Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1860-01-12
Our National Finances.

VuT NdtlOkAat FINANCES. II
There is a popular superstition that the
annual reports of The heads Of depart
ments, and Of the President, are an exhibit
of the state of public affairs; tha, like the
balance sheet Of any competent business
man. they should be an ineligible state
ment of public revenue and expenditures,
SO that the people may see whether the
government is running in debt or paying
its way.sss f'-.szssss-s. rs-E=
The Secretary of the Treasury seems to
have different idea. National finance be
regards as too sacred for the common rul-
gar. Figures, with him are made to con-
ceal facts. In bis statements and estimates
of income, loans and revenue are carefully
mixed up so as to give it all an appearance
of regular income and conceal the deficien-
cy of actual revenue; and in his statement
and estimate of expenditures the balances
are struck leaving out large Deficiencies and
indispensable expenditures, SO as to make a
showing of large balance in the treasu-
ry.
Thus he estimates the balance in the
treasury, 30th June. 1860, of $i4,3eI ,90e
Afterwards he shows that the deficiencies
in the Postofiee department, for SO and
go, were not included, and that over halt
a million is required by the department Of
the Interior to carry out Indian treaties
These three items amount to nearly ten and
half millions, and reduce the estimated
balance to four millions. But in spite oi
this, he still estimates balance of three
and half millions June 30th, 1860, while
be has estimated nothing for Postoffice
deficiencies that year; probably regarding
that as provided for bytalking and making
that department pay its way. This def
cheney for the present year he estimates at
over fiye and half millions. But al
though a similar deficiency was estimated
and provided for the year ending June,
1859, there still remains balance of over
four and a quarter millions from that year
10 be provided for.
1t is very we'll understood that out post
office is regular tax upon the general
revenue, ard that its deficiencies are an
nually estimated and appropriated for;
and that besides these appropriations there
is generally deficit to be afterwards provi-
ded for, as for 1862, yet the Secretary Of
the Treasury ignores any future defcien-
cies in order to make a show of an esti-
mated balance in the treasury in 1860 and
1861. The annual deficiency ofthe Post
office revenue is about eight millions
This has got to be provided for just as
much as the army and navy. Deduct this
deficiency for 1861, and by Mr. Cobb's own
showing, what becomes of his balance Of
three and half millionsi
The same mysti6cation is attempted in
the estimates of revenue. There is no
reason why Mr.. Cobb's annual statement
should not as clearly exhibit the financial
condition of the government, and the ex-
act relations between the income and ex-
penditure, as the balance of bank, or of
any business mad, shows the state of their
business; and as the government is not in
numbered with doubtful time paper or old
goods, it is much easier to make this show
ing. But it would be doubtful if any bu-
siness clerk could retain his situation, after
making so blind a statement TO his princi-
pal as this of Secretary Cobb. The me-
cessities Of Mr.. Cobb's prime pal, however,
are different from those of business men,
and perhaps the obscurity of his report is
its highest merit 10 the President.
Ansanalysis of Mr.. Cobb's figures, sep
arating the. actual revenue from the gov
ernmeut loans, shows the official results of
the year ending June 80, 1859, as follows: