The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1860-12-14
The Treasury.

At time when the treasury is in effect IN
solvent, and with our political and financial
disturbances threatening still further erbar-
rassment, the repeat Of Secretary Cobb is
looked to in vain for any cheering record OF
the past or hopeful proposition for the fu-
ture The secretary tells the figures over
makes his calculations for the year to come
and then plainly confcsses that ali these cal
cula,ions are mere guess work and likely not
TO he realized. so uncertain is the issue of
our politics. OF his own Encouragement,
resulting in change from balance on hand
to a public debt, he has no word, OF course,
and gives no comparative figures. Indeed,
he would fain cover his ignominious retreat
from the treasury under the cloud of dust
which the secession talk has raised, and, by
inference attributing the embarrassment of
our finances to This cause. he predicts still!
further embarrassment to his successor. NJ
regret is experienced or pretended at the
threatened storm. and the chief and perhaps
only merit 81 tht document is that of strait
torwardness and freedom from ambiguity OF
cant.
The fiscal Years of the government begin
and end on the 30th OF June Of each year.-
The present report has the statement of TIKI
year ending with last June, aud is required
TO present the estimates for tie year com
mencing next June. the Year now half sont
being already provided for, as ussal under
the appropriations Of the next preceding SEES
sion of Congress. AT the time when this re-
port commences, July lst, 1859, there was d
balance in the treasury Sl.3S9.27j. The re-
ceirts Of the year, including twenty-six mil
lions Of treasury notes and loans, were $40,
702O33. The disbursements, including
eighteen millions on the public debt, were
S777.i62, lO2, leaving a cash balance on hant
with which to commence the current year, of
S3629,2OG In other words the ordinary
revenue of the year from customs, sales OF
lands, etc. (S3j,9S6,S33). was little moro
than sufficient to meet the ordinary running
expenses Of the government (Sjj.i0o 400
ard the debt was increased eight Millions
But four and a half millions of post office ex
penses, paid in this year, and which are no.
included in the above figures of expenses, are
properly chargeable to the year before, fo1
which year the appropriations had failed ,C
be made. Our permanent public debt stand.
now at iJ.0OOO00, and there art outstand
ing treasury notes. in addition. to an amount
a trihc less than 2O.OOOGOO The sccretar,
suggests that the remaining eleven million.
of the twenty-one million loan authorized a
the last session, and of which ten million:
have just been bid off, be converted into
treasury notes Tin place of stock }, and tha
the power to issue these notes be allowed t
reside always with the administration.
OF the year now nearly half gone. the sec
rotary says the income has been Sl6,719,79
for the first quarter lending October lst,
and for the three remaining quarters he esti
mates SG4.000.000, forty millions of which is
to be derived from revenue. This would
with the three millions balance at the LIST of
July. make the total available means of the
year SSi.34S.99j. against an estimated ex-
penditure OF ssh. lO3,l0j. But the secretary
confesses the weakness of an estimate Of for
ty millions from imports in the balance of
the year, since the panic has alreadry cut off
trade and promises to check it for MANY
months to come: and the only figures which
are clearly reliable are those that relate to
treasury notes and loans. The prospect
seems to be that our revenue is to be less,
and our dependence upon the market for
borrowed money greater; and with this view
the secretary proposes that the rate of inter
est be not limited to five per cent but be al
lowed to be placed at such figures as shall
always command tie funds. For the year
commencing July |. 1861, and extending to
1862. for which this Congress is required to
make appropriations, Mr. Cobb estimates tina,
SGS.0O0,G10 will be headed. and making a
rough guess of what the regular income will
be he cannot come within four millions of
his amount. Indeed. in the present threat
ering state of affairs, he agrees that no trust,
calculation can be made.
There are other minor matters in the re-
port. concerning the coinage ard the practi
csbility Of new inventions to prevent abra
sions or counterteiting; to substitute steam
for sailing vessels in the revenue service
ste.