CONDITION OF THE FINANCES.
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n. t SENATE, Monday June 21, 1S41. n- The Senate resumed the consideration of the mo l tion of Mir. Clay of Kentucky to print 1900 copies e the report of the Secretary of the Treasury thu

 state of the finances.

 CT Mir. Calhoun after few preliminary remarks, ob u serted that it impossible for any read tn, " report of the Secretary of the Treasury, without be

 ing struck with the fact that it's object was to mak, Dn it appear that there to he large deficit at the

 end of the year. To support this position, thing was essentiai-correctness in the data upon whcl mt the assumption was based So many gross errors ie had already been pointed those data by those

 who had gone before him, (Mr. Cahoun) in reviewing

 the report, that he should think it necessary to advert to them in deta but would conne himself to l. a single reference to the conclusion which the Sec J retry of the Treasury had arrived. This reference | was with view of ascertaining what in reality

 would be the deficit, upon the SecIetary's show

 ing at the end of the year He (Mr. Calhoun) would . enter into this investigation in way which would

 enable him to lay the matter so clearly before the Senate, as leave doubt the mind of any gen teman present that his deductions were indspuabIe For the sake of brevy and accuracy he had reduced his calculations to writing, and would now state to them, promising that what he would prove would be thus; that instead of the deficit down by

 the Secretary of the Treasury, his report proves the deficit at the end of the year, cannot exceed $l 743 974.

 He makes the aggregate outstanding appropriations on the 4th of March $S33, ,429 ,6l6 50.

 The receipts from tine 1st of January to the 4th of March, he sets down at $4,2l2,540 or. And he states the receipts for the residue of the year at $20

 750 395 S4 giving by estimate, for the means of the year, $24,942, ,9s5 9l.

 | He puts down the appropriations for the year at | $17,937 ,9Sl. The permanent appropriations at Sl78l ,ll5. The Treasury notes due and payable in | the year, at $5, ,283 ,s3l.

 | He then estimates the outstanding appropriations at the end of the year at ss9, ,296, ,6i6, making ceding year, which were sig, ,3O6 265 of 3 O09 849

 and the last sum added to the first three, namely, $l7, ,937 ,9Sl, l ,78l ,1l5, and 5 ,2S3 ,s31 making together BPS ,Ol2, ,776. the aggregate expenditure of the year. In reference to the s5, ,S3i for Treas

 ury notes, it is to be remarked that he puts down for

 the same Treasury notes in the body of his report the of $5 All 592 72, making difference of 30,- O00--another example of careessness and error.

 But to return to the aggregate expense of the year which he makes BPS ,0l2, ,776, from winch his means, as before stated, must be deducted namely, SS24,- 942, ,935 and find his deficit, according to his own data,. Is 3069 .84l. This, however, is not deficit then for it includes l of Treasury notes

 sued under the act of lS40 between the 3lst of De- il cember and 4th of March, and not due until 1S42,

 which, with s215, ,l51 in the mint, making together

 ,762 deducted, reduces his deficit to s1 743- e 979, the sum he (Mr. Calhoun) undertook to show if that the Secretarys report would prove the on-

 ly deficit he could have at the end of the year. Now take this deficit from the deficit of & ,0SS

 which he assumes, and it is found that he makes an

 over estimate of no less sum than SS14,344, ,226. VI Here Mr. Calhoun went into other calculations to

 show that even tke deficit of $l ,743,979 which he

 had reduced the Secretary of the Treasurys cacua.

 ton to, might be reduced by taking account of minor funds available, to $1l49 l79; and proving ex-

 aggeration of deficit to the amount of 939 ,036l

 The deficit then at the end of the year, Observed Mir. CD is but S1 ,149 ,l79 and for what has this been swelled up than sixteen millions? That would be presently. The sixteen million deficit was not all. The Secretary had added very heavy j. sum for carrying on Notifications. But why should that also be made deficitl What there in the n system of Notifications on which this sum to be

 expended, which could justify that expenditure at

 time it is declared there is much debt and defcl

 For his (Mr C's) part he thought that the whole sys-

 tem of fortifcation now in progress ought to be

 pended for the present. XII t ..-. .. =

 But it may be asked, why has the Secretary of the Treasury shown this extraordinary solicude make e out deficiency? Was itmerelv to bring odium on

 his predecessors in ofce and show the people in what a bad condition the late administration had left the k Treasury? Not altogether SO. He had higher ob. l. jects in view he broader tack. It was to

 lay the foundation for the superstHucte of the great l measures which this extra session. of Congress was

 to consummate. And this leads to the question, what 8 are these measures? They First, fandeddebt

 SECOND, National Bank; THIRD, ap onerous sys-

 ten of taxation; and FOURTH, distribution of the

 proceeds of the public lands-a permanent branch oi

 the revenue of the country-and to be distributed,

 for whata Why just in order to make national debt! e for the Secretary has got left at loss know of " what his national debt is to consist It is learned

  teen millions of deficit, six millions for new United - States Bank, and nine millions three hundred and odd thousands to be subscribed by the United States

 on behalf of the States in their individual capacities

 What right has Congress to make this subscription on behalf of any State without it's legislative tion, right of action, the subject? The Secre-

 tary himself felt the force of this question: and to

 give some color of right he has taken liberty which no other officer of the Government has taken he has called it debt due by the United States to ls.x. Ia baaa Had fI,afa propriation, that never was appropriated. And he

 proposes that the United States shall pay interest

 the States for debt due by them to the United

 States! And he makes this extraordinary proposi- tion that if any State does not choose to take the share allotted it, that share shall be transferred - some other State willing to take it. 8H

 He proposes to lay heavy and onerous tax the community, in the shape of an increased tariff; to raise all articles of commerce imported, up to 20 per cent and increase the burdens of the people twelve

 millions of dollars. And for what purpose? To meet the interest on this debt, which mainly grows out of the subscription to this United States Bank, that the managers of 1t may get gratuty of two three hundred thousand dollars year. The next object

 of this burdeusome taxation is to the transfer of the permanent from the public lands, that is to lay on a equal in amount to that which is transferred, with the addition of expenses II What is the motive for these extraordinary meas uresf The answer is given by gentlemen the op- posite side to relieve the distress of the the country Who is meant by ''the country?'' The peoplel The tax-paying people7 The community winch expects nothing from the Government--which asks nothing but justice, and be let alone1 Is it, indeed, for their benefit He (Mr. CALHoUN) would put it to the Senator on the other side who had ardeny ad- vocated these measnres say, will the debt of thirty

 one millions relieve the people? Will it relieve them to put an additional burden them of twelve millions year in the shape of taxation? Will the distibution of their permanent revenue from the sale of pnblic

 lands relieve the people? Will it relieve them to mort gage at heavy interest, the thousand millions of acres of the public lands yet in for permanent

 reyenue2 Is all this to be the relief to the people which they are to get from the new Administration Did not the gentlemen on the opposite side tell the people al the Presidential that this change of men and measures necessary to rele~ the coun- try; and do they rise in their places, in the Sem

 ate chamber of that country, aud dare to say to the people, Sour reiief is to tax you-to lay permanent mortgage on your public ands-o raise the price of the foreign articles you consume twenty per cent; this was what we meant when promised yourelief" If this is not relief the people, to whom can it be relief. To whom but to those who are not the tax payersl To whom but to the tax consumers-the de- pendants on the Government which distributes the

 taxes-the hundred thousand expectants of office to rewarded for their electioneering abors-the hol-

 .