East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1860-01-05


coast would be greater in such war than
the whole amount required to construct
the road. And yet this resort would, af-
ter all, be inadequate Tor their defence
and protection.
We have yet scarcely recovered from
the habits of extravagant expenditure
produced by our overlooking treasury
during several years prior to the com
mencemcnt of my administration. The
financial reverses which we have since
experienced ought to teach us all to scru-
tinize our expenditures with the greatest
vigilance, and to reduce them to the low
est possible point. The Executive De-
partments of the governments have devo-
ted themselves to the accomplishment of
this object with considerable success, as
will appear from their different reports
and estimates. To these i invite the
scrutiny of Congress, for the purpose OF
reducing them still lower, if this be prac'
ticable, consistent with the great interests
of the country. In aid of the policy of
retrenchment l pledge myself to examine
closely the bills appropriating lands or
money, so that if any of these should in
advcrtently pass both houses, as must
sometimes be the case, may afford them
an opportunity for reconsideration. At
the same time we ought never to forget
that true public economy consists, not IN
withholding the means necessary to &C
complish important national objects con-
fded to us by the constitution, but In
taking care that the money appropriated
for these purpose shall be faithfully and
frugally expeded.
1t will appear from the report of the
Secretary of the Treasury that it is eX-
tremely doubtful, to say the least, wheth.
er, we shall be able to pass through the
present and next fiscal year without pro-
viding additional revenue. Thscan only
be accomplished by strictly combining the
appropriations within the estimates of the
different departments, without making an
allowance for any additional expenditures
which Congress may think proper, in their
discretion, to authorize, and without pro-
viding for the redemption of any portion
of the S20,000,000 of treasury notes
which have been already issued. In the
event of deficiency, which consider
probable this ought never to be supplied
by resort to additional loans. 1t would
be a ruinous practice in the day Of peace
and prosperity to 90 on increasing the
national debt to meet the ordinary eX-
pcnses of the government. This policy
would cripple our resources and impair
our credit in case the existence of war
should render it necessary to borrow
money. Should such deficiency occur
as / apprehend, would recommend the
necessary revenue be Iaiscd by an increase
of our present duties on imports. need
not repeat the opinions expressed in my
last annual message as to the best mode
and manner of accomplishing this object
and shall now merely observe that these
have since undergone no change.
: The report of the Secretary of the
Treasury will explain in detail the oper
atoms of that department of the govern
ment.
The receipts into the Treasury from al
sources during the fiscal year ending Both
June, 1859, including the loan authori
zed by the act of 18th June, 1858, anC
the issues of treasury notesauthorized by
existing laws, were eighty-one million Sly
hundred and ninety-two thousand fou,
hundred and seventy lone dollars and on,
cent ISL, 692,47l OIL which sum, will
= the balance of six million three hundred
and ninety eight thousand three hundred
and sixteen dollars and ten cents (s6, 1913,
316 10y remaining in the treasury at tn,
commencement of that fiscal year, mad,
an aggregated for the services of the yea
of eighty-eight million ninety THOUSAND
seven hundred and eighty.seven dollar
4 and eleven cents 1888, 060,7S7 1D.
: The public expenditures during thu
, fiscal year ending Both June, 1859, am
ounted to eighty-three million seven hun
; dred and fifty-one thousand five hundred
and eleven dollars and ffty-seven cents
! 1883, 81 81. OF this sum seventeen
million four hundred and five Thousand
two hundred and eighty-fve dollars anc
forty-four cents (s17, 405, 2S5 AZ wer,
applied to the payment of interest on thu
E public debt and the redemption of the is
sues of treasury notes. The expendi
lures for all the other branches of tn,
public service during that fiscal year were
therefore, sixty-six millions three hun
drcd and forty-six thousand two hundred
; and twenty-six dollars and thirteen cent
}, 1866, 1926 49,
!. The balance remaining in the treasnr,
on the LIST July, 1859, being the com
r mencement Of the present fiscal year. wa
4 four million three hundred and thirty-nin
8 thousand two hundred and seventy-fv
dollars and fifty-four cents ia, 339,275 81.
d The receipts into the treasury during
a the first quarter of the present fiscal year
n commencing July 1859, were twenty
| six million six hundred and eighteen
: thousand eight hundred and sixty-fv
;. dollars and eighty-fve cents (s20,61S,
e S65 s5). OF this amount three million
Y eight hundred and twenty-one thousan,
i three hundred dollars 1891 ,300) wa
!. received on account of the loan and tn
# issue of treasury notes.-the amount O
/ sixteen million seven hundred and ninety
Il seven thousand FIVE hundred and sixty
n five dollars and eighty-fve cent
l. 16,797 ,565 $50 having been receive
e during the quarter from the ordinar
r 4 \