The Kingwood chronicle. [volume] (Kingwood, Va. [W. Va.]) 1861-1861, 1861-02-09
MISCELLANEOUS.
Finances Of the Federal Government.

Finances Of the Federal Government.
Secretary Dix in letter, laid before Con-
grcss a few days ago, sets down the amount q
the public debt, on the first day Of January
1861 at s63. 100. 81 63 lie estimates the
revenue for the half year ending Oh the Both
June next. at SO 400 900, and the eNpendl-
turc for that time (including the redemption
of 1921 400 Of the treasury notes at s4l,
or .524 63 The amount required ~ add
ton to the S5.OD0,OaD treasury notes and the
current revenue to pay outstanding. current,
and accrung dues before the close OF the
present fiscal wear is. therefore. S2l 6a1.J2I,
63 This amount may be reduced 1868
5o4 ,3, if the balance Ut the loan authorized
by act Of June -. 1860. being Sl3,9ls.VDol
be made available to the treasury Nr. llx
calls attention to the fact that there are de
posted with twenty-six Of the States, Tor
safe keeping, over twenty millions Of dollars
belonging to the United States, for the re
payment of which the faith Of these States is
pledged by written instruments. tie says It
is not doubted that the greater portion OF the
amount 50 deposited would be promptly and
cheerfully repaid, should an expedency arise
involving the public honor OF safety. 1t, m
stead Of calling for these deposits, it should
be deemed advisable to pledge them for the
repayment Of amy money the government
might find it necessary to borrow 4 loan con-
tracted on such basis OF security, superad-
ding to the plighted faith Of the Federal Gov
ernment that Of the individual State, could
hardly fail to be acceptable to capitalists.
The transaction which oeclsioned this quGsi
debt to government being part Of the history
Of the last generation. the fact that Virginia
is one of the debtors and the further fact
that. contrary to all expectations She may be
called upon to refund gives the matter sufli-
cient interest to Justify little retrospect. and
for this purpose we avail ourselves OF the
statement Of the Philadelphia hzquircr. III
1886 the accumulation Of a large surplus ii
the Treasury beyond the existing wants of
the government, obliged Congress to devise
some means to dispose IF it, as great fears
were entertained that the retention of 50 great
an amount might embarrass the operations Of
business. The plan finally adopted we be-
l,eye, was proposed BY Mr.. Calhoun; and
this was to make permanent deposit Of the
surplus public money with the States which
devise was eah,lyed in an act OF Congress,
and to a large extent carried into effect III
1887.
This act provides that the money which
shall be in the Treasury on the first day OF
January 1887. after rcservine five millions Of
dollars, shall be deposited with such Of the
States in proportion to their Congressional
Representatives. as shall, by law authorize
their Treasurers. or other competent author
tiles, to receive the same on certain specified
terms. The Secretary Of the Treasury was
authorized to deliver the same to said compe-
tent authorities on receiving certificates oi
deposit therefor, which certificates shall
pledge the faith Of the State for the safe keep
ing NJ the money, and The repayment of ere,y
part thereof. from time to time, as the same
shall be required. The act further provided
than whet said money, or any part thereof,
shall be acdnted By the Secretary of the Treas
nry to meet appropriations BY lap the same
shall be called for, in rateable proportions,
within one year, as near as conveniently may
be, from the different States with which tho
same is deposited, and shall not be called for