The national era. [volume] (Washington [D.C.]) 1847-1860, 1860-01-05


fiscal year, from July /, 1860,
to June 30, 1861 as above
stated, the estimated balance
will remain in the Treasury
on the goth June, 1861, Of $l3,89I, 879.6I
The failure of Congress, at its last session, to
pass the bill for the service of the Post Office
Department renders necessary appropriations
for that Department which must be paid during
the present fiscal year. AS these amounts are
not contained in the preceding statement, it
VII be necessary to cnnsiaAr them, in order to
arrive at the true condition of the treasuFy ct
the close of the present and next fiscal years.
1t will be seen from the communication of
the Postmaster General, accompanying my re-
port on the estimates, that there will be re-
quired to pay the deficiency in that Depart
ment for the fiscal year ending the Both June,
1859, the sum of $4,296,009; and to supply
the deficiency for the present fiscal year ending
the 30th of June, 1860, the further sum of
$5,526, 324. In addition to these amounts, the
Secretary of the Interior submits an estimate
for the sum of $539,350, which he will require
during the present fiscal year to carry out GER
tain Indian treaties approved at the close of the
last session of Congress. These three sums
amounting to $l0,36l ,683, must be met during
the present fiscal year, and must therefore be
deducted from the estimated balance in the
treasury on the 30th of June, 1860, which will
leave in the treasury at that time an estimated
balance of 1920, l2540, and an estimated bal
ance, on the Both June, 1861, of $3.50, 1861.
This last amount will be increased to the extent
of the unexpended appropriations for the next
| fiscal year which may remain in the treasury
undrawn on the 30th of June, 1861.
1t will be seen that there will be no necessity
to provide additional means for the treasury,
provided the receipts should be equal to the
estimates, and the appropriations made by Con-
! gress do not exceed the amounts estimated for
| by the Department.
l submit, with much confidence, the estimate
of probable pts during the present and
next fiscal years. 1t is based upon the opera
tons of our trade and commerce for the last
twelve months, and upon the conviction that
the business of the country will continue in its
present state of comparative prosperity.
At the last session of Congress / submitted
an estimate of the probable receipts into the
treasury for the then three remaining quarters
of the fiscal year ending the 30th June 1859
The result has approximated the estimate with
unprecedented accuracy-the actual receipts
being $38,579,39l, while the estimate was
S3S,500,0 0O-and as the present estimates are
based upon similar data, it should greatly
strengthen the confidence to be put in theiI
correctness.
Some apprehension has been felt that the
large amount of imports during the last twelve
months would be attended with unhappy re
suits in the business of the country. This ap
. prehension would be well founded, if the facts
= showed that the imports exceeded the wants o.
the country, and its ability to pay for them
The imports during the last fiscal year Ia.
will be seen by reference to table seven) wer,
: 1898, 768, 1870, whilst the exports for the samt
period were 1856, 789, 1852, showing an exces
of exports over imports of $lS,02l,332 A
large as the imports for the last fiscal year were
they have goue into consumption. Table forty
! seven exhibits the amount of goods in ware
house at New York, on the LIST of November
: for a series of years 1t will be seen that tn
amount on hand on the LIST of November las
G does not exceed the amount in previous years
when the country was highly prosperous, an
! its business steady and regular. These figure
: do not exhibit an unhealthy state of trade an
7 business. One fact, however, connected wit
: our exports has attracted much attention, an
led many to believe that we were importing b.
yond our ability to pay: l allude to the il
crease of specie in our export tables If speci
occupied in the business of the country onl
4 the position of a circulating medium, and til
supply was limited accordingly, there would
0 Just ground for this apprehension; such, hoV
g ever, is not the case. 1t constitutes an impor
j ant element in the list of our productions AM
A like all other productions, where the quantit
= exceeds the legitimate demand of the COUNT
i for use and consumption, it becomes vel
: proper article for export.
1t is estimated that since l848 California b,
produced over five hundred millions of gol
Would her condition have been improved
retaining that amount of specie within h
limits, to the exclusion of those articles T
quired for the use of her citizens, and in e
change for which this specie has been sent
d the Atlantic and abroad? During the san
period, Georgia has produced more than Fl,
million bags of cotton. The same policy whiC
would require California to retain her gold b
yond the legitimate wants of her people, won
with equal propriety require Georgia to reta
within her limits the excess of the productic
of cotton over the wants of her people. TT
argument is as applicable to all the States
to one, and have used the illustrations of 81
gle States only because they were more mark,
and striking. Unless the export of specie go
to the extent of violating this manifest prime
pie, it constitutes no just ground of alarm
anxiety. In this connection it should be O
IS served that the large excess of specie expol
commences with the discovery of the Calf