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But from the age of thirty-six onwards, our position is like that of the investor who begins to entrench upon his capital. At first he hardly notices any difference at all, as the greater part of his expenses is covered by the interest of his securities; and if the deficit is but slight, he pays no attention to it.
To the same amount should also be added sundry debts which have since proved to be bad, amounting in all to $678.08, and also an error in favor of I. Morton amounting to $17.74, which has since been discovered in his account, so that the total deficit of the preceding years will appear to be as follows:
But the country was not satisfied with these beneficent reforms. A great agitation had already begun, under the leadership of Cobden and Bright, for a repeal of the Corn Laws. The half measures of the Liberal government displeased all parties, and the annual deficit had made it unpopular.
A deficit of $300,000,000 for two successive years in our time would not be worse than the deficit of the unpopular successor of Andrew Jackson. From 1833 to 1836 there had been an annual surplus equal sometimes to the total expense of the Government. The national debt had been paid in full and money had been loaned to the States without interest or security.
It was felt that it should not be a burden upon the postal service of the United States, and provision was made that any deficit in the postal revenue should be a charge upon the general revenues of the island.
A bill to recharter the national bank, which Gallatin regarded as an indispensable fiscal agent, was defeated; and a bill providing for a general increase of duties on imports to meet the deficit was laid aside. Congress would authorize a loan of five million dollars but no new taxes.
There was a drought of considerable duration, which made the crops smaller than usual, and thus materially decreased the farmer's income. When the semi-annual interest became due, with the most energetic effort Mark Nelson had got together but thirty-six dollars towards it, leaving a deficit of thirty dollars.
To this expenditure must be added about £300,000 for the State Share of the benefits under Part I. of the National Insurance Act, about £50,000 in respect of Part II., and about £100,000 for cost of administration of both parts, increasing the immediate deficit to about £1,550,000.
Perhaps the most important question presented to this Administration is that of economy in expenditures and sufficiency of revenue. The deficit of the last fiscal year, and the certain deficit of the current year, prompted Congress to throw a greater responsibility on the Executive and the Secretary of the Treasury than had heretofore been declared by statute.
Inflation thus indirectly enhances exports and helps close yawning gaps in the current account. The USA with its unsustainable trade deficit and resurgent budget deficit could use some of this medicine. But the upshots of inflation are fiscal, not merely monetary.
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