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-- 22,S5I77S M


Estimated balance on LIST January 1874. $50 f6N "
will this estimate makes no provision or
,be amount, which may he required to meet the apprnPTla
lions prvoe bills Other beyond The ohca e
inmates aor r redemption of Treasury notes. OF which
there are SO outstanding and redeemhbr dpring
The year 343 OF ,nese the whole except S24os'9o 90
rarry interest after maturity, and viii not probably be pre-
sen,ed for redemption But The of 24o2 $50 3D. on
which the interest after he year from the date OF IS
sorb The balancs Of s5se,7 o. BIZ, will farther sup
ply OF upwards ofwo millions TO maintain the public CREST.
lave proposed 10 Finance Co1mitite OF Congress TO
place these notes on ooGg in regard 10 hteest
as The issues and to authorize the Department 10 re-
issue such Treasury be redeemed previous
July 1874. Should this proposition he aaoPted by Con-
gress estimated ba OF $3.50 CIT o. will remain un
affected except by sucn appropriations as oe o
yond the estimate"


If this estimate is to be relied upon it appears
clear that there will be balance in the Treasury
on the first day of January 1874, of $500, ,627 08.
II is true that The Secretary of the Treasury says
that this estimate Of expenditure is based upon the
supposition that the appropriations for this year
sEal not exceed the estimates sent in from the De-
na,,men,. and that he has included nothing for
private bills The committee have already report
cd bill, agreeably to the recommendation OF the
Secretary OF the Treasury, allowing interest on the
Treasury notes outstanding, and authorizing the
REISSUE of such Treasury notes as may be redeemed
during the year 1843; and have TINS in tine epin-
ion Of the Secretary provided against any demand
upon the Treasury from that quarter.


But the President mas said in his message, IL
a,eakipg of this estimate Of the Secretary, "tha
even il the receipts from the various sources @
revenue for the current year shall prove not to
have been overrated, and the expenditures be re
strained within the estimate the Treasury VIII os
exhausted before the close OF the year; and ths,
this will be the case although authority shall be
given to the proper department to reissue reasu
nv notes" The committee unable 10 reconcile
la IctOr
the Secretary clearly asserts that there viii be
balance in the Treasury of $3906o7 09, w!e tbc
Presiden, as confidently alleges that the Statement
of the Secretary, even though not "overrated'
shows that the (" Treasury will be exhausted be-
fore the close Of the year" The committee are
therefore induced to believe that the Preslden
either mistook the purport of the Secretarys es1'
mate, or alluded 10 some extraneous matter moi
stated by the Secretary, in coming TO that tresu!s


But the President has expressed strong ap'
prehenson, in his message, that there VIII De :" II
serious falling off in the estimated proceeds, both
the customs and the pubic lands 1t Is certain
], to be regretted that the President has not seer
ft to communicate to Congress the grounds CT
these apprehensions, and the facts upon wtca they
are founded. At this late period, when only few
dnys remain for the transaction of the most i'm
.,ortant business of the session; and when trem
She former reports OF the chief financial officer ei
che Administration, the committee and the bous'
had reason to believe that there would not only be
sufhcien; means for The year, but that there
would be balance OF 81 ,635 ,97l0l in the Treas
ury on the lst Of July, 1914, (Secretary's rePo'
on finances, of December Is, l842, p A. It ,s eN'
tremey embarrassing TO be iniormcd by tue tresA
dent himself that the revised report OF the Secre'
cary is not worthy Of confidence The committee
have access to no facts which they can rely, eN'


,,,,,,pt teI
rnent. ard meme have been furnished from that
source that go to impeach the credit of the Secie-
1ry's estimates. Under these circumstances the
committee can only resort to general course OF
reasoning on the subject. But before they proceed
TO this, it seems TO be an appropriate occasion L
notice the remedy which The President suggests
for supplying additional means to the Treasury
In his recent message he earnestly calls the at
tentien of the House to the proprcty OF making
farther provision fer the public service Tor The
year" and says :" that the proper Objects OF idra
tioa are peculiarly within the discretion OF TIE
Legislature." This remark, taken in connection
with the letter of the Secretary OF the Ireasur.
accompanying the message, the committee under
and recommends daty on tea and cofee and
other articles" which Tie Secretary says appeai
to be proper subjects of taxation. y


The commttee never have, will they no"
shrink from auy responsibility Incident 10 their sill
uation AS an evidence of this, it is proper 10 re-
mark that they have twice recommended duiy or
these articles and twice has The House of Repre-
sen,atives fearlessly sustained them in this COM
mendation and passed bill imposing tue duty
and this sell: sacrificing devotion on the part OF n.
House TO what they deemed the wants of the Irea
sury and the good Of the country, under pecuhet
circumstances Of Encouragement and emoarress
meat is strong proof that the same body mign
be confidently relied upon again TO 90 Tie sa'Re
act, whenever they convinced that the Seod q
their country requires it. But both of those pai-
sotic efforts proved abortive-,he first BY the refu
sa OF the Senate 20 concur, and the latter by the
veto Of the President. At that time the Housc
doubtless entertained the same s.ntmen, that the
president has expressed in his recent message
that the proper objects Of tarassoa are pscu
harly setshin The discrsiioa Of the Legislature.


They believed that the good of the countTy, thai
the welfare OF q suffering community would be sest
promoted ey putting duty tea and coffee, a1G
distributing the proceeds of the public lands to
several States. But the President, differing in
opinion With Congress, refused to submi, this mat
Ter TO Iegislciiss discretion and By his reto pre-
vented the tariff b.!l from passing, until Congress
TO save the honor and credit OF the nation, was
compelled to yield up the proceeds of the public
lands to the Treasury of the United States by
passing law which suspended the distribution
But they did not then consider that 1t was nsssssa
~ for an economical administration OF the Genera
Government that the proceeds OF the pubic and
should go into the public Treasury and, IN adai
ton thereto, that duty should be imposed on te'
and coffee; and thsy still hope that ]uociou
course of retreschment in which this Cesgres
has been sc,ive!y and benehcially engaged, ma,
save the people, who are suffering almost beyoat
frnYp ipcrss s5 burdens OF NarIon