The unexpended balances of appropriation on the 1st day of January next
are estimated at $14,636,062, exceeding by $9,636,062 the amount which
will be left in the deposit banks, subject to the draft of the Treasurer
of the United States, after the contemplated transfers to the several
States are made. If, therefore, the future receipts should not be
sufficient to meet these outstanding and future appropriations, there
may be soon a necessity to use a portion of the funds deposited with
the States.
The consequences apprehended when the deposit act of the last session
received a reluctant approval have been measurably realized. Though an
act merely for the deposit of the surplus moneys of the United States in
the State treasuries for safe-keeping until they may be wanted for the
service of the General Government, it has been extensively spoken of
as an act to give the money to the several States, and they have been
advised to use it as a gift, without regard to the means of refunding
it when called for. Such a suggestion has doubtless been made without
a due consideration of the obligations of the deposit act, and without
a proper attention to the various principles and interests which are
affected by it.
Pages:
556
557
558
559
560
561
562
563
564
565
566
567
568
569
570
571
572
573
574
575
576
577
578
579
580