Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1812-01-30

GEO. CLINTON,
Vice pres;aen, Of The United States, and Preaacn.
Of the Senate.
january II, 1872.
APPROVED,
JAMES MADISON.
). TREASURY REPORT.
Letter from tie CnQHn.cra f'thc ,Coo,nli.tse
or rays ana 6lcGns TO tie Secretary Of
The Treasury.
COMMITTEE Room,
SIR, -
In your annual report, prepared in o.
oedience to the act, supplementary to the act.
emitted " An act TO establish the Treasury
department" and transmitted to the House
OF Representatives on the 22d ultimo, it is
stated, LIST. That to place the financial sYs-
TEN OF the United States on solid foundat:-
on, it requires the aid of revenue, sufficient
at least TO defray the ordinary expenses of
government, and to pay the interest on the
public debt, including that on new loans which
may be authorised.
That the expenses Of the year
1872, calculated on the exist
ing state of affairs, and in
Guiding the interest on the
pubic debt, will amount to $500, ocO
i hat the whole amount of actu-
al receipts into TIE Trcasu-
ny, duringthe year 1912, may
be estimated at $4,000. 600
Leaving deficiency (Which it
is proposed to supply b. AL
thorising loan) Of 100000
And that an authority TO Dor
row sum- equal to that which
viii be reimbursed of the
principal of the public debt,
during that year, viii be ne
cessary, and amounting 70 not
less than 2,1S5,s1s Al
vi Taking the whole sum which
it is proposed should be pro-
vided for by loan, for that
year, s,SSs, SI8 Al
Under this view Of the subject. the CoE-
mittee of Ways and Mems have Instructed
me To enquire of you, whether, according to
the principle first above stated, it does not
become necessary to provide ga fixed re-
venue" to be received during the year 1912,
equal as well to the estimated expenses of
that year, and Ar ounting rs above stated TO
3 9 400 900, as also to the interest which will!
arise on the proposed loan of s ,2o0,0 900; or
otherwise whether it is proposed to provide
for the payment of such interest out of the
money in the Treasury, at the commence
nent OF that year, or from any other source
I'd. 1t is stated in your report that fix
ed revenue of about nine millions of dollars
is necessary under the existing circumstan-
ces of the United States and that the same
amount would be necessary, and with the
aid OF loans, will. in your opinion, be suffici-
ent in case of war"
In reference to this state Of things, the
committee wish you to state, whether, as in
the event of war, increased loans will I'M
doubtedly be required, it will not be neces-
sery to provide an additional and gradually
increasing revenue, to pay the interest on
such loans!
3D. 1t is stated in your report "that the
permanent reyenne, or annual receipts, af-
ter the year 1912, (calcuiatcd on the existing
state OF affairs,) together with an addition Of
so per cent. on the present amount of duties,
may be estimated at nine millions If dollars !;
and that should any deficiency arise in the
event of war, it may be supplied without diff
hcuity by further increase Of duties, by Il
restoration of that on salt, and by a proper
selection Of moderate internal taxes"
The committee request that you would ia
vor them with the best opinion which you are
able TO form Calculated on the event Of war)
OF the probable amount Of the receipts from
duties; specification Of the increase of du-
ties, which you would think practicable and
advisable; an estimate ofthe amount Of that
on salt, and such selection of moderate in
ternal taxes, as you would recommend, with
the probable expense Of collection and the
! amount Of net revenue estimated to arise
therefrom.
9TH. The committee request that you
would Furnish them, in connexi0n with your
replies tn thepreceding inquiries, with an es-
| innate Of ways and means Calculated on
the ever- OF awar) which viii provide a re-
venue sufficient 70 meet the ordinary expen-
ses of government, and provide for the legal
| reimbursement and interest of the public
| debt, including the interest Of new loans. tn
the amount at least Of ten millions Of dollars
| per snnum; accompanied with such a
| scheme for the reimbursement Of the princi
| pal 1.-THE new loans as you should deem ex-
| pedient, together with such opinions as you
may have formed respecting the terms on
which such loans may probably be obtained
| also, such farther views or information con-
| nected with, Or touching the foregoing OBJ
jects Of INJURY, as you may deem neeessar
! and expediGnt
With great respect,
have the honor 70 be,
Your obcdicnt servant,
E.BACoN