The Express.
London, England, 1864-12-22 00:00:00

ZRTIMATED RECEIPTS AHD EXPENDITURES FOR THE FISCAL

YEAR.

Any estimate which may be made of the probable re-
ceipts and expenditures for the next fiscal year must neces-
sarily be liable to still greater uncertainty. This remark
applies more particularly to expenditures, for while, if ex-
isting laws remain unchanged, the amount of revenue may
be calculated with reasonable certainty, it is impossible to
anticipate what the exigencies of war may require. On the
one hand this may call for increased effort, and on the other
it may be confidently hoped th►t the great struggle is near
its termination, and that, consequently, the estimate now
submitted will prove far beyond the wants of the year.
While any doubt remains, however, it would be unsafe to
assume any other basis of calculation than one predicated
upon the existing state of affair. The receipts for the
year ending June 30, 1866, are eatimak 1 as follows :

Dols.
From customs 70,000,0C3
Interoal duties
lands
Miscellaneous sources

Aggregate
The expenditures are estimated as follows:
Balance of unexpended appropriations

For the civil service 83,082,097

14,196,030
Pensions and Indians

Toe War Department
Navy Department
Interest on public debt 127,000,0U)

Aggregate 1,168,256,005
But from this aggregate there may be de-
ducted ae likely to remain unexpended
at the close of the year 350,000,C )0

Total
Deduct est'mated receipts from ordinary sources, 396,000.000
dole., there will remain to bo provided for by loans
422,:1re1,005 dots. To this should be added for tbe redemp-
tion of excess of certificates of indebtedness 47,365,000 dols.,
nudging the whole amount to be provided for by loans
4i1:1,621,005 dole. Assuming the virrectneu of these
estimates, the whole debt on the Ist day of July, 1866,
would be found by • Idiog the foregoing amount of
C" 2501.005 dole. to the estimated debt on July 1, 1865,
2,.?23.064,0d7 dole., giving 2,645,320,682 dole. as the
amount of the debt at the close of the next fiscal year.
The calculation is made on the same basis of receipts u
that assumed for them'. :eat year. It is quite probable, in
the judgmect of the Commissioner of Internal Revenue,
that 3,000,000 dole. may be received in another year from
that source, without the additional legislation suggested by
him. Should this supposition be verified, and the new
taxes proposed for this year be laid and continued, an
additional fifty millions might be expected from internal
revenue. The secretary has, however, thought it wiser to
name 300,000,0)0 dole. as all that would probably be
realised.

It will be observed that the actuil receipts from ordi-
nary sources for the last fiscal year varied materially from
the estimates, particularly from customs and interoal re-
venue. This variation is imputable, in great part, to the
legislation of Congress st its last section, increasing largely
the rates of duty on foreign and domestic articles. It is
apprehended, however, that similar results will not follow
for the residue of the present year in both these particulars.
The increase of duties on imports under the act of June
30, 1564, has already had the effect to decrease importations
to a considerable extent, and the same effect will be likely
to continue. So that estimating the receipts of the three
remaining quarters by those of the first in the light of
former experience, it will not be safe to calculate upon
revenue from customs much exceeding 70,030,0 /0 dole. for
the current year. In the judgment of the secretary this
disa restage in a finaocial point of view is more thou
counterbalanced by the stimulus afforded to domestic in-
dustry and the consequent increased revenue from that
source.

From internal revenue a different and far more favourable
result may be anticipated. It will be noticed that instead
of 77,599,703 dole. 59c. there was received from this source
in the put year 108,200,120 dole. 57c. under the same law
which in ten months of the preceding year yielded only
37,640,767 dole. 95c. The new law, which went into open •
lion on the lit of July last, largely increaaieg these duties,
although it will probably fail to produce the amount of
revenue hoped for, may, if not materially changed, together
with the special income tax imposed by the joint resolution
of July 2, 18G1, be safely estimated to produce the sum of
25,000,000 doh., should the business of the country be ordi-
narily prosperous. The same causes which, under pre3eding
laws, produced so large an increase in the second year would
be likely to have a similar effect, to some extent, under the
new law ; so that at least the amount of 25,000,000 dole.
may be expect. I from it in another year without the aid of
a special income tax.

But this amount is not, and ought not to be, satisfactory.
Three hundred millions at least should be realised from in-
ternal duties. It I. for Congress to select the sources and
devise the modern ;o which this most desirable result can be
obtained, and the report of the Commiuioner of Internal
Revenue is referred to for his views on this important point,
as well as for many valuable suggestions having reference to
the same general subject.