A Compilation of the Messages and Papers of the Presidents eBook

This eBook from the Gutenberg Project consists of approximately 189 pages of information about A Compilation of the Messages and Papers of the Presidents.

A Compilation of the Messages and Papers of the Presidents eBook

This eBook from the Gutenberg Project consists of approximately 189 pages of information about A Compilation of the Messages and Papers of the Presidents.

Although the embarrassments arising from the want of an uniform national currency have not been diminished since the adjournment of Congress, great satisfaction has been derived in contemplating the revival of the public credit and the efficiency of the public resources.  The receipts into the Treasury from the various branches of revenue during the nine months ending on the 30th of September last have been estimated at $12,500,000; the issues of Treasury notes of every denomination during the same period amounted to the sum of $14,000,000, and there was also obtained upon loan during the same period a sum of $9,000,000 of which the sum of $6,000,000 was subscribed in cash and the sum of $3,000,000 in Treasury notes.  With these means, added to the sum of $1,500,000, being the balance of money in the Treasury on the 1st day of January, there has been paid between the 1st of January and the 1st of October on account of the appropriations of the preceding and of the present year (exclusively of the amount of the Treasury notes subscribed to the loan and of the amount redeemed in the payment of duties and taxes) the aggregate sum of $33,500,000, leaving a balance then in the Treasury estimated at the sum of $3,000,000.  Independent, however, of the arrearages due for military services and supplies, it is presumed that a further sum of $5,000,000, including the interest on the public debt payable on the 1st of January next, will be demanded at the Treasury to complete the expenditures of the present year, and for which the existing ways and means will sufficiently provide.

The national debt, as it was ascertained on the 1st of October last, amounted in the whole to the sum of $120,000,000, consisting of the unredeemed balance of the debt contracted before the late war ($39,000,000), the amount of the funded debt contracted in consequence of the war ($64,000,000), and the amount of the unfunded and floating debt, including the various issues of Treasury notes, $17,000,000, which is in a gradual course of payment.  There will probably be some addition to the public debt upon the liquidation of various claims which are depending, and a conciliatory disposition on the part of Congress may lead honorably and advantageously to an equitable arrangement of the militia expenses incurred by the several States without the previous sanction or authority of the Government of the United States; but when it is considered that the new as well as the old portion of the debt has been contracted in the assertion of the national rights and independence, and when it is recollected that the public expenditures, not being exclusively bestowed upon subjects of a transient nature, will long be visible in the number and equipments of the American Navy, in the military works for the defense of our harbors and our frontiers, and in the supplies of our arsenals and magazines the amount will bear a gratifying comparison with the objects which have been attained, as well as with the resources of the country.

Copyrights
Project Gutenberg
A Compilation of the Messages and Papers of the Presidents from Project Gutenberg. Public domain.