The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1859-02-04

templated, and entertaining these opinions
he is compelled to say that the receipts will
not be adequate to the public necessities, I'M
less the expenditures should be reduced be-
low the amount estimated; for he has seen
indications that would induce the opinion
that such result can be reasonably antici-
pated On the contrary, should the bills
which have been passed by either the one or
the other branch of Congress be finally
passed by both and become laws the expen-
ditures would be very largely and perma-
nently increased.
1t is estimated that the pension bill alone,
which has passed the House would add sew
eral millions to the annual expenses of the
Government Other bills which have pass
ed either the Senate or the House would, in
large measure, swell the expenditures
These are contingencies towards which the
attention eff Congress should be directed, in
considering the probable receipts and ex-
penditures of the Government. Either the
expenditures must be reduced to estimated
| receipts or some other means of revenue
must be provided.
If the first remedy can be effected, it is
| certainly the most desirable. He had al
ready submitted to Congress plans for codi-
| flying the revenue laws, and for re-organ-
| izing the revenae districts, which, if sane
| toned and passed into laws, would greatly
! facilitate the operations of the Treasury De-
partment, and reduce the expenses for col
| lection of the revenue. There stand on the
statute books. laws requiring the building
of Custom Houses, Post Offices, and Court
! Houses, at places where the public service
does not require them at this time. A re-
| peal of these laws, or the postponement of
their erection to period of greater prosper
| ity and less embarrassment would relieve
the treasury of that amount Of expenditure.
The recommendation to abolish the frank
ing privilege, and raising the letter postage
to FIVE cents, with view OF bringing the
| Post Office Department to its former self
sustaining osition, will, if carried out,
greatly relieve the treasury. In the other
departments deductions might also, in all
probability, be made. He only speaks OF
those which have been brought to the atten-
ton of Congress, and recommended to their
favorable consideration. If, however, the
appropriations made at the present session,
! shall reach the amount estimated in the Sec
retary's report, a deficiency will exist,
which must be provided for by additional
legislation, and to the extent that the appro-
priations shall exceed the estimates, with
that deficiency necessarily increased. He
says he has already expressed the opinion
that the public debt ought not to be
increased by an additional loan. That opin-
ion remains unchanged. I
The present tariff should be so modified as
to supply such deficiency as may exist, and
he recomme Is his views on the subject,
expressed in his annual; to favorable con-
sideration. He calls attention to outstand-
ing treasury notes, in the estimate ofreceipts
and expenditures The permanent redemp,
ton of them as they may fall due has not
been contemplated All the calculations
have been made upon the basis of cortinu.
ing them in circulation, and, as matter o.
course, the redemption of the whole, or any
part, must increase the anticipated deficiency
unless authority be given for their reissue
or other provisions be made for their re-
demption. Since February last there ha:
been redeemed, $543, 700, and by the 3Ott
of June next, the sum of $l7,758, 900 will
fall due, at which time their payment mus
be met.
1t is understood, upon what is considered
reliable authority, that Mr. f. o. J. Smitl
has consummated arrangements for the sail
of all his Geographic interests to the Ameri
can and Magnetic Telegraph Companies fo
the sum of about 100000, which include
Mr.. Smiths two-thirds ownership of the
New York and Boston Union line. Tn
rumor is also current that the negotiation
between the American and Magnetic Com
panies, looking to a speedy consolidation
between Nova Scotia and New Orleans, hav
been brought to a mutually satisfactor,
termination -..-