may b
practicable under existing laws, is now an impera
tive duty in the administration of the department
By the act approved June IA, 1885, Congress estat
shed six hundred and ninety-tive new post routes
the service of Notwithstanding the st. Pauls an
Puget Sound route, established in March, 1855, bu
not yet put into operation-it has been estimate
: : would require an annual appropriation from tn
treasury OF 1904 ,OsS, over and above the receip
accruing theretrom. Not a dollar, however, h;
been appropriated for this purpose, and. nece
sary result, the contracts for these routes, thong
they have been advertised and proposals receive
cannot be closed until the necessary funds shall hay
been provided bv law.
Very respectfully, your obedent servant,
y J. HoLr.
!. To George Mattngly. ESQ.,,
{ Superintendent Potomac Steamship Company,