The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-02-14

Inc lolloWlng is the communication addressed by
the Secretary of the Treasury, to Mr.. Sherman,
Chairman OF the Committee of Ways and Means,
and which was read in the House on Friday:
TREASURY DEPARTMENT
February II, 1861.
Chairman Of the Com. of Ways and Means.
, SIR! deem 1T my duty to call your attention to
the pressing demands on the Treasury, and to sug-
gest the only practicable mode of meeting them
without seriously impairng the public credit The
Liabilities due and to fall due before tine 4th of
March next, are as follows
For the State Department....., ..,.,sll6 $3.50
For the Interior Department. i 500 327 ~
FOR the war Department. 80, l3IOO
For the Navy Department. L O6O 600 90
For the Post Office Department. zoo 10000
acquisitions of War and Navy nat
complied with ...,..............1S $50 925l9
Treasury notes falling due before the
For the Treasury Department. sol 1855
For the Lighthouse Boald............ 7S22O5O
Fishing bounties due, estimated. ..... 46552lS6
s99o1,l1s
The accruing revenues will, it is estimated. meet
about 81 100000 of the amount, leaving eicRt mil
lions to be borrowed. There is in the Treasury,
lect to the draft of the Treasurer of the United
States but little more than $500 900, and there are
!equlsluons IN the treasury Department amount
ing to nearly two millions of dollars unanswered.
In the present condition of the country it would
| be impossible to borrow the money needed to meet
the wants of the Treasury, unless at discount
DuDllc credit
without some pledge in addition to that of the
ialth OF the Government. Several of the States in
accordance with suggestion contained in nv let
ter to your committee of the 18th January last
nave ofered to superadd pledge of their faith to
hat OF the United States for the redemption of any
bonds 1t may issue to the amount of the public
money deposited with them respectively for safe
heeplng under the act of 23d June, 1886. If Con
gress Will authorize these offers be accented the
money required to meet liabilities due and to fall
due before the 4h of March can be obtained at mar
III the authority is not granted, | am satisfied il
can only be procured on terms which would be ex-
ceedlngly dlsadvantageous to the Government and
In the highest degree detrimental to its credit I
should not venture to ask for loan exceeding two
millions OF dollars, and nearly the whole Of this
amount to be required to meet the reclamation Of
treasury notes to fall due before the 4th of March
There would be due on that day about six millions
OF dollars to public creditors, whose demands conId
not remain unsatisfied without subecting them to
the most serious, and in some cases ruinous losses
have discharged my duty to them and to the
country by making this exhibit of the public
wants, and in pointing out the only mode by which.
IN my Judgment, they can be met without serious
consequences to the interests of the government
and individuals to whom it is indebted
The short time to elapse before the close of the
present session OF Congress renders it indispensable
that l should advertise for a loan on the 18th mr.
18th instant, at farthest.
am, very respectfully,
Your obedient servant,
JOHN A. Dix,
Sec. of the Treasury.
The following is the bill which Mr.. Sherman
Intellectually endeavored to introduce:
Be it enacted, &C., That the Secretary of the
Treasury is hereby authorized to accept from any
State guaranty of any stock of the United States
which may hereafter be issued to the amount of
public money deposited with such State for safe
keeping, under the provisions of the act entitled
can act to regulate the deposit of public money"
approved the 23d of June, 1886. Provided That
nothing herein contained shall be construed to affect
the provisions of the act entitled Gan act to post
pone the fourth instament of deposits with the
States" approved October 2, 1887, requiring the
three previous to remain with the States
until otherwise directed by Congress; and provided
further, that such guaranty shall in no eveat be
construed or enforced as imposing any obligation
to repay said deposits beyond the legations now
existing by law.