The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1860-12-12
U. s. treasury Report.

This report is so unusually brief ns scarce
ly to require an abstract. A few facts Guile,
from II may illustrate the delightful condi
tlon of things on the 30th Of June. 1867
The pernatIent nstional debt was S45, ,O69 !.
2OS OS, and the outstanding treasury notes
$l9,690,600, making together $64.769,'
IO5.OS, as the nett result Of Mr.. Cobb's
tinkering. The deficiency of estimated
means for the service Of the fiscal year end.
ing June 80, 1881, is $3,s76,S ,S34.53. The
Secretary tells US in bis report that already
the treasury hes been seriously effected by
the commercial revulsion; that the receipts
from customs have fallen of greatly; that
the limited amount received fs composed
each day of an increased proportion OF treas.
ury notes not yet due; that the indications
are that such will, at least for the present,
continue to be the case; that in consequence
OF the failure OF bidders for the late loan to
comply with the terms of their bids, a Dor
ton OF the ordinary revenues has been with
drawn from the ordinary sources of expendi-
ture TO meet the payment Of treasury notes
past due, and the interest thereon; and, fl
nally, that the.early action of Congress will
be required to enab BILE the department to car.
ry on the operations of the government, and
at the same time preserve the public credit
unimpaired. Mr.. Cobb's measures OF relief
are these
TO meet the remaining outstanding treas
ury notes and interest thereon there is vet
to be negotiated eleven millions of stock
authorized by the act of June %, 1867
The statement just made of the difficulties
attending the payment for the stock already
sold, in connection with the fact that capi-
talists in the present condition of the country
seem unwilling to invest in United States
stock at pDr, renders it almost certain that
this remaining eleven millions cannot now
be negotiated upon terms acceptable to the
government. The condition of the Treasu-
ry is such that no serious delay can be in
duged. | recommend, therefore, a re peal
o! so much of the act of June %, 1860, as
authorizes the issuing of this additional
eleven millions OF stock, and that authority
be given for the issuing of treasury notes to
the same amount, to be negotiated at such
rates as will command the confidence of the
country.
TO create that confidence, recommend
that the public lands be Internationally
pledged for the ultimate redemption of oil
the treasury notes which it may become ne.
cessary to issue. | make this recommend
alton OF substituting treasury notes for stock
the more readily from the conviction that
there should always exist in the department,
power to issue treasury notes for limited
amount under the direction of the President,
to meet unforeseen contingencies. II is a
power which can never be abused, as the
amount realized from such source can only
be used to meet lawful demands upon ths
Treasury No Secretary OF the Treasury
or President would ever exercise it, except
compelled to do so by the exigencies of the
public service. On the other hand, it would
enable the government to meet without EN-.
b4rrssSment those sudden reyulsions to
which the country is always liable, and
which cannot always be anticipated.
have s're.dy stated that provision should
De made at once to relieve the Treasury
rom Its present embsrrassments, produ ed
by the causes referred to. To do this, Con
gress h'uId autho"iza the issuing OF an nd
dItlonal amount of treasury notes, not less
than ten millions Of dollars. With these
means, the department will be enabled to
meet II lawful demunds upon it for the pre-.
sent. The extent OF the financial crisis
through which the country is now passing
can not now be determined, and, until it is
better known, no policy can be recommend. .
ed OF permanent character.