The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1860-01-06

tent, and would foster a system of jobbing
and corruption which no vigilance on the
part of Federal officials could prevent
The construction of this road ought there
fore, to be intrusted to incorporated COM
panies, or other agencies, who would e1er-
else that active and vigilant supervision
over it which can be inspired alone by
sense of corporate and individual interest
| venture to assert that the additional cost
of transporting troops, munitions of war,
and necessary supplies for the army across
the vast intervening plains to our possess
ions on the Pacific coast would be greater
in such a war than the whole amount re-
quired to construct the road. And yet
this resort would, after all, be inadequate
for their defence and protection.
We have scarcely recovered from the
habits of extravagant expenditure, produ.
ced by our overlooking Treasury, during
several years prior to the commencement
of my administration. The financial re-
verses which we have since experienced.
ought to teach us all to scrutinize our ex-
penditures with the greatest vigilance, and
to reduce them to the lowest possible
point The Executive Department Of the
government have devoted themselves to
the accomplishment of this object with
considerable success, as will appear from
their different reports and estimates. TO
these | invite the scrutiny of Congress, for
the purpose of reducing them still lower,
if this be practicable, consistent with the
great public interests of the country. In
aid of the policy of retrenchment,I pledge
myself to examine closely the bills appro-
prlating lands or money, so that if any Of
these should inadvertently pass both Hon
ses, as must sometimes be the case | may
afford them an opportunity for reconsider
alton. At the same time we ought never
to forget that true public economy consists
not in Withholding the means necessary to
accomplish important national objects con-
fided TO US by TIM Constitution, but in tax
ire care that the money appropriated for
these purposes shall be faithfully and fru-
| gally expended.
1t will appear from the report of the
Secretary Of the Treasury that it is ex-
treme}y doubtful, to say the least, whether
we shall be able to pass through the pres
ent and next fiscal year without providing
additional revenue. This can only be &C
complished by strictly combining the appro-
priations within the estimates of the differ
ent Departments, without making an al
Iovance for any additional expenditures
which Congress may think proper,in their
discretion, 10 authorize, and without pro-
viding for the redemption of any portion
Of The $40, coo 600 of Treasury notes, which
have been already issued. In the event Of
! T. l. I L. ,l>oll
. this ought never to be supplied by resort
to additional loans. 1t would be ruinous
, practice in the days of peace and prosper
ty to go on increasing the national debt
d to meet the ordinary expenses of the gov
n eminent. This policy would cripple our
resources and impair our credit in case the
, existence Of war should render it necessa-
= " to borrow money. Should such def
It cheney occur "a | apprehend, | would re-
: commend that the necessary revenue be
! raised by an increase Of our present duties
on imports need not repeat the opin-
Q ions expressed in my last annual message
e as to tie best mode and manner Of accom-
e plshing this object and shall now merely
=. observe that these lave since undergone
;. no change.
y The receipts into the treasury from all
e sources during the fiscal year ending the
II 30th Of June, 1850 including the loan au-
It thcrized BY the act Of the 18th Of June,
e 1898, and the isSleS of treasury notes au-
e thorizeI by existing laws, were eighty one
e million six hundred and ninety two thou
sand four hundred and seventy. one dollars
Il and one cent (5S1, $50 All Oh which sum
: with the balance Of $,39S,316 10 remain
e ing in the treasury at the commencement
: Of that fiscal year made an aggregate for
t the service Of the year of sSS,O9O,7S7 II.
= The public expenditures during the ifs
&, cal year ending June so, 1856, amounted
: to Ss3,75l ,511 81. Of this sum sl7.-
S 405,2S5 Il were applied to the payment
' of interess on the public debt and the re-
dempton Of the issues of treasury notes.
: The expenditures for all other branches of
e the public service during that fiscal wear
p were therefore sec, 346,226 10.
| The balance remaining in the treasury
, on the 1st of July, 1859, being the com
f mencement of the present fiscal year, was
r $4,339,275 "a.
t The receipts into the treasury during the
first quarter of the present fiscal year com
| lhehcihg july ISL, 1909, were S2O, 6lS 500
t So. OF this amount, IS, S2l 300 was re-
, celved on account of the loan and the is
sue of treasury notes.-the amount of SI6,-
: 797 5G5 So having been received during
2 that quarter from the ordinary sources of
public revenue. Tho estimated receipts
FOR the remaining three quarters of the
present fiscal year to the Both of June
f 1860, are $50 ,4F6,4 400. OF this amount it
is estimated that S5,756, 400 will be re.
, ceiyed for treasury notes which may be re.
issued under he fifth section Of the act of
t 81 of March last, and s1,170,O0O on &C
count of the loan authorized by the act Of
June 18th, 1e59-making Sc ,926, 400 from
) these extraordinary sources, and S43, $780,
600 from the ordinary sources Of the pub
lie revenue-making an aggregate, with
the balance in the treasury on the list of
July, 1859, of S75, 1884 541 50 for the es-
timated means of the present fiscal wear