The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-06-18
Report OF the Secretary OF the Treasury.

TREASURY DEPARTMENT, June Is, 1876
Sin ~ have duly considered the resolution of the
Senate Of the Sd of June 1916, together with the est
mates Of the Secretary Of the Navy Of the 9th ns and
follows:
appears that the aggregate estimated expenditures
the War and Navy Departments for the fiscal years
minang the 30th of June 1886 and ls47 amount to
S23 904 over and above the estimates made by those
Departments in December last and then submitted in my
annual report to Congress- In that report 1t suppo
sed by this department that upon the expenditures then
estimated for state OF peace there would remain the
LIST OF july ls47, balance in the Treasury of S4s32
AL o. Deducting this balance from the Of
Ssps O as
II is believed however, that this deficiency will from
augmented receipts. accrued and accruins for the fiscal
lars which would reduce the deficit the LIST Of July
Is47, $l5,62o,46s.
1t is ascertained by experience that for the certain
prompt and convenient payment Of the public creditors
at ell times and places, throughout our extended terri
9y and the IF hs mint nd %n
state of war, must remain on hand in the Treasury,
which would again raise the sum to be provided for be-
believed. however, that sum equal to IS, oS7
Of additional may be produced by the modifca
basis the bill reducing the tariff reported by the Commit
tee Of Ways and Means to the House Of Representatives
on the I4th Of April last. together with the augme
and additional duties now proposed and enumerated in
schedule A. This change Of the bill reported by the
committee, emitting the fourth section would make
s saosso T. me revenue % " 'n'' 0'
After very careful examination Of the addional data
which has been in power to obtain since the month
Of February last II is my conviction that the bill Of the
committee will produce net revenue Of at least $780,
900 600 to this be added the additional duties propos
ed to be levied in schedule A. the bill Of the committee
with the notifications embraced in that schedule,
would produce net revenue Of $40 o57 This would
make addition Of 1854 57 to the that would
be produced under the act Of 30th August ls42 IT. them
we deduct this from the deficit above esms
ted il would still leave deficit of $l4,086, i06
r. in addition the notifications OF the tariff above
suggested the warehousing system were adopted re-
commended IN my annual report Of December last II
toms Of million Of dollars which, deducted from the
above deficit would leave deficiency still remaining Of
Itis that the introduction of the sys
tenn might diminish the revenue during portion Of the
first year succeeding its adoption but that would add
million Of dollars per annum to the permanent annual
revenue from customs is not doubted.
re s also Una. ne m @ ana q
vators as recommended in your message Of December
last would make an annual addition Of half million Of
dollars to the dervable from the proceeds ofhe
millions Of acres of the public domain which are wholly
law Deducng this sum Of half million Of dollars from
the deficit last above mentioned, would leave still unpro-
yaed lot the sum mo-, o. which must Dc met ~
In addition to the strong objections which have been
urged against direct taxes and excuses, II would be dim
cult TO put in operation such system In all the States
and Territories to realize the required amount In
cash. before the 30th Of June is47 system Of direct
taxes and excuses, 10 believed, would not meet the
sanction OF the people, unless in the emergency Of
with great maritime nation, exposing our com
to great hazard and greatly reducing the
from duties ON imports.
The only remaining for supplying this deficit
within the required period by loans treasury notes.
and would accordingly recommend, with view to the
most vigorous prosecuting Of the existing war with
Mexico so 10 bring it to speedy and honorable
minaon that contingent authority should be vested in
this department with your sanction, to issue treasury
notes. or effect loan Of sum in the aggregate no.
ceeding the last above mentioned deficit Of $l2,5s64o6
think 1t would be most advantageous to the govern
hat portio of be sc1 bv
treasury notes and the remainder by loans limiting the
interest in both cases to rate not exceeding six per
cent per snnum and orbddng the negotiation in either
case below the par value II the authority were limited
20 sto cover this deficit and the power given to resort
to loans or treasury notes, both, as the emergency
might require, the money might be raised at much
lower rate 81 interest than II the department were con-
lined either to loans alone TO treasury notes The
pe1ence OF the government has demonstrated that
there are PERIODS whom loans most available,
and that there are occasions when treasury notes
are much better adopted to meet the emergen-
cy; and the power 70 select both or either from time
to time, would render the negotiation more certain and
probably save very large amount Of interest TO the